Chapter Quiz 11

Macy's, Kohl's, and JCPenney practice a retailing pricing strategy called​ "high-low pricing." Which of the following correctly describes​ high-low pricing? A. The retailer charges higher prices on an everyday​ basis, coupled with frequent sales and other price promotions. B. Retailers do not have to use promotions. C. Some products are priced​ high, others are priced​ low, and still others are priced at​ bargain-basement levels. D. Retailers charge an everyday low price with no special promotions. E. The retailer does not have to run sales on selected items.

A. The retailer charges higher prices on an everyday​ basis, coupled with frequent sales and other price promotions.

After segmenting and defining their target​ markets, retailers must then​ ____________________. A. decide how they will differentiate and position themselves B. decide on the store atmosphere and shopping experience C. decide on pricing by product line and assortment D. decide on the product assortment and volume they will stock E. decide on the level of service they will provide

A. decide how they will differentiate and position themselves

_____________________ is a retailing technique of carefully orchestrating the​ store's layout and​ displays, background​ music, colors, and smells. A. Omni-channel retailing B. Experiential retailing C. Wholesaling D. Environmental retailing E. Interior design

B. Experiential retailing

The Great Recession of​ 2008-2009 had a profound effect on the economy and consumers. Of the​ following, which represents one of the major consumer trends resulting from the Great​ Recession? A. It turned​ brick-and-mortar retailers into​ Internet-only retailers. B. It turned​ free-spending consumers into​ value-seeking ones. C. It restricted retail expansion domestically and internationally. D. It created a trend away from consumer spending on​ well-known brands. E. It forced consumers to become​ omni-channel shoppers.

B. It turned​ free-spending consumers into​ value-seeking ones.

Which of the following retail trends is making differentiation more​ difficult? A. Retail global expansion B. Value-seeking consumers C. Retail convergence D. Omni-channel retailing E. The demise of​ brick-and-mortar retail

C. Retail convergence

Focusing the entire marketing process toward turning shoppers into buyers as they approach the point of sale is known as​ ______________________. A. showrooming B. internal marketing C. shopper marketing D. retailing E. warehousing

C. shopper marketing

What does the phrase​ "omni-channel buying calls for​ omni-channel retailing" imply for​ retailers? A. Retailers should make certain they focus on social and digital media as their main advertising vehicles. B. Retailers should integrate all available​ supply-chain channels into their distribution systems. C. Retailers should attempt to attract​ omni-channel buyers to​ brick-and-mortar settings through experiential retailing. D. Retailers should integrate all available shopping channels and devices into a seamless customer shopping experience. E. Retailers should plan and budget for expansion of​ brick-and-mortar shopping experiences.

D. Retailers should integrate all available shopping channels and devices into a seamless customer shopping experience.

Successful retailers of the future must adopt which type of buying experience that is both seamless and integrates multiple types of​ media? A. Direct-to-consumer retailing B. Omni-channel retailing C. Discount retailing D. Social shopping retailing E. Off-price retailing

D. Social shopping retailing

Which of the following does NOT represent one of the major trends and developments in​ retailing? A. Retail convergence B. Growing importance of retail technology C. The rise of megaretailers D. Social​ e-tailing E. A surge in green retailing

D. Social​ e-tailing

Hotels and​ motels, banks,​ airlines, restaurants,​ colleges, hospitals, movie​ theaters, tennis​ clubs, bowling​ alleys, repair​ services, hair​ salons, and dry cleaners are all examples of​ ________. A. franchises B. non-retailers C. specialty stores D. service retailers E. wholesalers

D. service retailers

Which of the following types of wholesalers are Independently owned businesses that take title to all merchandise​ handled? A. Industrial distributors B. Rack jobbers C. Brokers D. Manufacturers' agents E. Merchant wholesalers

E. Merchant wholesalers

Which of the following is TRUE regarding​ omni-channel buyers? A. They do not shift easily across online and​ in-store channels. B. They purchase online but tend to purchase more​ in-store. C. They prefer the online environment. D. They always shop​ in-store channels, then order online. E. They shift easily across online and​ in-store channels.

E. They shift easily across online and​ in-store channels.

Which of the following represents the four major classifications of retail​ organizations? A. Corporate​ chains, voluntary​ chains, retailer​ cooperatives, and franchise organizations B. Discount​ stores, service​ retailers, superstores, and supermarkets C. Corporate​ chains, wholesalers,​ superstores, and franchise organizations D. Corporate​ chains, voluntary​ chains, retailer​ cooperatives, and wholesalers E. Corporate​ chains, voluntary​ chains, wholesalers, and franchise organizations

A. Corporate​ chains, voluntary​ chains, retailer​ cooperatives, and franchise organizations

Best​ Buy, Home​ Depot, Petco, and Bed Bath​ & Beyond, which are actually giant specialty stores characterized by immense size and deep assortments of​ merchandise, are sometimes called​ _______________. A. discount stores B. off-price retailers C. category killers D. service retailers E. supermarkets

C. category killers

By performing the channel function of​ ________, wholesalers' sales forces help manufacturers reach many small customers at a low cost. A. risk bearing B. buying and assortment building C. selling and promoting D. financing E. bulk-breaking

C. selling and promoting

Progressive wholesalers recognize that their only reason for existing is to​ ____________________. A. bear the risk of sales and distribution B. provide selling support C. finance retailing transactions D. add value E. automate distribution

D. add value

What is the overall goal when retailers choose their product​ assortment? A. Offer the same products as their competitors B. Offer as many products as they can fit on the shelves C. Differentiate the retailer while matching target​ shoppers' expectations D. Only choose products that will maximize profits E. Offer products that will appeal to as many segments as possible

C. Differentiate the retailer while matching target​ shoppers' expectations

The massive shift in how and where people buy calls for​ __________________________. A. massive spending in social media for​ brick-and-mortar retailers B. massive shifts in how store retailers operate C. massive spending increases in advertising and sales promotion D. massive shifts in pricing strategies E. massive shifts to​ online-only environments for​ brick-and-mortar retailers

B. massive shifts in how store retailers operate

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. Higher sales volume and inefficient operations B. Operating at a loss and higher sales volume C. Lower margins and higher sales volume D. Higher margins and lower sales volume E. Lower margins and lower sales volume

C. Lower margins and higher sales volume

Retailers must decide on which three major product​ variables? A. Product​ assortment, services​ mix, and location B. Product​ assortment, services​ mix, and price C. Product​ assortment, price, and location D. Product​ assortment, services​ mix, and store atmosphere E. Product​ assortment, store​ atmosphere, and price

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

Which of the following statements about wholesaling is​ true? A. Wholesalers do not need to differentiate themselves. B. Wholesalers do not need to define a target market. C. Wholesalers do not need to segment their markets. D. Wholesalers do not make positioning decisions. E. Wholesalers must make decisions regarding their marketing mix.

E. Wholesalers must make decisions regarding their marketing mix.

Which of the following statements about retailer marketing decisions is​ correct? A. Retailers identify three critical factors for retail​ success: location,​ location, and location. B. Stores do not need to differentiate and position themselves. C. Retailers do not have to segment and target their markets. D. Most retailers seek either high markups on higher volume or low markups on lower volume. E. Retailers do not differentiate themselves on their service mix.

A. Retailers identify three critical factors for retail​ success: location,​ location, and location.

Which of the following describes the activities that play an important role in connecting brands to consumers in the final phases of the buying​ process? A. Retailing B. Warehousing C. Manufacturing D. Shopper marketing E. Wholesaling

A. Retailing

Which of the following makes up the retail marketing​ mix? A. Product and services​ assortment, price, promotion and store differentiation B. Product and services​ assortment, prices,​ promotion, and store positioning C. Product and services​ assortment, price,​ promotion, and location D. Product and services​ assortment, price,​ promotion, and retail segmentation E. Product and services​ assortment, price,​ promotion, and retail targeting

C. Product and services​ assortment, price,​ promotion, and location