Question 1

Key target markets for Mall of America are

Accepted Answer

A)   the interstate market and discount shoppers.
B)   shoppers who seek mainstream experiences and bargain hunters.
C)   large numbers of similar retailers to maintain a consistent retail profile.
D)   budget-conscious travelers and time-poor shoppers.
E)   the local market and tourists.F) A) and C)
G) C) and D)

Question 2

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) B) and C)

Question 3

One of the most common forms of retail ownership is the ________ owned by an individual.

Accepted Answer

A)   corporate chain
B)   consumer cooperative
C)   contractual system
D)   independent retailer
E)   administered systemF) D) and E)
G) A) and B)

Question 4

As a business format franchisor, Subway provides to its franchisee step-by-step procedures for most aspects of the business and

Accepted Answer

A)   an easy resale mechanism back to the franchisor.
B)   guaranteed access to competent suppliers and interested customers.
C)   complete maintenance the property.
D)   guidelines for the most likely decisions a franchisee will face.
E)   discipline for dishonest employees.F) B) and C)
G) A) and B)

Question 5

The marketing metrics related to a retailer's finances include all of the following except which?

Accepted Answer

A)   the markdown percentage
B)   inventory carrying costs
C)   the return on sales
D)   the gross margin
E)   the sales per employeeF) C) and E)
G) D) and E)

Question 6

In the late 1950s, Pierre Martineau 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) A) and B)
G) A) and C)

Question 7

A franchise where the franchisor provides step-by-step procedures for most aspects of the business is known as a

Accepted Answer

A)   business-format franchise.
B)   product-distribution franchise.
C)   business franchise venture.
D)   manufacturing franchise.
E)   general service franchise.F) A) and C)
G) A) and E)

Question 8

Retailers are implementing pioneering new technologies such as cloud-based Internet-of-Things (IoT)  platforms combined with ________ to improve the quality of information available about the shopping experience in their stores.

Accepted Answer

A)   radio frequency identification (RFI
D)   tags
B)   encapsulation techniques
C)   barcode scanners
D)   nanotechnology
E)   cookiesF) B) and D)
G) A) and B)

Question 9

Selling on consignment to retailers, which means they retain the title to the products displayed and bill retailers only for the merchandise sold, is characteristic of which limited-service wholesaler?

Accepted Answer

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

Question 10

The marketing metrics related to a retailer's products or merchandise include all of the following except which?

Accepted Answer

A)   the cost of carrying inventory
B)   the inventory turnover
C)   the average number of items per transaction
D)   the number of returns
E)   the average length of a store visitF) C) and D)
G) B) and E)

Question 11

Name the four utilities offered by retailers and identify a retailer that provides that utility.

Accepted Answer

The four utilities retailing offers are ...

Question 12

An approach to managing the assortment of merchandise in which a manager is assigned the responsibility for selecting all products that consumers in a market segment might view as substitutes for each other, with the objective of maximizing sales and profits in the category, is referred to as

Accepted Answer

A)   category capacity.
B)   product management.
C)   retail inventory category.
D)   category management.
E)   automated inventory control.F) C) and D)
G) A) and D)

Question 13

Walmart's $485 billion in sales in 2016 surpassed the gross domestic product of all but ________ countries for that same year.

Accepted Answer

A)   5
B)   12
C)   17
D)   22
E)   55F) B) and E)
G) B) and C)

Question 14

Off-price retailing refers to the

Accepted Answer

A)   differences between the final selling price and the retailer's cost.
B)   sale of brand name merchandise at lower than regular prices.
C)   sale of merchandise at maintained markups.
D)   amount added by the manufacturer to achieve the desired suggested retail price.
E)   reduction in retail price usually expressed as the gross margin.F) C) and D)
G) A) and E)

Question 15

Some experts suggest that television shopping programs are becoming a modern version of ________ by combining elements of reality TV programs, talk shows, and infomercials.

Accepted Answer

A)   augmented reality
B)   door-to-door retailing
C)   telemarketing
D)   direct-response wholesaling
E)   indirect sellingF) A) and E)
G) A) and D)

Question 16

Experts suggest that online retailers should think of their websites as ________ if they are to attract and retain customers.

Accepted Answer

A)   cash cows
B)   dynamic billboards
C)   virtual reality stores
D)   traditional retail stores
E)   online entertainmentF) A) and B)
G) A) and C)

Question 17

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 C)
G) B) and E)

Question 18

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

Accepted Answer

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

Question 19

Merchants such as Burlington and T.J.Maxx sell brand-name merchandise at lower than regular prices using

Accepted Answer

A)   an off-price retailing strategy.
B)   a markdown pricing strategy.
C)   an everyday fair pricing strategy.
D)   an everyday low pricing strategy.
E)   a maintained markdown pricing strategy.F) All of the above
G) A) and B)

Question 20

A cluster of neighborhood stores, whose composition is typically unplanned and serves people who are within a 5- to 10-minute drive is referred to as a

Accepted Answer

A)   suburban shopping mall.
B)   strip mall.
C)   mini-mart.
D)   hypomarket.
E)   central business district.F) A) and E)
G) A) and D)

Exam 13: Retailing and Wholesaling

Key target markets for Mall of America are

Correct AnswerverifiedShow Answer

One of the most common forms of retail ownership is the ________ owned by an individual.

Correct AnswerverifiedShow Answer

As a business format franchisor, Subway provides to its franchisee step-by-step procedures for most aspects of the business and

Correct AnswerverifiedShow Answer

A franchise where the franchisor provides step-by-step procedures for most aspects of the business is known as a

Correct AnswerverifiedShow Answer

Selling on consignment to retailers, which means they retain the title to the products displayed and bill retailers only for the merchandise sold, is characteristic of which limited-service wholesaler?

Correct AnswerverifiedShow Answer

The marketing metrics related to a retailer's products or merchandise include all of the following except which?

Correct AnswerverifiedShow Answer

Merchants such as Burlington and T.J.Maxx sell brand-name merchandise at lower than regular prices using

Correct AnswerverifiedShow Answer

Retailers are implementing pioneering new technologies such as cloud-based Internet-of-Things (IoT) platforms combined with ________ to improve the quality of information available about the shopping experience in their stores.

Correct AnswerverifiedShow Answer

Some experts suggest that television shopping programs are becoming a modern version of ________ by combining elements of reality TV programs, talk shows, and infomercials.

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

Off-price retailing refers to the

Correct AnswerverifiedShow Answer

A cluster of neighborhood stores, whose composition is typically unplanned and serves people who are within a 5- to 10-minute drive is referred to as a

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

Name the four utilities offered by retailers and identify a retailer that provides that utility.

Correct AnswerverifiedThe four utilities retailing offers are ...View AnswerShow Answer

In the late 1950s, Pierre Martineau described ________ as "the way in which the store is defined in the shopper's mind."

Correct AnswerverifiedShow Answer

The marketing metrics related to a retailer's finances include all of the following except which?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

An approach to managing the assortment of merchandise in which a manager is assigned the responsibility for selecting all products that consumers in a market segment might view as substitutes for each other, with the objective of maximizing sales and profits in the category, is referred to as

Correct AnswerverifiedShow Answer

Experts suggest that online retailers should think of their websites as ________ if they are to attract and retain customers.

Correct AnswerverifiedShow Answer

Walmart's $485 billion in sales in 2016 surpassed the gross domestic product of all but ________ countries for that same year.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Direct-mail and catalog retailing are "t...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
The four utilities retailing offers are ...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified