Question 1

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 and $800 gowns for $399. The reduced prices of these gowns are reflected in which retail pricing strategy?

Accepted Answer

A)   markdowns
B)   original markups
C)   future markups
D)   inventory shrinkages
E)   net markupsF) B) and D)
G) A) and C)

Question 2

A regional shopping center refers to a

Accepted Answer

A)   retail cluster in a downtown area.
B)   retail location that typically has one primary store and about 20 to 40 smaller outlets, and serves a population base of about 100,000.
C)   cluster of stores that serves people who are within a 5- to 10-minute drive and serves a population base of under 30,000.
D)   group of 50 to 150 stores that typically attracts customers who live or work within a 5- to 10-mile range, often containing two or three anchor stores.
E)   retail cluster of stores in uptown areas.F) B) and D)
G) B) and C)

Question 3

Most stores today are near several others in one of several settings that include all of the following except which?

Accepted Answer

A)   the regional shopping center
B)   the strip mall
C)   the old-town district
D)   the central business district
E)   the power centerF) A) and E)
G) D) and E)

Question 4

By selling franchises, an organization ________ the cost of expansion and ________ its control compared to owning its own retail outlets.

Accepted Answer

A)   increases; increases
B)   increases; reduces
C)   reduces; increases
D)   increases; retains almost all
E)   reduces; reducesF) B) and C)
G) B) and D)

Question 5

Brokers are independent firms or individuals who

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 that call on them, pay cash for merchandise, and furnish their own transportation for the merchandise.
D)   own the merchandise they sell but do not physically handle, stock, or deliver it.
E)   bring buyers and sellers together to make sales.F) A) and B)
G) A) and C)

Question 6

The retailing mix refers to the activities related to managing a store, and includes

Accepted Answer

A)   product, price, promotion, and place.
B)   the four utilities of time, form, possession, and place.
C)   the colors, sizes, shapes, and perceived value of the store's products.
D)   retail pricing, store location, retail communication, and merchandise.
E)   selection of store location, selection of merchandise, hiring and training of employees, and promotion of both the store and products.F) All of the above
G) C) and D)

Question 7

A form of ownership that involves multiple outlets under common ownership is referred to as

Accepted Answer

A)   a corporate chain.
B)   a consumer cooperative.
C)   a contractual system.
D)   an independent retailer.
E)   an administered system.F) A) and B)
G) C) and D)

Question 8

Albertsons Grocery Store 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) A) and E)
G) B) and C)

Question 9

A business in Kansas City, Missouri, looking to rent office space should use ________ to help it locate the most suitable space at the best possible rate.

Accepted Answer

A)   a selling agent
B)   a manufacturer's representative
C)   a manufacturer's agent
D)   an administrator
E)   a brokerF) None of the above
G) A) and D) E

Question 10

Which type of wholesaler offers a relatively narrow range of products but has an extensive assortment within the product lines carried?

Accepted Answer

A)   general merchandise wholesaler
B)   limited-service wholesaler
C)   cash and carry wholesaler
D)   specialty merchandise wholesaler
E)   drop shipperF) B) and C)
G) A) and D)

Question 11

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

Accepted Answer

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

Question 12

Which of the following statements regarding telemarketing is most accurate?

Accepted Answer

A)   Shopping bots are computers that place automated or "robo" (i.e., robotic)  telemarketing calls.
B)   Direct mail is typically viewed as a more efficient means of targeting consumers than telemarketing.
C)   Telemarketing has become more effective as a result of the National Please-Do-Call registry legislation.
D)   Consumer privacy, industry standards, and ethical guidelines have become important issues.
E)   Many firms are considering shifting their direct-mail and door-to-door budgets to telemarketing techniques.F) B) and C)
G) B) and E)

Question 13

Your local Target retailer carries a variety of different items. You can find everything ranging from socks and electronics to baby items and groceries. This is an example of the ________ carried by Target.

Accepted Answer

A)   breadth of product line
B)   depth of product line
C)   variety of brand extension
D)   breadth of product class
E)   product mixF) A) and B)
G) A) and C) A

Question 14

Consumers benefit in dealing with retail corporate chains because

Accepted Answer

A)   corporate chains have more experience than other forms of retailers.
B)   they can own stock in the same company where they shop since corporate chain stock must be publicly traded.
C)   they can establish a credit history more easily than with other forms of retailers.
D)   there are multiple outlets with similar merchandise and consistent management policies.
E)   they have less stress in making decisions since merchandise is arranged and displayed by professional designers.F) A) and C)
G) None of the above

Question 15

A grocery manufacturer that is seeking an agent that would act on its behalf on a permanent basis and receive a commission should use a

Accepted Answer

A)   food broker.
B)   grocery broker.
C)   selling agent.
D)   dual distribution system.
E)   rack jobber.F) B) and E)
G) D) and E)

Question 16

Data analytics benefits retailers by

Accepted Answer

A)   accurately predicting changes in the external environment.
B)   allowing merchants to provide personalized, real-time messaging and promotions.
C)   eliminating the need for wholesaling and the associated markups that raise prices.
D)   shortening the retail life cycle.
E)   improving sales per square foot or same-store sales growth by providing access to alternate channels.F) D) and E)
G) C) and D)

Question 17

Figure 13-5
-According to Figure 13-5 above, Stage A represents which stage of the retail life cycle?

Accepted Answer

A)   introduction
B)   early growth
C)   accelerated development
D)   maturity
E)   start-upF) A) and D)
G) B) and E) B

Question 18

Explain the relationship between a franchisee and a franchisor.

Accepted Answer

In a franchise system, an individual or ...

Question 19

Wholesalers that take title to merchandise but sell only to buyers that call on them, pay for and move/take away the merchandise themselves are referred to as

Accepted Answer

A)   rack jobbers.
B)   truck jobbers.
C)   transport vendors.
D)   cash and carry wholesalers.
E)   drop shippers.F) D) and E)
G) A) and C)

Question 20

One of the biggest problems online retailers face is that nearly two-thirds of online shoppers make it to "checkout" 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) A) and E)
G) All of the above

Exam 13: Retailing and Wholesaling

Correct Answer
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A regional shopping center refers to a

Correct Answer
verified

Most stores today are near several others in one of several settings that include all of the following except which?

Correct Answer
verified

By selling franchises, an organization the cost of expansion and its control compared to owning its own retail outlets.

Correct Answer
verified

Brokers are independent firms or individuals who

Correct Answer
verified

The retailing mix refers to the activities related to managing a store, and includes

Correct Answer
verified

A form of ownership that involves multiple outlets under common ownership is referred to as

Correct Answer
verified

Albertsons Grocery Store 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 Answer
verified

A business in Kansas City, Missouri, looking to rent office space should use ________ to help it locate the most suitable space at the best possible rate.

Correct Answer
verified
E

Which type of wholesaler offers a relatively narrow range of products but has an extensive assortment within the product lines carried?

Correct Answer
verified

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

Correct Answer
verified

Which of the following statements regarding telemarketing is most accurate?

Correct Answer
verified

Your local Target retailer carries a variety of different items. You can find everything ranging from socks and electronics to baby items and groceries. This is an example of the ________ carried by Target.

Correct Answer
verified
A

Consumers benefit in dealing with retail corporate chains because

Correct Answer
verified

A grocery manufacturer that is seeking an agent that would act on its behalf on a permanent basis and receive a commission should use a

Correct Answer
verified

Data analytics benefits retailers by

Correct Answer
verified

Figure 13-5 -According to Figure 13-5 above, Stage A represents which stage of the retail life cycle?

Correct Answer
verified
B

Explain the relationship between a franchisee and a franchisor.

Correct Answer
verified
In a franchise system, an individual or ...
View Answer

Wholesalers that take title to merchandise but sell only to buyers that call on them, pay for and move/take away the merchandise themselves are referred to as

Correct Answer
verified

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

Correct Answer
verified

Exam 13: Retailing and Wholesaling

Correct AnswerverifiedShow Answer

A regional shopping center refers to a

Correct AnswerverifiedShow Answer

Most stores today are near several others in one of several settings that include all of the following except which?

Correct AnswerverifiedShow Answer

By selling franchises, an organization ________ the cost of expansion and ________ its control compared to owning its own retail outlets.

Correct AnswerverifiedShow Answer

Brokers are independent firms or individuals who

Correct AnswerverifiedShow Answer

The retailing mix refers to the activities related to managing a store, and includes

Correct AnswerverifiedShow Answer

A form of ownership that involves multiple outlets under common ownership is referred to as

Correct AnswerverifiedShow Answer

Albertsons Grocery Store 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

A business in Kansas City, Missouri, looking to rent office space should use ________ to help it locate the most suitable space at the best possible rate.

Correct AnswerverifiedE

Which type of wholesaler offers a relatively narrow range of products but has an extensive assortment within the product lines carried?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following statements regarding telemarketing is most accurate?

Correct AnswerverifiedShow Answer

Your local Target retailer carries a variety of different items. You can find everything ranging from socks and electronics to baby items and groceries. This is an example of the ________ carried by Target.

Correct AnswerverifiedA

Consumers benefit in dealing with retail corporate chains because

Correct AnswerverifiedShow Answer

A grocery manufacturer that is seeking an agent that would act on its behalf on a permanent basis and receive a commission should use a

Correct AnswerverifiedShow Answer

Data analytics benefits retailers by

Correct AnswerverifiedShow Answer

Figure 13-5 -According to Figure 13-5 above, Stage A represents which stage of the retail life cycle?

Correct AnswerverifiedB

Explain the relationship between a franchisee and a franchisor.

Correct AnswerverifiedIn a franchise system, an individual or ...View AnswerShow Answer

Wholesalers that take title to merchandise but sell only to buyers that call on them, pay for and move/take away the merchandise themselves are referred to as

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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By selling franchises, an organization the cost of expansion and its control compared to owning its own retail outlets.

Correct Answer
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E

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A

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B

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In a franchise system, an individual or ...
View Answer

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Correct Answer
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