Question 1

Markdowns can be used to

Accepted Answer

A)   increase competition with other retailers in the immediate vicinity.
B)   placate dissatisfied customers.
C)   enhance customer perceptions of product quality.
D)   increase demand for complementary products.
E)   create a sense of urgency amongst repeat buyers.F) A) and C)
G) C) and D)

Question 2

market share and profit achieve their greatest growth rates during which stage of the retail life cycle?

Accepted Answer

A)   decline
B)   maturity
C)   introduction
D)   early growth
E)   accelerated developmentF) C) and D)
G) B) and E)

Question 3

of the most common forms of retail ownership is the __________ owned by a person.

Accepted Answer

A)   corporate chain
B)   consumer cooperative
C)   contractual system
D)   independent retailer
E)   administered systemF) B) and C)
G) A) and B)

Question 4

Retail outlets vary by their merchandise lines,the key distinction being the __________ and __________ of the items offered to customers.

Accepted Answer

A)   breadth; span
B)   breadth; depth
C)   breadth; line
D)   scope; inventory
E)   range; spanF) A) and E)
G) B) and E)

Question 5

wholesalers most prevalent in the hardware,drug,and clothing industries would be _________.

Accepted Answer

A)   specialty wholesaler
B)   full-line wholesaler
C)   cash and carry wholesaler
D)   limited-line wholesaler
E)   universal wholesalerF) D) and E)
G) A) and E)

Question 6

There are three key methods of classifying retail operations

Accepted Answer

A)   method of operation, revenues generated, and merchandise line.
B)   form of ownership, method of operation, and merchandise line.
C)   form of ownership, level of service, and merchandise line.
D)   level of service, merchandise line, and revenues generated.
E)   merchandise line, form of ownership, and revenues generated.F) A) and E)
G) C) and E)

Question 7

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 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) None of the above
G) C) and D)

Question 8

Online retail purchases by consumers can be the result of several very different approaches,which include: (1) paying dues to become a member of an online discount service; (2) participating in an online auction; (3) going directly to online malls; and (4)

Accepted Answer

A)   becoming a secret shopper.
B)   participating in a buying cooperative.
C)   becoming a PURL.
D)   using a shopping "bot" to search for a product at the best price.
E)   becoming a member of a research group that evaluates new products.F) A) and C)
G) None of the above

Question 9

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 is referred to as a(n) __________.

Accepted Answer

A)   power center
B)   regional shopping center
C)   community shopping center
D)   central business district
E)   urban megacenterF) B) and E)
G) A) and B)

Question 10

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)   $8
B)   $16
C)   $26
D)   $34
E)   $86F) B) and C)
G) D) and E)

Question 11

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

Accepted Answer

A)   out-dated stores
B)   a lack of ambiance
C)   fewer quality restaurants
D)   few public restrooms
E)   exposure to the weatherF) None of the above
G) B) and D)

Question 12

Off-price stores that attract customers who like a "corner store" environment rather than a large supercenter experience are referred to as __________.

Accepted Answer

A)   extreme value retailers
B)   hypermarkets
C)   warehouse clubs
D)   outlet stores
E)   everyday value retailersF) B) and C)
G) A) and C)

Question 13

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)   $8
B)   $16
C)   $26
D)   $34
E)   $86F) A) and E)
G) C) and E)

Question 14

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 manned with knowledgeable sales personnelF) B) and C)
G) B) and E)

Question 15

Which of the following statements regarding retail pricing is most accurate?

Accepted Answer

A)   Consumers will often base their perceptions of a store's prices on a benchmark of the highest priced item in the store.
B)   Consumers are influenced more by a store's ambiance than its product prices.
C)   Stores that offer rebates and take an excessive amount of time to process them may create negative consumer perceptions.
D)   New technology has almost made shrinkage a thing of the past.
E)   The only difference between everyday low pricing and everyday fair pricing is whether the store sells food or non-food items.F) D) and E)
G) B) and D)

Question 16

Albertson's Supermarket accepts debit and credit cards as well as cash and checks for purchases.Its acceptance of various forms of payment provides its customers with __________ utility.

Accepted Answer

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

Question 17

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) B) and D)
G) None of the above

Question 18

the telemarketing industry,issues such as consumer privacy,__________,and industry standards have become a topic of discussion among consumers,Congress,the Federal Trade Commission (FTC) ,and businesses.

Accepted Answer

A)   product quality
B)   price differences
C)   on-time delivery
D)   competitive antics
E)   ethical guidelinesF) None of the above
G) B) and D)

Question 19

sales of products and services to consumers through personal interactions and demonstrations in their homes or offices is referred to as __________.

Accepted Answer

A)   direct selling
B)   person-to-person sales
C)   face-to-face selling
D)   direct response selling
E)   customized sellingF) A) and B)
G) A) and E)

Question 20

According to the retail life cycle,__________ is the stage of emergence of a retail outlet,with a sharp departure from existing competition.

Accepted Answer

A)   decline
B)   maturity
C)   introduction
D)   early growth
E)   accelerated developmentF) A) and B)
G) D) and E)

Exam 16: Retailing and Wholesaling

Retail outlets vary by their merchandise lines,the key distinction being the __________ and __________ of the items offered to customers.

Correct AnswerverifiedShow Answer

Markdowns can be used to

Correct AnswerverifiedShow Answer

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

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 is referred to as a(n) __________.

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 AnswerverifiedShow Answer

market share and profit achieve their greatest growth rates during which stage of the retail life cycle?

Correct AnswerverifiedShow Answer

of the most common forms of retail ownership is the __________ owned by a person.

Correct AnswerverifiedShow Answer

retailing mix refers to

Correct AnswerverifiedShow Answer

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

Off-price stores that attract customers who like a "corner store" environment rather than a large supercenter experience are referred to as __________.

Correct AnswerverifiedShow Answer

Online retail purchases by consumers can be the result of several very different approaches,which include: (1) paying dues to become a member of an online discount service; (2) participating in an online auction; (3) going directly to online malls; and (4)

Correct AnswerverifiedShow Answer

There are three key methods of classifying retail operations

Correct AnswerverifiedShow 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 telemarketing industry,issues such as consumer privacy,__________,and industry standards have become a topic of discussion among consumers,Congress,the Federal Trade Commission (FTC) ,and businesses.

Correct AnswerverifiedShow Answer

According to the retail life cycle,__________ is the stage of emergence of a retail outlet,with a sharp departure from existing competition.

Correct AnswerverifiedShow Answer

Which of the following statements regarding retail pricing is most accurate?

Correct AnswerverifiedShow Answer

wholesalers most prevalent in the hardware,drug,and clothing industries would be _________.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

sales of products and services to consumers through personal interactions and demonstrations in their homes or offices is referred to as __________.

Correct AnswerverifiedShow Answer

Albertson's Supermarket accepts debit and credit cards as well as cash and checks for purchases.Its acceptance of various forms of payment provides its customers with __________ utility.

Correct AnswerverifiedShow Answer

Retail outlets vary by their merchandise lines,the key distinction being the and of the items offered to customers.

Correct Answer
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