Question 1

Rack jobbers refer to wholesalers who

Accepted Answer

A)  furnish the shelves that display merchandise in retail stores,perform all channel functions,and sell on consignment to retailers.
B)  own the merchandise they sell and have retailers store it in their warehouses.
C)  own the merchandise they sell but do not physically handle,stock,or deliver it.
D)  have a small warehouse from which they stock their trucks for distribution to retailers.
E)  work for several producers and carry noncompetitive,complementary merchandise in an exclusive territory.F) B) and E)
G) B) and D)

Question 2

When setting prices for merchandise,retailers must decide on the markup,markdown,and the __________ for markdowns.

Accepted Answer

A)  relevance
B)  necessity
C)  percentage
D)  timing
E)  consequenceF) A) and E)
G) C) and E)

Question 3

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 non-binding cooperatives.
C)  wholesaler-sponsored voluntary chains,non-binding cooperatives,and franchises.
D)  dual ownership agreements,industry consortiums,and multi-national cartels.
E)  non-binding,binding,and in perpetuity.F) All of the above
G) A) and B)

Question 4

Walmart has developed a sophisticated inventory management and cost control system that allows rapid price changes for each product in the store.The firm also uses technologies such as __________ to improve the quality of information available about products.

Accepted Answer

A)  radio frequency identification
B)  encapsulation techniques
C)  bar code scanners
D)  nanotechnology
E)  cookiesF) B) and C)
G) C) and D)

Question 5

Ford and Coca-Cola represent which type of franchise?

Accepted Answer

A)  business-format franchise
B)  manufacturing franchise
C)  general service franchise
D)  product-distribution franchise
E)  business franchise ventureF) A) and B)
G) B) and E)

Question 6

Williams-Sonoma is a specialty store that caters to customers who want to cook at home.It offers free cooking classes,has frequent demonstrations by cookbook authors,and has employees who are knowledgeable about food preparation.The sales staff helps customers make their selections.Williams-Sonoma is a(n) __________ retailer.

Accepted Answer

A)  exclusive-service
B)  full-service
C)  upscale-service
D)  self-service
E)  limited-serviceF) A) and B)
G) None of the above

Question 7

Consumers benefit in dealing with retail corporate chains because

Accepted Answer

A)  corporate chains have more experience than other forms of retailers.
B)  they can own stock in the same company where they shop since corporate chain stock must be publicly-traded.
C)  they can bargain with a manufacturer to obtain product volume discounts on orders,which can be passed on to consumers in terms of lower prices.
D)  there are multiple outlets,each with its own varied merchandise and different management policies.
E)  merchandise is arranged and displayed by professional designers making their shopping experience less stressful.F) C) and D)
G) A) and B)

Question 8

As a franchisor,Radio Shack would assist a franchisee in selecting the store location,setting up the store,advertising,and __________.

Accepted Answer

A)  developing the marketing program
B)  training personnel
C)  offering performance bonuses
D)  ordering and restocking inventory
E)  paying insurance and legal feesF) A) and E)
G) D) and E)

Question 9

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) D) and E)

Question 10

Wholesalers that carry a broad assortment of merchandise and perform all channel functions are referred to as a __________.

Accepted Answer

A)  limited-line wholesaler
B)  drop shipper
C)  rack jobber
D)  specialty merchandise wholesaler
E)  general merchandise wholesalerF) C) and E)
G) A) and B)

Question 11

One method of classification describes whether a retailer is self-,limited-,or full- _________.

Accepted Answer

A)  involvement
B)  assortment
C)  management
D)  service
E)  ownershipF) A) and E)
G) All of the above

Question 12

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) B) and E)
G) None of the above

Question 13

CarMax dealers have adopted a "no-hassle,no-haggle" sales policy that eliminates the need for negotiating.Instead,all customers are offered the same price.Test drives,financing,trade-ins,and leasing are all offered to encourage customers to purchase a car.Which utility does CarMax best provide?

Accepted Answer

A)  product
B)  form
C)  convenience
D)  service
E)  possessionF) A) and C)
G) A) and B)

Question 14

What is category management and when is it used?

Accepted Answer

Category management is used to manage th...

Question 15

Walmart and Home Depot emphasize consistently low prices and eliminate most markdowns with a retail pricing strategy called

Accepted Answer

A)  low-margin.
B)  value based.
C)  everyday low pricing.
D)  everyday fair pricing.
E)  markdown pricing.F) D) and E)
G) C) and D)

Question 16

Cash and carry wholesalers refer to wholesalers who

Accepted Answer

A)  furnish the racks or shelves that display merchandise in retail stores,perform all channel functions,and sell on consignment to retailers.
B)  take title to merchandise but sell only to buyers who call on them,pay cash for merchandise,and furnish their own transportation for merchandise.
C)  own the merchandise they sell but do not physically handle,stock,or deliver it.
D)  have a small warehouse from which they stock their trucks for distribution to retailers.
E)  work for several producers and carry noncompetitive,complementary merchandise in an exclusive territory.F) C) and D)
G) A) and B)

Question 17

Wholesalers who simply solicit orders from retailers and other wholesalers and have the merchandise shipped directly from a producer to a buyer are referred to as __________.

Accepted Answer

A)  cash and carry wholesalers
B)  rack jobbers
C)  drop shippers
D)  truck jobbers
E)  manufacturer's representativesF) A) and D)
G) B) and D)

Question 18

Loehmann's is an upscale,off-price specialty retailer for name-brand designer fashions.A few salespeople are available for selected departments,but customers are responsible for most of their shopping activities.Loehmann's provides consumers with

Accepted Answer

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

Question 19

As part of their regular retail pricing strategy,some retailer will emphasize consistently low prices and eliminate most markdowns.This practice is referred to as __________.

Accepted Answer

A)  low-margin pricing
B)  everyday low pricing
C)  everyday fair pricing
D)  value-based pricing
E)  maintained pricingF) A) and E)
G) None of the above

Question 20

A customer was unable to go to the store on her own to buy gifts for the holidays.She contacted a Pampered Chef representative who came to her home,showed her not only catalogs but actual products,answered all her questions,and had all the customer's gifts sorted and delivered.This is an example of __________.

Accepted Answer

A)  interface marketing
B)  flex-marketing
C)  direct selling
D)  interactive selling
E)  responsive sellingF) B) and D)
G) A) and B)

Exam 13: Retailing and Wholesaling

Correct Answer
verified

One method of classification describes whether a retailer is self-,limited-,or full- _________.

Correct Answer
verified

Wholesalers who simply solicit orders from retailers and other wholesalers and have the merchandise shipped directly from a producer to a buyer are referred to as __________.

Correct Answer
verified

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

Correct Answer
verified

CarMax dealers have adopted a "no-hassle,no-haggle" sales policy that eliminates the need for negotiating.Instead,all customers are offered the same price.Test drives,financing,trade-ins,and leasing are all offered to encourage customers to purchase a car.Which utility does CarMax best provide?

Correct Answer
verified

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

Correct Answer
verified

Wholesalers that carry a broad assortment of merchandise and perform all channel functions are referred to as a __________.

Correct Answer
verified

Walmart has developed a sophisticated inventory management and cost control system that allows rapid price changes for each product in the store.The firm also uses technologies such as __________ to improve the quality of information available about products.

Correct Answer
verified

When setting prices for merchandise,retailers must decide on the markup,markdown,and the __________ for markdowns.

Correct Answer
verified

Walmart and Home Depot emphasize consistently low prices and eliminate most markdowns with a retail pricing strategy called

Correct Answer
verified

As part of their regular retail pricing strategy,some retailer will emphasize consistently low prices and eliminate most markdowns.This practice is referred to as __________.

Correct Answer
verified

Ford and Coca-Cola represent which type of franchise?

Correct Answer
verified

The three basic types of contractual systems are:

Correct Answer
verified

Rack jobbers refer to wholesalers who

Correct Answer
verified

What is category management and when is it used?

Correct Answer
verified
Category management is used to manage th...
View Answer

Correct Answer
verified

Loehmann's is an upscale,off-price specialty retailer for name-brand designer fashions.A few salespeople are available for selected departments,but customers are responsible for most of their shopping activities.Loehmann's provides consumers with

Correct Answer
verified

Cash and carry wholesalers refer to wholesalers who

Correct Answer
verified

Consumers benefit in dealing with retail corporate chains because

Correct Answer
verified

As a franchisor,Radio Shack would assist a franchisee in selecting the store location,setting up the store,advertising,and __________.

Correct Answer
verified

Exam 13: Retailing and Wholesaling

Correct AnswerverifiedShow Answer

One method of classification describes whether a retailer is self-,limited-,or full- _________.

Correct AnswerverifiedShow Answer

Wholesalers who simply solicit orders from retailers and other wholesalers and have the merchandise shipped directly from a producer to a buyer are referred to as __________.

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

CarMax dealers have adopted a "no-hassle,no-haggle" sales policy that eliminates the need for negotiating.Instead,all customers are offered the same price.Test drives,financing,trade-ins,and leasing are all offered to encourage customers to purchase a car.Which utility does CarMax best provide?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Wholesalers that carry a broad assortment of merchandise and perform all channel functions are referred to as a __________.

Correct AnswerverifiedShow Answer

Walmart has developed a sophisticated inventory management and cost control system that allows rapid price changes for each product in the store.The firm also uses technologies such as __________ to improve the quality of information available about products.

Correct AnswerverifiedShow Answer

When setting prices for merchandise,retailers must decide on the markup,markdown,and the __________ for markdowns.

Correct AnswerverifiedShow Answer

Walmart and Home Depot emphasize consistently low prices and eliminate most markdowns with a retail pricing strategy called

Correct AnswerverifiedShow Answer

As part of their regular retail pricing strategy,some retailer will emphasize consistently low prices and eliminate most markdowns.This practice is referred to as __________.

Correct AnswerverifiedShow Answer

Ford and Coca-Cola represent which type of franchise?

Correct AnswerverifiedShow Answer

The three basic types of contractual systems are:

Correct AnswerverifiedShow Answer

Rack jobbers refer to wholesalers who

Correct AnswerverifiedShow Answer

What is category management and when is it used?

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

Correct AnswerverifiedShow Answer

Loehmann's is an upscale,off-price specialty retailer for name-brand designer fashions.A few salespeople are available for selected departments,but customers are responsible for most of their shopping activities.Loehmann's provides consumers with

Correct AnswerverifiedShow Answer

Cash and carry wholesalers refer to wholesalers who

Correct AnswerverifiedShow Answer

Consumers benefit in dealing with retail corporate chains because

Correct AnswerverifiedShow Answer

As a franchisor,Radio Shack would assist a franchisee in selecting the store location,setting up the store,advertising,and __________.

Correct AnswerverifiedShow Answer

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verified
Category management is used to manage th...
View Answer

Correct Answer
verified

Correct Answer
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Correct Answer
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