Question 1

How are retailers classified based on the amount of service they provide to customers? Provide examples of each service level to illustrate your response.

Accepted Answer

Different types of customers and product

Question 2

Posco,a limited-service retail chain with 130 stores across the country,is seeking to improve its standing in the market.Since its operations are widespread,altering the store atmosphere significantly is not feasible because of the costs involved.Similarly,upgrading the stores to full-service retail chains would require a large investment of time,effort,and employee training.Assuming that many of Posco Retail's private-label brands are bringing in large revenues,what strategy could Posco Retail use to differentiate itself while matching target shoppers' expectations?

Accepted Answer

(Students' answers may vary.The answer g

Question 3

Which term refers to a giant specialty store with a very deep assortment of a particular product line?

Accepted Answer

A)  category killer 
B)  convenience store 
C)  factory outlet 
D)  department store 
E)  independent store 
A)  category killer 
B)  convenience store 
C)  factory outlet 
D)  department store 
E)  independent store

Question 4

Which wholesaler channel function is demonstrated when a wholesaler's sales force helps a manufacturer reach many small customers at a low cost?

Accepted Answer

A)  bulk breaking 
B)  selling and promoting 
C)  buying and assortment building 
D)  warehousing 
E)  risk bearing 
A)  bulk breaking 
B)  selling and promoting 
C)  buying and assortment building 
D)  warehousing 
E)  risk bearing

Question 5

Which of the following conditions increases the chances of a retailer opting to be categorized as a self-service retailer?

Accepted Answer

A)  when consumers need warranty information about shopping goods 
B)  when customers are willing to conduct their own locate-compare-select process 
C)  when the store offers luxury products at highly affordable prices 
D)  when customers are looking for a narrow product line with a deep assortment 
E)  when the store has been converted into a designer shop from a department store 
A)  when consumers need warranty information about shopping goods 
B)  when customers are willing to conduct their own locate-compare-select process 
C)  when the store offers luxury products at highly affordable prices 
D)  when customers are looking for a narrow product line with a deep assortment 
E)  when the store has been converted into a designer shop from a department store

Question 6

Manufacturers' agents are the most common type of agent wholesaler.

Accepted Answer

A) True 
 B)False

Question 7

Explain how wholesalers have been able to use technology to cut costs.

Accepted Answer

Today's large and progressive wholesaler

Question 8

Flax is a chain of stores that carries several product lines including clothing,home furnishings,and household appliances.Each line is operated as a separate department,and employees are available to assist and advise customers in every phase of the shopping process.Flax is most likely a ________.

Accepted Answer

A)  self-service retailer 
B)  category killer 
C)  full-service retailer 
D)  supermarket 
E)  pop-up store 
A)  self-service retailer 
B)  category killer 
C)  full-service retailer 
D)  supermarket 
E)  pop-up store

Question 9

Describe the three different types of wholesalers.

Accepted Answer

Wholesalers fall into three major groups

Question 10

Differentiate between power centers and lifestyle centers.

Accepted Answer

Power centers are huge unenclosed shoppi

Question 11

Hamilton Wholesaling,an electronics wholesaling firm,provides many services to customers including buying,storing,and transporting expensive and delicate electronics equipment.Hamilton takes title of ownership to all goods that the firm handles.Hamilton is most likely a(n)________.

Accepted Answer

A)  wholesaling broker 
B)  merchant wholesaler 
C)  agent wholesaler 
D)  manufacturer's agent 
E)  manufacturer's representative 
A)  wholesaling broker 
B)  merchant wholesaler 
C)  agent wholesaler 
D)  manufacturer's agent 
E)  manufacturer's representative

Question 12

Pricing decisions of specialty stores are typically based on low markups on a high volume of products.

Accepted Answer

A) True 
 B)False

Question 13

________ refers to the activities involved in selling products or services directly to final consumers for their personal,nonbusiness use.

Accepted Answer

A)  Sole sourcing 
B)  Retailing 
C)  Manufacturing 
D)  Procurement 
E)  Warehousing 
A)  Sole sourcing 
B)  Retailing 
C)  Manufacturing 
D)  Procurement 
E)  Warehousing

Question 14

Retail convergence most likely leads to ________.

Accepted Answer

A)  reduced differentiation 
B)  reduced competition 
C)  increased sales 
D)  increased profit margins 
E)  reduced advertising costs 
A)  reduced differentiation 
B)  reduced competition 
C)  increased sales 
D)  increased profit margins 
E)  reduced advertising costs

Question 15

A ________ refers to a group of retail businesses built on a site that is planned,developed,owned,and managed as a unit.

Accepted Answer

A)  pop-up store 
B)  shopping center 
C)  warehouse 
D)  category killer 
E)  convenience store 
A)  pop-up store 
B)  shopping center 
C)  warehouse 
D)  category killer 
E)  convenience store

Question 16

Jacob Kendler works in a wholesale business which specializes in industrial goods needed in automobile industries.Jacob's job involves locating and contacting potential buyers and sellers and facilitating the negotiation process.Which of the following,if true,would strengthen the argument that Jacob works as an agent and not as a merchant wholesaler?

Accepted Answer

A)  Jacob runs an independently-owned business. 
B)  Jacob is an employee of an organization producing automobiles. 
C)  Jacob represents his company but is not liable for any damaged or low-quality goods. 
D)  Jacob works in a highly specialized market and does not venture into other product categories. 
E)  Jacob provides a full set of services ranging from locating sellers to delivering goods. 
A)  Jacob runs an independently-owned business. 
B)  Jacob is an employee of an organization producing automobiles. 
C)  Jacob represents his company but is not liable for any damaged or low-quality goods. 
D)  Jacob works in a highly specialized market and does not venture into other product categories. 
E)  Jacob provides a full set of services ranging from locating sellers to delivering goods.

Question 17

Jones & Company,a major retail chain across the United States,offers a wide range of consumer goods such as clothing,furniture,home appliances,cosmetics,jewelry,and food.Jones & Company is best described as a ________.

Accepted Answer

A)  supermarket 
B)  department store 
C)  specialty store 
D)  pop-up store 
E)  category killer 
A)  supermarket 
B)  department store 
C)  specialty store 
D)  pop-up store 
E)  category killer

Question 18

Which term refers to a wholesaler-sponsored group of independent retailers that engages in group buying and common merchandising?

Accepted Answer

A)  factory outlet mall 
B)  retailer cooperative 
C)  corporate chain 
D)  warehouse club 
E)  voluntary chain 
A)  factory outlet mall 
B)  retailer cooperative 
C)  corporate chain 
D)  warehouse club 
E)  voluntary chain

Question 19

Retailers are businesses whose sales come primarily from retailing.

Accepted Answer

A) True 
 B)False

Question 20

Factory outlet malls combine manufacturers' outlets with off-price retail stores and department store clearance outlets.

Accepted Answer

A) True 
 B)False

How are retailers classified based on the amount of service they provide to customers? Provide examples of each service level to illustrate your response.

Which term refers to a giant specialty store with a very deep assortment of a particular product line?

Which wholesaler channel function is demonstrated when a wholesaler's sales force helps a manufacturer reach many small customers at a low cost?

Which of the following conditions increases the chances of a retailer opting to be categorized as a self-service retailer?

Manufacturers' agents are the most common type of agent wholesaler.

Explain how wholesalers have been able to use technology to cut costs.

Flax is a chain of stores that carries several product lines including clothing,home furnishings,and household appliances.Each line is operated as a separate department,and employees are available to assist and advise customers in every phase of the shopping process.Flax is most likely a ________.

Describe the three different types of wholesalers.

Differentiate between power centers and lifestyle centers.

Hamilton Wholesaling,an electronics wholesaling firm,provides many services to customers including buying,storing,and transporting expensive and delicate electronics equipment.Hamilton takes title of ownership to all goods that the firm handles.Hamilton is most likely a(n)________.

Pricing decisions of specialty stores are typically based on low markups on a high volume of products.

________ refers to the activities involved in selling products or services directly to final consumers for their personal,nonbusiness use.

Retail convergence most likely leads to ________.

A ________ refers to a group of retail businesses built on a site that is planned,developed,owned,and managed as a unit.

Jones & Company,a major retail chain across the United States,offers a wide range of consumer goods such as clothing,furniture,home appliances,cosmetics,jewelry,and food.Jones & Company is best described as a ________.

Which term refers to a wholesaler-sponsored group of independent retailers that engages in group buying and common merchandising?

Retailers are businesses whose sales come primarily from retailing.

Factory outlet malls combine manufacturers' outlets with off-price retail stores and department store clearance outlets.

Marketing: Creating and Capturing Customer Value

Company and Marketing Strategy: Partnering to Build Customer Relationships

Analyzing the Marketing Environment

Managing Marketing Information to Gain Customer Insights

Understanding Consumer and Business Buyer Behavior

Customer-Driven Marketing Strategy: Creating Value for Target Customers

Products,Services,and Brands: Building Customer Value

New Product Development and Product Life Cycle Strategies

Pricing: Understanding and Capturing Customer Value

Marketing Channels: Delivering Customer Value

Engaging Consumers and Communicating Customer Value: Advertising and Public Relations

Personal Selling and Sales Promotion

Direct, Online, Social Media, and Mobile Marketing

The Global Marketplace

Social Responsibility and Ethics

Filters

Exam 11: Retailing and Wholesaling

How are retailers classified based on the amount of service they provide to customers? Provide examples of each service level to illustrate your response.

Which term refers to a giant specialty store with a very deep assortment of a particular product line?

Which wholesaler channel function is demonstrated when a wholesaler's sales force helps a manufacturer reach many small customers at a low cost?

Which of the following conditions increases the chances of a retailer opting to be categorized as a self-service retailer?

Manufacturers' agents are the most common type of agent wholesaler.

Explain how wholesalers have been able to use technology to cut costs.

Flax is a chain of stores that carries several product lines including clothing,home furnishings,and household appliances.Each line is operated as a separate department,and employees are available to assist and advise customers in every phase of the shopping process.Flax is most likely a ________.

Describe the three different types of wholesalers.

Differentiate between power centers and lifestyle centers.

Hamilton Wholesaling,an electronics wholesaling firm,provides many services to customers including buying,storing,and transporting expensive and delicate electronics equipment.Hamilton takes title of ownership to all goods that the firm handles.Hamilton is most likely a(n)________.

Pricing decisions of specialty stores are typically based on low markups on a high volume of products.

________ refers to the activities involved in selling products or services directly to final consumers for their personal,nonbusiness use.

Retail convergence most likely leads to ________.

A ________ refers to a group of retail businesses built on a site that is planned,developed,owned,and managed as a unit.

Jones & Company,a major retail chain across the United States,offers a wide range of consumer goods such as clothing,furniture,home appliances,cosmetics,jewelry,and food.Jones & Company is best described as a ________.

Which term refers to a wholesaler-sponsored group of independent retailers that engages in group buying and common merchandising?

Retailers are businesses whose sales come primarily from retailing.

Factory outlet malls combine manufacturers' outlets with off-price retail stores and department store clearance outlets.

Marketing: Creating and Capturing Customer Value

Company and Marketing Strategy: Partnering to Build Customer Relationships

Analyzing the Marketing Environment

Managing Marketing Information to Gain Customer Insights

Understanding Consumer and Business Buyer Behavior

Customer-Driven Marketing Strategy: Creating Value for Target Customers

Products,Services,and Brands: Building Customer Value

New Product Development and Product Life Cycle Strategies

Pricing: Understanding and Capturing Customer Value

Marketing Channels: Delivering Customer Value

Engaging Consumers and Communicating Customer Value: Advertising and Public Relations

Personal Selling and Sales Promotion

Direct, Online, Social Media, and Mobile Marketing

The Global Marketplace

Social Responsibility and Ethics

Filters