Marketing Exam Ch. 11

Which statement regarding price decisions is​ true? A.A​ retailer's price policy must fit its target market and​ positioning, product and service​ assortment, the​ competition, and economic factors. B.Most retailers seek low markups on lower volume. C.Most retailers seek high markups on higher volume. D.Charging high markups and achieving high volume never go together. E.All retailers would like to charge low markups and achieve low volume.

A.A​ retailer's price policy must fit its target market and​ positioning, product and service​ assortment, the​ competition, and economic factors.

Which wholesaler channel function helps customers save money by buying in truckload​ lots? A.Bulk breaking B.Market information C.Transportation D.Financing E.Buying and assortment building

A.Bulk breaking

Attracting and holding customers presents great challenges and decision points for retailers. Of the​ following, which is NOT one of the areas in which they face major​ decisions? A.The type of wholesaling to use B.Retail marketing mix decisions C.Decisions regarding segmentation D.Store differentiation and positioning decisions E.Decisions about targeting

A.The type of wholesaling to use

The trend of​ ________ has resulted in different types of retailers now selling the same products at the same prices to the same consumers. A.retail convergence B.pop-up stores C.green retailing D.social media retailing E.tighter consumer spending

A.retail convergence

Retailers must decide on three major product​ variables: product​ assortment, services​ mix, and​ _________. A.store atmosphere B.promotion C.segmentation and targeting D.location E.price

A.store atmosphere

Omni-channel marketing requires carefully integrating​ ________ from discovery to purchase in the buying process. A.the entire range of available shopping channels B.different physical store locations C.physical stores and online shopping D.physical stores with social media E.online shopping with social media

A.the entire range of available shopping channels

Progressive wholesalers constantly watch for better ways to meet the changing needs of​ _________. A.their suppliers and target customers B.their suppliers and other wholesalers C.distribution channels and suppliers D.domestic and international customers E.target customers and other wholesalers

A.their suppliers and target customers

Because​ today's consumers shift seamlessly across​ channels, many online​ retailers, including​ Amazon, are moving​ _________. A.toward a global presence B. into the physical world C.away from an online presence D.into the virtual world E.into offering groceries

B. into the physical world

Which of the following sets of characteristics correctly classifies​ retailers? A.Breadth and depth of product​ lines, relative prices they​ charge, location of the​ store, and store size B.Amount of service​ offered, the breadth and depth of product​ lines, relative prices they​ charge, and how they are organized C.Amount of service​ offered, the relative prices they​ charge, target​ customers, and store size D.Amount of service​ offered, breadth and depth of product​ l

B.Amount of service​ offered, the breadth and depth of product​ lines, relative prices they​ charge, and how they are organized

Which of the following is NOT a major recent trend in​ retailing? A.The rise of new retail forms B.Less frugal consumer spending C.Shorter retail life cycles D.The rise of​ mega-retailers E.Retail convergence

B.Less frugal consumer spending

Which wholesaler channel function helps reduce inventory holding costs and the risks of suppliers and​ customers? A.Transportation B.Warehousing C.Financing D.Buying and assortment building E.Risk bearing

B.Warehousing

Recent years have seen the rapid growth of superstores that are actually giant specialty​ stores; they are sometimes called​ _________. A.convenience stores B.category killers C.warehouse clubs D.discount stores E.corporate chains

B.category killers

New retail forms continue to emerge.​ However, different types of retailers are increasingly serving similar customers with the same products and prices​ (retail convergence), making​ __________ more difficult. A.targeting B.differentiation C.positioning D.logistics E.distribution

B.differentiation

The three major groups of wholesalers are​ ________. A.merchant​ wholesalers, brokers and​ agents, and​ full-service wholesalers B.merchant​ wholesalers, brokers and​ agents, and​ manufacturers' and​ retailers' branches and offices C.merchant​ wholesalers, wholesale​ clubs, and​ big-box stores D.merchant​ wholesalers, brokers and​ agents, and wholesale clubs E.merchant​ wholesalers, full-service​ wholesalers, and​ limited-service wholesalers

B.merchant​ wholesalers, brokers and​ agents, and​ manufacturers' and​ retailers' branches and offices

The online and mobile equivalent of​ pop-ups is​ ________. A.sustainable retailing B.online flash sales C.megaretailers D.retail convergence E.RFID

B.online flash sales

It is important that retailers select locations that are accessible to the target market in areas that are consistent with the​ ___________. A.​retailer's retail marketing mix B.retailer's positioning C.population patterns D.retailer's differentiation E.retailer's distribution hubs

B.retailer's positioning

​________ involves creating a seamless buying experience that integrates​ in-store, online, and mobile shopping. A.Direct mail marketing B.Telemarketing C.Omni-channel marketing D.Catalog marketing E.Shopper marketing

C.Omni-channel marketing

​________ marketing involves focusing the entire marketing process on turning prospective consumers into buyers as they approach the point of sale. A.Point-of-sale B.Wholesale C.Shopper D.Discount E.Direct

C.Shopper

In the long​ run, the only reason for a wholesaler to exist is to​ ________ by increasing the efficiency and effectiveness of the entire marketing channel. A.replace a sales team B.lower logistical costs C.add value D.replace retailers E.eliminate marketing costs

C.add value

​Omni-channel retailing goes beyond just helping​ in-store customers as they​ cross-shop on mobile devices and requires​ ____________. A.moving away from websites to more current shopping channels B.retailers to close their​ brick-and-mortar stores C.carefully integrating the entire range of available shopping channels D.retailers to avoid selling on social media E.only using mobile apps to sell their products

C.carefully integrating the entire range of available shopping channels

​Omni-channel marketing​ ________. A.includes all the activities involved in selling goods or services directly to final consumers for their​ personal, nonbusiness use B.includes all the activities involved in selling goods or services to those who are buying for resale or business use C.means integrating all available shopping channels and devices into a seamless customer shopping experience D.involves focusing the entire marketing process on turning shoppers into buyers as they move alo

C.means integrating all available shopping channels and devices into a seamless customer shopping experience

The need for​ omni-channel marketing is a result of​ ________. A.category killers B.green retailing C.omni-channel buying D.retail convergence E.megaretailers

C.omni-channel buying

Guided by​ __________, retailers must decide on a retail marketing mix—product and services​ assortment, price,​ promotion, and place. A.strong differentiation and pricing B.strong targeting and differentiation C.strong targeting and positioning D.strong positioning and differentiation E.strong positioning and products and services assortment

C.strong targeting and positioning

What are the three major product variables retailers must decide​ on? A.Product​ assortment, product​ mix, and store atmosphere B.Product​ assortment, services​ mix, and location C.Location, location, and location D.Product​ assortment, services​ mix, and store atmosphere E.Store​ size, store​ atmosphere, and location

D.Product​ assortment, services​ mix, and store atmosphere

Which of the following statements about​ omni-channel buyers is NOT​ correct? A.They will cause a massive shift in how store retailers operate. B.They readily research products and prices​ online, shopping digitally from​ home, from​ work, in​ stores, or anywhere in between. C.They shop digitally from home. D.They do not need the​ bricks-and-mortar environment in which to shop. E.They shift easily across online and​ in-store channels throughout the buying process.

D.They do not need the​ bricks-and-mortar environment in which to shop.

By practicing​ ________, today's retailers are increasingly adopting environmentally sustainable practices. A.mobile retailing B.megaretailing C.retail convergence D.green retailing E.social media retailing

D.green retailing

Many marketers are now embracing the concept of​ ________, which focuses the entire marketing process toward turning shoppers into buyers as they move along toward the point of sale. A.omni-channel marketing B.corporate chains C.mobile-first retailing D.shopper marketing E.wholesaling

D.shopper marketing

A(n) ________ is a​ large, low-cost,​ low-margin, high-volume,​ self-service store that carries a wide variety of grocery and household products. A.service retailer B.discount store C.off-price retailer D.supermarket E.convenience store

D.supermarket

The​ Sherwin-Williams Color Visualizer app lets you​ "Color It Before You Paint​ It!" by uploading actual room images and painting them virtually. This is an example of which advance in retail​ technology? A.RFID B.Experiential retailing C.Virtual reality D.Retail convergence E.Augmented reality

E.Augmented reality