Question 1

Retailers that advocate an everyday fair pricing strategy may not offer the lowest prices but try to create value for customers,what decision factor becomes important in this situation?

Accepted Answer

A)  brand name of the product
B)  product benefits
C)  convenience
D)  perceived quality
E)  the total buying experienceF) D) and E)
G) None of the above

Question 2

Identify and describe the functions of agents and brokers.

Accepted Answer

Agents and brokers do not take title to ...

Question 3

Stores that carry a considerable assortment (depth) of a related line of items are referred to as

Accepted Answer

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

Question 4

Wholesalers who have a small warehouse from which they stock their trucks for distribution to retailers are referred to as __________.

Accepted Answer

A)  cash and carry wholesalers
B)  truck jobbers
C)  rack jobbers
D)  drop shippers
E)  manufacturer's representativesF) C) and E)
G) All of the above

Question 5

Shrinkage refers to

Accepted Answer

A)  the declining number of small privately owned retail stores due to economic hard times.
B)  breakage,theft,and fraud by customers and employees.
C)  the percentage of inventory that is damaged or unsalable because of product failure.
D)  the loss of profits in clothing items that are returned because of inferior materials.
E)  polycarbonate packaging that encases products with a tamper-resistant plastic seal.F) B) and C)
G) C) and D)

Question 6

The retailing mix refers to

Accepted Answer

A)  the activities related to managing the store and the merchandise in the store,which includes product,price,promotion,and place.
B)  the activities related to managing the store and the merchandise in the store,which includes the four utilities of time,form,possession,and place.
C)  the activities related to managing the store and the merchandise in the store,which includes the colors,sizes,shapes,and perceived value of the store's products.
D)  the activities related to managing the store and the merchandise in the store,which includes retail pricing,store location,retail communication,and merchandise.
E)  the activities related to managing the store and the merchandise in the store,which includes selection of store location,selection of merchandise,hiring and training of employees,and promotion of both the store and products.F) A) and E)
G) None of the above

Question 7

Retailers that advocate an everyday fair pricing strategy may not offer the lowest prices but try to create value for customers,what decision factor becomes important in this situation?

Accepted Answer

A)  customer service
B)  product benefits
C)  convenience
D)  perceived quality
E)  maintained priceF) C) and D)
G) A) and B)

Question 8

The value added dimension of the retail positioning matrix includes elements such as location,prestige,and __________.

Accepted Answer

A)  level of service
B)  market share
C)  price
D)  number of employees
E)  product reliabilityF) A) and B)
G) B) and E)

Question 9

Retailing that occurs outside a retail outlet,such as through direct marketing,direct selling,and automatic vending,is referred to as __________.

Accepted Answer

A)  limited-line retailing
B)  nonstore retailing
C)  scrambled merchandising
D)  a hypermarket
E)  intertype competitionF) A) and B)
G) A) and D)

Question 10

Accelerated development in the retail life cycle is similar to which stage in the product life cycle?

Accepted Answer

A)  introduction
B)  maturity
C)  decline
D)  growth
E)  harvestF) A) and E)
G) C) and D)

Question 11

A community shopping center refers to 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)  cluster of stores that serves people who are within a five- to ten-minute drive.
D)  collection of category killers usually located outside a major amusement park or attraction.
E)  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.F) B) and C)
G) D) and E)

Question 12

A __________ would most likely use truck jobbers to distribute its products.

Accepted Answer

A)  a clothing manufacturer
B)  manufacturer of electric generators
C)  a leather goods importer
D)  pharmaceutical company
E)  meat processing plantF) A) and D)
G) A) and C)

Question 13

According to the textbook, (the) __________ provides third-party certification and offers guidance for retailers implementing new environmentally sound practices.

Accepted Answer

A)  Environmental Protection Agency
B)  U.S.Chamber of Commerce-Environmental Division
C)  Green Cross International
D)  U.S.Green Retail Association
E)  Leadership in Energy and Environmental Design (LEE
D)  F) A) and B)
G) A) and C)

Question 14

A franchise where the franchiser provides a few general guidelines to the franchisee is known as a

Accepted Answer

A)  business-format franchise.
B)  manufacturing franchise.
C)  product-distribution franchise.
D)  general service franchise.
E)  business franchise venture.F) D) and E)
G) B) and E)

Question 15

Price ranges,store layouts,and breadth and depth of merchandise lines are considered to be the __________ of a store's image.

Accepted Answer

A)  functional qualities
B)  sociological qualities
C)  psychological attributes
D)  lifestyle attributes
E)  atmospheric elementsF) A) and B)
G) All of the above

Question 16

A unique broker that acts in many ways like a manufacturer's agent is a food broker,representing buyers and sellers in the grocery industry.Food brokers differ from conventional brokers because they act on behalf of producers on a permanent basis and

Accepted Answer

A)  receive a commission for their services.
B)  are paid a flat fee for each time the shelves are stocked.
C)  are paid by both the buyer and seller separately depending upon the size of the order.
D)  are paid a commission by the buyer and a bonus by the seller.
E)  are paid a flat fee by both the buyer and seller,but receive a bonus based upon the percentage of increased sales by quarter.F) B) and D)
G) A) and E)

Question 17

The battle for market share is usually fought directly before the __________ stage,and some competitors drop out of the market.

Accepted Answer

A)  decline
B)  growth
C)  maturity
D)  harvest
E)  introduction phaseF) B) and C)
G) C) and E)

Question 18

Consumers often use the prices of __________ items,such as a can of Coke,to form an overall impression of the store's prices.

Accepted Answer

A)  stoplight
B)  point-of-purchase
C)  value-based
D)  signpost
E)  loss-leaderF) All of the above
G) B) and E)

Question 19

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) C) and D)
G) C) and E)

Question 20

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

Exam 16: Retailing and Wholesaling

Wholesalers who have a small warehouse from which they stock their trucks for distribution to retailers are referred to as __________.

Correct AnswerverifiedShow Answer

Shrinkage refers to

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Stores that carry a considerable assortment (depth) of a related line of items are referred to as

Correct AnswerverifiedShow Answer

The battle for market share is usually fought directly before the __________ stage,and some competitors drop out of the market.

Correct AnswerverifiedShow Answer

A franchise where the franchiser provides a few general guidelines to the franchisee is known as a

Correct AnswerverifiedShow Answer

A markdown refers to

Correct AnswerverifiedShow Answer

Price ranges,store layouts,and breadth and depth of merchandise lines are considered to be the __________ of a store's image.

Correct AnswerverifiedShow Answer

The retailing mix refers to

Correct AnswerverifiedShow Answer

A __________ would most likely use truck jobbers to distribute its products.

Correct AnswerverifiedShow Answer

A unique broker that acts in many ways like a manufacturer's agent is a food broker,representing buyers and sellers in the grocery industry.Food brokers differ from conventional brokers because they act on behalf of producers on a permanent basis and

Correct AnswerverifiedShow Answer

Identify and describe the functions of agents and brokers.

Correct AnswerverifiedAgents and brokers do not take title to ...View AnswerShow Answer

Consumers often use the prices of __________ items,such as a can of Coke,to form an overall impression of the store's prices.

Correct AnswerverifiedShow Answer

A community shopping center refers to a

Correct AnswerverifiedShow Answer

Retailers that advocate an everyday fair pricing strategy may not offer the lowest prices but try to create value for customers,what decision factor becomes important in this situation?

Correct AnswerverifiedShow Answer

Accelerated development in the retail life cycle is similar to which stage in the product life cycle?

Correct AnswerverifiedShow Answer

Retailers that advocate an everyday fair pricing strategy may not offer the lowest prices but try to create value for customers,what decision factor becomes important in this situation?

Correct AnswerverifiedShow Answer

Retailing that occurs outside a retail outlet,such as through direct marketing,direct selling,and automatic vending,is referred to as __________.

Correct AnswerverifiedShow Answer

The value added dimension of the retail positioning matrix includes elements such as location,prestige,and __________.

Correct AnswerverifiedShow Answer

According to the textbook, (the) __________ provides third-party certification and offers guidance for retailers implementing new environmentally sound practices.

Correct AnswerverifiedShow Answer

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Agents and brokers do not take title to ...
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