Chapter 13 Quiz - MARK 3336
Online retail is growing rapidly and expected to represent ________ of all retail sales by 2025.
24 percent
How do brokers and agents differ from merchant wholesalers?
Brokers and agents do not take title and perform a limited number of specialized functions.
changing only the in-store product mix
Employee staffing
Which of the following is a recent trend in wholesaling?
Less distinction between large retailers and large wholesalers
A discount store (for example, Target, Kohl's, or Walmart) sells standard merchandise at lower prices. To do this, discount stores accept which of the following two conditions?
Lower margins and selling higher volume
Which of the following statements about retailer marketing decisions is correct?
Many retailers identify three critical factors for retail success: location, location, and location.
Which of these factors does NOT impact a retailer's price policy?
Percentage markup
Which of these activities is NOT a function performed by wholesalers?
Selling direct to consumers
__________ involves focusing the entire marketing process toward turning customers into buyers as they approach the point of sale.
Shopper marketing
Which type of retailer carries narrow product lines with deep assortments within those lines?
Specialty stores
In terms of location, most stores today cluster together. What is the primary reason for this?
To increase their customer pulling power
Which of the following statements regarding wholesaling is correct?
Wholesalers must make decisions regarding their marketing mix.
________ includes all the activities involved in selling goods and services to those buying for resale or business use.
Wholesaling
The COVID-19 pandemic ________.
accelerated the shift to digital buying
What are the four broad characteristics used to classify retail stores?
Service, product lines, price, and organization
Some retailers practice ________, which involves charging higher prices in general but coupled with frequent sales and other price promotions. The purpose can be to increase store traffic, create a low-price image, or attract customers who will buy other goods at full prices.
high-low pricing
Retailing today requires __________, which means creating a seamless cross-channel buying experience that integrates in-store, online, and mobile shopping.
omni-channel retailing
The Great Recession of 2008-2009 turned many former free-spending consumers into ________.
value-seeking consumers
Omni-channel retailing includes all of the following EXCEPT ________.
changing only the in-store product mix
A cluster of between 15 and 50 retail stores that usually contains a branch of a department store or variety store, a supermarket, specialty stores, professional offices, and (sometimes) a bank is a __________.
community shopping center
A(n) ________ store is a relatively small store located near residential areas that is often open 24 hours a day and seven days a week and carries a lot of commonly used high-turnover products.
convenience
Some retailers use ________ to create a unique in-store experience for the customer that will advance the brand and move the customer to buy the product.
experientical retailing
A small handful of ________ now control access to enormous numbers of consumers, giving them the upper hand in dealings with manufacturers.
megaretailers
Walmart, Target, Macy's, and other major retailers offer handy ________ that pull customers to both their websites and stores.
mobile apps
Increasingly, different types of retailers now sell the same products at the same prices to the same consumers. This trend is called __________.
retail convergence
Omni-channel retailers are those who ________.
successfully merge the virtual and physical worlds
A(n) ________ is a very large store that meets consumers' total needs for routinely purchased food and nonfood items.
superstore
The online and mobile equivalent of a pop-up store is called ________.
a flash sale
