Question 1

Often new models or styles force the price of existing models to be

Accepted Answer

A)   marked up.
B)   off-priced.
C)   value-subtracted.
D)   maintained.
E)   marked down.F) All of the above
G) A) and E)

Question 2

The use of displays,coupons,product samples,and other brand communications to influence shopping behavior in a store is referred to as

Accepted Answer

A)   functional qualities.
B)   level of service.
C)   shopper marketing.
D)   lifestyle attributes.
E)   psychographic elements.F) C) and D)
G) A) and B)

Question 3

Another term for maintained markup is

Accepted Answer

A)   original markup.
B)   maintained markup.
C)   markdown.
D)   gross margin.
E)   net margin.F) D) and E)
G) B) and C)

Question 4

Figure 13-5

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

Accepted Answer

A)   stabilization
B)   early growth
C)   accelerated development
D)   maturity
E)   declineF) B) and C)
G) A) and E)

Question 5

Explain the difference between full-service and limited-service merchant wholesalers.List and describe the types of wholesalers that belong in each category.

Accepted Answer

Merchant wholesalers are classified eith...

Question 6

__________ retailers utilize and integrate a combination of traditional store formats and nonstore formats.

Accepted Answer

A)   Progressive
B)   Opportunistic
C)   Multichannel
D)   Cluster
E)   PowerF) A) and C)
G) C) and E)

Question 7

Discounting generally takes place during which stage of the retail life cycle?

Accepted Answer

A)   early growth
B)   accelerated development
C)   decline
D)   maturity
E)   early growth and maturityF) A) and B)
G) A) and C)

Question 8

Many fast-food retailers,including McDonald's and Burger King,have followed a predictable pattern of how new forms of retail outlets enter the marketplace.McDonald's has evolved from a relatively simple restaurant with low margins,low prices,limited product offerings,and low institutional status to a worldwide chain with higher margins,high status,and a diverse menu of products.This evolution of McDonald's restaurants is consistent with the

Accepted Answer

A)   slow to fast-food restaurant evolutionary cycle.
B)   revolution of retailing.
C)   retail life cycle.
D)   fast-food retail sequence.
E)   wheel of retailing.F) B) and D)
G) B) and C)

Question 9

The sales of products and services to consumers through personal interactions and demonstrations in their homes or offices is referred to as

Accepted Answer

A)   direct selling.
B)   person-to-person sales.
C)   face-to-face selling.
D)   direct-response selling.
E)   customized selling.F) B) and D)
G) B) and C)

Question 10

A retailer bought a collectible Precious Moments figurine for $26. She sets the initial selling price at $60. The final selling price was $52. What was the original markup?

Accepted Answer

A)   $86 
B)   $13 
C)   $78 
D)   $34 
E)   $112 F) B) and D)
G) B) and C)

Question 11

Explain the relationship between a franchisee and a franchisor.

Accepted Answer

In a franchise system,an individual or f...

Question 12

Most stores today are near several others in one of four 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 community shopping center
E)   the power centerF) D) and E)
G) A) and B)

Question 13

Figure 13-4 
-According to Figure 13-4,Box A represents the stage in the wheel of retailing when a retail outlet starts with

Accepted Answer

A)   low prices, high margins, and high status.
B)   mixed prices, mixed margins, and mixed status.
C)   low prices, low margins, and low status.
D)   moderate prices, high margins, and high status.
E)   high prices, low margins, and mixed status.F) B) and E)
G) C) and D)

Question 14

A wholesaler that carries a narrow range of products and performs all channel functions is referred to as a

Accepted Answer

A)   general merchandise wholesaler.
B)   truck jobber.
C)   specialty merchandise wholesaler.
D)   rack jobber.
E)   drop shipper.F) C) and E)
G) A) and B)

Question 15

When retailers set prices on new models or styles of products,the price of existing models often is __________ to quickly sell them.

Accepted Answer

A)   benchmarked
B)   off-priced
C)   value-added
D)   marked down
E)   maintainedF) C) and D)
G) B) and C)

Question 16

A unique broker that acts in many ways like a manufacturer's agent is a food broker,representing buyers and sellers in the grocery industry.Food brokers differ from conventional brokers because they act on behalf of producers on a permanent basis and

Accepted Answer

A)   receive a commission for their services.
B)   are paid a flat fee for each time the shelves are stocked.
C)   are paid by both the buyer and seller separately depending upon the size of the order.
D)   are paid a commission by the buyer and a bonus by the seller.
E)   are paid a flat fee by both the buyer and seller, but receive a bonus based upon the percentage of increased sales by quarter.F) D) and E)
G) C) and D)

Question 17

Consumers benefit in dealing with retail corporate chains because

Accepted Answer

A)   corporate chains have more experience than other forms of retailers.
B)   consumers can own stock in the same company where they shop since corporate chain stock must be publicly traded.
C)   chains can bargain with a manufacturer to obtain product volume discounts on orders, which can be passed on to consumers in terms of lower prices.
D)   there are multiple outlets, each with its own varied merchandise and different management policies.
E)   merchandise is arranged and displayed by professional designers making their shopping experience less stressful.F) A) and B)
G) C) and D)

Question 18

Merchants such as Burlington Coat Factory sell brand-name merchandise at lower than regular prices.This means that it is 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) None of the above
G) A) and C)

Question 19

When developing retailing strategies,marketers develop a retailing mix which includes

Accepted Answer

A)   products, services, promotions, and retail communication.
B)   promotions, publicity, and press releases.
C)   retail pricing, store location, retail communication, and merchandise.
D)   physical environment, people, process, and productivity.
E)   direct mail, online stores, traditional stores, and outlet stores.F) A) and B)
G) A) and D)

Question 20

Target sends messages about special offers to ________ wearers who are near its stores,directs them toward sales items once inside,and allows shoppers to initiate payment simply by holding the device near a payment terminal.

Accepted Answer

A)   Apple Watch
B)   Amazon Echo
C)   Fitbit Flex
D)   Google Glass
E)   Foursquare's FourEyesF) A) and C)
G) A) and D)

Exam 13: Retailing and Wholesaling

A wholesaler that carries a narrow range of products and performs all channel functions is referred to as a

Correct Answer
verified

A unique broker that acts in many ways like a manufacturer's agent is a food broker,representing buyers and sellers in the grocery industry.Food brokers differ from conventional brokers because they act on behalf of producers on a permanent basis and

Correct Answer
verified

Consumers benefit in dealing with retail corporate chains because

Correct Answer
verified

Discounting generally takes place during which stage of the retail life cycle?

Correct Answer
verified

Another term for maintained markup is

Correct Answer
verified

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

Correct Answer
verified

The use of displays,coupons,product samples,and other brand communications to influence shopping behavior in a store is referred to as

Correct Answer
verified

Merchants such as Burlington Coat Factory sell brand-name merchandise at lower than regular prices.This means that it is using

Correct Answer
verified

Often new models or styles force the price of existing models to be

Correct Answer
verified

__________ retailers utilize and integrate a combination of traditional store formats and nonstore formats.

Correct Answer
verified

The sales of products and services to consumers through personal interactions and demonstrations in their homes or offices is referred to as

Correct Answer
verified

Explain the difference between full-service and limited-service merchant wholesalers.List and describe the types of wholesalers that belong in each category.

Correct Answer
verified
Merchant wholesalers are classified eith...
View Answer

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

Correct Answer
verified

When developing retailing strategies,marketers develop a retailing mix which includes

Correct Answer
verified

When retailers set prices on new models or styles of products,the price of existing models often is __________ to quickly sell them.

Correct Answer
verified

Explain the relationship between a franchisee and a franchisor.

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

Target sends messages about special offers to ________ wearers who are near its stores,directs them toward sales items once inside,and allows shoppers to initiate payment simply by holding the device near a payment terminal.

Correct Answer
verified

Figure 13-4 -According to Figure 13-4,Box A represents the stage in the wheel of retailing when a retail outlet starts with

Correct Answer
verified

Correct Answer
verified

A retailer bought a collectible Precious Moments figurine for $26. She sets the initial selling price at $60. The final selling price was $52. What was the original markup?

Correct Answer
verified

Exam 13: Retailing and Wholesaling

A wholesaler that carries a narrow range of products and performs all channel functions is referred to as a

Correct AnswerverifiedShow Answer

A unique broker that acts in many ways like a manufacturer's agent is a food broker,representing buyers and sellers in the grocery industry.Food brokers differ from conventional brokers because they act on behalf of producers on a permanent basis and

Correct AnswerverifiedShow Answer

Consumers benefit in dealing with retail corporate chains because

Correct AnswerverifiedShow Answer

Discounting generally takes place during which stage of the retail life cycle?

Correct AnswerverifiedShow Answer

Another term for maintained markup is

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The use of displays,coupons,product samples,and other brand communications to influence shopping behavior in a store is referred to as

Correct AnswerverifiedShow Answer

Merchants such as Burlington Coat Factory sell brand-name merchandise at lower than regular prices.This means that it is using

Correct AnswerverifiedShow Answer

Often new models or styles force the price of existing models to be

Correct AnswerverifiedShow Answer

__________ retailers utilize and integrate a combination of traditional store formats and nonstore formats.

Correct AnswerverifiedShow Answer

The sales of products and services to consumers through personal interactions and demonstrations in their homes or offices is referred to as

Correct AnswerverifiedShow Answer

Explain the difference between full-service and limited-service merchant wholesalers.List and describe the types of wholesalers that belong in each category.

Correct AnswerverifiedMerchant wholesalers are classified eith...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

When developing retailing strategies,marketers develop a retailing mix which includes

Correct AnswerverifiedShow Answer

When retailers set prices on new models or styles of products,the price of existing models often is __________ to quickly sell them.

Correct AnswerverifiedShow Answer

Explain the relationship between a franchisee and a franchisor.

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

Target sends messages about special offers to ________ wearers who are near its stores,directs them toward sales items once inside,and allows shoppers to initiate payment simply by holding the device near a payment terminal.

Correct AnswerverifiedShow Answer

Figure 13-4 -According to Figure 13-4,Box A represents the stage in the wheel of retailing when a retail outlet starts with

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

A retailer bought a collectible Precious Moments figurine for $26. She sets the initial selling price at $60. The final selling price was $52. What was the original markup?

Correct AnswerverifiedShow Answer

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verified
Merchant wholesalers are classified eith...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

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

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
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