Question 1

When customers are responsible for most shopping activities at a retail outlet, these outlets would be classified as __________ outlets.

Accepted Answer

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

Question 2

Walmart's $408 billion of sales in 2009 surpassed the gross domestic product of all but __________ countries for that same year.

Accepted Answer

A)  5
B)  12
C)  18
D)  27
E)  50F) A) and D)
G) A) and E)

Question 3

Markup refers to

Accepted Answer

A)  the difference between the final selling price and how the customer values the product.
B)  selling brand name merchandise at lower than regular prices.
C)  the amount added to the cost the retailer paid for a product to reach the final selling price.
D)  the difference between the retail cost and initial selling price.
E)  the reduction in retail price, usually expressed as a percentage equal to the amount reduced, divided by the original price, and multiplied by 100.F) A) and B)
G) None of the above

Question 4

Depth of product line refers to

Accepted Answer

A)  the percentage of goods stored as inventory.
B)  the variety of different products a store carries.
C)  variations in price and color on specific items in a store.
D)  the fact that the store carries a large assortment of each product item.
E)  the number of different product classes owned by a corporate chain.F) A) and D)
G) B) and D)

Question 5

Environmental consciousness among consumers has reached an all time high.Many retailers have responded not only out of concern for the environment, or their company image or reputation, but because

Accepted Answer

A)  governmental mandates have required it.
B)  sustainability has become a major element in competition between firms.
C)  environmental initiatives save retailers money.
D)  a consortium of environmental groups has created a non-compliant boycott list.
E)  there is greater availability of green products and services.F) C) and D)
G) A) and D)

Question 6

Many retailers are developing an advanced form of category management called CMAR.The acronym CMAR stands for

Accepted Answer

A)  Canadian manufacturing affiliated retailers.
B)  consumer marketing at retail.
C)  consumer multichannel association of retailers.
D)  corporate manufacturer's agents of retailing.
E)  customized manufacturing adaptation rules.F) B) and C)
G) None of the above

Question 7

Many retailers advocate a(n)  __________ strategy, a pricing strategy that may not offer the lowest prices but does try to create value for customers through its service and the total buying experience.

Accepted Answer

A)  customer loyalty
B)  emphasize-value
C)  everyday fair pricing
D)  everyday low pricing
E)  low-marginF) D) and E)
G) A) and E)

Question 8

Brokers are independent firms or individuals whose principal function is to

Accepted Answer

A)  represent a single producer and are responsible for the entire marketing function of that producer.
B)  work for several producers and carry noncompetitive, complementary merchandise in an exclusive territory.
C)  take title to merchandise but sell only to buyers who call on them, pay cash for merchandise, and furnish their own transportation for the merchandise.
D)  own the merchandise they sell but not physically handle, stock, or deliver it.
E)  bring buyers and sellers together to make sales.F) B) and C)
G) A) and C)

Question 9

Same store sales growth is calculated by taking

Accepted Answer

A)  warehouse clubs, factory outlet stores, and hypermarkets.
B)  (store sales in year 2 minus store sales in year 1)  divided by store sales in year 1.
C)  store sales in year 3 factory outlets, single price retailers, online auction services.
D)  factory outlets, single price retailers, hypermarkets.
E)  extreme value retailers, buying clubs, online auction services.F) A) and E)
G) C) and D)

Question 10

Cash and carry wholesalers refers to wholesalers who

Accepted Answer

A)  furnish the racks or shelves that display merchandise in retail stores, perform all channel functions, and sell on consignment to retailers.
B)  take title to merchandise but sell only to buyers who call on them, pay cash for merchandise, and furnish their own transportation for merchandise.
C)  own the merchandise they sell but do not physically handle, stock, or deliver it.
D)  have a small warehouse from which they stock their trucks for distribution to retailers.
E)  work for several producers and carry noncompetitive, complementary merchandise in an exclusive territory.F) A) and D)
G) B) and E)

Question 11

Consumers who do not want to receive telephone calls related to company sales efforts can

Accepted Answer

A)  purchase home software to block calls.
B)  place their numbers on the National Do-Not-Call Registry.
C)  request phone numbers that begin with 555 which are automatically blocked from solicitors.
D)  request an unlisted number.
E)  use a cell phone rather than a land-line as their main phone contact.F) B) and C)
G) A) and E)

Question 12

Gazelle.com helps consumers by

Accepted Answer

A)  tracking consumers' favorite purchases and alerting them by e-mail whenever something they're planning to buy goes on sale.
B)  providing a visual search engine the finds products that are similar in appearance by allowing customers to draw a box around the product or part of the product they like.
C)  tracking the price of products like TVs, clothing, and books to let consumers know if prices are increasing or decreasing.
D)  immediately notifying collectors if anything in the collectors' "find" list is advertised for sale on the Web.
E)  calculating the value of used products, offering users a price for the product, and even sending a box to mail it.F) C) and D)
G) B) and E)

Question 13

Williams-Sonoma is a specialty store that caters to customers who want 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 offers its customers _________.

Accepted Answer

A)  exclusive service
B)  economies-of-scale service
C)  self-service
D)  limited service
E)  full-serviceF) D) and E)
G) A) and C)

Question 14

Off-price retailers, retail clubs, and grocery stores provide what level of retail service?

Accepted Answer

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

Question 15

FIGURE 14-11 
-According to Figure 14-11 above, segment "A" represents which stage in the retail life cycle?

Accepted Answer

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

Question 16

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) C) and D)
G) All of the above

Question 17

Markdown refers to

Accepted Answer

A)  the difference between the final selling price and the retailer's cost.
B)  discounting a product when the product does not sell at the original price and an adjustment is necessary.
C)  facilitating the reduction in retail price, usually expressed as a percentage equal to the amount reduced, divided by the original price, and multiplied by 100.
D)  the lowest price to which a retailer can reduce a sales ticket and still make a profit.
E)  the discounting of a ticket price at which a retailer can no longer make a profit and actually loses money.F) B) and C)
G) A) and B)

Question 18

A financial indicator used to compare the increase in sales of stores that have been open for the same period of time is _________.

Accepted Answer

A)  return in investment
B)  percentage of markup
C)  gross profit
D)  sales per square foot
E)  same store sales growthF) D) and E)
G) C) and E)

Question 19

The largest inventory of wedding dresses in the Southeast can be found at Low's Bridal and Formal in Brinkley, Arkansas.From December 26 to January 16, a prospective bride shopping at Low's can find gowns once priced at $6,000 for $2,999, $800 gowns for $400, and many other

Accepted Answer

A)  markdowns.
B)  gross markups.
C)  compressed markups.
D)  maintained markups.
E)  inventory shrinkages.F) C) and E)
G) A) and D)

Question 20

Level of service is used to describe the degree of service provided to the customer.Three levels of service provided by retailers include: self-, _________-, and full-service retailers.

Accepted Answer

A)  commitment
B)  involvement
C)  limited
D)  obligation
E)  pledgeF) None of the above
G) All of the above

Exam 14: Retailing and Wholesaling

Environmental consciousness among consumers has reached an all time high.Many retailers have responded not only out of concern for the environment, or their company image or reputation, but because

Correct Answer
verified

Same store sales growth is calculated by taking

Correct Answer
verified

Gazelle.com helps consumers by

Correct Answer
verified

Cash and carry wholesalers refers to wholesalers who

Correct Answer
verified

A financial indicator used to compare the increase in sales of stores that have been open for the same period of time is _________.

Correct Answer
verified

Markup refers to

Correct Answer
verified

Many retailers advocate a(n) __________ strategy, a pricing strategy that may not offer the lowest prices but does try to create value for customers through its service and the total buying experience.

Correct Answer
verified

FIGURE 14-11 -According to Figure 14-11 above, segment "A" represents which stage in the retail life cycle?

Correct Answer
verified

Level of service is used to describe the degree of service provided to the customer.Three levels of service provided by retailers include: self-, _________-, and full-service retailers.

Correct Answer
verified

Depth of product line refers to

Correct Answer
verified

Off-price retailers, retail clubs, and grocery stores provide what level of retail service?

Correct Answer
verified

Many retailers are developing an advanced form of category management called CMAR.The acronym CMAR stands for

Correct Answer
verified

Correct Answer
verified

When customers are responsible for most shopping activities at a retail outlet, these outlets would be classified as __________ outlets.

Correct Answer
verified

Brokers are independent firms or individuals whose principal function is to

Correct Answer
verified

Markdown refers to

Correct Answer
verified

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

Correct Answer
verified

The largest inventory of wedding dresses in the Southeast can be found at Low's Bridal and Formal in Brinkley, Arkansas.From December 26 to January 16, a prospective bride shopping at Low's can find gowns once priced at $6,000 for $2,999, $800 gowns for $400, and many other

Correct Answer
verified

Walmart's $408 billion of sales in 2009 surpassed the gross domestic product of all but __________ countries for that same year.

Correct Answer
verified

Consumers who do not want to receive telephone calls related to company sales efforts can

Correct Answer
verified

Exam 14: Retailing and Wholesaling

Environmental consciousness among consumers has reached an all time high.Many retailers have responded not only out of concern for the environment, or their company image or reputation, but because

Correct AnswerverifiedShow Answer

Same store sales growth is calculated by taking

Correct AnswerverifiedShow Answer

Gazelle.com helps consumers by

Correct AnswerverifiedShow Answer

Cash and carry wholesalers refers to wholesalers who

Correct AnswerverifiedShow Answer

A financial indicator used to compare the increase in sales of stores that have been open for the same period of time is _________.

Correct AnswerverifiedShow Answer

Markup refers to

Correct AnswerverifiedShow Answer

Many retailers advocate a(n) __________ strategy, a pricing strategy that may not offer the lowest prices but does try to create value for customers through its service and the total buying experience.

Correct AnswerverifiedShow Answer

FIGURE 14-11 -According to Figure 14-11 above, segment "A" represents which stage in the retail life cycle?

Correct AnswerverifiedShow Answer

Level of service is used to describe the degree of service provided to the customer.Three levels of service provided by retailers include: self-, _________-, and full-service retailers.

Correct AnswerverifiedShow Answer

Depth of product line refers to

Correct AnswerverifiedShow Answer

Off-price retailers, retail clubs, and grocery stores provide what level of retail service?

Correct AnswerverifiedShow Answer

Many retailers are developing an advanced form of category management called CMAR.The acronym CMAR stands for

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

When customers are responsible for most shopping activities at a retail outlet, these outlets would be classified as __________ outlets.

Correct AnswerverifiedShow Answer

Brokers are independent firms or individuals whose principal function is to

Correct AnswerverifiedShow Answer

Markdown refers to

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The largest inventory of wedding dresses in the Southeast can be found at Low's Bridal and Formal in Brinkley, Arkansas.From December 26 to January 16, a prospective bride shopping at Low's can find gowns once priced at $6,000 for $2,999, $800 gowns for $400, and many other

Correct AnswerverifiedShow Answer

Walmart's $408 billion of sales in 2009 surpassed the gross domestic product of all but __________ countries for that same year.

Correct AnswerverifiedShow Answer

Consumers who do not want to receive telephone calls related to company sales efforts can

Correct AnswerverifiedShow Answer

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verified

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

Correct Answer
verified

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