Ch. 13 Quiz
Which of the following are the largest group of wholesalers, accounting for roughly 50 percent of all wholesaling? A) Merchant wholesalers B) Manufacturers' representatives C) Agents D) Manufacturers' agents E) Brokers
A) Merchant wholesalers
Which of the following statements regarding retailer pricing decisions is correct? A) Most retailers seek either high markups on lower volume or low markups on higher volume. B) Everyday low pricing is a strategy that has proven to be ineffective. C) All retailers use some type of price promotions. D) High-low pricing is a strategy used by wholesalers when they sell to retailers. E) Competition and economic factors do not influence retail pricing decisions.
A) Most retailers seek either high markups on lower volume or low markups on higher volume
Which type of retailer carries narrow product lines with deep assortments within those lines? A) Specialty stores B) Superstores C) Convenience stores D) Department stores E) Discount stores
A) Specialty stores
Retailers must decide on which three major product variables? A) Product assortment, price, and location B) Product assortment, services mix, and store atmosphere C) Product assortment, store atmosphere, and price D) Product assortment, services mix, and location E) Product assortment, services mix, and price
B) 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) Full-service retailing B) Shopper marketing C) Retailing D) Wholesaling E) Retail convergence
B) Shopper marketing
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) beacon technology C) RFID D) virtual reality E) scanners
B) beacon technology
What are the four broad characteristics used to classify retail stores? A) Service, product lines, target market, and price B) Service, product lines, price, and location C) Location, product lines, price, and organization D) Service, product lines, price, and organization E) Service, location, price, and organization
D) Service, product lines, price, and organization
In terms of location, most stores today cluster together. What is the primary reason for this? A) To achieve common ownership B) To avoid paying taxes C) To ensure they all maintain the same profit margin D) To increase their customer pulling power E) To ensure customers will not "one-stop" shop
D) To increase their customer pulling power
Retailers need to differentiate and position their store and make decisions regarding their retail marketing mix. Before making those decisions, retailers must first __________. A) hire knowledgeable staff B) segment and define their target market C) choose a location D) develop a website E) decide on the store atmosphere
B) segment and define their target market
What are the three main types of off-price retailers? A) Franchises, factory outlets, and warehouse clubs B) Discount stores, convenience stores, and supermarkets C) Independents, factory outlets, and warehouse clubs D) Discount stores, factory outlets, and convenience stores E) Discount stores, factory outlets, and warehouse clubs
C) Independents, factory outlets, and warehouse clubs
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) department stores B) off-price retailers C) category killers D) discount stores E) warehouse clubs
C) category killers
Retailing today requires __________, which means creating a seamless cross-channel buying experience that integrates in-store, online, and mobile shopping. A) showrooming B) full-service retailing C) wholesaling D) omni-channel retailing E) flash sales
D) omni-channel retailing
Which of the following statements regarding green retailing is correct? A) Green retailing initiatives hurt the bottom line by increasing costs. B) Green retailing takes place at the store and does not extend to other channel members. C) Retailers today are hesitant to adopt environmentally sustainable practices. 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.
E) Green retailing initiatives extend to helping consumers be more environmentally responsible
Which wholesaler channel function helps reduce inventory holding costs? A) Financing B) Risk bearing C) Transportation D) Buying and assortment building E) Warehousing
E) Warehouse
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 margins and selling lower volume B) Selling higher volume and having inefficient operations C) Operating at a loss and selling higher volume D) Lower margins and selling lower volume E) Lower margins and selling higher volume
E) lower margins and selling higher volume