Question 1

The value added dimension of the retail positioning matrix includes elements such as product reliability, prestige, and

Accepted Answer

A)  level of service.
B)  market share.
C)  location.
D)  price.
E)  number of employees.F) C) and D)
G) B) and D)

Question 2

The wholesalers that perform all channel functions and are found in the health foods, automotive parts, and seafood industries would be

Accepted Answer

A)  specialty wholesalers.
B)  full-line wholesalers.
C)  limited wholesalers.
D)  universal wholesalers.
E)  cash and carry wholesalers.F) B) and D)
G) A) and E)

Question 3

Retailing includes all activities involved in the

Accepted Answer

A)  selling, renting, and providing of products and services to ultimate consumers for personal, family, or household use.
B)  selling of tangible products to ultimate consumers for personal, family, or household use.
C)  selling of tangible products to ultimate consumers for personal, household, or industrial use.
D)  selling, renting, leasing, or reselling of products and services to ultimate consumers or small industrial users.
E)  selling, renting, and providing of products and services without retaining the title to these offerings.F) A) and C)
G) A) and D)

Question 4

The marketing metrics related to a retailer's products or merchandise include all of the following except

Accepted Answer

A)  the cost of carrying inventory.
B)  the inventory turnover.
C)  the average number of items per transaction.
D)  the number of returns.
E)  the average length of a store visit.F) All of the above
G) A) and D)

Question 5

A franchise where the franchisor provides step-by-step procedures for most aspects of the business is known as a

Accepted Answer

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

Question 6

Explain the difference between a markup, an original markup, and a maintained markup.

Accepted Answer

In setting prices for merchandise, retai...

Question 7

Limited- and single-line stores are often referred to as

Accepted Answer

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

Question 8

Which of the following statements best describes the key difference between merchant wholesalers and agents and brokers?

Accepted Answer

A)  Merchant wholesalers don't perform all channel functions, whereas agents and brokers do.
B)  Agents and brokers only deal with consumer channels.
C)  Agents and brokers make their profits based on the sales of merchandise they own, while merchant wholesalers make profits based on fees paid for their services.
D)  Merchant wholesalers take title to merchandise, whereas agents and brokers do not.
E)  Agents and brokers take title to merchandise, whereas merchant wholesalers do not.F) A) and D)
G) A) and C)

Question 9

Often new models or styles force the price of existing models to be

Accepted Answer

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

Question 10

Another name for a manufacturer's agent is a

Accepted Answer

A)  manufacturer's desk jobber.
B)  manufacturer's transport vendor.
C)  manufacturer's representative.
D)  manufacturer's broker.
E)  manufacturer's rack jobber.F) B) and C)
G) A) and D)

Question 11

Which type of wholesaler offers a relatively narrow range of products but has an extensive assortment within the product lines carried?

Accepted Answer

A)  general merchandise wholesaler
B)  limited-service wholesaler
C)  cash and carry wholesaler
D)  specialty merchandise wholesaler
E)  drop shipperF) A) and E)
G) D) and E)

Question 12

Consumers often view central business district shopping as less convenient because of the lack of parking, higher crime rates, and

Accepted Answer

A)  outdated stores.
B)  a lack of ambience.
C)  fewer quality restaurants
D)  few public restrooms
E)  exposure to the weatherF) A) and E)
G) A) and B)

Question 13

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 D)
G) C) and D)

Question 14

As part of their regular retail pricing strategy, some retailers will emphasize consistently low prices and eliminate most markdowns. This practice is referred to as

Accepted Answer

A)  everyday low pricing.
B)  low-margin pricing.
C)  everyday fair pricing.
D)  value-based pricing.
E)  maintained pricing.F) C) and E)
G) D) and E)

Question 15

Higher paper costs, increased postage rates, the growing interest in do-not-mail legislation, and concern for "green" mailings have resulted in

Accepted Answer

A)  a switch to online catalogs and direct-to-customer e-mail advertisements.
B)  a focus on proven rather than prospective customers.
C)  the use of thinner, lightweight paper products.
D)  the banning of "junk" mail by a growing number of environmentally concerned communities.
E)  a resurgence in nonautomated telemarketing.F) C) and D)
G) B) and D)

Question 16

Retailers such as 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) All of the above
G) None of the above

Question 17

The __________ distinguishes retail outlets based on whether independent retailers, corporate chains, or contractual systems own the outlet.

Accepted Answer

A)  wheel of retailing
B)  service level
C)  merchandise line
D)  product assortment
E)  form of ownershipF) A) and E)
G) A) and D)

Question 18

Stores like Dillard's, Macy's, and Neiman Marcus carry a wide range of different types of products but not an extensive number of items within each type. These retailers are known as

Accepted Answer

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

Question 19

Explain the global impact of retailing.

Accepted Answer

Retailing is important to the United Sta...

Question 20

Which of the following is one of the largest retailers in the United States?

Accepted Answer

A)  Hallmark
B)  Procter & Gamble
C)  Merck
D)  Home Depot
E)  Johnson and JohnsonF) C) and E)
G) All of the above

Exam 16: Retailing and Wholesaling

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

Correct AnswerverifiedShow Answer

Limited- and single-line stores are often referred to as

Correct AnswerverifiedShow Answer

Higher paper costs, increased postage rates, the growing interest in do-not-mail legislation, and concern for "green" mailings have resulted in

Correct AnswerverifiedShow Answer

Retailing includes all activities involved in the

Correct AnswerverifiedShow Answer

Stores like Dillard's, Macy's, and Neiman Marcus carry a wide range of different types of products but not an extensive number of items within each type. These retailers are known as

Correct AnswerverifiedShow Answer

The __________ distinguishes retail outlets based on whether independent retailers, corporate chains, or contractual systems own the outlet.

Correct AnswerverifiedShow Answer

Explain the difference between a markup, an original markup, and a maintained markup.

Correct AnswerverifiedIn setting prices for merchandise, retai...View AnswerShow Answer

Which of the following statements best describes the key difference between merchant wholesalers and agents and brokers?

Correct AnswerverifiedShow Answer

Which type of wholesaler offers a relatively narrow range of products but has an extensive assortment within the product lines carried?

Correct AnswerverifiedShow Answer

Another name for a manufacturer's agent is a

Correct AnswerverifiedShow Answer

The marketing metrics related to a retailer's products or merchandise include all of the following except

Correct AnswerverifiedShow Answer

Which of the following is one of the largest retailers in the United States?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

A franchise where the franchisor provides step-by-step procedures for most aspects of the business is known as a

Correct AnswerverifiedShow Answer

Often new models or styles force the price of existing models to be

Correct AnswerverifiedShow Answer

The value added dimension of the retail positioning matrix includes elements such as product reliability, prestige, and

Correct AnswerverifiedShow Answer

As part of their regular retail pricing strategy, some retailers will emphasize consistently low prices and eliminate most markdowns. This practice is referred to as

Correct AnswerverifiedShow Answer

Explain the global impact of retailing.

Correct AnswerverifiedRetailing is important to the United Sta...View AnswerShow Answer

Consumers often view central business district shopping as less convenient because of the lack of parking, higher crime rates, and

Correct AnswerverifiedShow Answer

The wholesalers that perform all channel functions and are found in the health foods, automotive parts, and seafood industries would be

Correct AnswerverifiedShow Answer

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In setting prices for merchandise, retai...
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Retailing is important to the United Sta...
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Correct Answer
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Correct Answer
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