Exam 11: Retailing and Wholesaling

Crunch and Munch is the country's favourite fast-food vendor of fried chicken. Over the years, the company has diversified into providing a larger variety of snacks like hot dogs, burritos, and burgers, but consumers still consider it the best seller of fried chicken. Many potential investors have approached Crunch and Munch with offers to buy the company, but Crunch and Munch continues to operate through its stores. What is franchising? Why would franchising be a good contractual system for Crunch and Munch?

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(Essay)

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Question 1

Correct Answer:

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A franchise is a contractual association between a manufacturer, wholesaler, or service organization and an independent businessperson who buys the right to own and operate one or more units within the franchise system. The main difference between franchise organizations and other contractual systems (voluntary chains and retail cooperatives) is that franchise systems are normally based on some unique product or service; a method of doing business; or the trade name, goodwill, or patent that the franchisor has developed. Franchising has been prominent in fast-food restaurants, motels, health and fitness centres, auto sales and service dealerships, and real estate agencies. Since Crunch and Munch enjoys the position of being a favourite among consumers, franchising is a good tool to capitalize on its reputation without losing its identity.

The rise of megaretailers has shifted the balance of power between retailers and producers. Since megaretailers have access to numerous consumers, they have significant power when dealing with manufacturers.

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(True/False)

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Question 2

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True

Which types of stores are characterized by specialty goods for which customers need assistance and higher operating costs that are passed along to customers as higher prices?

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Question 3

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A franchise organization is a group of independent retailers who jointly establish a central buying organization and conduct joint promotion efforts.

(True/False)

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Question 4

Describe the growth of online retailing.

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Question 5

Wayne Wholesaling fulfills many channel functions for its customers. The company mainly focuses on helping retailers to train their salespeople, improve store layouts, and set up inventory control systems. Based on this description, which channel function is provided by Wayne Wholesaling?

(Multiple Choice)

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Question 6

Too many retailers, even big ones, fail to clearly define their target markets and positions.

(True/False)

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Question 7

As with other types of marketers, a primary goal in wholesaling is to .

(Multiple Choice)

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Question 8

Which of the following is a type of off-price retailer?

(Multiple Choice)

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Question 9

Which of the following channel functions of wholesalers is demonstrated when a buyer receives quicker delivery because wholesalers are located closer than are producers?

(Multiple Choice)

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Question 10

focuses the entire marketing process-from product and brand development to logistics, promotion, and merchandising-toward turning shoppers into buyers as they move along toward the point of sale.

(Multiple Choice)

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Question 11

A group of independent retailers that bands together to set up a jointly owned, central wholesale operation and conduct joint merchandising and promotion efforts is referred to as a .

(Multiple Choice)

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Question 12

Foot Locker has mastered online and mobile efforts that link seamlessly with store operations, offering options such as "buy online, ship from store" and "buy online, reserve in store" for pickup. This is an example of .

(Multiple Choice)

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Question 13

refer to two or more outlets that are commonly owned and controlled.

(Multiple Choice)

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Question 14

JP Wholesalers is one of the largest wholesalers of wooden furnishings in the country. Recently, the company opened a chain of stores called JP Designer Homes that has become popular due to the good reputation the company has as a wholesaler. The company has now started acquiring smaller retail chains and consolidating its position in the market. Which of the following trends is reflected in this scenario?

(Multiple Choice)

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Question 15

Examples of a service retailer include hotels, airlines, banks, colleges, and many others.

(True/False)

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Question 16

Customers at Carat, a premium jewellery store, are encouraged to make an appointment before a visit so that a customer service representative is assigned to them. These representatives help every customer make a purchase that meets his or her needs and budget after considering numerous options. The different styles and special features of the jewellery are explained to each customer to aid the purchase decision. In this case, Carat is an example of a(n) _ .

(Multiple Choice)

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Question 17

Aristocrat Bows N Ties, a Toronto necktie retailer, offers a deep assortment of men's neckties. This company is best described as a(n) _ .

(Multiple Choice)

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Question 18

Which contractual system is distinguished by the fact that it is normally based on some unique product or service; method of doing business; or trade name, goodwill, or patent that has been developed?

(Multiple Choice)

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Question 19

A _ _ is a small open-air mall with upscale stores, convenient locations, and nonretail activities such as a playground, hotel, dining establishments, and a movie theater.

(Multiple Choice)

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Question 20

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The rise of megaretailers has shifted the balance of power between retailers and producers. Since megaretailers have access to numerous consumers, they have significant power when dealing with manufacturers.

Which types of stores are characterized by specialty goods for which customers need assistance and higher operating costs that are passed along to customers as higher prices?

A franchise organization is a group of independent retailers who jointly establish a central buying organization and conduct joint promotion efforts.

Describe the growth of online retailing.

Wayne Wholesaling fulfills many channel functions for its customers. The company mainly focuses on helping retailers to train their salespeople, improve store layouts, and set up inventory control systems. Based on this description, which channel function is provided by Wayne Wholesaling?

Too many retailers, even big ones, fail to clearly define their target markets and positions.

As with other types of marketers, a primary goal in wholesaling is to .

Which of the following is a type of off-price retailer?

Which of the following channel functions of wholesalers is demonstrated when a buyer receives quicker delivery because wholesalers are located closer than are producers?

focuses the entire marketing process-from product and brand development to logistics, promotion, and merchandising-toward turning shoppers into buyers as they move along toward the point of sale.

A group of independent retailers that bands together to set up a jointly owned, central wholesale operation and conduct joint merchandising and promotion efforts is referred to as a .

Foot Locker has mastered online and mobile efforts that link seamlessly with store operations, offering options such as "buy online, ship from store" and "buy online, reserve in store" for pickup. This is an example of .

refer to two or more outlets that are commonly owned and controlled.

Examples of a service retailer include hotels, airlines, banks, colleges, and many others.

Aristocrat Bows N Ties, a Toronto necktie retailer, offers a deep assortment of men's neckties. This company is best described as a(n) _ .

Which contractual system is distinguished by the fact that it is normally based on some unique product or service; method of doing business; or trade name, goodwill, or patent that has been developed?

A _ _ is a small open-air mall with upscale stores, convenient locations, and nonretail activities such as a playground, hotel, dining establishments, and a movie theater.

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