Question 1

When Paulette first saw the dress in the store window,she knew two things.She had to own the dress,and she could not afford it at its current price.Disappointed,she left.Two weeks later,she passed by the store again and saw that the price of the dress had been reduced to one that she could afford.Specifically,the store had reduced the price by 30 percent to "move" it.Paulette was able to purchase the dress because of

Accepted Answer

A)   a negative markup.
B)   a markup elimination.
C)   a markdown.
D)   a liquidity reduction.
E)   an increase in net margin.F) C) and D)
G) A) and B)

Question 2

Wholesalers that take title to merchandise but sell only to buyers that call on them,pay for and move/take away the merchandise themselves are referred to as

Accepted Answer

A)   rack jobbers.
B)   truck jobbers.
C)   transport vendors.
D)   cash and carry wholesalers.
E)   drop shippers.F) A) and E)
G) C) and E)

Question 3

Retailing includes all activities involved in the

Accepted Answer

A)   selling, renting, and providing of products and services to ultimate consumers for personal, family, or household use.
B)   selling of tangible products to ultimate consumers for personal, family, or household use.
C)   selling of tangible products to ultimate consumers for personal, household, or industrial use.
D)   selling, renting, leasing, or reselling of products and services to ultimate consumers or small industrial users.
E)   selling, renting, and providing of products and services without retaining the title to these offerings.F) None of the above
G) A) and B)

Question 4

Some retailers now allow consumers to respond to their text messages announcing a sale for a specified time period.Consumers must then visit the site to purchase the sale items.Which of the following retailing websites offer these limited time "flash sales"?

Accepted Answer

A)   TextBuyIt
B)   Best Buy
C)   PeaPod
D)   eBay
E)   GiltF) A) and C)
G) D) and E)

Question 5

Mike's Camera is a retailer that carries a full line of professional and amateur cameras,develops and/or prints all types of film and digital photos,and even sells darkroom equipment.Mike's Camera is an example of

Accepted Answer

A)   a hypermarket.
B)   a general merchandise store.
C)   a scrambled merchandise store.
D)   an intertype outlet.
E)   a specialty outlet.F) B) and E)
G) B) and C)

Question 6

Texas-based Whole Foods supermarkets target people who want to eat healthy.The stores use placards throughout,which tell shoppers about the farmers who grew and harvested the various products sold.This use of signage to provide consumer information is a part of which element of the retailing mix?

Accepted Answer

A)   communication
B)   pricing
C)   merchandise
D)   goods and services factor
E)   locationF) B) and E)
G) A) and C)

Question 7

A Woman's Place is a retail store,created and staffed by women,that offers products and services relating to maternity needs.For expectant mothers,it offers advice and personal shopping services,help with hair and/or make-up problems,and free delivery.A Woman's Place is an example of __________ retailer.

Accepted Answer

A)   a franchise
B)   a self-service
C)   a limited-service
D)   a full-service
E)   an upscaleF) B) and C)
G) None of the above

Question 8

A wholly owned extension of the producer that does not carry inventory,typically performs only a sales function,and is an alternative to agents and brokers is referred to as a

Accepted Answer

A)   brokering agent.
B)   cash and carry wholesaler.
C)   manufacturer's sales office.
D)   manufacturer's branch office.
E)   merchant wholesaler.F) C) and E)
G) A) and D)

Question 9

Walmart's $482 billion in sales in 2015 surpassed the gross domestic product of all but __________ countries for that same year.

Accepted Answer

A)   5
B)   12
C)   18
D)   25
E)   55F) A) and B)
G) A) and C)

Question 10

The ability to shop over the Internet 24 hours a day,seven days a week,provides consumers with __________ utility.

Accepted Answer

A)   form
B)   time
C)   convenience
D)   possession
E)   performanceF) None of the above
G) A) and E)

Question 11

Target recently introduced its Target REDcard,where cardholders receive 5 percent back for each purchase.Target also allows customers to return merchandise within 30 days but still does not offer alteration services.Target offers what level of service to its customers?

Accepted Answer

A)   full service
B)   self-service
C)   automated service
D)   limited service
E)   customized serviceF) A) and B)
G) All of the above

Question 12

Scrambled merchandising refers to

Accepted Answer

A)   displaying merchandise throughout a store rather than keeping all similar items together in rows on a shelf or point-of-purchase displays.
B)   offering several unrelated product lines in a single store.
C)   changing the position in which items are displayed in a store to create customer interest in a variety of product lines.
D)   offering several related product lines in multiple stores.
E)   offering several related product lines in a single store.F) C) and D)
G) None of the above

Question 13

Explain the difference between a markup,an original markup,and a maintained markup.

Accepted Answer

In setting prices for merchandise,retail...

Question 14

Redbox has 35,000 kiosks throughout the United States for movie and video game rental and it operates without a single clerk.What level of service does this retailer offer?

Accepted Answer

A)   limited-service
B)   non-service
C)   reduced-service
D)   self-service
E)   restricted-serviceF) A) and D)
G) B) and E)

Question 15

One way neighborhood grocers can take advantage of volume discounts commonly available to corporate chains is to

Accepted Answer

A)   purchase a franchise membership.
B)   become a subsidiary of a larger supermarket chain such as Kroger.
C)   join a professional merchant association and hire food brokers to negotiate lower prices for produce and dry goods.
D)   create a grocery networking system to exchange coupon vouchers.
E)   participate in a retailer-sponsored cooperative with other independent grocers.F) A) and B)
G) A) and E)

Question 16

Franchising is a type of

Accepted Answer

A)   administered system.
B)   contractual system.
C)   vertically integrated chain.
D)   retail-sponsored cooperative.
E)   corporate system.F) A) and E)
G) B) and E)

Question 17

The three basic types of contractual systems are

Accepted Answer

A)   retailer-sponsored cooperatives, wholesaler-sponsored voluntary chains, and franchises.
B)   dual ownership agreements, industry consortiums, and nonbinding cooperatives.
C)   wholesaler-sponsored voluntary chains, nonbinding cooperatives, and franchises.
D)   dual ownership agreements, industry consortiums, and multinational cartels.
E)   nonbinding, binding, and in perpetuity.F) C) and E)
G) A) and B)

Question 18

Off-price retailing refers to the

Accepted Answer

A)   differences between the final selling price and the retailer's cost.
B)   sale of brand name merchandise at lower than regular prices.
C)   sale of merchandise at maintained markups.
D)   amount added by the manufacturer to achieve the desired suggested retail price.
E)   reduction in retail price usually expressed as the gross margin.F) A) and C)
G) B) and E)

Question 19

List the four store locations or settings.How has the location of stores changed over the years?

Accepted Answer

Department stores started downtown in mo...

Question 20

Some experts suggest that television shopping programs are becoming a modern version of __________ by combining elements of reality TV programs,talk shows,and infomercials.

Accepted Answer

A)   augmented reality
B)   door-to-door retailing
C)   telemarketing
D)   direct-response wholesaling
E)   indirect sellingF) A) and D)
G) A) and C)

Exam 13: Retailing and Wholesaling

Explain the difference between a markup,an original markup,and a maintained markup.

Correct Answer
verified
In setting prices for merchandise,retail...
View Answer

The three basic types of contractual systems are

Correct Answer
verified

List the four store locations or settings.How has the location of stores changed over the years?

Correct Answer
verified
Department stores started downtown in mo...
View Answer

Correct Answer
verified

Redbox has 35,000 kiosks throughout the United States for movie and video game rental and it operates without a single clerk.What level of service does this retailer offer?

Correct Answer
verified

Scrambled merchandising refers to

Correct Answer
verified

Off-price retailing refers to the

Correct Answer
verified

Target recently introduced its Target REDcard,where cardholders receive 5 percent back for each purchase.Target also allows customers to return merchandise within 30 days but still does not offer alteration services.Target offers what level of service to its customers?

Correct Answer
verified

Retailing includes all activities involved in the

Correct Answer
verified

Mike's Camera is a retailer that carries a full line of professional and amateur cameras,develops and/or prints all types of film and digital photos,and even sells darkroom equipment.Mike's Camera is an example of

Correct Answer
verified

Texas-based Whole Foods supermarkets target people who want to eat healthy.The stores use placards throughout,which tell shoppers about the farmers who grew and harvested the various products sold.This use of signage to provide consumer information is a part of which element of the retailing mix?

Correct Answer
verified

One way neighborhood grocers can take advantage of volume discounts commonly available to corporate chains is to

Correct Answer
verified

The ability to shop over the Internet 24 hours a day,seven days a week,provides consumers with __________ utility.

Correct Answer
verified

Correct Answer
verified

Some experts suggest that television shopping programs are becoming a modern version of __________ by combining elements of reality TV programs,talk shows,and infomercials.

Correct Answer
verified

Wholesalers that take title to merchandise but sell only to buyers that call on them,pay for and move/take away the merchandise themselves are referred to as

Correct Answer
verified

A wholly owned extension of the producer that does not carry inventory,typically performs only a sales function,and is an alternative to agents and brokers is referred to as a

Correct Answer
verified

Franchising is a type of

Correct Answer
verified

Walmart's $482 billion in sales in 2015 surpassed the gross domestic product of all but __________ countries for that same year.

Correct Answer
verified

Some retailers now allow consumers to respond to their text messages announcing a sale for a specified time period.Consumers must then visit the site to purchase the sale items.Which of the following retailing websites offer these limited time "flash sales"?

Correct Answer
verified

Exam 13: Retailing and Wholesaling

Explain the difference between a markup,an original markup,and a maintained markup.

Correct AnswerverifiedIn setting prices for merchandise,retail...View AnswerShow Answer

The three basic types of contractual systems are

Correct AnswerverifiedShow Answer

List the four store locations or settings.How has the location of stores changed over the years?

Correct AnswerverifiedDepartment stores started downtown in mo...View AnswerShow Answer

Correct AnswerverifiedShow Answer

Redbox has 35,000 kiosks throughout the United States for movie and video game rental and it operates without a single clerk.What level of service does this retailer offer?

Correct AnswerverifiedShow Answer

Scrambled merchandising refers to

Correct AnswerverifiedShow Answer

Off-price retailing refers to the

Correct AnswerverifiedShow Answer

Target recently introduced its Target REDcard,where cardholders receive 5 percent back for each purchase.Target also allows customers to return merchandise within 30 days but still does not offer alteration services.Target offers what level of service to its customers?

Correct AnswerverifiedShow Answer

Retailing includes all activities involved in the

Correct AnswerverifiedShow Answer

Mike's Camera is a retailer that carries a full line of professional and amateur cameras,develops and/or prints all types of film and digital photos,and even sells darkroom equipment.Mike's Camera is an example of

Correct AnswerverifiedShow Answer

Texas-based Whole Foods supermarkets target people who want to eat healthy.The stores use placards throughout,which tell shoppers about the farmers who grew and harvested the various products sold.This use of signage to provide consumer information is a part of which element of the retailing mix?

Correct AnswerverifiedShow Answer

One way neighborhood grocers can take advantage of volume discounts commonly available to corporate chains is to

Correct AnswerverifiedShow Answer

The ability to shop over the Internet 24 hours a day,seven days a week,provides consumers with __________ utility.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Some experts suggest that television shopping programs are becoming a modern version of __________ by combining elements of reality TV programs,talk shows,and infomercials.

Correct AnswerverifiedShow Answer

Wholesalers that take title to merchandise but sell only to buyers that call on them,pay for and move/take away the merchandise themselves are referred to as

Correct AnswerverifiedShow Answer

A wholly owned extension of the producer that does not carry inventory,typically performs only a sales function,and is an alternative to agents and brokers is referred to as a

Correct AnswerverifiedShow Answer

Franchising is a type of

Correct AnswerverifiedShow Answer

Walmart's $482 billion in sales in 2015 surpassed the gross domestic product of all but __________ countries for that same year.

Correct AnswerverifiedShow Answer

Some retailers now allow consumers to respond to their text messages announcing a sale for a specified time period.Consumers must then visit the site to purchase the sale items.Which of the following retailing websites offer these limited time "flash sales"?

Correct AnswerverifiedShow Answer

Correct Answer
verified
In setting prices for merchandise,retail...
View Answer

Correct Answer
verified

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verified
Department stores started downtown in mo...
View Answer

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verified

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