Question 1

When retailers set prices on new models or styles of products, the price of existing models often is ________ to quickly sell them.

Accepted Answer

A)   benchmarked
B)   off-priced
C)   value-added
D)   marked down
E)   maintainedF) A) and B)
G) None of the above

Question 2

Store layout, colors, lighting, and music are all considered part of a store's retail

Accepted Answer

A)   sensory management plan.
B)   measurable attributes.
C)   antecedent attributes.
D)   emotive appeal.
E)   atmosphere.F) All of the above
G) C) and D)

Question 3

Which of the following statements regarding QVC is most accurate?

Accepted Answer

A)   QVC generates demand by broadcasting only during seasonal shopping periods.
B)   QVC broadcasts live events, such as a Red Carpet Style show, to attract new customers.
C)   QVC seeks to create its own celebrities rather than inviting established stars onto the show.
D)   QVC sells all its items by dropping the price to $1.00, regardless of the product value, if it is not sold in one day.
E)   QVC entices customers to "stay tuned" by offering free products to random callers.F) A) and B)
G) B) and E)

Question 4

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

Question 5

Retailers like Williams-Sonoma that sell products through retail stores, catalogs, and online are examples of

Accepted Answer

A)   intertype competitors.
B)   multichannel retailers.
C)   vertically-integrated retailers.
D)   scrambled merchandisers.
E)   dual distributors.F) B) and C)
G) A) and B)

Question 6

Enterprise car rental agency differentiates itself from other similar agencies by providing a delivery service. This delivery service is particularly valuable to someone who has been left stranded without transportation. By making it easy to rent temporary transportation, Enterprise is emphasizing which utility?

Accepted Answer

A)   form
B)   product
C)   service
D)   possession
E)   convenienceF) B) and E)
G) A) and C)

Question 7

Truck jobbers are wholesalers that

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)   store all the merchandise they sell in their trucks.
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, carry noncompetitive, complementary merchandise in an exclusive territory, and use over-the-road transportation for all product deliveries.F) D) and E)
G) C) and D)

Question 8

Which of the following is a commonly used method of retail outlet classification?

Accepted Answer

A)   service versus good
B)   type of merchandise line
C)   proportion of national versus private label brands carried
D)   revenues generated
E)   profitabilityF) A) and D)
G) C) and D)

Question 9

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 selling.F) C) and E)
G) A) and E)

Question 10

To continue to be successful, Mall of America must

Accepted Answer

A)   focus mostly on attracting suitable employees.
B)   keep a huge and diverse portfolio of retailers and attractions in the mall.
C)   refine and focus the retail mix to create a more consistent purchasing experience.
D)   promote its location as a key feature.
E)   reduce the variety of retailers to contain the costs of appealing to a wide range of customers.F) C) and E)
G) A) and C)

Question 11

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 wholesaler.F) C) and D)
G) B) and C)

Question 12

Retailing is an important marketing activity. Not only do producers and consumers meet through retailing actions, but retailing also creates

Accepted Answer

A)   the nation's largest source of tax revenues.
B)   the largest source of charitable contributions.
C)   limited utilities for consumers.
D)   customer value.
E)   a sense of community.F) A) and B)
G) D) and E)

Question 13

Discounting a product when the product does not sell at the original price is referred to as

Accepted Answer

A)   an inverse markup.
B)   a markdown.
C)   price sensitivity.
D)   concession pricing.
E)   a rebate.F) A) and E)
G) A) and D)

Question 14

Figure 13-5
-According to Figure 13-5 above, D represents which stage of the retail life cycle?

Accepted Answer

A)   deceleration
B)   early growth
C)   accelerated development
D)   maturity
E)   declineF) A) and D)
G) B) and E)

Question 15

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

Accepted Answer

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

Question 16

Most specialty stores and department stores, which provide many services to their customers, are considered to be

Accepted Answer

A)   exclusive-service retailers.
B)   limited-service retailers.
C)   full-service retailers.
D)   unlimited-service retailers.
E)   exhaustive-service retailers.F) B) and C)
G) A) and E)

Question 17

Using the telephone to interact with and sell directly to consumers is referred to as

Accepted Answer

A)   digital marketing.
B)   telemarketing.
C)   solicitation marketing.
D)   telecommerce.
E)   direct selling.F) A) and C)
G) All of the above

Question 18

Dick's Sporting Goods store is most likely classified as which retail variation based on its considerable assortment (depth)  of a related line of items?

Accepted Answer

A)   single-line
B)   full-service
C)   full-line
D)   limited-service
E)   limited-lineF) A) and B)
G) D) and E)

Question 19

Off 5th sells discounted merchandise from Saks Fifth Avenue. This retailer is an example of

Accepted Answer

A)   a hypermarket.
B)   a markdown store.
C)   an outlet store.
D)   a category killer.
E)   a warehouse club.F) C) and D)
G) A) and B)

Question 20

Depth of product line refers to

Accepted Answer

A)   the percentage of goods stored as inventory.
B)   the variety of different product items a store carries.
C)   variations in price and color on specific items in a store.
D)   the assortment of each item carried by a store.
E)   the number of different product classes owned by a corporate chain.F) A) and E)
G) A) and D)

Exam 13: Retailing and Wholesaling

Using the telephone to interact with and sell directly to consumers is referred to as

Correct Answer
verified

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

Correct Answer
verified

Figure 13-5 -According to Figure 13-5 above, D represents which stage of the retail life cycle?

Correct Answer
verified

Most specialty stores and department stores, which provide many services to their customers, are considered to be

Correct Answer
verified

Which of the following is a commonly used method of retail outlet classification?

Correct Answer
verified

Retailing is an important marketing activity. Not only do producers and consumers meet through retailing actions, but retailing also creates

Correct Answer
verified

To continue to be successful, Mall of America must

Correct Answer
verified

Truck jobbers are wholesalers that

Correct Answer
verified

Which of the following statements regarding QVC is most accurate?

Correct Answer
verified

When retailers set prices on new models or styles of products, the price of existing models often is ________ to quickly sell them.

Correct Answer
verified

Off 5th sells discounted merchandise from Saks Fifth Avenue. This retailer is an example of

Correct Answer
verified

Correct Answer
verified

Dick's Sporting Goods store is most likely classified as which retail variation based on its considerable assortment (depth) of a related line of items?

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

Discounting a product when the product does not sell at the original price is referred to as

Correct Answer
verified

Store layout, colors, lighting, and music are all considered part of a store's retail

Correct Answer
verified

Depth of product line refers to

Correct Answer
verified

Correct Answer
verified

Retailers like Williams-Sonoma that sell products through retail stores, catalogs, and online are examples of

Correct Answer
verified

Exam 13: Retailing and Wholesaling

Using the telephone to interact with and sell directly to consumers is referred to as

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Figure 13-5 -According to Figure 13-5 above, D represents which stage of the retail life cycle?

Correct AnswerverifiedShow Answer

Most specialty stores and department stores, which provide many services to their customers, are considered to be

Correct AnswerverifiedShow Answer

Which of the following is a commonly used method of retail outlet classification?

Correct AnswerverifiedShow Answer

Retailing is an important marketing activity. Not only do producers and consumers meet through retailing actions, but retailing also creates

Correct AnswerverifiedShow Answer

To continue to be successful, Mall of America must

Correct AnswerverifiedShow Answer

Truck jobbers are wholesalers that

Correct AnswerverifiedShow Answer

Which of the following statements regarding QVC is most accurate?

Correct AnswerverifiedShow Answer

When retailers set prices on new models or styles of products, the price of existing models often is ________ to quickly sell them.

Correct AnswerverifiedShow Answer

Off 5th sells discounted merchandise from Saks Fifth Avenue. This retailer is an example of

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Dick's Sporting Goods store is most likely classified as which retail variation based on its considerable assortment (depth) of a related line of items?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Discounting a product when the product does not sell at the original price is referred to as

Correct AnswerverifiedShow Answer

Store layout, colors, lighting, and music are all considered part of a store's retail

Correct AnswerverifiedShow Answer

Depth of product line refers to

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Retailers like Williams-Sonoma that sell products through retail stores, catalogs, and online are examples of

Correct AnswerverifiedShow Answer

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