Question 1

A common financial indicator of how effectively retail space is used to generate revenue can be calculated by determining

Accepted Answer

A)   net sales.
B)   shareholders' equity.
C)   market share.
D)   sales per square foot.
E)   return on investment.F) C) and D)
G) None of the above

Question 2

Limited- and single-line stores are often referred to as

Accepted Answer

A)   specialty outlets.
B)   general merchandise stores.
C)   scrambled merchandise stores.
D)   intertype outlets.
E)   hypermarkets.F) A) and E)
G) A) and D)

Question 3

Saks Fifth Avenue is an upscale retailer that offers designer brand women's apparel,fragrances,jewelry,and leather accessories.The retailer relies on superior service to sell its products and to retain its customers.Saks Fifth Avenue would be classified as

Accepted Answer

A)   an exclusive-service retailer.
B)   a limited-service retailer.
C)   a full-service retailer.
D)   a premium-service retailer.
E)   a semi-service retailer.F) A) and E)
G) A) and D)

Question 4

The largest percentage of products sold from vending machines are

Accepted Answer

A)   candy and snacks.
B)   personal items.
C)   movies and videos.
D)   cold beverages.
E)   food.F) C) and E)
G) None of the above

Question 5

Identify and describe the functions of agents and brokers.

Accepted Answer

Agents and brokers do not take title to ...

Question 6

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

Accepted Answer

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

Question 7

When setting prices for merchandise,retailers must decide on the markup,the markdown,and the __________ for markdowns.

Accepted Answer

A)   relevance
B)   necessity
C)   percentage
D)   timing
E)   consequenceF) A) and B)
G) A) and E)

Question 8

Walmart offers a Site-to-Store service that

Accepted Answer

A)   offers shoppers a virtual reality shopping experience from their home computers.
B)   allows customers to order online and receive free same-day pickup at a local store.
C)   provides free shipping to customers if they order $50 or more of selected items.
D)   allows customers to shop in-store using virtual personal shoppers.
E)   allows customers to attend online auctions for Walmart overstock or seasonal items that are being discontinued to make room for new inventory.F) None of the above
G) D) and E)

Question 9

The level of service that requires the customers themselves perform many functions during the purchase process is

Accepted Answer

A)   full-service.
B)   limited-service.
C)   self-service.
D)   customized-service.
E)   automated-service.F) A) and B)
G) C) and D)

Question 10

Independent firms or individuals whose principal function is to bring buyers and sellers together to make sales are referred to as

Accepted Answer

A)   manufacturers' agents.
B)   brokers.
C)   selling agents.
D)   manufacturer's branches.
E)   manufacturer's sales offices.F) C) and D)
G) All of the above

Question 11

Which method of retail outlet classification is most appropriate for describing franchise operations?

Accepted Answer

A)   form of ownership
B)   level of service
C)   merchandise line
D)   method of operation
E)   revenues generatedF) B) and E)
G) D) and E)

Question 12

What is off-price retailing?
 Identify and give an example one variation of off-price retailing.

Accepted Answer

Off-price retailing involves selling bra...

Question 13

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 risen in popularity as a result of the National Please-Do-Call registry legislation.
D)   Consumer privacy, industry standards, and ethical guidelines have become important issues.
E)   Some firms are considering shifting their direct-mail and door-to-door budgets to telemarketing techniques.F) C) and D)
G) B) and C)

Question 14

Stores that carry a considerable assortment (depth) of a related line of items 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 C)
G) A) and E)

Question 15

Direct selling,sometimes called __________,involves direct sales of goods and services to consumers through personal interactions and demonstrations in their home or office.

Accepted Answer

A)   interface marketing
B)   flex marketing
C)   interactive selling
D)   responsive selling
E)   door-to-door retailingF) A) and B)
G) A) and C)

Question 16

Markdowns can be used to

Accepted Answer

A)   increase competition with other retailers in the immediate vicinity.
B)   placate dissatisfied customers.
C)   enhance customer perceptions of product quality.
D)   increase demand for complementary products.
E)   reduce the sense of urgency among repeat buyers.F) B) and D)
G) D) and E)

Question 17

CarMax dealers have adopted a "no-hassle,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) A) and D)
G) B) and D)

Question 18

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

Question 19

A limited-service wholesaler that furnishes shelves that display merchandise in stores,performs all channel functions,and sells on consignment to retailers is referred to as a

Accepted Answer

A)   stack loader.
B)   rack jobber.
C)   drop shipper.
D)   desk jobber.
E)   truck jobber.F) B) and C)
G) A) and E)

Question 20

What is the retailing mix?

Accepted Answer

In developing retailing strategy,manager...

Exam 13: Retailing and Wholesaling

The level of service that requires the customers themselves perform many functions during the purchase process is

Correct AnswerverifiedShow Answer

The largest percentage of products sold from vending machines are

Correct AnswerverifiedShow Answer

Which of the following statements regarding telemarketing is most accurate?

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

Saks Fifth Avenue is an upscale retailer that offers designer brand women's apparel,fragrances,jewelry,and leather accessories.The retailer relies on superior service to sell its products and to retain its customers.Saks Fifth Avenue would be classified as

Correct AnswerverifiedShow Answer

What is the retailing mix?

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

Walmart offers a Site-to-Store service that

Correct AnswerverifiedShow Answer

When setting prices for merchandise,retailers must decide on the markup,the markdown,and the __________ for markdowns.

Correct AnswerverifiedShow Answer

Markdowns can be used to

Correct AnswerverifiedShow Answer

CarMax dealers have adopted a "no-hassle,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

Independent firms or individuals whose principal function is to bring buyers and sellers together to make sales are referred to as

Correct AnswerverifiedShow Answer

A common financial indicator of how effectively retail space is used to generate revenue can be calculated by determining

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 referred to as

Correct AnswerverifiedShow Answer

Limited- and single-line stores are often referred to as

Correct AnswerverifiedShow Answer

Which method of retail outlet classification is most appropriate for describing franchise operations?

Correct AnswerverifiedShow Answer

Identify and describe the functions of agents and brokers.

Correct AnswerverifiedAgents and brokers do not take title to ...View AnswerShow Answer

A limited-service wholesaler that furnishes shelves that display merchandise in stores,performs all channel functions,and sells on consignment to retailers is referred to as a

Correct AnswerverifiedShow Answer

What is off-price retailing? Identify and give an example one variation of off-price retailing.

Correct AnswerverifiedOff-price retailing involves selling bra...View AnswerShow Answer

Stores that carry a considerable assortment (depth) of a related line of items are referred to as

Correct AnswerverifiedShow Answer

Direct selling,sometimes called __________,involves direct sales of goods and services to consumers through personal interactions and demonstrations in their home or office.

Correct AnswerverifiedShow 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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Correct Answer
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Correct Answer
verified
In developing retailing strategy,manager...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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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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Agents and brokers do not take title to ...
View Answer

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Correct Answer
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Off-price retailing involves selling bra...
View Answer

Correct Answer
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Correct Answer
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