Chapter 13
Which of the following statements about retailer marketing decisions is correct? A. Many retailers identify three critical factors for retail success: location, location, and location. B. Retailers do not have to segment and target their markets. C. Retailers do not differentiate themselves on their service mix. D. Most retailers seek either high markups on higher volume or low markups on lower volume. E. Stores do not need to differentiate and position themselves.
A. Many retailers identify three critical factors for retail success: location, location, and location.
__________ are the largest single group of wholesalers. A. Merchant wholesalers B. Manufacturers' branches C. Brokers D. Retailers' branches E. Agents
A. Merchant wholesalers
Retailers need to differentiate and position their store and make decisions regarding their retail marketing mix. Before making those decisions, retailers must first __________. A. segment and define their target market B. develop a website C. hire knowledgeable staff D. choose a location E. decide on the store atmosphere
A. segment and define their target market
Retailers must decide on which three major product variables? A. Product assortment, services mix, and store atmosphere B. Product assortment, price, and location C. Product assortment, store atmosphere, and price D. Product assortment, services mix, and price E. Product assortment, services mix, and location
A. Product assortment, services mix, and store atmosphere
One new technology being adopted by retailers is __________. For example, when opted-in customers enter a store, a signal wakes up an app on their smartphone or tablet, which welcomes them and alerts them to location-specific rewards and personalized product recommendations within the store. A. beacon technology B. RFID C. virtual reality D. showrooming E. scanners
A. beacon technology
What are the four broad characteristics used to classify retail stores? A. Service, location, price, and organization B. Service, product lines, price, and organization C. Service, product lines, price, and location D. Location, product lines, price, and organization E. Service, product lines, target market, and price
B. Service, product lines, price, and organization
Which of the following is a recent trend in wholesaling? A. Less emphasis on efficiency B. Less attention to building valuable customer relationships C. Less distinction between large retailers and large wholesalers D. Increased costs due to the use of computerized, automated, and Internet-based systems E. Decreasing the services provided to retailers
C. 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? A. Selling higher volume and having inefficient operations B. Lower margins and selling lower volume C. Lower margins and selling higher volume D. Higher margins and selling lower volume E. Operating at a loss and selling higher volume
C. Lower margins and selling higher volume
Which type of retailer carries narrow product lines with deep assortments within those lines? A. Discount stores B. Superstores C. Specialty stores D. Department stores E. Convenience stores
C. Specialty stores
__________ retailing refers to the creation of a seamless cross-channel buying experience. A. Self-service B. Full-service C. Omni-channel D. Limited-service E. Service
C. Omni-channel
Tiffany and Neiman Marcus are classified as __________ retailers. A. omni-channel B. service C. full-service D. limited-service E. self-service
C. full-service
Which of the following statements about major retail trends is true? A. The lifecycle of new retail forms is increasing. B. The green movement has not yet affected retailing. C. Retail convergence has decreased competition for retailers. D. Online buying is growing at a much brisker pace than retail buying as a whole. E. The global expansion of major retailers into other countries has slowed down.
D. Online buying is growing at a much brisker pace than retail buying as a whole.
__________ involves focusing the entire marketing process toward turning customers into buyers as they approach the point of sale. A. Retail convergence B. Full-service retailing C. Wholesaling D. Shopper marketing E. Retailing
D. Shopper marketing
L.L. Bean has turned its flagship store into a full-fledged outdoor adventure center, which is an example of __________. A. price decision B. services mix C. segmentation decision D. experiential retailing E. targeting decision
D. experiential retailing
Increasingly, different types of retailers now sell the same products at the same prices to the same consumers. This trend is called __________. A. megaretailing B. green retailing C. mobile retailing D. retail convergence E. showrooming
D. retail convergence
In terms of location, most stores today cluster together. What is the primary reason for this? A. To ensure customers will not "one-stop" shop B. To avoid paying taxes C. To achieve common ownership D. To ensure they all maintain the same profit margin E. To increase their customer pulling power
E. To increase their customer pulling power
Retailing today requires __________, which means creating a seamless cross-channel buying experience that integrates in-store, online, and mobile shopping. A. full-service retailing B. flash sales C. showrooming D. wholesaling E. omni-channel retailing
E. omni-channel retailing
__________ have shifted the balance of power between retailers and producers. A. Megaretailers B. Green retailing C. Pop-up stores D. Showrooms E. Omni-channel retailing
A. Megaretailers
Which of the following are the largest group of wholesalers, accounting for roughly 50 percent of all wholesaling? A. Agents B. Manufacturers' agents C. Manufacturers' representatives D. Merchant wholesalers E. Brokers
D. Merchant wholesalers
What are the three main types of off-price retailers? A. Discount stores, convenience stores, and supermarkets B. Discount stores, factory outlets, and warehouse clubs C. Franchises, factory outlets, and warehouse clubs D. Independents, factory outlets, and warehouse clubs E. Discount stores, factory outlets, and convenience stores
D. Independents, factory outlets, and warehouse clubs
How do brokers and agents differ from merchant wholesalers? A. Brokers and agents take title and perform a limited number of specialized functions. B. Brokers and agents do not take title and perform a limited number of specialized functions. C. Brokers and agents take title and perform a wide variety of specialized functions. D. Brokers and agents do not take title and generally do not specialize by product line or customer type. E. Brokers and agents take title and generally specialize by product line or customer type.
B. Brokers and agents do not take title and perform a limited number of specialized functions.