Question 1

A Woman's Place is a retail store, created and staffed by women, that offers products and services relating to maternity needs. For expectant mothers, it offers advice and personal shopping services, help with hair and/or make-up problems, and free delivery. A Woman's Place is an example of __________ retailer.

Accepted Answer

A)  a franchise
B)  a self-service
C)  a limited-service
D)  a full-service
E)  an upscaleF) A) and D)
G) B) and D)

Question 2

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 E)
G) C) and D)

Question 3

Off-price retailers, warehouse clubs, and grocery stores that require customers to bag their groceries provide what level of retail service?

Accepted Answer

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

Question 4

To increase the demand for complementary products, the price of a product often is

Accepted Answer

A)  marked up.
B)  marked down.
C)  off-priced.
D)  value-subtracted.
E)  maintained.F) A) and B)
G) A) and E)

Question 5

Savings to the consumer at off-price retailers are reported as high as __________ percent off the prices of a traditional department store.

Accepted Answer

A)  60
B)  30
C)  70
D)  80
E)  40F) A) and D)
G) C) and E)

Question 6

Another name for an extreme-value retailer is

Accepted Answer

A)  a specialty outlet.
B)  a single-price retailer.
C)  a hypermarket.
D)  an outlet store.
E)  a warehouse club.F) D) and E)
G) A) and B)

Question 7

QVC is a television home shopping network. It generates sales of more than $8 billion from its 60 million customers by

Accepted Answer

A)  restricting purchases only through its Mall of America studio.
B)  broadcasting live 12 hours a day 365 days a year.
C)  offering more than 1,000 products each week.
D)  offering overstocked items from retailers at a fraction of the original cost.
E)  running live podcasts and live streaming over the Internet.F) B) and C)
G) A) and E)

Question 8

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 positioning.F) C) and D)
G) None of the above

Question 9

About 34 percent of the products sold from vending machines are

Accepted Answer

A)  candy and snacks.
B)  personal items.
C)  movies and videos.
D)  cold beverages.
E)  food.F) C) and D)
G) A) and C)

Question 10

Why are vending machine prices often higher than those in a retail store?

Accepted Answer

Vending machine maintenance, o...

Question 11

Most of the 1.1 million retail establishments in the United States are considered

Accepted Answer

A)  corporate chains.
B)  contractual systems.
C)  independent retailers.
D)  conglomerates.
E)  multinationals.F) B) and E)
G) A) and D)

Question 12

The major difference between an off-price retailer and a discount store is that off-price retailers purchase merchandise from manufacturers __________ and discount stores buy from wholesalers __________.

Accepted Answer

A)  that are trying to offload returned or slightly irregular inventory; selling new but inexpensive merchandise
B)  at below wholesale prices; and charge a high initial price with the full intent of taking markdowns later
C)  at below wholesale prices; at full price but take less of a markup
D)  at various price points; at the lowest price points possible
E)  that are part of a retailing cooperative; that are part of a wholesaling cooperativeF) A) and B)
G) A) and C)

Question 13

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 D)
G) A) and E)

Question 14

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)  $86
B)  $13
C)  $78
D)  $34
E)  $112F) C) and D)
G) None of the above

Question 15

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

Question 16

Competition for the same or similar type of product or service between very dissimilar types of retail outlets as the result of a scrambled merchandising policy is referred to as

Accepted Answer

A)  mixed-type merchandising.
B)  intertype competition.
C)  scrambled merchandising.
D)  multi-service merchandising.
E)  dual-type distribution.F) A) and E)
G) A) and D)

Question 17

Which of the following statements regarding telemarketing is most accurate?

Accepted Answer

A)  Shopping bots are computers that place automated or "robo" (i.e., robotic)  telemarketing calls.
B)  Direct mail is typically viewed as a more efficient means of targeting consumers than telemarketing.
C)  Telemarketing has risen in popularity as a result of the National Please-Do-Call registry legislation.
D)  Consumer privacy, industry standards, and ethical guidelines have become important issues.
E)  Some firms are considering shifting their direct-mail and door-to-door budgets to telemarketing techniques.F) All of the above
G) C) and D)

Question 18

A cluster of neighborhood stores, whose composition is typically unplanned and serves people who are within a 5- to 10-minute drive is referred to as a

Accepted Answer

A)  suburban shopping mall.
B)  strip mall.
C)  mini-mart.
D)  hypomarket.
E)  central business district.F) A) and B)
G) C) and D)

Question 19

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

Question 20

In the past, television home shopping programs have attracted mostly

Accepted Answer

A)  50- to 60-year-old men.
B)  25- to 45-year-old women.
C)  40- to 60-year-old men.
D)  40- to 60-year-old women.
E)  35- to 50-year-old women.F) C) and D)
G) B) and D)

Exam 16: Retailing and Wholesaling

The major difference between an off-price retailer and a discount store is that off-price retailers purchase merchandise from manufacturers and discount stores buy from wholesalers .

Correct Answer
verified

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

Which of the following statements regarding telemarketing is most accurate?

Correct Answer
verified

Competition for the same or similar type of product or service between very dissimilar types of retail outlets as the result of a scrambled merchandising policy is referred to as

Correct Answer
verified

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

Correct Answer
verified

QVC is a television home shopping network. It generates sales of more than $8 billion from its 60 million customers by

Correct Answer
verified

A cluster of neighborhood stores, whose composition is typically unplanned and serves people who are within a 5- to 10-minute drive is referred to as a

Correct Answer
verified

Off-price retailers, warehouse clubs, and grocery stores that require customers to bag their groceries provide what level of retail service?

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

To increase the demand for complementary products, the price of a product often is

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

In the past, television home shopping programs have attracted mostly

Correct Answer
verified

Another name for an extreme-value retailer is

Correct Answer
verified

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

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

Correct Answer
verified

Most of the 1.1 million retail establishments in the United States are considered

Correct Answer
verified

Why are vending machine prices often higher than those in a retail store?

Correct Answer
verified
Vending machine maintenance, o...
View Answer

Savings to the consumer at off-price retailers are reported as high as __________ percent off the prices of a traditional department store.

Correct Answer
verified

About 34 percent of the products sold from vending machines are

Correct Answer
verified

Exam 16: Retailing and Wholesaling

The major difference between an off-price retailer and a discount store is that off-price retailers purchase merchandise from manufacturers __________ and discount stores buy from wholesalers __________.

Correct AnswerverifiedShow Answer

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

Which of the following statements regarding telemarketing is most accurate?

Correct AnswerverifiedShow Answer

Competition for the same or similar type of product or service between very dissimilar types of retail outlets as the result of a scrambled merchandising policy is referred to as

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

QVC is a television home shopping network. It generates sales of more than $8 billion from its 60 million customers by

Correct AnswerverifiedShow Answer

A cluster of neighborhood stores, whose composition is typically unplanned and serves people who are within a 5- to 10-minute drive is referred to as a

Correct AnswerverifiedShow Answer

Off-price retailers, warehouse clubs, and grocery stores that require customers to bag their groceries provide what level of retail service?

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

To increase the demand for complementary products, the price of a product often is

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

In the past, television home shopping programs have attracted mostly

Correct AnswerverifiedShow Answer

Another name for an extreme-value retailer is

Correct AnswerverifiedShow Answer

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

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

Correct AnswerverifiedShow Answer

Most of the 1.1 million retail establishments in the United States are considered

Correct AnswerverifiedShow Answer

Why are vending machine prices often higher than those in a retail store?

Correct AnswerverifiedVending machine maintenance, o...View AnswerShow Answer

Savings to the consumer at off-price retailers are reported as high as __________ percent off the prices of a traditional department store.

Correct AnswerverifiedShow Answer

About 34 percent of the products sold from vending machines are

Correct AnswerverifiedShow Answer

The major difference between an off-price retailer and a discount store is that off-price retailers purchase merchandise from manufacturers and discount stores buy from wholesalers .

Correct Answer
verified

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Correct Answer
verified
Vending machine maintenance, o...
View Answer

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verified

Correct Answer
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