mkt111 ch11
A ________ contains between 15 and 50 retail stores, including a department or variety store, a supermarket, specialty stores, professional offices, and sometimes a bank. A) community shopping center B) warehouse club C) superstore D) neighborhood shopping center E) regional shopping mall
A
Food Galore is a regional chain of supermarkets in the Midwest. The primary role of the staff is to restock shelves and operate cash registers. Customers locate, compare, and select their groceries and other sundry items. Food Galore is most likely a ________. A) self-service retailer B) category killer C) full-service retailer D) supermarket E) pop-up store
A
Retail convergence most likely leads to ________. A) reduced differentiation B) reduced competition C) increased sales D) increased profit margins E) reduced advertising costs
A
Which term refers to a giant specialty store with a very deep assortment of a particular product line? A) category killer B) convenience store C) factory outlet D) department store E) independent store
A
_______ have filled the ultralow-price, high-volume gap by buying at less-than-regular wholesale prices and charging consumers less than retail. A) Off-price retailers B) Specialty stores C) Convenience stores D) Designer shops E) Full-service retailers
A
________ are off-price retailers that operate in huge facilities offering few frills but ultra-low prices and surprise deals on selected branded merchandise. A) Warehouse clubs B) Department stores C) Convenience stores D) Specialty stores E) Superstores
A
________ includes all the activities involved in selling goods and services to those buying them for resale or business use. A) Wholesaling B) Sole sourcing C) Franchising D) Crowdsourcing E) Showrooming
A
________ refer to two or more outlets that are commonly owned and controlled. A) Corporate chains B) Factory stores C) Specialty stores D) Designer shops E) Warehouse clubs
A
________ are the largest group of wholesalers and can be divided into two broad types of wholesalers: full-service and limited-service. A) Brokers B) Retailers C) Agent wholesalers D) Merchant wholesalers E) Manufacturers' agents
D
A ________ refers to a group of retail businesses built on a site that is planned, developed, owned, and managed as a unit. A) pop-up store B) shopping center C) warehouse D) category killer E) convenience store
B
A group of independent retailers that bands together to set up a jointly owned, central wholesale operation and conduct joint merchandising and promotion efforts is referred to as a ________. A) factory outlet mall B) retailer cooperative C) corporate chain D) warehouse club E) voluntary chain
B
According to the text, today's large and progressive wholesalers have successfully reacted to rising costs by ________. A) relocating to low-rent, low-tax areas B) investing in information technology systems C) eliminating the need for brokers and agents D) increasing customer service responsibilities E) reducing promotional and personal selling activities
B
C & G Retail, a chain of local supermarkets, procures all its goods directly from the producers' factories. This type of wholesaling is usually done in ________. A) corporate broker branches B) manufacturers' offices C) value-retail centers D) warehouse clubs E) factory outlet malls
B
Dina loves branded apparel and accessories but cannot afford to buy them too often. Fortunately, Dina lives close to an off-price retail store that is owned and operated by a famous brand. The company utilizes this store to sell its surplus, discontinued, or irregular goods at significantly lower costs. The retail store is best referred to as a ________. A) category killer B) factory outlet C) specialty store D) superstore E) power center
B
Hamilton Wholesaling, an electronics wholesaling firm, provides many services to customers including buying, storing, and transporting expensive and delicate electronics equipment. Hamilton takes title of ownership to all goods that the firm handles. Hamilton is most likely a(n) ________. A) wholesaling broker B) merchant wholesaler C) agent wholesaler D) manufacturer's agent E) manufacturer's representative
B
Kids.com is an online retailer that buys clothing from a variety of brand name manufacturers at less-than-regular wholesale prices and then charges customers less than retail. Kids.com is an example of a(n) ________. A) specialty retailer B) independent off-price retailer C) departmental retailer D) full-service retailer E) category killer
B
Leading "big-box" stores, such as Walmart and Target, now dominate the retail scene. However, even "small-box" stores like Dollar General, are thriving in the current economic environment. All three retailers are considered ________. A) convenience stores B) discount stores C) full-service retailers D) designer shops E) specialty stores
B
Solutions Inc. negotiates the sale of materials between lumberyards and commercial construction companies, receiving a 15 percent commission on all transactions. Solutions Inc. is considered a ________. A) distributor B) broker C) retailer D) manufacturer E) supplier
B
Specialty stores are characterized by ________. A) the sale of convenience and staple items B) narrow product lines with deep assortments C) a wide range of products and categories D) low prices on a wide range of goods E) routinely purchased food products and services
B
When compared to merchant wholesalers, brokers and agents ________. A) perform more extensive functions B) do not take title to goods C) deal only in services and not products D) do not engage in any negotiation of wholesale deals E) rarely specialize in one product category or customer type
B
Which type of retailer typically carries deep product assortments of narrow product lines? A) self-service retailers B) specialty stores C) warehouse clubs D) discount stores E) factory outlets
B
Which wholesaler channel function is demonstrated when a wholesaler's sales force helps a manufacturer reach many small customers at a low cost? A) bulk breaking B) selling and promoting C) buying and assortment building D) warehousing E) risk bearing
B
________ creates a seamless cross-channel buying experience that integrates in-store, online, and mobile shopping. A) Shopper marketing B) Omni-channel retailing C) Test marketing D) Online marketing E) Consolidation marketing
B
________ refers to the activities involved in selling products or services directly to final consumers for their personal, nonbusiness use. A) Sole sourcing B) Retailing C) Manufacturing D) Procurement E) Warehousing
B
ones & Company, a major retail chain across the United States, offers a wide range of consumer goods such as clothing, furniture, home appliances, cosmetics, jewelry, and food. Jones & Company is best described as a ________. A) supermarket B) department store C) specialty store D) pop-up store E) category killer
B
A ________ is a small open-air mall with upscale stores, convenient locations, and nonretail activities such as a playground, hotel, dining establishments, and a movie theater. A) regional shopping center B) lifestyle center C) community shopping center D) power center E) warehouse club
B Which of the following is an impact of the Great Recession on retailing trends? A) economic shift toward higher prices B) lower costs for retailers C) tighter consumer spending patterns D) longer retail life cycles E) prohibition on new retail forms Answer: C
A convenience store ________. A) markets to segments comprised mostly of white-collar workers B) stocks narrow product lines that have wide, deep assortments C) carries a limited line of high-turnover goods for consumer self-service D) involves high operation costs due to full-service customer assistance E) is a multi-channel food and discount retailer that targets niche markets
C
As with other types of marketers, a primary goal in wholesaling is to ________. A) match competitors' strategies B) establish a greater number of locations C) build value-adding customer relationships D) hold prices constant E) maintain the status quo
C
Customers at Carat, a premium jewelry store, are encouraged to make an appointment before a visit so that a customer service representative is assigned to them. These representatives help every customer make a purchase that meets his or her needs and budget after considering numerous options. The different styles and special features of the jewelry are explained to each customer to aid the purchase decision. In this case, Carat is an example of a(n) ________. A) self-service retailer B) off-price retailer C) full-service retailer D) supermarket E) convenience store
C
Electronics Storage is a wholesaler that holds inventories, thereby reducing carrying costs and risks for both suppliers and customers. Which channel function does Electronics Storage primarily provide? A) showrooming B) assortment building C) warehousing D) financing E) transporting
C
Mind and Body Fitness recently entered into a financial agreement that allows 25 independent business people at select locations across the country to set up establishments that offer its holistic services and programs. They include weight-management, group programming, sport-specific training, yoga, Pilates, and nutrition. Which type of contractual retail association does this represent? A) corporate chain B) voluntary chain C) franchise organization D) independent retailer E) retailer cooperative
C
Office Solutions is a large retailer that specializes in office products and services. Their offerings include a wide and deep assortment of computers, desk furniture, printers, office supplies, stationery, and printing. Office Solutions is most likely an example of a ________. A) convenience store B) pop-up store C) category killer D) lifestyle center E) supermarket
C
Power centers are characterized by the ________. A) lack of an anchor store B) sale of exclusive brands only C) provision of individual entrances to each store D) provision for nonretail activities, such as playgrounds E) absence of any pricing strategies for differentiation
C
The American Tie Company, a necktie retailer, offers a deep assortment of men's neckties. The American Tie Company is best described as a(n) ________. A) department store B) supermarket C) specialty store D) discount store E) off-price retailer
C
The Toby's chain of first-class department stores carries a wide range of product lines, including clothing, jewelry, kitchenware, and home furnishings. Toby's typically charges higher prices on an everyday basis and then holds frequent sales and price promotions to increase store traffic. Toby's most likely uses ________. A) self-service retailing B) experiential retailing C) high-low pricing D) everyday low pricing E) franchise retailing
C
What is most likely the first major marketing decision that a retailer must take? A) positioning B) targeting C) segmentation D) differentiation E) promoting
C
Which of the following channel functions of wholesalers is demonstrated when a buyer receives quicker delivery because wholesalers are located closer than are producers? A) buying and assortment building B) financing C) transportation D) risk bearing E) warehousing
C
Which types of stores are characterized by specialty goods for which customers need assistance and higher operating costs that are passed along to customers as higher prices? A) self-service stores B) convenience stores C) full-service stores D) discount stores E) off-price stores
C
________ represent buyers or sellers on a more permanent basis than brokers. A) Distributors B) Franchisees C) Agents D) Retailers E) Manufacturers
C
or trade name, goodwill, or patent that has been developed? A) voluntary chain B) retailer cooperative C) franchise D) corporate chain E) warehouse club
C
Bikers and non-bikers alike enjoy dining at the Harley Davidson Café in Las Vegas. Several Harley Davidson models are on display as well as a very large, uniquely crafted American flag. Menu items include the Easy Rider, the Choppers Cobb salad, and the Harley Hog sandwich. The Harley Davidson Café most likely uses ________. A) everyday low pricing B) predatory pricing C) self-service retailing D) experiential retailing E) franchising
D
Carleese, a leading fashion brand, sets up small temporary boutiques across numerous locations during its year-end sale, promoting its outdated products at half the price. These temporary boutiques are referred to as ________. A) power centers B) franchises C) shopping centers D) pop-up stores E) category killers
D
Retailers must decide on three major product variables: product assortment, services mix, and ________. A) store location B) store layout C) self-service offerings D) store atmosphere E) store ambience
D
Stores that provide moderate sales assistance because they carry shopping goods about which customers need a moderate level of information are called ________ retailers. A) self-service B) full-service C) off-price D) limited-service E) convenience
D
Which of the following is a type of off-price retailer? A) specialty store B) full-service retailer C) discount store D) warehouse club E) supermarket
D
Which of the following is true about trends in wholesaling? A) New laws prevent wholesalers from having their own retailing operations. B) Value-added customer relationships have been replaced by control systems. C) Merchant wholesalers are decreasing in number and relevance. D) The demand for lower prices and higher quality has increased. E) Bulk breaking is increasingly popular and necessary.
D
Which of the following statements is true of retailing? A) All retail stores are full-service retail stores. B) A department store has a narrow product line with a deep assortment. C) The largest type of retail outlet is a supermarket. D) Services like hotels, banks, airlines, restaurants, colleges, and hospitals can be retailed. E) A feature common to all types of retail stores is the use of the everyday low pricing strategy.
D
Which type of retailer is much larger than a regular supermarket and offers a large assortment of routinely purchased food products, nonfood items, and services? A) discount stores B) specialty stores C) factory outlets D) superstores E) off-price outlets
D
Wholesalers most likely discourage less-profitable customers by ________. A) increasing product promotions B) carrying exclusive product lines C) overseeing inventory control systems D) adding service charges to small purchase orders E) requiring smaller orders to lower transportation costs
D
Department stores are most likely characterized by ________. A) narrow product lines B) specialty goods and services C) predatory pricing strategies D) deep assortments of luxury brands E) wide varieties of product lines
E
Grace and her fiancé visit several furniture stores in and around their hometown of Milwaukee. They use their smartphones to capture information about manufacturers and pricing, and ultimately decide to purchase their favorite items online. This is referred to as ________. A) warehousing B) wholesaling C) retailing D) franchising E) showrooming
E
JP Wholesalers is one of the largest wholesalers of wooden furnishings in the country. Recently, the company opened a chain of stores called JP Designer Homes that has become popular due to the good reputation the company has as a wholesaler. The company has now started acquiring smaller retail chains and consolidating its position in the market. Which of the following trends is reflected in this scenario? A) the shift toward self-service retailing B) the decline of superstores and megastores C) the decline of the voluntary chain distribution method D) the rise of franchise organizations and joint partnerships E) the blurring of distinctions between retailers and wholesalers
E
Wayne Wholesaling fulfills many channel functions for its customers. The company mainly focuses on helping retailers to train their salespeople, improve store layouts, and set up inventory control systems. Based on this description, which channel function is provided by Wayne Wholesaling? A) buying and assortment building B) selling and promoting C) risk bearing services D) market information services E) management services and advice
E
________ builds around what P&G calls the "First Moment of Truth" — the critical three to seven seconds that a shopper considers a product on a store shelf. A) Internal marketing B) Sole sourcing C) Warehousing D) Test marketing E) Shopper marketing
E
however, Posco is known for encouraging customers to ask questions and for providing service representatives to assist customers in the purchasing decision process. From this scenario, which of the following statements is most likely true? A) Posco fails to differentiate itself from Campbell through the services mix. B) Posco's product assortment helps differentiate it from Campbell. C) Both Campbell and Posco fail to identify the needs and wants of target markets. D) Campbell has not been able to differentiate itself on the basis of product assortment. E) Posco better utilizes the services mix to differentiate itself from Campbell.
E