Question 1

Intertype competition refers to competition between

Accepted Answer

A)  very similar types of retail outlets that results from a single-product/single-line merchandising policy.
B)  retailers when the items they sell are virtually indistinguishable from one another.
C)  national and generic brands that are sold side-by-side in a retail outlet.
D)  retailers located in separate quadrants of the retail positioning matrix.
E)  very dissimilar types of retail outlets that results from a scrambled merchandising policy.F) A) and B)
G) A) and C)

Question 2

Online retailing has evolved to include all of the following social shopping options EXCEPT:

Accepted Answer

A)  marketplaces
B)  aggregators
C)  flash sales
D)  showrooming
E)  intermediariesF) C) and D)
G) None of the above

Question 3

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.What is her markup in dollar terms?

Accepted Answer

A)  $36
B)  $64
C)  $100
D)  $360
E)  $1,000F) B) and E)
G) A) and C)

Question 4

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 E)
G) A) and C)

Question 5

A restaurant that offers food made exactly to each customer's preference is providing __________ utility.

Accepted Answer

A)  time
B)  place
C)  possession
D)  form
E)  processF) A) and E)
G) C) and D)

Question 6

Unlike merchant wholesalers,agents,and brokers,manufacturers' branches and sales offices are __________ that perform wholesaling activities.

Accepted Answer

A)  independent distribution managers
B)  independent intermediary channels
C)  wholly-owned extensions of the producer
D)  wholly-owned extensions of the distributor
E)  wholly-owned extensions of the retailerF) A) and C)
G) B) and D)

Question 7

Four of the 40 largest businesses in the United States are retailers-Walmart,Costco,Home Depot,and __________.

Accepted Answer

A)  Sears
B)  Target
C)  Best Buy
D)  JC Penney
E)  BloomingdaleF) B) and C)
G) A) and B) B

Question 8

Multichannel retailers are retailers that

Accepted Answer

A)  sell different products through entirely different channels.
B)  sell through different channels under different brand names.
C)  utilize strategic and tactical wholesalers.
D)  utilize and integrate a combination of traditional store formats and nonstore formats.
E)  combine two channels for their offerings: one for products and the other for services.F) A) and E)
G) C) and E)

Question 9

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 sellingF) None of the above
G) B) and C)

Question 10

What is augmented reality? Give an example of a retailer that has implemented this concept.

Accepted Answer

The overlay of sound,video,and graphics ...

Question 11

__________ carry(ies) 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) A) and B)
G) All of the above

Question 12

The revolutionary new __________ resembles a pair of eyeglasses that has both the capability for voice recognition and a small screen capable of displaying information that may help wearers with their shopping experiences as they engage in the purchase decision process.

Accepted Answer

A)  Apple iWatch
B)  Facebook Vision
C)  EyeTap Goggles
D)  Google Glass
E)  Foursquare's FourEyesF) B) and D)
G) None of the above D

Question 13

Explain what a markdown is and its timing (i.e.when a retailer uses it).

Accepted Answer

A markdown involves discounting a produc...

Question 14

Texas-based Whole Foods supermarkets target people who want to eat healthy.The stores use placards throughout,which tell shoppers about the farmers who grew and harvested the various products sold.This use of signage to provide consumer information is a part of which element of the retailing mix?

Accepted Answer

A)  communication
B)  pricing
C)  merchandise
D)  goods and services factor
E)  locationF) B) and E)
G) A) and B)

Question 15

Most of the 1.1 million retail establishments in the United States,including hardware stores,convenience stores,clothing stores,and computer and software stores,are considered __________.

Accepted Answer

A)  corporate chains
B)  contractual systems
C)  independent retailers
D)  conglomerate
E)  multinationalsF) A) and E)
G) B) and E)

Question 16

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 distributorsF) A) and D)
G) None of the above

Question 17

Independent firms or individuals whose principal function is to bring buyers and sellers together to make sales are referred to as __________.

Accepted Answer

A)  manufacturer's agents
B)  brokers
C)  selling agents
D)  manufacturer's branches
E)  manufacturer's sales officesF) B) and D)
G) B) and C)

Question 18

Explain why direct mail and catalogs are an attractive form of retailing.

Accepted Answer

Direct mail and catalog retailing is "th...

Question 19

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) A) and E)
G) B) and E)

Question 20

Which form of retailing is Best Buy now using in airports to distribute its mobile phone and computer accessories,digital cameras,flash drives,and other consumer electronics?

Accepted Answer

A)  vending machines
B)  salespeople with mobile carts
C)  mall-scale traditional retail stores
D)  salespeople wearing Best Buy uniforms with products in backpacks
E)  free-standing kiosks staffed with knowledgeable sales personnelF) B) and D)
G) C) and E) A

Exam 16: Retailing and Wholesaling

Intertype competition refers to competition between

Correct AnswerverifiedShow Answer

Online retailing has evolved to include all of the following social shopping options EXCEPT:

Correct AnswerverifiedShow Answer

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.What is her markup in dollar terms?

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

A restaurant that offers food made exactly to each customer's preference is providing __________ utility.

Correct AnswerverifiedShow Answer

Unlike merchant wholesalers,agents,and brokers,manufacturers' branches and sales offices are __________ that perform wholesaling activities.

Correct AnswerverifiedShow Answer

Four of the 40 largest businesses in the United States are retailers-Walmart,Costco,Home Depot,and __________.

Correct AnswerverifiedB

Multichannel retailers are retailers that

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

What is augmented reality? Give an example of a retailer that has implemented this concept.

Correct AnswerverifiedThe overlay of sound,video,and graphics ...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

The revolutionary new __________ resembles a pair of eyeglasses that has both the capability for voice recognition and a small screen capable of displaying information that may help wearers with their shopping experiences as they engage in the purchase decision process.

Correct AnswerverifiedD

Explain what a markdown is and its timing (i.e.when a retailer uses it).

Correct AnswerverifiedA markdown involves discounting a produc...View AnswerShow Answer

Texas-based Whole Foods supermarkets target people who want to eat healthy.The stores use placards throughout,which tell shoppers about the farmers who grew and harvested the various products sold.This use of signage to provide consumer information is a part of which element of the retailing mix?

Correct AnswerverifiedShow Answer

Most of the 1.1 million retail establishments in the United States,including hardware stores,convenience stores,clothing stores,and computer and software stores,are considered __________.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Independent firms or individuals whose principal function is to bring buyers and sellers together to make sales are referred to as __________.

Correct AnswerverifiedShow Answer

Explain why direct mail and catalogs are an attractive form of retailing.

Correct AnswerverifiedDirect mail and catalog retailing is "th...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

Which form of retailing is Best Buy now using in airports to distribute its mobile phone and computer accessories,digital cameras,flash drives,and other consumer electronics?

Correct AnswerverifiedA

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B

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The overlay of sound,video,and graphics ...
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D

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A markdown involves discounting a produc...
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Direct mail and catalog retailing is "th...
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A