Question 1

Which of the following stores are most likely to be anchor stores at a regional shopping center?

Accepted Answer

A)  Old Navy, Abercrombie & Fitch, and Sephora 
B)  Hickory Farms, a locally owned jewelry store, and McDonald's 
C)  an antique store, Dollar General, and a bakery 
D)  Dick's Sporting Goods, Macy's, and JCPenney 
E)  a Hallmark shop, a sporting goods consignment store, and a Barnes & Noble bookstore 
A)  Old Navy, Abercrombie & Fitch, and Sephora 
B)  Hickory Farms, a locally owned jewelry store, and McDonald's 
C)  an antique store, Dollar General, and a bakery 
D)  Dick's Sporting Goods, Macy's, and JCPenney 
E)  a Hallmark shop, a sporting goods consignment store, and a Barnes & Noble bookstore D

Question 2

Discounting a product when the product does not sell at the original price is referred to as

Accepted Answer

A)  an inverse markup. 
B)  a markdown. 
C)  price sensitivity. 
D)  concession pricing. 
E)  a rebate. 
A)  an inverse markup. 
B)  a markdown. 
C)  price sensitivity. 
D)  concession pricing. 
E)  a rebate. B

Question 3

Stores that carry tremendous depth in one primary line of merchandise are referred to as

Accepted Answer

A)  hypermarkets. 
B)  intertype outlets. 
C)  scrambled merchandise stores. 
D)  limited-line stores. 
E)  single-line stores. 
A)  hypermarkets. 
B)  intertype outlets. 
C)  scrambled merchandise stores. 
D)  limited-line stores. 
E)  single-line stores. E

Question 4

Nordstrom Rack and the Gap Factory Store allow retailers to sell excess merchandise and still maintain an image of offering merchandise at full price in their primary stores. These are referred to as

Accepted Answer

A)  extreme value retailers. 
B)  warehouse clubs. 
C)  discount houses. 
D)  outlet stores. 
E)  community shopping centers. 
A)  extreme value retailers. 
B)  warehouse clubs. 
C)  discount houses. 
D)  outlet stores. 
E)  community shopping centers.

Question 5

The four stages of the retail life cycle are

Accepted Answer

A)  introduction, growth, maturity, and decline. 
B)  awareness, inquiry, alternative evaluation, and purchase. 
C)  early growth, accelerated development, maturity, and decline. 
D)  innovation, standardization, adaptation, and obsolescence. 
E)  innovation, adaptation, imitation, and obsolescence. 
A)  introduction, growth, maturity, and decline. 
B)  awareness, inquiry, alternative evaluation, and purchase. 
C)  early growth, accelerated development, maturity, and decline. 
D)  innovation, standardization, adaptation, and obsolescence. 
E)  innovation, adaptation, imitation, and obsolescence.

Question 6

Store layout, colors, lighting, and music are all considered part of a store's retail

Accepted Answer

A)  sensory management plan. 
B)  measurable attributes. 
C)  antecedent attributes. 
D)  emotive appeal. 
E)  atmosphere. 
A)  sensory management plan. 
B)  measurable attributes. 
C)  antecedent attributes. 
D)  emotive appeal. 
E)  atmosphere.

Question 7

________ can benefit retailers by helping them to predict shopping behavior, provide personalized, real-time messaging and promotions, and track customer needs.

Accepted Answer

A)  Data analytics 
B)  Brokers 
C)  Telemarketing 
D)  Multichannel retailing 
E)  Shopper marketing 
A)  Data analytics 
B)  Brokers 
C)  Telemarketing 
D)  Multichannel retailing 
E)  Shopper marketing

Question 8

Sam's Club and Costco are examples of

Accepted Answer

A)  supercenters. 
B)  hypermarkets. 
C)  warehouse clubs. 
D)  single-price retailers. 
E)  outlet stores. 
A)  supercenters. 
B)  hypermarkets. 
C)  warehouse clubs. 
D)  single-price retailers. 
E)  outlet stores.

Question 9

Why are vending machine prices often higher than those in a retail store?

Accepted Answer

Vending machine maintenance, o

Question 10

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

Question 11

During which stage of the retail life cycle do companies establish multiple outlets?

Accepted Answer

A)  decline 
B)  maturity 
C)  accelerated development 
D)  introduction 
E)  early growth 
A)  decline 
B)  maturity 
C)  accelerated development 
D)  introduction 
E)  early growth

Question 12

The horizontal dimension of the retail positioning matrix is

Accepted Answer

A)  market growth. 
B)  value added. 
C)  relative market share. 
D)  retail sales. 
E)  stage in the retail life cycle. 
A)  market growth. 
B)  value added. 
C)  relative market share. 
D)  retail sales. 
E)  stage in the retail life cycle.

Question 13

The acronym RFID stands for

Accepted Answer

A)  retail franchise identification designation. 
B)  required financial identification. 
C)  radar frequency identification. 
D)  radio frequency identification. 
E)  retail federation of independent department stores. 
A)  retail franchise identification designation. 
B)  required financial identification. 
C)  radar frequency identification. 
D)  radio frequency identification. 
E)  retail federation of independent department stores.

Question 14

Another name for an extreme-value retailer is

Accepted Answer

A)  specialty outlet. 
B)  single-price retailer. 
C)  hypermarket. 
D)  outlet store. 
E)  warehouse club. 
A)  specialty outlet. 
B)  single-price retailer. 
C)  hypermarket. 
D)  outlet store. 
E)  warehouse club.

Question 15

Originally, filters for Mr. Coffee electric-drip coffeemakers were sold through appliance and mass merchandise stores. If the company decided to sell the filters in grocery stores where customers purchased their coffee, what type of intermediaries would the company most likely hire?

Accepted Answer

A)  a full-line wholesaler 
B)  a drop shipper 
C)  a food broker 
D)  a truck jobber 
E)  a manufacturer's representative 
A)  a full-line wholesaler 
B)  a drop shipper 
C)  a food broker 
D)  a truck jobber 
E)  a manufacturer's representative

Question 16

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 17

A business in Kansas City, Missouri, looking to rent office space should use ________ to help it locate the most suitable space at the best possible rate.

Accepted Answer

A)  a selling agent 
B)  a manufacturer's representative 
C)  a manufacturer's agent 
D)  an administrator 
E)  a broker 
A)  a selling agent 
B)  a manufacturer's representative 
C)  a manufacturer's agent 
D)  an administrator 
E)  a broker

Question 18

What is off-price retailing? Identify and give an example of the three variations of off-price retailing.

Accepted Answer

Off-price retailing involves selling bra

Question 19

Explain how the wheel of retailing works.

Accepted Answer

The wheel of retailing describes how new

Question 20

Briefly describe the three ways retail outlets can be classified.

Accepted Answer

Retail outlets can be classified in thre

Exam 16: Retailing and Wholesaling

Which of the following stores are most likely to be anchor stores at a regional shopping center?

Discounting a product when the product does not sell at the original price is referred to as

Stores that carry tremendous depth in one primary line of merchandise are referred to as

Nordstrom Rack and the Gap Factory Store allow retailers to sell excess merchandise and still maintain an image of offering merchandise at full price in their primary stores. These are referred to as

The four stages of the retail life cycle are

Store layout, colors, lighting, and music are all considered part of a store's retail

________ can benefit retailers by helping them to predict shopping behavior, provide personalized, real-time messaging and promotions, and track customer needs.

Sam's Club and Costco are examples of

Why are vending machine prices often higher than those in a retail store?

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

During which stage of the retail life cycle do companies establish multiple outlets?

The horizontal dimension of the retail positioning matrix is

The acronym RFID stands for

Another name for an extreme-value retailer is

Originally, filters for Mr. Coffee electric-drip coffeemakers were sold through appliance and mass merchandise stores. If the company decided to sell the filters in grocery stores where customers purchased their coffee, what type of intermediaries would the company most likely hire?

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

A business in Kansas City, Missouri, looking to rent office space should use ________ to help it locate the most suitable space at the best possible rate.

What is off-price retailing? Identify and give an example of the three variations of off-price retailing.

Explain how the wheel of retailing works.

Briefly describe the three ways retail outlets can be classified.

Creating Customer Relationships and Value Through Marketing

Developing Successful Organizational and Marketing Strategies

Scanning the Marketing Environment

Ethical and Social Responsibility for Sustainable Marketing

Understanding Consumer Behavior

Understanding Organizations As Customers

Understanding and Reaching Global Consumers and Markets

Marketing Research: From Customer Insights to Actions

Market Segmentation, Targeting, and Positioning

Developing New Products and Services

Managing Successful Products, Services, and Brands

Services Marketing

Building the Price Foundation

Arriving at the Final Price

Managing Marketing Channels and Supply Chains

Integrated Marketing Communications and Direct Marketing

Advertising, Sales Promotion, and Public Relations

Using Social Media and Mobile Marketing to Connect With Consumers

Personal Selling and Sales Management

Implementing Interactive and Multi-Channel Marketing

Pulling It All Together: the Strategic Marketing Proces

Building an Effective Marketing Plan

Financial Aspects of Marketing

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