Question 1

Timing is an important element of markdowns.Those retailers who take a markdown as soon as sales fall off are most likely doing so to __________.

Accepted Answer

A)  placate dissatisfied customers
B)  enhance customer perceptions of product quality
C)  free up valuable selling space and cash
D)  create an image as a "cutting edge" retailer
E)  react to the entry of a new competitorF) A) and D)
G) A) and B)

Question 2

Which of the following is a commonly used method of classifying retail outlets?

Accepted Answer

A)  service versus product
B)  form of ownership
C)  proportion of national versus private label brands carried
D)  revenues generated
E)  profitabilityF) B) and D)
G) B) and C)

Question 3

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 is a(n) __________ retailer.

Accepted Answer

A)  exclusive-service
B)  full-service
C)  upscale-service
D)  self-service
E)  limited-serviceF) B) and C)
G) A) and E)

Question 4

Specialty stores and department stores,which provide many services to their customers,are frequently categorized by which level of service?

Accepted Answer

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

Question 5

A 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 then multiplied by 100.F) A) and C)
G) A) and D)

Question 6

Which quadrant shown in Figure 16-8 above MOST LIKELY are retailers that typically sell a very restricted range of products that are high in status and quality and whose customers are provided with high levels of service?

Accepted Answer

A)  "A"
B)  "B"
C)  "C"
D)  "D"
E)  Can't be determined based on the information provided.F) C) and D)
G) A) and C)

Question 7

Online retail purchases by consumers can be the result of several very different approaches,which include: (1) paying dues to become a member of an online discount service; (2) participating in an online auction; (3) going directly to online malls;and (4)

Accepted Answer

A)  becoming a secret shopper.
B)  participating in a buying cooperative.
C)  using direct selling.
D)  using a shopping "bot" to search for a product at locations with the best price.
E)  becoming a member of a research group that evaluates new products.F) A) and D)
G) A) and C)

Question 8

Your local Hallmark retailer carries thousands of greeting cards.You can find cards for a "twins" birthday,from my cat to yours,and many other unique occasions.This is an example of the __________ that the Hallmark retailer carries.

Accepted Answer

A)  depth of product line
B)  breadth of product line
C)  height of product line
D)  length of product line
E)  width of product lineF) A) and B)
G) A) and C)

Question 9

The ability to shop over the Internet 24 hours a day,7 days a week provides consumers with __________ utility.

Accepted Answer

A)  form
B)  time
C)  convenience
D)  possession
E)  performanceF) A) and B)
G) All of the above

Question 10

According to the textbook,recent research indicates that the timing of __________ might affect future sales because frequent promotions increase consumers' ability to remember regular prices.

Accepted Answer

A)  promotional markups
B)  original markups
C)  future markups
D)  maintained markups
E)  markdownsF) B) and D)
G) B) and E)

Question 11

Regional shopping centers refer 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 serve people who are within a five- to ten-minute drive and serves a population base of under 30,000.
D)  group of 50 to 150 stores that typically attract 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) A) and E)
G) C) and E)

Question 12

Which type of outlet is most likely in its decline stage of the retail life cycle?

Accepted Answer

A)  single-price stores
B)  value-retail centers
C)  online retailers
D)  general stores
E)  convenience storesF) None of the above
G) All of the above

Question 13

Both market share and profit achieve their greatest growth rates during which stage of the retail life cycle?

Accepted Answer

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

Question 14

Large strip malls that often have two to five anchor stores,and often a supermarket which brings shoppers on a weekly basis,are referred to as

Accepted Answer

A)  suburban malls.
B)  warehouse malls.
C)  power centers.
D)  retail malls.
E)  cluster malls.F) C) and E)
G) D) and E)

Question 15

Sales of goods and services to consumers through personal interactions and demonstrations in their homes or offices is referred to as direct selling,or __________.

Accepted Answer

A)  person-to-person sales
B)  interactive selling
C)  door-to-door retailing
D)  individual promotion
E)  customized sellingF) C) and E)
G) D) and E)

Question 16

Discounting a product when the product does not sell at the original price is referred to as a(n) __________.

Accepted Answer

A)  inverse markup
B)  markdown
C)  price sensitivity
D)  concession pricing
E)  rebateF) A) and C)
G) A) and E)

Question 17

A variation of off-price retailing includes __________.

Accepted Answer

A)  discount wholesalers
B)  outlet stores
C)  discount retailers
D)  supercenters
E)  hypermarketsF) B) and C)
G) A) and B)

Question 18

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

Accepted Answer

A)  product quality
B)  price differences
C)  ethical guidelines
D)  on-time delivery
E)  competitive anticsF) A) and E)
G) A) and B)

Question 19

The term "bricks and clicks" refers to __________ and __________ respectively.

Accepted Answer

A)  catalogs;websites
B)  search engines;websites
C)  traditional retailers;online retailers
D)  buildings;shoppers
E)  computer savvy buyers;computer novice buyersF) A) and B)
G) A) and C)

Question 20

The marketing metrics related to a retailer's finances include all of the following EXCEPT:

Accepted Answer

A)  the markdown percentage.
B)  the average length of a store visit.
C)  the return on sales.
D)  the gross margin.
E)  the sales per employee.F) A) and D)
G) D) and E)

Exam 16: Retailing and Wholesaling

The term "bricks and clicks" refers to and respectively.

Correct Answer
verified

Sales of goods and services to consumers through personal interactions and demonstrations in their homes or offices is referred to as direct selling,or __________.

Correct Answer
verified

Online retail purchases by consumers can be the result of several very different approaches,which include: (1) paying dues to become a member of an online discount service; (2) participating in an online auction; (3) going directly to online malls;and (4)

Correct Answer
verified

Which quadrant shown in Figure 16-8 above MOST LIKELY are retailers that typically sell a very restricted range of products that are high in status and quality and whose customers are provided with high levels of service?

Correct Answer
verified

Regional shopping centers refer to a

Correct Answer
verified

Timing is an important element of markdowns.Those retailers who take a markdown as soon as sales fall off are most likely doing so to __________.

Correct Answer
verified

The marketing metrics related to a retailer's finances include all of the following EXCEPT:

Correct Answer
verified

A markup refers to

Correct Answer
verified

Correct Answer
verified

Both market share and profit achieve their greatest growth rates during which stage of the retail life cycle?

Correct Answer
verified

According to the textbook,recent research indicates that the timing of __________ might affect future sales because frequent promotions increase consumers' ability to remember regular prices.

Correct Answer
verified

Which of the following is a commonly used method of classifying retail outlets?

Correct Answer
verified

Your local Hallmark retailer carries thousands of greeting cards.You can find cards for a "twins" birthday,from my cat to yours,and many other unique occasions.This is an example of the __________ that the Hallmark retailer carries.

Correct Answer
verified

Specialty stores and department stores,which provide many services to their customers,are frequently categorized by which level of service?

Correct Answer
verified

The ability to shop over the Internet 24 hours a day,7 days a week provides consumers with __________ utility.

Correct Answer
verified

Which type of outlet is most likely in its decline stage of the retail life cycle?

Correct Answer
verified

Discounting a product when the product does not sell at the original price is referred to as a(n) __________.

Correct Answer
verified

Large strip malls that often have two to five anchor stores,and often a supermarket which brings shoppers on a weekly basis,are referred to as

Correct Answer
verified

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

Correct Answer
verified

A variation of off-price retailing includes __________.

Correct Answer
verified

Exam 16: Retailing and Wholesaling

The term "bricks and clicks" refers to __________ and __________ respectively.

Correct AnswerverifiedShow Answer

Sales of goods and services to consumers through personal interactions and demonstrations in their homes or offices is referred to as direct selling,or __________.

Correct AnswerverifiedShow Answer

Online retail purchases by consumers can be the result of several very different approaches,which include: (1) paying dues to become a member of an online discount service; (2) participating in an online auction; (3) going directly to online malls;and (4)

Correct AnswerverifiedShow Answer

Which quadrant shown in Figure 16-8 above MOST LIKELY are retailers that typically sell a very restricted range of products that are high in status and quality and whose customers are provided with high levels of service?

Correct AnswerverifiedShow Answer

Regional shopping centers refer to a

Correct AnswerverifiedShow Answer

Timing is an important element of markdowns.Those retailers who take a markdown as soon as sales fall off are most likely doing so to __________.

Correct AnswerverifiedShow Answer

The marketing metrics related to a retailer's finances include all of the following EXCEPT:

Correct AnswerverifiedShow Answer

A markup refers to

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Both market share and profit achieve their greatest growth rates during which stage of the retail life cycle?

Correct AnswerverifiedShow Answer

According to the textbook,recent research indicates that the timing of __________ might affect future sales because frequent promotions increase consumers' ability to remember regular prices.

Correct AnswerverifiedShow Answer

Which of the following is a commonly used method of classifying retail outlets?

Correct AnswerverifiedShow Answer

Your local Hallmark retailer carries thousands of greeting cards.You can find cards for a "twins" birthday,from my cat to yours,and many other unique occasions.This is an example of the __________ that the Hallmark retailer carries.

Correct AnswerverifiedShow Answer

Specialty stores and department stores,which provide many services to their customers,are frequently categorized by which level of service?

Correct AnswerverifiedShow Answer

The ability to shop over the Internet 24 hours a day,7 days a week provides consumers with __________ utility.

Correct AnswerverifiedShow Answer

Which type of outlet is most likely in its decline stage of the retail life cycle?

Correct AnswerverifiedShow Answer

Discounting a product when the product does not sell at the original price is referred to as a(n) __________.

Correct AnswerverifiedShow Answer

Large strip malls that often have two to five anchor stores,and often a supermarket which brings shoppers on a weekly basis,are referred to as

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

A variation of off-price retailing includes __________.

Correct AnswerverifiedShow Answer

The term "bricks and clicks" refers to and respectively.

Correct Answer
verified

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Correct Answer
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