Question 1

The activities related to managing the store and the merchandise in the store,which includes retail pricing,store location,retail communication,and merchandise are referred to as the __________.

Accepted Answer

A)  wheel of retailing
B)  distribution mix
C)  retail life cycle
D)  retailing mix
E)  retail store positioningF) A) and B)
G) A) and C)

Question 2

Independently owned stores that band together to act like a chain are referred to as __________.

Accepted Answer

A)  corporate chains
B)  cooperative marketing systems
C)  contractual systems
D)  regional shopping centers
E)  self-service systemsF) A) and D)
G) A) and C)

Question 3

One way to assess the importance of retailing to the U.S.and global economies is to measure the

Accepted Answer

A)  price asked for any one item
B)  cost of goods sold
C)  people employed in retailing
D)  net return on capital
E)  progress towards eliminating of global boundariesF) C) and D)
G) None of the above

Question 4

New Balance offers shoes for men,women,and children in many sizes and foot widths.It offers running,cross training,walking,golf,and other types of shoes.This an example of the __________ that New Balance offers to its customers through its own stores or other retailers such as Foot Locker or Sports Authority.

Accepted Answer

A)  product items
B)  depth of product line
C)  breadth of product line
D)  versatility of product family
E)  variety of product mixF) B) and C)
G) A) and C)

Question 5

The four utilities offered to consumers through retailing are

Accepted Answer

A)  convenience,performance,possession,and form.
B)  time,place,possession,and form.
C)  product,price,place,and promotion.
D)  people,productivity,process,and physical environment.
E)  convenience,consistency,competition,and choice.F) B) and D)
G) A) and E)

Question 6

Large shopping areas often contain two or three __________ stores,which are well-known national or regional stores such as Sears,Saks Fifth Avenue,and Bloomingdale's.

Accepted Answer

A)  power centers
B)  mega centers
C)  anchor
D)  value
E)  outletF) B) and E)
G) A) and B)

Question 7

A form of ownership that involves multiple outlets under common ownership is referred to as a(n)

Accepted Answer

A)  corporate chain.
B)  consumer cooperative.
C)  contractual system.
D)  independent retailer.
E)  administered system.F) A) and B)
G) A) and E)

Question 8

The __________ provided by retailers create value for consumers.

Accepted Answer

A)  utilities
B)  wholesaling functions
C)  outsourcing
D)  logistics
E)  synergiesF) A) and E)
G) C) and E)

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.Based on market conditions,she will sell these for $100 each.Recently,however,sales have been 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) A) and C)
G) D) and E)

Question 10

Outlets where customers are responsible for most shopping activities,although salespeople are available in some departments,would be classified as __________ outlets.

Accepted Answer

A)  limited-service
B)  exclusive-service
C)  minimal-service
D)  self-service
E)  full-serviceF) D) and E)
G) B) and E)

Question 11

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) C) and D)
G) A) and B)

Question 12

At which level of service would the customer perform the least number of functions?

Accepted Answer

A)  automated-service
B)  minimal-service
C)  self-service
D)  limited-service
E)  full-serviceF) A) and B)
G) A) and C)

Question 13

The three commonly used terms to describe levels of service are

Accepted Answer

A)  self-service,limited-service,and full-service.
B)  retailer-service,sales-service,and customer-service
C)  self-service,automated-service,and online-service.
D)  limited-service,full-service,and automated-service.
E)  wholesaler-service,retailer-service,and customer-service.F) C) and D)
G) C) and E)

Question 14

There are three key methods of classifying retail operations

Accepted Answer

A)  method of operation,revenues generated,and merchandise line.
B)  form of ownership,method of operation,and merchandise line.
C)  form of ownership,level of service,and merchandise line.
D)  level of service,merchandise line,and revenues generated.
E)  merchandise line,form of ownership,and revenues generated.F) A) and B)
G) A) and C)

Question 15

There are two general types of franchises: business-format franchises and __________ franchises.

Accepted Answer

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

Question 16

A large assortment of each item within a product line in a store is referred to as

Accepted Answer

A)  product span.
B)  breadth of product line.
C)  length of product line.
D)  width of product line.
E)  depth of product line.F) None of the above
G) A) and D)

Question 17

Your local Hallmark retailer carries thousands of greeting cards.You can find cards for a "twins" birthday,from my cat to yours,and many other unique occasions.This is an example of the __________ that the Hallmark retailer carries.

Accepted Answer

A)  depth of product line
B)  breadth of product line
C)  height of product line
D)  length of product line
E)  width of product lineF) A) and B)
G) A) and C)

Question 18

A retailer bought a collectible Precious Moments figurine for $26.She sets the initial selling price at $60.The final selling price was $52.What was the original markup?

Accepted Answer

A)  $0
B)  $13
C)  $26
D)  $34
E)  $86F) None of the above
G) B) and D)

Question 19

Vending machines are an example of __________.

Accepted Answer

A)  hypermarkets
B)  direct mail
C)  scrambled merchandising
D)  intertype competition
E)  nonstore retailingF) C) and D)
G) A) and E)

Question 20

Intermediaries that work for several producers and carry noncompetitive,complementary merchandise in an exclusive territory are referred to as __________.

Accepted Answer

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

Exam 13: Retailing and Wholesaling

The activities related to managing the store and the merchandise in the store,which includes retail pricing,store location,retail communication,and merchandise are referred to as the __________.

Correct Answer
verified

At which level of service would the customer perform the least number of functions?

Correct Answer
verified

There are two general types of franchises: business-format franchises and __________ franchises.

Correct Answer
verified

The four utilities offered to consumers through retailing are

Correct Answer
verified

There are three key methods of classifying retail operations

Correct Answer
verified

Independently owned stores that band together to act like a chain are referred to as __________.

Correct Answer
verified

Outlets where customers are responsible for most shopping activities,although salespeople are available in some departments,would be classified as __________ outlets.

Correct Answer
verified

A form of ownership that involves multiple outlets under common ownership is referred to as a(n)

Correct Answer
verified

A large assortment of each item within a product line in a store is referred to as

Correct Answer
verified

The three commonly used terms to describe levels of service are

Correct Answer
verified

Vending machines are an example of __________.

Correct Answer
verified

A retailer bought a collectible Precious Moments figurine for $26.She sets the initial selling price at $60.The final selling price was $52.What was the original markup?

Correct Answer
verified

Your local Hallmark retailer carries thousands of greeting cards.You can find cards for a "twins" birthday,from my cat to yours,and many other unique occasions.This is an example of the __________ that the Hallmark retailer carries.

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

Correct Answer
verified

Correct Answer
verified

One way to assess the importance of retailing to the U.S.and global economies is to measure the

Correct Answer
verified

Intermediaries that work for several producers and carry noncompetitive,complementary merchandise in an exclusive territory are referred to as __________.

Correct Answer
verified

The __________ provided by retailers create value for consumers.

Correct Answer
verified

Large shopping areas often contain two or three __________ stores,which are well-known national or regional stores such as Sears,Saks Fifth Avenue,and Bloomingdale's.

Correct Answer
verified

Exam 13: Retailing and Wholesaling

The activities related to managing the store and the merchandise in the store,which includes retail pricing,store location,retail communication,and merchandise are referred to as the __________.

Correct AnswerverifiedShow Answer

At which level of service would the customer perform the least number of functions?

Correct AnswerverifiedShow Answer

There are two general types of franchises: business-format franchises and __________ franchises.

Correct AnswerverifiedShow Answer

The four utilities offered to consumers through retailing are

Correct AnswerverifiedShow Answer

There are three key methods of classifying retail operations

Correct AnswerverifiedShow Answer

Independently owned stores that band together to act like a chain are referred to as __________.

Correct AnswerverifiedShow Answer

Outlets where customers are responsible for most shopping activities,although salespeople are available in some departments,would be classified as __________ outlets.

Correct AnswerverifiedShow Answer

A form of ownership that involves multiple outlets under common ownership is referred to as a(n)

Correct AnswerverifiedShow Answer

A large assortment of each item within a product line in a store is referred to as

Correct AnswerverifiedShow Answer

The three commonly used terms to describe levels of service are

Correct AnswerverifiedShow Answer

Vending machines are an example of __________.

Correct AnswerverifiedShow Answer

A retailer bought a collectible Precious Moments figurine for $26.She sets the initial selling price at $60.The final selling price was $52.What was the original markup?

Correct AnswerverifiedShow Answer

Your local Hallmark retailer carries thousands of greeting cards.You can find cards for a "twins" birthday,from my cat to yours,and many other unique occasions.This is an example of the __________ that the Hallmark retailer carries.

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

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

One way to assess the importance of retailing to the U.S.and global economies is to measure the

Correct AnswerverifiedShow Answer

Intermediaries that work for several producers and carry noncompetitive,complementary merchandise in an exclusive territory are referred to as __________.

Correct AnswerverifiedShow Answer

The __________ provided by retailers create value for consumers.

Correct AnswerverifiedShow Answer

Large shopping areas often contain two or three __________ stores,which are well-known national or regional stores such as Sears,Saks Fifth Avenue,and Bloomingdale's.

Correct AnswerverifiedShow Answer

Correct Answer
verified

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