Question 1

Williams-Sonoma is a specialty store that caters to customers who like to cook at home. It offers free cooking classes, has frequent demonstrations by cookbook authors, and has employees who are knowledgeable about food preparation. The sales staff helps customers make their selections. Williams-Sonoma is ________ retailer.

Accepted Answer

A)   an exclusive-service
B)   a full-service
C)   an upscale-service
D)   a self-service
E)   a limited-serviceF) B) and E)
G) D) and E)

Question 2

The ________ provided by retailers create value for consumers.

Accepted Answer

A)   utilities
B)   wholesaling functions
C)   outsourcing functions
D)   profits
E)   synergiesF) C) and D)
G) A) and D)

Question 3

Independently owned stores that band together to act like a chain are referred to as

Accepted Answer

A)   corporate chains.
B)   cooperative marketing systems.
C)   contractual systems.
D)   regional shopping centers.
E)   self-service systems.F) A) and B)
G) A) and D)

Question 4

In ________, an individual or firm contracts with a parent company to set up a business or retail outlet.

Accepted Answer

A)   an administered system
B)   a vertically integrated chain
C)   a retail-sponsored cooperative
D)   a franchise system
E)   a corporate systemF) A) and E)
G) All of the above

Question 5

All activities involved in selling, renting, and providing products and services to ultimate consumers for personal, family, or household use are referred to as

Accepted Answer

A)   manufacturing.
B)   retailing.
C)   wholesaling.
D)   facilitating.
E)   logistics.F) C) and D)
G) B) and C)

Question 6

Impressions of the corporation that operates the store, the category or type of store, the product categories in the store, the brands in each category, merchandise and service quality, and the marketing activities of the store all contribute to a retail store's

Accepted Answer

A)   prices.
B)   image.
C)   emotive appeal.
D)   name.
E)   measurable attributes.F) B) and C)
G) D) and E)

Question 7

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

Accepted Answer

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

Question 8

In response to the changes in the United States, many direct sellers are implementing a(n)  ________ strategy by expanding into other countries with their current product lines.

Accepted Answer

A)   market development
B)   market penetration
C)   accelerated development
D)   product development
E)   diversificationF) D) and E)
G) B) and C)

Question 9

A manufacturer's sales office

Accepted Answer

A)   works for several producers and carries noncompetitive, complementary merchandise in an exclusive territory.
B)   takes title to merchandise but sells only to buyers that call on them, pay cash for merchandise, and furnish their own transportation for the merchandise.
C)   carries a producer's inventory, performs the functions of a full-service wholesaler, and is an alternative to a merchant wholesaler.
D)   does not carry inventory, typically performs a sales function, and is an alternative to agents and brokers.
E)   brings buyers and sellers together to make sales.F) B) and E)
G) None of the above

Question 10

A huge shopping strip with multiple anchor (or national)  stores is referred to as a

Accepted Answer

A)   central business district.
B)   regional shopping center.
C)   community shopping center.
D)   strip mall.
E)   power center.F) B) and E)
G) B) and C)

Question 11

List the four store locations or settings. How has the location of stores changed over the years?

Accepted Answer

Department stores started downtown in mo...

Question 12

Timing is an important element of markdowns. Those retailers who take a markdown as soon as sales fall off most likely are doing so to

Accepted Answer

A)   placate dissatisfied customers.
B)   enhance customer perceptions of product quality.
C)   free up valuable selling space and cash.
D)   create an image as a cutting-edge retailer.
E)   react to the entry of a new competitor.F) B) and C)
G) None of the above

Question 13

Outlets where customers are responsible for most shopping activities, although salespeople are available in some departments, would be classified as ________ retail outlets.

Accepted Answer

A)   limited-service
B)   exclusive-service
C)   minimal-service
D)   self-service
E)   full-serviceF) B) and C)
G) C) and D)

Question 14

Vending machines are an example of

Accepted Answer

A)   hypermarkets.
B)   direct marketing.
C)   scrambled merchandising.
D)   intertype competition.
E)   nonstore retailing.F) None of the above
G) A) and E)

Question 15

CarMax dealers have adopted a "no-haggle" sales policy that eliminates the need for negotiating. Instead, all customers are offered the same price. Test drives, financing, trade-ins, and leasing are all offered to encourage customers to purchase a car. Which utility does CarMax best provide?

Accepted Answer

A)   product
B)   form
C)   convenience
D)   service
E)   possessionF) A) and B)
G) C) and D)

Question 16

Retailers that advocate an everyday fair pricing strategy may not offer the lowest prices but try to create value for customers using which of these?

Accepted Answer

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

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)   manufacturers' agents.
B)   brokers.
C)   selling agents.
D)   manufacturer's branches.
E)   manufacturer's sales offices.F) C) and D)
G) A) and D)

Question 18

Identify and describe the functions of agents and brokers.

Accepted Answer

Agents and brokers do not take title to ...

Question 19

Gas stations, supermarkets, and airlines that have automated check-out or check-in terminals are providing what level of retail service?

Accepted Answer

A)   full-service
B)   limited-service
C)   customized-service
D)   self-service
E)   automated-serviceF) A) and E)
G) A) and C)

Question 20

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 planned to sell these for $100 each. Recently, however, sales have been a bit slow. Jane decides to reduce the price for the frames to $80. What is her maintained markup in dollar terms?

Accepted Answer

A)   $100
B)   $20
C)   $44
D)   $64
E)   $80F) A) and E)
G) C) and D)

Exam 13: Retailing and Wholesaling

Identify and describe the functions of agents and brokers.

Correct Answer
verified
Agents and brokers do not take title to ...
View Answer

In response to the changes in the United States, many direct sellers are implementing a(n) ________ strategy by expanding into other countries with their current product lines.

Correct Answer
verified

A huge shopping strip with multiple anchor (or national) stores is referred to as a

Correct Answer
verified

Timing is an important element of markdowns. Those retailers who take a markdown as soon as sales fall off most likely are doing so to

Correct Answer
verified

Retailers that advocate an everyday fair pricing strategy may not offer the lowest prices but try to create value for customers using which of these?

Correct Answer
verified

Independently owned stores that band together to act like a chain are referred to as

Correct Answer
verified

All activities involved in selling, renting, and providing products and services to ultimate consumers for personal, family, or household use are referred to as

Correct Answer
verified

Outlets where customers are responsible for most shopping activities, although salespeople are available in some departments, would be classified as ________ retail outlets.

Correct Answer
verified

Correct Answer
verified

The ________ provided by retailers create value for consumers.

Correct Answer
verified

In ________, an individual or firm contracts with a parent company to set up a business or retail outlet.

Correct Answer
verified

Vending machines are an example of

Correct Answer
verified

A manufacturer's sales office

Correct Answer
verified

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

List the four store locations or settings. How has the location of stores changed over the years?

Correct Answer
verified
Department stores started downtown in mo...
View Answer

Gas stations, supermarkets, and airlines that have automated check-out or check-in terminals are providing what level of retail service?

Correct Answer
verified

Impressions of the corporation that operates the store, the category or type of store, the product categories in the store, the brands in each category, merchandise and service quality, and the marketing activities of the store all contribute to a retail store's

Correct Answer
verified

CarMax dealers have adopted a "no-haggle" sales policy that eliminates the need for negotiating. Instead, all customers are offered the same price. Test drives, financing, trade-ins, and leasing are all offered to encourage customers to purchase a car. Which utility does CarMax best provide?

Correct Answer
verified

Exam 13: Retailing and Wholesaling

Identify and describe the functions of agents and brokers.

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

In response to the changes in the United States, many direct sellers are implementing a(n) ________ strategy by expanding into other countries with their current product lines.

Correct AnswerverifiedShow Answer

A huge shopping strip with multiple anchor (or national) stores is referred to as a

Correct AnswerverifiedShow Answer

Timing is an important element of markdowns. Those retailers who take a markdown as soon as sales fall off most likely are doing so to

Correct AnswerverifiedShow Answer

Retailers that advocate an everyday fair pricing strategy may not offer the lowest prices but try to create value for customers using which of these?

Correct AnswerverifiedShow Answer

Independently owned stores that band together to act like a chain are referred to as

Correct AnswerverifiedShow Answer

All activities involved in selling, renting, and providing products and services to ultimate consumers for personal, family, or household use are referred to as

Correct AnswerverifiedShow Answer

Outlets where customers are responsible for most shopping activities, although salespeople are available in some departments, would be classified as ________ retail outlets.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The ________ provided by retailers create value for consumers.

Correct AnswerverifiedShow Answer

In ________, an individual or firm contracts with a parent company to set up a business or retail outlet.

Correct AnswerverifiedShow Answer

Vending machines are an example of

Correct AnswerverifiedShow Answer

A manufacturer's sales office

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

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

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

List the four store locations or settings. How has the location of stores changed over the years?

Correct AnswerverifiedDepartment stores started downtown in mo...View AnswerShow Answer

Gas stations, supermarkets, and airlines that have automated check-out or check-in terminals are providing what level of retail service?

Correct AnswerverifiedShow Answer

Impressions of the corporation that operates the store, the category or type of store, the product categories in the store, the brands in each category, merchandise and service quality, and the marketing activities of the store all contribute to a retail store's

Correct AnswerverifiedShow Answer

CarMax dealers have adopted a "no-haggle" sales policy that eliminates the need for negotiating. Instead, all customers are offered the same price. Test drives, financing, trade-ins, and leasing are all offered to encourage customers to purchase a car. Which utility does CarMax best provide?

Correct AnswerverifiedShow Answer

Correct Answer
verified
Agents and brokers do not take title to ...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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verified

Correct Answer
verified

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verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Department stores started downtown in mo...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified