Question 1

A limited-service wholesaler that performs all channel functions and sells on consignment to retailers, which means it retains the title to the products displayed and bills retailers only for the merchandise sold, is a

Accepted Answer

A)   truck jobber.
B)   transport vendor.
C)   rack jobber.
D)   cash and carry wholesaler.
E)   drop shipper.F) A) and E)
G) A) and B)

Question 2

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

Question 3

Ross Stores, where prices are low but selection is unpredictable, uses ________ pricing practice.

Accepted Answer

A)   a markdown
B)   a maintained markup
C)   a gross margin
D)   a manufactured suggested retail
E)   an off-price retailF) A) and C)
G) A) and B)

Question 4

Companies such as Avon, Fuller Brush, and Mary Kay Cosmetics are examples of firms that use

Accepted Answer

A)   interface marketing.
B)   flex marketing.
C)   direct selling.
D)   interactive selling.
E)   responsive selling.F) A) and E)
G) A) and D)

Question 5

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

Accepted Answer

A)   QVC, HSN, and Evine.
B)   Shop at Home, QVC, and HSN.
C)   Direct Shopper, Shop at Home, and ShopNBC.
D)   ValueVision, Shop at Home, and QVC.
E)   Shop America, Direct Shopper, and HSN.F) A) and B)
G) A) and C)

Question 6

Since Generation Z is interested in ________, mall stores such as American Eagle Outfitters and Levi Strauss have tailors to add patches, paint, embossing, and monogram stitching.

Accepted Answer

A)   quality
B)   environmentalism
C)   fast fashion
D)   personalization
E)   fair tradeF) D) and E)
G) A) and D)

Question 7

Three common forms of off-price retailers are

Accepted Answer

A)   warehouse clubs, factory outlet stores, and hypermarkets.
B)   warehouse clubs, factory outlets, and single-price or extreme-value retailer.
C)   factory outlets, single-price retailers, online auction services.
D)   factory outlets, supercenters, hypermarkets.
E)   extreme value retailers, buying clubs, online auction services.F) B) and E)
G) All of the above

Question 8

Amir is an avid fly fisherman and he needs large rubber rafts, hip waders, special fishing rods, reels, line, and an assortment of fishing tackle and lures. There are no sporting goods stores near him so Amir orders his fishing supplies from the L.L. Bean catalog. His supplies are generally delivered to his home within 72 hours. Amir is using a ________ to satisfy his fishing supply needs.

Accepted Answer

A)   home delivery retailer
B)   quick-response retailer
C)   direct-mail marketer
D)   flexible response marketer
E)   regional marketerF) A) and C)
G) A) and E)

Question 9

________ describes very dissimilar types of retail outlets that compete with each other as a result of scrambled merchandising.

Accepted Answer

A)   The wheel of retailing
B)   The retail positioning framework
C)   Intertype competition
D)   The retail competitive cycle
E)   The multichannel retail competitive mapF) A) and D)
G) D) and E)

Question 10

A markdown refers to

Accepted Answer

A)   the difference between the final selling price and the retailer's cost.
B)   the amount the manufacturer adds to achieve the desired suggested retail price.
C)   discounting a product when it does not sell at the original price and an adjustment is necessary.
D)   the lowest price to which a retailer can reduce a sales ticket and still make a profit.
E)   the net margin.F) C) and E)
G) D) and E)

Question 11

Independently owned firms that take title to the merchandise they handle are referred to as

Accepted Answer

A)   brokers.
B)   agencies.
C)   virtual retailers.
D)   merchant wholesalers.
E)   merchant retailers.F) B) and E)
G) B) and C)

Question 12

Which of these is a commonly used method of retail outlet classification?

Accepted Answer

A)   service versus goods
B)   level of service
C)   proportion of national versus private label brands carried
D)   revenues generated
E)   profitabilityF) A) and E)
G) B) and E)

Question 13

Many fast-food retailers, including McDonald's and Burger King, have followed a predictable pattern of how new forms of retail outlets enter the marketplace. McDonald's has evolved from a relatively simple restaurant with low margins, low prices, limited product offerings, and low institutional status to a worldwide chain with higher margins, high status, and a diverse menu of products. This evolution of McDonald's restaurants is consistent with the

Accepted Answer

A)   slow to fast-food restaurant evolutionary cycle.
B)   revolution of retailing.
C)   retail life cycle.
D)   fast-food retail sequence.
E)   wheel of retailing.F) All of the above
G) C) and D)

Question 14

Staples is a specialty discount retailer that focuses on one type of product, office supplies, and is the clear leader in that market. Staples is an example of a

Accepted Answer

A)   hypermarket.
B)   superstore.
C)   category killer.
D)   department store.
E)   focused merchandise stores.F) A) and B)
G) A) and C)

Question 15

Figure 16-8
-Which of these retailers would best fit in quadrant C shown in the retail positioning matrix, Figure 16-8 above?

Accepted Answer

A)   Nordstrom department store
B)   Dillard's department store
C)   7-Eleven convenience store
D)   DSW shoe store
E)   Lamborghini automobile dealerF) A) and B)
G) B) and D)

Question 16

Intangibles, such as a sense of belonging, excitement, style, or warmth, are considered to be ________ of a store's image.

Accepted Answer

A)   functional qualities
B)   sociological qualities
C)   psychological attributes
D)   antecedent attributes
E)   personality elementsF) B) and C)
G) B) and E)

Question 17

Stores like Dillard's, Macy's, and Neiman Marcus carry a wide range of different types of products but not an extensive number of items within each type. These retailers are known as

Accepted Answer

A)   limited-line stores.
B)   scrambled merchandise stores.
C)   hypermarkets.
D)   intertype outlets.
E)   general merchandise stores.F) C) and D)
G) All of the above

Question 18

QVC is a television home shopping network. It generates sales of nearly $9 billion from its 13 million customers by

Accepted Answer

A)   directing customers to purchase through its Mall of America retail store.
B)   broadcasting live 12 hours a day, 365 days a year.
C)   offering more than 800 products each week on a 24-hour-a-day broadcast.
D)   offering overstocked items from retailers at a fraction of the original cost.
E)   running live podcasts and live streaming over the Internet.F) C) and D)
G) B) and C)

Question 19

In ________, an individual or firm contracts with a parent company to set up a business or retail outlet.

Accepted Answer

A)   an administered system
B)   a vertically integrated chain
C)   aretail-sponsored cooperative
D)   afranchise system
E)   acorporate systemF) B) and E)
G) A) and D)

Question 20

Retail outlets vary by their merchandise lines, the key distinction being the ________ of the items offered to customers.

Accepted Answer

A)   scope and span
B)   breadth and depth
C)   breadth and inventory
D)   scope and inventory
E)   range and spanF) B) and D)
G) A) and E)

Exam 16: Retailing and Wholesaling

Independently owned firms that take title to the merchandise they handle are referred to as

Correct Answer
verified

QVC is a television home shopping network. It generates sales of nearly $9 billion from its 13 million customers by

Correct Answer
verified

Stores like Dillard's, Macy's, and Neiman Marcus carry a wide range of different types of products but not an extensive number of items within each type. These retailers are known as

Correct Answer
verified

Since Generation Z is interested in ________, mall stores such as American Eagle Outfitters and Levi Strauss have tailors to add patches, paint, embossing, and monogram stitching.

Correct Answer
verified

Retail outlets vary by their merchandise lines, the key distinction being the ________ of the items offered to customers.

Correct Answer
verified

Which of these is a commonly used method of retail outlet classification?

Correct Answer
verified

In ________, an individual or firm contracts with a parent company to set up a business or retail outlet.

Correct Answer
verified

Intangibles, such as a sense of belonging, excitement, style, or warmth, are considered to be ________ of a store's image.

Correct Answer
verified

Staples is a specialty discount retailer that focuses on one type of product, office supplies, and is the clear leader in that market. Staples is an example of a

Correct Answer
verified

Three common forms of off-price retailers are

Correct Answer
verified

Correct Answer
verified

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

Correct Answer
verified

The four utilities offered to consumers through retailing are

Correct Answer
verified

A markdown refers to

Correct Answer
verified

A limited-service wholesaler that performs all channel functions and sells on consignment to retailers, which means it retains the title to the products displayed and bills retailers only for the merchandise sold, is a

Correct Answer
verified

Ross Stores, where prices are low but selection is unpredictable, uses ________ pricing practice.

Correct Answer
verified

Correct Answer
verified

________ describes very dissimilar types of retail outlets that compete with each other as a result of scrambled merchandising.

Correct Answer
verified

Companies such as Avon, Fuller Brush, and Mary Kay Cosmetics are examples of firms that use

Correct Answer
verified

Figure 16-8 -Which of these retailers would best fit in quadrant C shown in the retail positioning matrix, Figure 16-8 above?

Correct Answer
verified

Exam 16: Retailing and Wholesaling

Independently owned firms that take title to the merchandise they handle are referred to as

Correct AnswerverifiedShow Answer

QVC is a television home shopping network. It generates sales of nearly $9 billion from its 13 million customers by

Correct AnswerverifiedShow Answer

Stores like Dillard's, Macy's, and Neiman Marcus carry a wide range of different types of products but not an extensive number of items within each type. These retailers are known as

Correct AnswerverifiedShow Answer

Since Generation Z is interested in ________, mall stores such as American Eagle Outfitters and Levi Strauss have tailors to add patches, paint, embossing, and monogram stitching.

Correct AnswerverifiedShow Answer

Retail outlets vary by their merchandise lines, the key distinction being the ________ of the items offered to customers.

Correct AnswerverifiedShow Answer

Which of these is a commonly used method of retail outlet classification?

Correct AnswerverifiedShow Answer

In ________, an individual or firm contracts with a parent company to set up a business or retail outlet.

Correct AnswerverifiedShow Answer

Intangibles, such as a sense of belonging, excitement, style, or warmth, are considered to be ________ of a store's image.

Correct AnswerverifiedShow Answer

Staples is a specialty discount retailer that focuses on one type of product, office supplies, and is the clear leader in that market. Staples is an example of a

Correct AnswerverifiedShow Answer

Three common forms of off-price retailers are

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The four utilities offered to consumers through retailing are

Correct AnswerverifiedShow Answer

A markdown refers to

Correct AnswerverifiedShow Answer

A limited-service wholesaler that performs all channel functions and sells on consignment to retailers, which means it retains the title to the products displayed and bills retailers only for the merchandise sold, is a

Correct AnswerverifiedShow Answer

Ross Stores, where prices are low but selection is unpredictable, uses ________ pricing practice.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

________ describes very dissimilar types of retail outlets that compete with each other as a result of scrambled merchandising.

Correct AnswerverifiedShow Answer

Companies such as Avon, Fuller Brush, and Mary Kay Cosmetics are examples of firms that use

Correct AnswerverifiedShow Answer

Figure 16-8 -Which of these retailers would best fit in quadrant C shown in the retail positioning matrix, Figure 16-8 above?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified