Question 1

Wholesalers that handle a limited assortment of fast-moving or perishable items that are sold for cash directly from trucks in their original packages are referred to as

Accepted Answer

A)  rack jobbers.
B)  drop shippers.
C)  truck jobbers.
D)  cash and carry wholesalers.
E)  manufacturer's representatives.F) B) and E)
G) A) and D)

Question 2

Wells Fargo is one of the best-run banks in the United States. It reaches retail customers through 9,000 stores, a worldwide network of 12,000 ATMs, and its online banking service. Which utility does Wells Fargo best provide?

Accepted Answer

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

Question 3

Another term for gross margin is

Accepted Answer

A)  original markup.
B)  markdown.
C)  return on sales.
D)  discounted price.
E)  maintained markup.F) C) and D)
G) A) and D)

Question 4

What is the retailing mix?

Accepted Answer

In developing retailing strategy, manage...

Question 5

The National Retail Federation estimates that about __________ percent of retail sales is lost to shrinkage.

Accepted Answer

A)  1.4
B)  2.0
C)  2.4
D)  0.3
E)  5.0F) C) and D)
G) B) and E)

Question 6

Briefly describe the advantages of being an independent retailer and the benefits an independent retailer can offer customers.

Accepted Answer

Advantages to the retailer inc...

Question 7

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

Accepted Answer

Direct-mail and catalog retailing are "t...

Question 8

What type of contractual system describes a situation in which assistance in selecting the location, setting up the store or facility, advertising, and training personnel is provided by the parent company?

Accepted Answer

A)  administered system
B)  conglomerate system
C)  franchise system
D)  vertical integrated system
E)  retail-sponsored cooperativeF) B) and E)
G) A) and B)

Question 9

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

Accepted Answer

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

Question 10

Online retail purchases by consumers can be the result of several very different approaches, including (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)  using direct selling
D)  using a shopping "bot" to search for a product at locations with the best price
E)  becoming a member of a research group that evaluates new productsF) A) and E)
G) A) and D)

Question 11

Vending machines are no longer limited by the need for cash. In Japan, South Korea, and the Philippines, consumers use mobile phones that transmit payments to vending machines wirelessly. This is an example of how vending machines can provide which type of utility?

Accepted Answer

A)  time
B)  place
C)  possession
D)  product
E)  formF) A) and B)
G) A) and C)

Question 12

All of the following retailers provide self-service to their customers except

Accepted Answer

A)  Zipcar.
B)  Shop24.
C)  Target.
D)  Redbox.
E)  Costco.F) B) and D)
G) B) and E)

Question 13

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 B)
G) B) and D)

Question 14

Emphasizing consistently low prices and eliminating most markdowns is referred to as

Accepted Answer

A)  low-margin pricing.
B)  everyday low pricing.
C)  everyday fair pricing.
D)  value-based pricing.
E)  maintained pricing.F) All of the above
G) None of the above

Question 15

Stores that carry a broad product line, with limited depth, 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 E)
G) B) and D)

Question 16

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

Question 17

Similar to the West Edmonton Mall in Alberta, Canada, with shopping, restaurants, hotels, and a theme park, the Mall of America is a variation of

Accepted Answer

A)  a central business district.
B)  a diverse shopping center.
C)  community shopping center.
D)  a destination mall concept.
E)  an anchored mall.F) A) and D)
G) All of the above

Question 18

Your local Safeway grocery store is most likely classified as which retail variation based on its considerable assortment (depth)  of a related line of items within each line it carries?

Accepted Answer

A)  single-line
B)  full-service
C)  full-line
D)  limited-service
E)  limited-lineF) A) and B)
G) None of the above

Question 19

Many retailers take a markdown as soon as sales fall to free valuable selling space and cash. This illustrates one tactic for handling the __________ of markdowns.

Accepted Answer

A)  timing
B)  demand
C)  availability
D)  bargain hunting
E)  customer valueF) None of the above
G) All of the above

Question 20

The music played in the grocery store has a slow tempo to get shoppers to stay longer and hopefully put more items in their cart. Music is part of the grocery store's

Accepted Answer

A)  atmosphere.
B)  sensory management plan.
C)  psychological attributes.
D)  personality type.
E)  sociological profile.F) A) and E)
G) A) and C)

Exam 16: Retailing and Wholesaling

Stores that carry a broad product line, with limited depth, are referred to as

Correct AnswerverifiedShow Answer

Similar to the West Edmonton Mall in Alberta, Canada, with shopping, restaurants, hotels, and a theme park, the Mall of America is a variation of

Correct AnswerverifiedShow Answer

Briefly describe the advantages of being an independent retailer and the benefits an independent retailer can offer customers.

Correct AnswerverifiedAdvantages to the retailer inc...View AnswerShow Answer

Another term for gross margin is

Correct AnswerverifiedShow Answer

What is the retailing mix?

Correct AnswerverifiedIn developing retailing strategy, manage...View AnswerShow Answer

The National Retail Federation estimates that about __________ percent of retail sales is lost to shrinkage.

Correct AnswerverifiedShow Answer

Online retail purchases by consumers can be the result of several very different approaches, including (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

Wells Fargo is one of the best-run banks in the United States. It reaches retail customers through 9,000 stores, a worldwide network of 12,000 ATMs, and its online banking service. Which utility does Wells Fargo best provide?

Correct AnswerverifiedShow Answer

Vending machines are no longer limited by the need for cash. In Japan, South Korea, and the Philippines, consumers use mobile phones that transmit payments to vending machines wirelessly. This is an example of how vending machines can provide which type of utility?

Correct AnswerverifiedShow Answer

Many retailers take a markdown as soon as sales fall to free valuable selling space and cash. This illustrates one tactic for handling the __________ of markdowns.

Correct AnswerverifiedShow Answer

The music played in the grocery store has a slow tempo to get shoppers to stay longer and hopefully put more items in their cart. Music is part of the grocery store's

Correct AnswerverifiedShow Answer

Wholesalers that handle a limited assortment of fast-moving or perishable items that are sold for cash directly from trucks in their original packages are referred to as

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

What type of contractual system describes a situation in which assistance in selecting the location, setting up the store or facility, advertising, and training personnel is provided by the parent company?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedDirect-mail and catalog retailing are "t...View AnswerShow Answer

Correct AnswerverifiedShow Answer

All of the following retailers provide self-service to their customers except

Correct AnswerverifiedShow Answer

Emphasizing consistently low prices and eliminating most markdowns is referred to as

Correct AnswerverifiedShow Answer

Your local Safeway grocery store is most likely classified as which retail variation based on its considerable assortment (depth) of a related line of items within each line it carries?

Correct AnswerverifiedShow Answer

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Advantages to the retailer inc...
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In developing retailing strategy, manage...
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Direct-mail and catalog retailing are "t...
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