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.