Question 1

The use of specialty catalogs from firms such as IKEA, Crate and Barrel, and L.L. Bean have been affected by all of the following factors except

Accepted Answer

A)  the possibility of the U.S. Postal Service reducing delivery to five days a week.
B)  higher paper costs, an increase in postage rates, and the possibility of the U.S. Postal Service reducing delivery to five days a week.
C)  the growing interest in do-not-mail legislation.
D)  the concern for "green" mailings and catalogs.
E)  the growing influence of television home catalog shopping where consumers view the products they're interested in and then order those they want over the telephone.F) B) and E)
G) C) and D)

Question 2

A(n)  __________ carries 4,000 to 8,000 items and usually stocks just one brand of appliance or food product.

Accepted Answer

A)  warehouse club
B)  single-price retailer
C)  extreme value retailer
D)  hypermarket
E)  supercenterF) None of the above
G) A) and C)

Question 3

Target recently introduced its Target REDcard, where cardholders receive 5 percent back for each purchase. Target also allows customers to return merchandise within 30 days but still does not offer alteration services. Target offers what level of service to its customers?

Accepted Answer

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

Question 4

When Paulette first saw the dress in the store window, she knew two things. She had to own the dress, and she could not afford it at its current price. Disappointed, she left. Two weeks later, she passed by the store again and saw that the price of the dress had been reduced to one that she could afford. Specifically, the store had reduced the price by 30 percent to "move" it. Paulette was able to purchase the dress because of

Accepted Answer

A)  a negative markup.
B)  a markup elimination.
C)  a markdown.
D)  a liquidity reduction.
E)  an increase in net margin.F) C) and E)
G) B) and C)

Question 5

The four major types of limited-service merchant wholesalers are cash and carry wholesalers, drop shippers, truck jobbers, and

Accepted Answer

A)  display vendors.
B)  rack jobbers.
C)  point-of-purchase wholesalers.
D)  transport vendors.
E)  container transport vendors.F) B) and E)
G) B) and D)

Question 6

Saks Fifth Avenue is an upscale retailer that offers designer brand women's apparel, fragrances, jewelry, and leather accessories. The retailer relies on superior service to sell its products and to retain its customers. Saks Fifth Avenue would be classified as

Accepted Answer

A)  an exclusive-service retailer.
B)  a limited-service retailer.
C)  a full-service retailer.
D)  a premium-service retailer.
E)  a semi-service retailer.F) All of the above
G) A) and D)

Question 7

Most stores today are near several others in one of five settings that include all of the following except

Accepted Answer

A)  the regional shopping center.
B)  the strip mall.
C)  the uptown shopping center.
D)  the community shopping center.
E)  the power center.F) A) and B)
G) A) and C)

Question 8

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

Accepted Answer

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

Question 9

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) A) and E)
G) A) and D)

Question 10

The description of how new forms of retail outlets enter the market is referred to as the

Accepted Answer

A)  retail life cycle.
B)  product life cycle.
C)  wheel of retailing.
D)  retail life matrix.
E)  retail continuum.F) A) and D)
G) A) and B)

Question 11

Name the four utilities offered by retailers and identify a retailer that provides that utility.

Accepted Answer

The four utilities retailing offers are ...

Question 12

The retailing mix includes all of the following except

Accepted Answer

A)  merchandise.
B)  target market.
C)  retail pricing.
D)  store location.
E)  retail communication.F) A) and B)
G) C) and D)

Question 13

Jim Smith is an avid fly fisherman who lives in Deer Key, Florida. For his hobby, Jim 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 in Deer Key, so Jim orders his fishing supplies from the L.L. Bean catalog. His supplies are generally delivered to his home within 72 hours. Jim 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) B) and C)
G) All of the above

Question 14

Three __________ are provided by self-, limited-, and full-service retailers.

Accepted Answer

A)  levels of distribution
B)  levels of involvement
C)  levels of service
D)  service commitments
E)  merchandise linesF) None of the above
G) A) and E)

Question 15

Describe the retail life cycle.

Accepted Answer

The retail life cycle describes the proc...

Question 16

Explain the difference between full-service and limited-service merchant wholesalers. List and describe the types of wholesalers that belong in each category.

Accepted Answer

Merchant wholesalers are classified eith...

Question 17

According to the retail life cycle, in which stage would market share rise gradually, although profits may be low because of start-up costs?

Accepted Answer

A)  decline
B)  maturity
C)  introduction
D)  accelerated development
E)  early growthF) C) and D)
G) A) and B)

Question 18

A strip mall is a

Accepted Answer

A)  suburban mall containing up to 100 stores that draws customer from a 5- to 10-mile radius.
B)  cluster of stores in a downtown area.
C)  retail location that typically has one primary store (usually a department store branch)  with 20 to 40 smaller outlets serving a population of consumers who are within a 10- to 20-minute drive.
D)  cluster of neighborhood stores designed to serve people within a 5- to 10-minute drive.
E)  collection of category killers usually located outside a major amusement park or attraction.F) A) and E)
G) B) and C)

Question 19

Managing the breadth and depth of merchandise available from many manufacturers requires retail buyers who are

Accepted Answer

A)  efficient and effective managers.
B)  familiar with the needs of the target market.
C)  experienced shoppers.
D)  familiar with retail inventory management.
E)  product champions.F) A) and D)
G) B) and D)

Question 20

The four major types of limited-service merchant wholesalers are rack jobbers, cash and carry wholesalers, truck jobbers, and

Accepted Answer

A)  machine vendors.
B)  credit line wholesalers.
C)  transport vendors.
D)  container transport vendors.
E)  desk jobbers.F) C) and D)
G) B) and E)

Exam 16: Retailing and Wholesaling

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

Correct Answer
verified

Retail life cycle refers to

Correct Answer
verified

Three __________ are provided by self-, limited-, and full-service retailers.

Correct Answer
verified

The description of how new forms of retail outlets enter the market is referred to as the

Correct Answer
verified

Target recently introduced its Target REDcard, where cardholders receive 5 percent back for each purchase. Target also allows customers to return merchandise within 30 days but still does not offer alteration services. Target offers what level of service to its customers?

Correct Answer
verified

A(n) __________ carries 4,000 to 8,000 items and usually stocks just one brand of appliance or food product.

Correct Answer
verified

Describe the retail life cycle.

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

Saks Fifth Avenue is an upscale retailer that offers designer brand women's apparel, fragrances, jewelry, and leather accessories. The retailer relies on superior service to sell its products and to retain its customers. Saks Fifth Avenue would be classified as

Correct Answer
verified

Explain the difference between full-service and limited-service merchant wholesalers. List and describe the types of wholesalers that belong in each category.

Correct Answer
verified
Merchant wholesalers are classified eith...
View Answer

A strip mall is a

Correct Answer
verified

Correct Answer
verified

The four major types of limited-service merchant wholesalers are rack jobbers, cash and carry wholesalers, truck jobbers, and

Correct Answer
verified

Most stores today are near several others in one of five settings that include all of the following except

Correct Answer
verified

The four major types of limited-service merchant wholesalers are cash and carry wholesalers, drop shippers, truck jobbers, and

Correct Answer
verified

According to the retail life cycle, in which stage would market share rise gradually, although profits may be low because of start-up costs?

Correct Answer
verified

Correct Answer
verified

Managing the breadth and depth of merchandise available from many manufacturers requires retail buyers who are

Correct Answer
verified

The use of specialty catalogs from firms such as IKEA, Crate and Barrel, and L.L. Bean have been affected by all of the following factors except

Correct Answer
verified

Name the four utilities offered by retailers and identify a retailer that provides that utility.

Correct Answer
verified
The four utilities retailing offers are ...
View Answer

The retailing mix includes all of the following except

Correct Answer
verified

Exam 16: Retailing and Wholesaling

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

Correct AnswerverifiedShow Answer

Retail life cycle refers to

Correct AnswerverifiedShow Answer

Three __________ are provided by self-, limited-, and full-service retailers.

Correct AnswerverifiedShow Answer

The description of how new forms of retail outlets enter the market is referred to as the

Correct AnswerverifiedShow Answer

Target recently introduced its Target REDcard, where cardholders receive 5 percent back for each purchase. Target also allows customers to return merchandise within 30 days but still does not offer alteration services. Target offers what level of service to its customers?

Correct AnswerverifiedShow Answer

A(n) __________ carries 4,000 to 8,000 items and usually stocks just one brand of appliance or food product.

Correct AnswerverifiedShow Answer

Describe the retail life cycle.

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

Saks Fifth Avenue is an upscale retailer that offers designer brand women's apparel, fragrances, jewelry, and leather accessories. The retailer relies on superior service to sell its products and to retain its customers. Saks Fifth Avenue would be classified as

Correct AnswerverifiedShow Answer

Explain the difference between full-service and limited-service merchant wholesalers. List and describe the types of wholesalers that belong in each category.

Correct AnswerverifiedMerchant wholesalers are classified eith...View AnswerShow Answer

A strip mall is a

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The four major types of limited-service merchant wholesalers are rack jobbers, cash and carry wholesalers, truck jobbers, and

Correct AnswerverifiedShow Answer

Most stores today are near several others in one of five settings that include all of the following except

Correct AnswerverifiedShow Answer

The four major types of limited-service merchant wholesalers are cash and carry wholesalers, drop shippers, truck jobbers, and

Correct AnswerverifiedShow Answer

According to the retail life cycle, in which stage would market share rise gradually, although profits may be low because of start-up costs?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Managing the breadth and depth of merchandise available from many manufacturers requires retail buyers who are

Correct AnswerverifiedShow Answer

The use of specialty catalogs from firms such as IKEA, Crate and Barrel, and L.L. Bean have been affected by all of the following factors except

Correct AnswerverifiedShow Answer

Name the four utilities offered by retailers and identify a retailer that provides that utility.

Correct AnswerverifiedThe four utilities retailing offers are ...View AnswerShow Answer

The retailing mix includes all of the following except

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

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

Correct Answer
verified

Correct Answer
verified
Merchant wholesalers are classified eith...
View 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
The four utilities retailing offers are ...
View Answer

Correct Answer
verified