Question 1

Which of the following is a commonly used method of retail outlet classification?

Accepted Answer

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

Question 2

The variety of different items a store carries is referred to as the

Accepted Answer

A)   retailing mix.
B)   depth of product line.
C)   breadth of product line.
D)   width of product line.
E)   length of product line.

Question 3

In the retail life cycle,__________ is the stage of emergence of a retail outlet,with a sharp departure from existing competition.

Accepted Answer

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

Question 4

A franchise where the franchisor provides step-by-step procedures for most aspects of the business is known as a

Accepted Answer

A)   business-format franchise.
B)   product-distribution franchise.
C)   business franchise venture.
D)   manufacturing franchise.
E)   general service franchise.

Question 5

Explain the difference between breadth of line and depth of line.Be sure to include the definition of scrambled merchandising in your explanation.

Accepted Answer

Breadth of line means the store carries ...

Question 6

Selling agents are agents that

Accepted Answer

A)   furnish the racks or shelves that display merchandise in retail stores, perform all channel functions, and sell on consignment to retailers.
B)   represent a single producer and are responsible for the entire marketing function of that producer.
C)   work for several producers and carry noncompetitive, complementary merchandise in an exclusive territory.
D)   take title to merchandise but sell only to buyers that call on them, pay cash for merchandise, and furnish their own transportation for the merchandise.
E)   sell primarily large bulky products.

Question 7

A 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,is referred to as

Accepted Answer

A)   a power center.
B)   a regional shopping center.
C)   a strip mall.
D)   a central business district.
E)   an urban megacenter.

Question 8

The overlay of stored images or graphics with the real-world environment creates what type of reality for wearers of future smart contact lenses?

Accepted Answer

A)   virtual
B)   cognitive
C)   augmented
D)   apparent
E)   ultimate

Question 9

The wheel of retailing refers to

Accepted Answer

A)   the life cycle of most consumer products sold by retailers.
B)   the diffusion of types of retailers for a new product.
C)   the progression of retail locations an outlet goes through.
D)   the description of how new forms of retail outlets enter the market.
E)   the description of retail management philosophies.

Question 10

A __________ most likely would use truck jobbers to distribute its products.

Accepted Answer

A)   clothing manufacturer
B)   manufacturer of electric generators
C)   leather goods importer
D)   pharmaceutical company
E)   meat processing plant

Question 11

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

Accepted Answer

A)   seasonal markdowns
B)   original markups
C)   future markups
D)   maintained markups
E)   markdowns

Question 12

The calculation for same-store sales growth is

Accepted Answer

A)   Total sales / Selling area in square feet.
B)   (Store sales in year 3 / Store sales in year 1) .
C)   Store sales in year 1 / (Store sales in year 2 - Store sales in year 1) .
D)   (Store sales in year 2 - Store sales in year 1)  / Store sales in year
E)   Store 1 square feet/ Store 2 square feet.

Question 13

As a result of legislation,consumers who do not want to receive telephone calls related to company sales efforts can

Accepted Answer

A)   purchase telephones that block unwanted calls.
B)   place their telephone numbers on the National Do Not Call Registry.
C)   request phone numbers that begin with the area code 555 that automatically block telemarketing solicitors.
D)   request phone numbers that begin with the area code 888 that automatically block telemarketing solicitors.
E)   use an unlisted telephone number.

Question 14

Which of the following firms has made the wisest wholesaler choice for its product?

Accepted Answer

A)   Sam's Coal Country uses a drop shipper for its coal.
B)   Amy's Amazing Appetizers uses a rack jobber for its frozen apricot aperitifs.
C)   Hannah's Hardware uses a rack jobber for its hinges.
D)   Shayna's Superior Supplies uses a desk jobber for its staplers.
E)   Nova's Novelties uses a truck jobber for its never-needs-a-battery night lights.

Question 15

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 antics

Question 16

The difference between the retailer's cost and the initial selling price is referred to as the

Accepted Answer

A)   net margin.
B)   maintained markup.
C)   markdown.
D)   differential markup.
E)   original markup.

Question 17

A store chain is looking for a wholesaler to furnish its health and beauty display shelves,perform all channel functions,and sell to it on consignment.Which of the following would be the wisest wholesaler choice for its requirements?

Accepted Answer

A)   a rack jobber
B)   a truck jobber
C)   a cash and carry wholesaler
D)   a desk jobber
E)   a drop shipper

Question 18

Which form of retailing is Best Buy now using in airports to distribute its mobile phone and computer accessories,digital cameras,flash drives,and other consumer electronics?

Accepted Answer

A)   vending machines
B)   salespeople with mobile carts
C)   mall-scale traditional retail stores
D)   salespeople wearing Best Buy uniforms with products in backpacks
E)   freestanding kiosks staffed with knowledgeable sales personnel

Question 19

Godiva Chocolatier invites consumers to stop by one of its stores for an unforgettable experience,including delectable chocolates,decorative gift collections,and unrivaled customer care.What type of retail service is Godiva offering?

Accepted Answer

A)   full-service
B)   exclusive-service
C)   limited-service
D)   self-service
E)   specialty-service

Question 20

Wells Fargo is one of the best-run banks in the United States.It reaches retail customers through 8,700 stores,a worldwide network of 13,000 ATMs,and its online banking service.Which utility does Wells Fargo best provide?

Accepted Answer

A)   time
B)   possession
C)   place
D)   form
E)   performance

Exam 13: Retailing and Wholesaling

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 franchise where the franchisor provides step-by-step procedures for most aspects of the business is known as a

Correct AnswerverifiedShow Answer

Which form of retailing is Best Buy now using in airports to distribute its mobile phone and computer accessories,digital cameras,flash drives,and other consumer electronics?

Correct AnswerverifiedShow Answer

Which of the following firms has made the wisest wholesaler choice for its product?

Correct AnswerverifiedShow Answer

A store chain is looking for a wholesaler to furnish its health and beauty display shelves,perform all channel functions,and sell to it on consignment.Which of the following would be the wisest wholesaler choice for its requirements?

Correct AnswerverifiedShow Answer

In the retail life cycle,__________ is the stage of emergence of a retail outlet,with a sharp departure from existing competition.

Correct AnswerverifiedShow Answer

A __________ most likely would use truck jobbers to distribute its products.

Correct AnswerverifiedShow Answer

The calculation for same-store sales growth is

Correct AnswerverifiedShow Answer

The variety of different items a store carries is referred to as the

Correct AnswerverifiedShow Answer

A 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,is referred to as

Correct AnswerverifiedShow Answer

The overlay of stored images or graphics with the real-world environment creates what type of reality for wearers of future smart contact lenses?

Correct AnswerverifiedShow Answer

The wheel of retailing refers to

Correct AnswerverifiedShow Answer

Wells Fargo is one of the best-run banks in the United States.It reaches retail customers through 8,700 stores,a worldwide network of 13,000 ATMs,and its online banking service.Which utility does Wells Fargo best provide?

Correct AnswerverifiedShow Answer

Which of the following is a commonly used method of retail outlet classification?

Correct AnswerverifiedShow Answer

Explain the difference between breadth of line and depth of line.Be sure to include the definition of scrambled merchandising in your explanation.

Correct AnswerverifiedBreadth of line means the store carries ...View AnswerShow Answer

The difference between the retailer's cost and the initial selling price is referred to as the

Correct AnswerverifiedShow Answer

Selling agents are agents that

Correct AnswerverifiedShow Answer

As a result of legislation,consumers who do not want to receive telephone calls related to company sales efforts can

Correct AnswerverifiedShow Answer

Godiva Chocolatier invites consumers to stop by one of its stores for an unforgettable experience,including delectable chocolates,decorative gift collections,and unrivaled customer care.What type of retail service is Godiva offering?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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Breadth of line means the store carries ...
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