Question 1

A restaurant that offers food made exactly to each customer's preference is providing __________ utility.

Accepted Answer

A)  time
B)  place
C)  possession
D)  form
E)  processF) A) and B)
G) A) and C)

Question 2

The selling of brand name merchandise at lower than regular prices is referred to as __________.

Accepted Answer

A)  discount pricing
B)  everyday low pricing
C)  markdown pricing
D)  off-price retailing
E)  loss-leader pricingF) A) and E)
G) A) and D)

Question 3

In recent years, online sales accounted for __________ of all retail sales.

Accepted Answer

A)  5 percent
B)  10 percent
C)  20 percent
D)  30 percent
E)  40 percentF) B) and D)
G) B) and E)

Question 4

What is the retailing mix?

Accepted Answer

In developing retailing strategy, manage...

Question 5

The retail life cycle refers to

Accepted Answer

A)  the distinct stages a product goes through before it becomes obsolete.
B)  the process of growth and decline that retail outlets, like products, experience.
C)  the cycle of a customer's buying behavior from awareness of a product to its ultimate purchase.
D)  the relationship between the tangible aspects of a product and the types of services that need to accompany it.
E)  the traditional management changes that take place as a retail outlet grows.F) B) and E)
G) A) and B)

Question 6

Growth in the direct-selling industry is the result of two trends: (1)  direct selling retailers are expanding into markets outside the United States and (2)

Accepted Answer

A)  increased gas prices and traffic congestion are causing people to want the store to deliver the products 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)  the purchase or lease of real estate to build an actual "brick" retail store is becoming prohibitive.
D)  graduating business students are finding it more difficult to find a traditional sales position and like the idea of being their own bosses.
E)  some consumers prefer one-on-one customer service and a social shopping experience rather than online shopping or big discount stores.F) B) and C)
G) A) and E)

Question 7

Describe the retail life cycle.

Accepted Answer

The retail life cycle describes the proc...

Question 8

All of the following are forms of nonstore retailing EXCEPT:

Accepted Answer

A)  direct selling.
B)  television home shopping.
C)  factory outlets.
D)  online retailing.
E)  telemarketing.F) A) and B)
G) A) and C)

Question 9

Jane Westerlund owns a small retail picture frame store in a local strip mall. She just bought 10 picture frames from a promising woodworker for $36 each. She first priced the frames at $100 each but sales were a bit slow. Jane decides to reduce the price for the frames to $80. What is her maintained markup in dollar terms?

Accepted Answer

A)  $0
B)  $36
C)  $44
D)  $64
E)  $100F) B) and E)
G) B) and D)

Question 10

The marketing metrics related to a retailer's products or merchandise include all of the following EXCEPT:

Accepted Answer

A)  the cost of carrying inventory.
B)  the inventory turnover.
C)  the average number of items per transaction.
D)  the number of returns.
E)  the average length of a store visit.F) B) and C)
G) B) and E)

Question 11

A wholesaler that carries a narrow range of products and performs all channel functions is referred to as a __________.

Accepted Answer

A)  general merchandise wholesaler
B)  truck jobber
C)  specialty merchandise wholesaler
D)  rack jobber
E)  drop shipperF) A) and C)
G) C) and D)

Question 12

Stores that carry tremendous depth in one primary line of merchandise are referred to as

Accepted Answer

A)  hypermarkets.
B)  intertype outlets.
C)  limited-line stores.
D)  scrambled merchandise stores.
E)  single-line stores.F) A) and E)
G) A) and C)

Question 13

The difference between the final selling price and the retailer's cost is referred to as a(n)  __________.

Accepted Answer

A)  original markup
B)  maintained markup
C)  markdown
D)  differential markup
E)  discounted priceF) C) and D)
G) A) and E)

Question 14

The __________ provided by retailers create value for consumers.

Accepted Answer

A)  utilities
B)  wholesaling functions
C)  outsourcing
D)  profits
E)  synergiesF) All of the above
G) A) and E)

Question 15

Wholesalers who own the merchandise they sell but do not physically handle, stock, or deliver it are referred to as __________.

Accepted Answer

A)  cash and carry wholesalers
B)  rack jobbers
C)  truck jobbers
D)  manufacturer's representatives
E)  drop shippersF) None of the above
G) A) and B)

Question 16

Sales per square foot is calculated by dividing

Accepted Answer

A)  profit margin by selling area in square feet.
B)  gross profit by selling area in square feet.
C)  total sales by selling area in square feet.
D)  return on investment by selling area in square feet.
E)  net sales by selling area in square feet.F) D) and E)
G) B) and C)

Question 17

Currently, the three largest television home shopping programs in the United States are

Accepted Answer

A)  QVC, HSN, and ShopNBC.
B)  Direct Shopper, Shop at Home, and ShopNBC.
C)  ValueVision, Shop at Home, and QVC.
D)  Shop America, Direct shopper, and J.S. Global.
E)  Shop at Home, QVC, and HSN.F) None of the above
G) All of the above

Question 18

Loehmann's is an upscale, off-price specialty retailer that sells name-brand designer fashions. A few salespeople are around to help in select places, but customers are basically on their own to find what they need and bring it to checkout. Loehmann's provides its consumers with

Accepted Answer

A)  full-service.
B)  limited service.
C)  self-service.
D)  restricted service.
E)  functional serviceF) A) and B)
G) A) and C)

Question 19

Higher paper costs, increased postage rates, the growing interest in do-not-mail legislation, and concern for "green" mailings have resulted in

Accepted Answer

A)  a switch to online catalogs and direct-to-customer e-mail advertisements.
B)  the use of thinner, lightweight paper products.
C)  a focus on specialty catalogs for market niches.
D)  the banning of "junk" mail by a growing number of environmentally-concerned communities.
E)  a resurgence in non-automated telemarketing.F) None of the above
G) C) and D)

Question 20

The four stages of the retail life cycle are

Accepted Answer

A)  introduction, growth, maturity, and decline.
B)  awareness, inquiry, alternative evaluation, and purchase.
C)  early growth, accelerated development, maturity, and decline.
D)  innovation, standardization, adaptation, and obsolescence.
E)  innovation, adaptation, imitation, and obsolescenceF) A) and B)
G) C) and E)

Exam 13: Retailing and Wholesaling

What is the retailing mix?

Correct Answer
verified
In developing retailing strategy, manage...
View Answer

Wholesalers who own the merchandise they sell but do not physically handle, stock, or deliver it are referred to as __________.

Correct Answer
verified

Higher paper costs, increased postage rates, the growing interest in do-not-mail legislation, and concern for "green" mailings have resulted in

Correct Answer
verified

Describe the retail life cycle.

Correct Answer
verified
The retail life cycle describes the proc...
View Answer

Stores that carry tremendous depth in one primary line of merchandise are referred to as

Correct Answer
verified

The selling of brand name merchandise at lower than regular prices is referred to as __________.

Correct Answer
verified

In recent years, online sales accounted for __________ of all retail sales.

Correct Answer
verified

Sales per square foot is calculated by dividing

Correct Answer
verified

The four stages of the retail life cycle are

Correct Answer
verified

A wholesaler that carries a narrow range of products and performs all channel functions is referred to as a __________.

Correct Answer
verified

The retail life cycle refers to

Correct Answer
verified

Loehmann's is an upscale, off-price specialty retailer that sells name-brand designer fashions. A few salespeople are around to help in select places, but customers are basically on their own to find what they need and bring it to checkout. Loehmann's provides its consumers with

Correct Answer
verified

A restaurant that offers food made exactly to each customer's preference is providing __________ utility.

Correct Answer
verified

Growth in the direct-selling industry is the result of two trends: (1) direct selling retailers are expanding into markets outside the United States and (2)

Correct Answer
verified

The marketing metrics related to a retailer's products or merchandise include all of the following EXCEPT:

Correct Answer
verified

All of the following are forms of nonstore retailing EXCEPT:

Correct Answer
verified

Correct Answer
verified

Currently, the three largest television home shopping programs in the United States are

Correct Answer
verified

The __________ provided by retailers create value for consumers.

Correct Answer
verified

The difference between the final selling price and the retailer's cost is referred to as a(n) __________.

Correct Answer
verified

Exam 13: Retailing and Wholesaling

What is the retailing mix?

Correct AnswerverifiedIn developing retailing strategy, manage...View AnswerShow Answer

Wholesalers who own the merchandise they sell but do not physically handle, stock, or deliver it are referred to as __________.

Correct AnswerverifiedShow Answer

Higher paper costs, increased postage rates, the growing interest in do-not-mail legislation, and concern for "green" mailings have resulted in

Correct AnswerverifiedShow Answer

Describe the retail life cycle.

Correct AnswerverifiedThe retail life cycle describes the proc...View AnswerShow Answer

Stores that carry tremendous depth in one primary line of merchandise are referred to as

Correct AnswerverifiedShow Answer

The selling of brand name merchandise at lower than regular prices is referred to as __________.

Correct AnswerverifiedShow Answer

In recent years, online sales accounted for __________ of all retail sales.

Correct AnswerverifiedShow Answer

Sales per square foot is calculated by dividing

Correct AnswerverifiedShow Answer

The four stages of the retail life cycle are

Correct AnswerverifiedShow Answer

A wholesaler that carries a narrow range of products and performs all channel functions is referred to as a __________.

Correct AnswerverifiedShow Answer

The retail life cycle refers to

Correct AnswerverifiedShow Answer

Loehmann's is an upscale, off-price specialty retailer that sells name-brand designer fashions. A few salespeople are around to help in select places, but customers are basically on their own to find what they need and bring it to checkout. Loehmann's provides its consumers with

Correct AnswerverifiedShow Answer

A restaurant that offers food made exactly to each customer's preference is providing __________ utility.

Correct AnswerverifiedShow Answer

Growth in the direct-selling industry is the result of two trends: (1) direct selling retailers are expanding into markets outside the United States and (2)

Correct AnswerverifiedShow Answer

The marketing metrics related to a retailer's products or merchandise include all of the following EXCEPT:

Correct AnswerverifiedShow Answer

All of the following are forms of nonstore retailing EXCEPT:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Currently, the three largest television home shopping programs in the United States are

Correct AnswerverifiedShow Answer

The __________ provided by retailers create value for consumers.

Correct AnswerverifiedShow Answer

The difference between the final selling price and the retailer's cost is referred to as a(n) __________.

Correct AnswerverifiedShow Answer

Correct Answer
verified
In developing retailing strategy, manage...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
verified
The retail life cycle describes the proc...
View Answer

Correct Answer
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