Quiz 6
Variable price merchandising: (1) uses temporary, selective price cuts to differentiate their store and attract consumers; (2) The price of each product would be equal to the exact costs of raw product and costs of the added utility, plus the retailer's profit; (3) relies on the consumer's tendency toward one-stop shopping; (4) Helps improve the price efficiency
1 & 3
Why have retailers gained control in the marketing system? (1) Next to the consumer; (2) Growth in size; (3) Consumers' acceptance of "private label" brands
1, 2, 3
Growth of supermarkets is driven by: (1) Changing consumer demographics and income growth; (2) Urbanization and growing mobility; (3) Growth of the mass media for advertising; (4) Growth of new product development.
1, 2, 3, 4
The task of food wholesalers and retailers is to provide consumers with: (1) the right foods; (2) at the right time; (3) at the right place; (4) at a profit
1, 2, 3, 4
In the U.S., consumer food expenditure accounts for about _____ of consumer's disposal income.
10%
A chainstore operation is a group of ___________or more related grocery stores.
11
Chainstore movement has the fastest growth in ______.
1920s
In the U.S., consumer food expenditure accounts for about _____ of total retail sales.
25%
Food services accounts for about ___ of total food retail sales in U.S.
50%
Merchant wholesalers account for about ___________ of wholesale food sales.
56%
Today, supermarket accounts for about _____ of overall retail sales.
70%
Food retailing firms employ more than _____ of all employees in the food marketing system.
80%
Full-service merchant wholesalers provide a wide array of services to their retail clients, include: (1) inventory control; (2) pricing financial management and analysis; (3) merchandising and advertising support; (4) credit and financing of new stores; (5) store site selection.
All 5
There are two revolutions in the food retailing industry, which are:
Chainstore and supermarket
T or F: Food wholesale agents and brokers take the title of products they handle and then perform a wide variety of sales-related marketing activities for their clients.
False
There are two food retailing sectors, which are _________.
Food store and foodservices
Merchant wholesalers can be classified as:
Fuller-service; limited function
___________ can be used to measure the market competition in food wholesaling.
Market concentration
The largest chain restaurant in sales in the U.S.:
McDonald's
Food wholesaler can be classified as:
Merchant wholesaler; Wholesale agents and brokers; Manufacturers' sales branches and sales offices
What utility (or utilities) do food wholesalers add to food products?
Place and possession
____________ says in order to maintain the market balance between supply and demand, selling prices related to purchase prices; and farm & retail prices should move together.
Price efficiency
Which one of the following food industries hires more employees than others in the food marketing system?
Retailing
The largest chain restaurant in number in the world in 2018:
Subway
T or F: Currently, the food wholesaling is dominated by large chain retailers receiving products from distributors under common ownership.
True
T or F: Food wholesalers' market success is determined by how efficiently they provide products and services to their suppliers and retail customers.
True
T or F: In recent years, number of food wholesalers has decreased, and average size has grown.
True
T or F: All large supermarkets are chainstores.
false
T or F: Both chainstore and supermarket movements were motivated by improving operational efficiency.
false
T or F: Food wholesalers and retailers are simply pass-through agents in the food marketing system.
false
T or F: More and more, manufacturers have become the channel captains of the food industry.
false
T or F: Most supermarkets provide variety of products to consumers and they do not care about the operational efficiency.
false
Which of these best described the conventional supermarket?
full-line, self-service
A food retailer has different ways to expand itself. __________expansion is one food retailer buys another retailer
horizontal
T or F: Branding allows consumers to assume quality, especially if they are far from home.
true
T or F: Everyday Low Pricing (ELP) strategy maintains low prices on every-item year-round.
true
T or F: In the past, the food wholesaling was dominated by independent wholesalers distributing products to small, independent retailers.
true
T or F: Major food service chains flourish due to economies of size in buying and advertising.
true
T or F: Many "premium" brands are losing market share to "private label" rivals, but they still dominate the market.
true
T or F: Supermarket is the dominant form of food retailing today.
true
T or F: The supermarket is best described as a full-line, departmentalized, cash-and-carry, and self-service food store.
true
A food retailer has different ways to expand itself. ___ expansion one food retailer buys a food wholesaler, or even a processor.
vertical