Question 1

According to the stages of the retail life cycle, the __________ is the stage of emergence of a retail outlet, with a sharp departure from existing competition.

Accepted Answer

A)  decline
B)  maturity
C)  introduction
D)  early growth
E)  accelerated developmentF) A) and B)
G) A) and E)

Question 2

The acronym RFID stands for

Accepted Answer

A)  retail franchise identification designation.
B)  required financial identification.
C)  real frequency identification.
D)  radio frequency identification.
E)  retail federation of independent department stores.F) C) and E)
G) B) and D)

Question 3

Mpire.com helps consumers by

Accepted Answer

A)  tracking consumers' favorite purchases and alerting them by e-mail whenever something they're planning to buy goes on sale.
B)  providing a visual search engine the finds products that are similar in appearance by allowing customers to draw a box around the product or part of the product they like.
C)  tracking the price of products like TVs, clothing, and books to let consumers know if prices are increasing or decreasing.
D)  immediately notifying collectors if anything in the collectors' "find" list is advertised for sale on the web.
E)  calculating the value of used products, offering users a price for the product, and even sending a box to mail it.F) B) and E)
G) C) and D)

Question 4

The area of automotive franchises is a vast one - from glass repairs and painting to car rentals and auto maintenance franchises.Midas, Mister Transmission, Mr.Lube, RentAWreck, and Speedy Muffler are all examples of _________.

Accepted Answer

A)  business-format franchises.
B)  product-distribution franchises.
C)  business franchise venture.
D)  manufacturing franchises.
E)  general service franchise.F) A) and B)
G) D) and E)

Question 5

The variety of different items a store carries is referred to as

Accepted Answer

A)  retailing mix.
B)  depth of product line.
C)  breadth of product line.
D)  level of service.
E)  method of operation.F) All of the above
G) A) and C)

Question 6

Stores that carry a broad product line, with limited depth, are referred to as _________.

Accepted Answer

A)  hypermarkets
B)  intertype outlets
C)  limited line stores
D)  general merchandise stores
E)  scrambled merchandise storesF) A) and E)
G) A) and D)

Question 7

Stores like Dillard's, Macy's, and Neiman Marcus carry a wide range of different types of products but not unusual sizes.They are known as _________.

Accepted Answer

A)  scrambled merchandise stores
B)  general merchandise stores
C)  limited line stores
D)  hypermarkets
E)  intertype outletsF) A) and E)
G) B) and C)

Question 8

Intermediaries that represent a single producer and are responsible for the entire marketing function of that producer are referred to as _________.

Accepted Answer

A)  brokers
B)  line brokers
C)  selling agents
D)  distribution brokers
E)  manufacturer's agentsF) C) and D)
G) B) and D)

Question 9

Which of the following statements regarding telemarketing is most accurate?

Accepted Answer

A)  Shopping bots are computers that place automated telemarketing calls.
B)  Direct mail is typically viewed as more efficient than telemarketing.
C)  Telemarketing has declined in popularity as companies have searched for ways to decrease costs.
D)  As the use of telemarketing grows, industry standards for telemarketing have become a greater concern.
E)  Telemarketing is more of a consumer nuisance than a consumer benefit.F) B) and E)
G) A) and C)

Question 10

A method of classification that describes how many different types of products a store carries and in what assortment is referred to as _________.

Accepted Answer

A)  product involvement
B)  product assortment
C)  merchandise line
D)  service level
E)  store designF) A) and D)
G) All of the above

Question 11

Several television shopping programs are developing online video platforms and interactive technology that allows viewers to place orders

Accepted Answer

A)  without having to pay sales tax.
B)  without having to pay for shipping or handling.
C)  through online company Web sites.
D)  with their remote control rather than the telephone.
E)  with a double their money back guarantee if the items are not delivered within 24 hours.F) C) and D)
G) A) and D)

Question 12

Growth in the direct-selling industry is the result of two trends, (1)  there is a growing number of companies that are using direct selling to reach consumers who prefer one-on-one customer service and a social shopping experience rather than online shipping or big discount stores, and (2)

Accepted Answer

A)  increased gas prices and traffic congestion are causing people to want the store to come to them.
B)  the pendulum is beginning to swing back to more mothers (and fathers)  staying home during the day with children, making direct selling more convenient.
C)  many direct selling retailers are expanding into markets outside of the United States.
D)  the purchase or lease of real estate to build an actual "brick" retail store is becoming prohibitive.
E)  graduating business students are finding it more and more difficult to find a traditional sales position and like the idea of being their own bosses.F) B) and E)
G) A) and E)

Question 13

What is category management and when is it used?

Accepted Answer

Category management is used to manage th...

Question 14

The four major types of limited-service merchant wholesalers are drop shippers, rack jobbers, cash and carry wholesalers, and _________.

Accepted Answer

A)  machine vendors
B)  credit line wholesalers
C)  truck jobbers
D)  transport vendors
E)  container transport vendorsF) A) and D)
G) A) and E)

Question 15

The wholesalers that perform all channel functions are found in the health foods, automotive parts, and seafood industries would be _________.

Accepted Answer

A)  specialty wholesaler
B)  full-line wholesaler
C)  limited-wholesaler
D)  universal wholesaler
E)  cash and carry wholesalerF) A) and C)
G) D) and E)

Question 16

A franchise where the franchisor usually assists in selecting the location, setting up the store or facility, advertising, and training personnel is known as a

Accepted Answer

A)  business-format franchises.
B)  product-distribution franchises.
C)  business franchise venture.
D)  manufacturing franchises.
E)  general service franchise.F) D) and E)
G) A) and C)

Question 17

Merchant wholesalers are independently owned firms that __________ the merchandise they handle.

Accepted Answer

A)  broker
B)  take title to
C)  do not deliver
D)  act as agents for
E)  determine intensity strategy forF) A) and D)
G) A) and E)

Question 18

Explain the difference between breadth of line and depth of line.Be sure to include the definition of scrambled merchandising in your explanation.

Accepted Answer

Breadth of line means the store carries ...

Question 19

A unique broker that acts in many ways like a manufacturer's agent is a food broker, representing buyers and sellers in the grocery industry.Food brokers differ from conventional brokers because they act on behalf of producers on a permanent basis and

Accepted Answer

A)  receive a commission for their services.
B)  are paid a flat fee for each time the shelves are stocked.
C)  are paid by both the buyer and seller separately depending upon the size of the order.
D)  are paid a commission by the buyer and a bonus by the seller.
E)  are paid a flat fee by both the buyer and seller, but receive a bonus based upon the percentage of increased sales by quarter.F) All of the above
G) B) and C)

Question 20

Which of the following statements regarding retail pricing is most accurate?

Accepted Answer

A)  Consumers will often base their perceptions of a store's prices on a benchmark of the highest priced item in the store.
B)  Consumers are influenced more by a store's ambiance than its product prices.
C)  Stores that offer rebates and take an excessive amount of time to process them, often create negative consumer perceptions.
D)  New technology has almost made shrinkage a thing of the past.
E)  The only difference between everyday low pricing and everyday fair pricing is whether the store sells food or non-food items.F) C) and D)
G) A) and B)

Exam 14: Retailing and Wholesaling

The wholesalers that perform all channel functions are found in the health foods, automotive parts, and seafood industries would be _________.

Correct AnswerverifiedShow Answer

The area of automotive franchises is a vast one - from glass repairs and painting to car rentals and auto maintenance franchises.Midas, Mister Transmission, Mr.Lube, RentAWreck, and Speedy Muffler are all examples of _________.

Correct AnswerverifiedShow Answer

A unique broker that acts in many ways like a manufacturer's agent is a food broker, representing buyers and sellers in the grocery industry.Food brokers differ from conventional brokers because they act on behalf of producers on a permanent basis and

Correct AnswerverifiedShow Answer

Explain the difference between breadth of line and depth of line.Be sure to include the definition of scrambled merchandising in your explanation.

Correct AnswerverifiedBreadth of line means the store carries ...View AnswerShow Answer

Several television shopping programs are developing online video platforms and interactive technology that allows viewers to place orders

Correct AnswerverifiedShow Answer

Merchant wholesalers are independently owned firms that __________ the merchandise they handle.

Correct AnswerverifiedShow Answer

Stores like Dillard's, Macy's, and Neiman Marcus carry a wide range of different types of products but not unusual sizes.They are known as _________.

Correct AnswerverifiedShow Answer

The variety of different items a store carries is referred to as

Correct AnswerverifiedShow Answer

The four major types of limited-service merchant wholesalers are drop shippers, rack jobbers, cash and carry wholesalers, and _________.

Correct AnswerverifiedShow Answer

Growth in the direct-selling industry is the result of two trends, (1) there is a growing number of companies that are using direct selling to reach consumers who prefer one-on-one customer service and a social shopping experience rather than online shipping or big discount stores, and (2)

Correct AnswerverifiedShow Answer

Which of the following statements regarding telemarketing is most accurate?

Correct AnswerverifiedShow Answer

According to the stages of the retail life cycle, the __________ is the stage of emergence of a retail outlet, with a sharp departure from existing competition.

Correct AnswerverifiedShow Answer

The acronym RFID stands for

Correct AnswerverifiedShow Answer

A method of classification that describes how many different types of products a store carries and in what assortment is referred to as _________.

Correct AnswerverifiedShow Answer

Stores that carry a broad product line, with limited depth, are referred to as _________.

Correct AnswerverifiedShow Answer

Mpire.com helps consumers by

Correct AnswerverifiedShow Answer

Intermediaries that represent a single producer and are responsible for the entire marketing function of that producer are referred to as _________.

Correct AnswerverifiedShow Answer

A franchise where the franchisor usually assists in selecting the location, setting up the store or facility, advertising, and training personnel is known as a

Correct AnswerverifiedShow Answer

What is category management and when is it used?

Correct AnswerverifiedCategory management is used to manage th...View AnswerShow Answer

Which of the following statements regarding retail pricing is most accurate?

Correct AnswerverifiedShow Answer

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Breadth of line means the store carries ...
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Category management is used to manage th...
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