Chapter 13 Quiz
Which of the following are the largest group of wholesalers, accounting for roughly 50 percent of all wholesaling? A. Brokers B. Manufacturers' representatives C. Manufacturers' agents D. Agents E. Merchant wholesalers
Merchant wholesalers
Retailers must decide on which three major product variables? A. Product assortment, store atmosphere, and price B. Product assortment, services mix, and location C. Product assortment, services mix, and store atmosphere D. Product assortment, price, and location E. Product assortment, services mix, and price
Product assortment, services mix, and store atmosphere
__________ involves focusing the entire marketing process toward turning customers into buyers as they approach the point of sale. A. Shopper marketing B. Retail convergence C. Retailing D. Full-service retailing E. Wholesaling
Shopper marketing
In terms of location, most stores today cluster together. What is the primary reason for this? A. To ensure they all maintain the same profit margin B. To achieve common ownership C. To avoid paying taxes D. To increase their customer pulling power E. To ensure customers will not "one-stop" shop
To increase their customer pulling power
Which wholesaler channel function helps reduce inventory holding costs? A. Financing B. Warehousing C. Buying and assortment building D. Risk bearing E. Transportation
Warehousing
Which of the following statements regarding wholesaling is correct? A. Wholesalers do not need to differentiate themselves. B. Wholesalers do not make positioning decisions. C. Wholesalers must make decisions regarding their marketing mix. D. Wholesalers do not need to segment their markets. E. Wholesalers do not need to define a target market.
Wholesalers must make decisions regarding their marketing mix.
Recently, superstores that are actually giant specialty stores, such as Petco and Home Depot, have seen tremendous growth. These types of superstores are called __________. A. discount stores B. department stores C. off-price retailers D. category killers E. warehouse clubs
category killers
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 __________. A. community shopping center B. lifestyle center C. neighborhood shopping center D. power center E. regional shopping mall
community shopping center
L.L.Bean has turned its flagship store and campus in Freeport, Maine into a full-fledged outdoor adventure center. There, customers can hike, kayak, or go seal watching at nearby Cisco Bay. This is an example of __________. A. a community shopping center B. experiential retailing C. one-stop shopping D. full-service retailing E. omni-channel retailing
experiential retailing
Retailing today requires __________, which means creating a seamless cross-channel buying experience that integrates in-store, online, and mobile shopping. A. flash sales B. omni-channel retailing C. full-service retailing D. showrooming E. wholesaling
omni-channel 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. showrooming C. mobile retailing D. green retailing E. retail convergence
retail convergence
What are the four broad characteristics used to classify retail stores? A. Location, product lines, price, and organization B. Service, location, price, and organization C. Service, product lines, price, and organization D. Service, product lines, price, and location E. Service, product lines, target market, and price
Service, product lines, price, and organization
Which type of retailer carries narrow product lines with deep assortments within those lines? A. Convenience stores B. Discount stores C. Superstores D. Specialty stores E. Department stores
Specialty stores
One recent retailing trend resulting from economic conditions is __________. A. the rise of megastores B. tighter consumer spending C. green retailing D. retail convergence E. pop-up stores
tighter consumer spending
Retailers need to differentiate and position their store and make decisions regarding their retail marketing mix. Before making those decisions, retailers must first __________. A. decide on the store atmosphere B. develop a website C. choose a location D. hire knowledgeable staff E. segment and define their target market
segment and define their target market
What are the three main types of off-price retailers? A. Discount stores, factory outlets, and warehouse clubs B. Franchises, factory outlets, and warehouse clubs C. Discount stores, factory outlets, and convenience stores D. Discount stores, convenience stores, and supermarkets E. Independents, factory outlets, and warehouse clubs
Independents, factory outlets, and warehouse clubs
Which of the following best reflects the role of retailing in the distribution channel? A. All the activities involved in breaking down large volumes of goods for resale to retailers B. All the activities involved in selling goods over the Internet C. All the activities involved when consumers sell to other consumers on auction websites D. All the activities involved in selling raw materials to manufacturers E. All the activities involved in selling products or services directly to final consumers for their personal, nonbusiness use
All the activities involved in selling products or services directly to final consumers for their personal, nonbusiness use
Which of the following is a recent trend in wholesaling? A. Less emphasis on efficiency B. Increased costs due to the use of computerized, automated, and Internet-based systems C. Less distinction between large retailers and large wholesalers D. Decreasing the services provided to retailers E. Less attention to building valuable customer relationships
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. Lower margins and selling lower volume B. Higher margins and selling lower volume C. Lower margins and selling higher volumeD. Selling higher volume and having inefficient operations E. Operating at a loss and selling higher volume
Lower margins and selling higher volume
Which of the following statements about retailer marketing decisions is correct? A. Stores do not need to differentiate and position themselves. B. Retailers do not have to segment and target their markets. C. Retailers do not differentiate themselves on their service mix. D. Many retailers identify three critical factors for retail success: location, location, and location. E. Most retailers seek either high markups on higher volume or low markups on lower volume.
Many retailers identify three critical factors for retail success: location, location, and location.
Which of the following statements regarding retailer pricing decisions is correct? A. Competition and economic factors do not influence retail pricing decisions. B. High-low pricing is a strategy used by wholesalers when they sell to retailers. C. Everyday low pricing is a strategy that has proven to be ineffective. D. Most retailers seek either high markups on lower volume or low markups on higher volume. E. All retailers use some type of price promotions.
Most retailers seek either high markups on lower volume or low markups on higher volume.
Which of the following statements about major retail trends is true? A. Online buying is growing at a much brisker pace than retail buying as a whole. B. Retail convergence has decreased competition for retailers. C. The lifecycle of new retail forms is increasing. D. The global expansion of major retailers into other countries has slowed down. E. The green movement has not yet affected retailing.
Online buying is growing at a much brisker pace than retail buying as a whole.
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. showrooming B. scanners C. virtual reality D. beacon technology E. RFID
beacon technology
How do brokers and agents differ from merchant wholesalers? A. Brokers and agents do not take title and perform a limited number of specialized functions. B. Brokers and agents do not take title and generally do not specialize by product line or customer type. C. Brokers and agents take title and perform a wide variety of specialized functions. D. Brokers and agents take title and perform a limited number of specialized functions. E. Brokers and agents take title and generally specialize by product line or customer type.
Brokers and agents do not take title and perform a limited number of specialized functions.
Which of the following statements regarding green retailing is correct? A. Retailers today are hesitant to adopt environmentally sustainable practices. B. Green retailing initiatives hurt the bottom line by increasing costs. C. Green retailing takes place at the store and does not extend to other channel members. D. The only current green retailing initiative is to offer environmentally friendly products. E. Green retailing initiatives extend to helping consumers be more environmentally responsible.
Green retailing initiatives extend to helping consumers be more environmentally responsible.