Question 1

Manufacturers' agents

Accepted Answer

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

Question 2

At the Christmas Tree Shop, customers can shop for Christmas gifts and decor at any time of the year. What type of utility does this store provide for its customers?

Accepted Answer

A)   place and conformance
B)   possession and form
C)   form
D)   performance
E)   timeF) A) and D)
G) B) and E)

Question 3

In the telemarketing industry, issues such as ________, ethical guidelines, and industry standards have become a topic of discussion among consumers, Congress, the Federal Trade Commission (FTC) , and businesses.

Accepted Answer

A)   competitive antics
B)   coercion tactics
C)   freedom of speech
D)   language issues
E)   consumer privacyF) A) and B)
G) A) and C)

Question 4

Dick's Sporting Goods stores carry considerable depth in sports equipment ranging from weight-lifting accessories to running shoes. Dick's Sporting Goods is most likely classified as which retail variation based on this large assortment in related sporting goods categories?

Accepted Answer

A)   single-line
B)   full-service
C)   full-line
D)   limited-service
E)   limited-lineF) B) and E)
G) A) and E)

Question 5

Retailers that integrate and leverage their stores, catalogs, and websites have seen

Accepted Answer

A)   a sizable increase in yearly sales from individual customers.
B)   a small increase in yearly sales from aggregate target market segments.
C)   no difference in yearly sales from individual customers.
D)   a decrease in yearly sales from individual customers.
E)   a large decrease in yearly sales from individual customers.F) A) and B)
G) A) and C)

Question 6

Which of the following is a type of full-service merchant wholesaler?

Accepted Answer

A)   cash and carry wholesaler
B)   rack jobbers
C)   truck jobbers
D)   specialty merchandise wholesaler
E)   drop shippersF) A) and B)
G) All of the above

Question 7

Explain what a markdown is and its timing (i.e., when a retailer uses it).

Accepted Answer

A markdown involves discounting a produc...

Question 8

A financial indicator used to compare the change in sales of stores that have been open for the same period of time is referred to as

Accepted Answer

A)   return on investment.
B)   percentage of markup.
C)   gross profit.
D)   sales per square foot.
E)   same-store sales growth.F) All of the above
G) B) and D)

Question 9

Merchant wholesalers are independently owned firms that ________ the merchandise they handle.

Accepted Answer

A)   take title to
B)   broker
C)   act as agents for
D)   break bulk and repackage
E)   do not deliverF) None of the above
G) C) and D)

Question 10

As part of their regular retail pricing strategy, some retailers will emphasize consistently low prices and eliminate most markdowns, a practice 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) B) and D)
G) A) and E)

Question 11

Freightfinder.com is an Internet company that is called a "go-between." If a trucker needs to find a load for a particular trade lane, he or she can visit this site, list the price and available truck space, and find a company that needs a shipment moved. Since the purpose of this website is to put buyer and sellers together so that a single sale can be made, this website can be categorized as

Accepted Answer

A)   a selling agent.
B)   a manufacturer's representative.
C)   a manufacturer's agent.
D)   a broker.
E)   an administrator.F) B) and D)
G) A) and E)

Question 12

The ________ provided by retailers create value for consumers.

Accepted Answer

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

Question 13

Meijer operates a chain of hypermarkets headquartered in Michigan, which means it

Accepted Answer

A)   engages in no intertype competition.
B)   is a disintermediator.
C)   uses scrambled merchandising.
D)   can also be referred to as a category killer.
E)   uses dual distribution.F) A) and D)
G) C) and E)

Question 14

Retail ________ is often described as the way in which the store is defined in the shopper's mind.

Accepted Answer

A)   size
B)   location
C)   product mix
D)   image
E)   anchor storeF) B) and D)
G) B) and E)

Question 15

All of these are advantages of online shopping except which?

Accepted Answer

A)   personal contact
B)   24-hour access
C)   the ability to comparison shop
D)   in-home privacy
E)   varietyF) B) and E)
G) All of the above

Question 16

One of the biggest problems online retailers face is that nearly two-thirds of online shoppers make it to "check-out" and then leave the website

Accepted Answer

A)   because of slow download times.
B)   to compare shipping costs and prices on other sites.
C)   because of security fears when entering credit card information.
D)   due to the inability to experience the product in person.
E)   over dissatisfaction with product availability.F) C) and E)
G) B) and D)

Question 17

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) B) and C)
G) A) and B)

Question 18

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) A) and E)
G) D) and E)

Question 19

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) A) and E)

Question 20

Offering several unrelated product lines in a single store is referred to as

Accepted Answer

A)   intertype competition.
B)   multiple distribution.
C)   scrambled merchandising.
D)   a department store.
E)   a specialty outlet.F) B) and E)
G) A) and B)

Exam 16: Retailing and Wholesaling

Retailers that integrate and leverage their stores, catalogs, and websites have seen

Correct Answer
verified

The ________ provided by retailers create value for consumers.

Correct Answer
verified

All of these are advantages of online shopping except which?

Correct Answer
verified

Dick's Sporting Goods stores carry considerable depth in sports equipment ranging from weight-lifting accessories to running shoes. Dick's Sporting Goods is most likely classified as which retail variation based on this large assortment in related sporting goods categories?

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

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

Correct Answer
verified

Retail ________ is often described as the way in which the store is defined in the shopper's mind.

Correct Answer
verified

Offering several unrelated product lines in a single store is referred to as

Correct Answer
verified

Explain what a markdown is and its timing (i.e., when a retailer uses it).

Correct Answer
verified
A markdown involves discounting a produc...
View 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 Answer
verified

Manufacturers' agents

Correct Answer
verified

A financial indicator used to compare the change in sales of stores that have been open for the same period of time is referred to as

Correct Answer
verified

In the telemarketing industry, issues such as ________, ethical guidelines, and industry standards have become a topic of discussion among consumers, Congress, the Federal Trade Commission (FTC) , and businesses.

Correct Answer
verified

One of the biggest problems online retailers face is that nearly two-thirds of online shoppers make it to "check-out" and then leave the website

Correct Answer
verified

Correct Answer
verified

Which of the following is a type of full-service merchant wholesaler?

Correct Answer
verified

At the Christmas Tree Shop, customers can shop for Christmas gifts and decor at any time of the year. What type of utility does this store provide for its customers?

Correct Answer
verified

Meijer operates a chain of hypermarkets headquartered in Michigan, which means it

Correct Answer
verified

Merchant wholesalers are independently owned firms that ________ the merchandise they handle.

Correct Answer
verified

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

Correct Answer
verified

Exam 16: Retailing and Wholesaling

Retailers that integrate and leverage their stores, catalogs, and websites have seen

Correct AnswerverifiedShow Answer

The ________ provided by retailers create value for consumers.

Correct AnswerverifiedShow Answer

All of these are advantages of online shopping except which?

Correct AnswerverifiedShow Answer

Dick's Sporting Goods stores carry considerable depth in sports equipment ranging from weight-lifting accessories to running shoes. Dick's Sporting Goods is most likely classified as which retail variation based on this large assortment in related sporting goods categories?

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

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

Correct AnswerverifiedShow Answer

Retail ________ is often described as the way in which the store is defined in the shopper's mind.

Correct AnswerverifiedShow Answer

Offering several unrelated product lines in a single store is referred to as

Correct AnswerverifiedShow Answer

Explain what a markdown is and its timing (i.e., when a retailer uses it).

Correct AnswerverifiedA markdown involves discounting a produc...View AnswerShow 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

Manufacturers' agents

Correct AnswerverifiedShow Answer

A financial indicator used to compare the change in sales of stores that have been open for the same period of time is referred to as

Correct AnswerverifiedShow Answer

In the telemarketing industry, issues such as ________, ethical guidelines, and industry standards have become a topic of discussion among consumers, Congress, the Federal Trade Commission (FTC) , and businesses.

Correct AnswerverifiedShow Answer

One of the biggest problems online retailers face is that nearly two-thirds of online shoppers make it to "check-out" and then leave the website

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Which of the following is a type of full-service merchant wholesaler?

Correct AnswerverifiedShow Answer

At the Christmas Tree Shop, customers can shop for Christmas gifts and decor at any time of the year. What type of utility does this store provide for its customers?

Correct AnswerverifiedShow Answer

Meijer operates a chain of hypermarkets headquartered in Michigan, which means it

Correct AnswerverifiedShow Answer

Merchant wholesalers are independently owned firms that ________ the merchandise they handle.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct Answer
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verified
A markdown involves discounting a produc...
View Answer

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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