Question 1

A retailer bought a collectible Precious Moments figurine for $26. She sets the initial selling price at $60. The final selling price was $52. What was the maintained markup?

Accepted Answer

A)  $0
B)  $16
C)  $26
D)  $34
E)  $86F) C) and E)
G) All of the above

Question 2

Wholesalers who simply solicit orders from retailers and other wholesalers and have the merchandise shipped directly from a producer to a buyer are referred to as __________.

Accepted Answer

A)  cash and carry wholesalers
B)  rack jobbers
C)  drop shippers
D)  truck jobbers
E)  manufacturer's representativesF) None of the above
G) All of the above

Question 3

Your local Hallmark retailer carries thousands of greeting cards. You can find cards for a twins birthday, from my cat to yours, and many other unique occasions. This is an example of the __________ that the Hallmark retailer carries.

Accepted Answer

A)  depth of product line
B)  variance of product line
C)  breadth of product line
D)  coverage of product line
E)  scope of product lineF) A) and C)
G) C) and D)

Question 4

Impressions of the corporation that operates the store, the category or type of store, the product categories in the store, the brands in each category, merchandise and service quality, and the marketing activities of the store all contribute to the store's

Accepted Answer

A)  prices.
B)  image.
C)  emotional feelings.
D)  name.
E)  psychological attributes.F) B) and E)
G) A) and B)

Question 5

-Figure 13-4 above shows the wheel of retailing, which indicates that retail outlets typically go through changes with the passage of time, starting at Box A. What characteristics in the wheel of retailing does B represent?

Accepted Answer

A)   low prices, low margins, low status.
B)   higher prices, higher margins, and higher status.
C)   low prices, high margins, and high status.
D)   stable prices, low margins, and stable status.
E)   moderate prices, high margins, and high status.F) B) and C)
G) A) and B)

Question 6

Store layout, colors, lighting, and music are all considered part of a store's retail

Accepted Answer

A)  sensory management plan.
B)  psychological attributes.
C)  antecedent attributes.
D)  personality type.
E)  atmosphereF) B) and C)
G) B) and E)

Question 7

Direct selling, sometimes called __________, involves direct sales of goods and services to consumers through personal interactions and demonstrations in their home or office.

Accepted Answer

A)  interface marketing
B)  flex-marketing
C)  interactive selling
D)  responsive selling
E)  door-to-door retailingF) None of the above
G) C) and E)

Question 8

The variety of different items a store carries is referred to as the

Accepted Answer

A)  retailing mix.
B)  depth of product line.
C)  breadth of product line.
D)  width of product line.
E)  length of product lineF) B) and C)
G) A) and E)

Question 9

Which of the following statements regarding direct selling is most accurate?

Accepted Answer

A)  Unlike other forms of nonstore retailing, direct selling takes place in the business market.
B)  Direct selling is found exclusively in the United States.
C)  Direct selling succeeds by providing customers with convenience and personalized service.
D)  Direct sales have been declining rapidly in the United States since the 1980s.
E)  By definition, direct selling can only take place in a homeF) C) and E)
G) D) and E)

Question 10

A strip mall refers to a

Accepted Answer

A)  suburban mall containing up to 100 stores that draws customer from a 5- to 10-mile radius.
B)  cluster of stores in a downtown area.
C)  retail location that typically has one primary store (usually a department store branch)  with 20 to 40 smaller outlets serving a population of consumers who are within a 10- to 20-minute drive.
D)  cluster of neighborhood stores, often unplanned, designed to serve people within a five- to ten-minute drive.
E)  collection of category killers usually located outside a major amusement park or attraction.F) B) and D)
G) None of the above

Question 11

Using the telephone to interact with and sell directly to consumers is referred to as __________.

Accepted Answer

A)  digital marketing
B)  telemarketing
C)  solicitation marketing
D)  telecommerce
E)  direct sellingF) A) and C)
G) C) and E)

Question 12

Why are vending machine prices often higher than those in a retail store?

Accepted Answer

Vending machine maintenance, o...

Question 13

Wholesalers who handle a limited assortment of fast-moving or perishable items that are sold for cash directly from trucks in their original packages are referred to as __________.

Accepted Answer

A)  rack jobbers
B)  drop shippers
C)  truck jobbers
D)  cash and carry wholesalers
E)  manufacturer's representativesF) D) and E)
G) A) and B)

Question 14

A manufacturer's branch office

Accepted Answer

A)  carries a producer's inventory and performs the functions of a full-service wholesaler.
B)  performs a sales function as an option to agents and brokers.
C)  works for several producers and carries noncompetitive, complementary merchandise in an exclusive territory.
D)  takes title to merchandise but sells only to buyers who call on them, pays cash for merchandise, and furnishes their own transportation for the merchandise.
E)  brings buyers and sellers together to make sales.F) All of the above
G) A) and B)

Question 15

Savings to the consumer at off-price retailers are reported as high as __________ off the prices of a traditional department store.

Accepted Answer

A)  50%
B)  60%
C)  70%
D)  80%
E)  90%F) B) and E)
G) A) and B)

Question 16

As a result of legislation, consumers who do not want to receive telephone calls related to a company sales efforts can

Accepted Answer

A)  purchase telephones that block unwanted calls.
B)  place their telephone numbers on the National Do-Not-Call Registry.
C)  request phone numbers that begin with the area code 555 that automatically block telemarketing solicitors.
D)  request phone numbers that begin with the area code 888 that automatically block telemarketing solicitors.
E)  use an unlisted telephone number.F) A) and E)
G) C) and E)

Question 17

Manufacturer's agents refer to agents who

Accepted Answer

A)  represent a single producer and carry all products in the producer's lines.
B)  work for several producers and carry noncompetitive, complementary merchandise in an exclusive territory.
C)  take title to merchandise but sell only to buyers who call on them, pay cash for merchandise, and furnish their own transportation for merchandise.
D)  own the merchandise they sell but do not physically handle, stock, or deliver it.
E)  furnish the racks or shelves that display merchandise in retail stores, perform all channel functions, and sell on consignment to retailers.F) A) and E)
G) B) and D)

Question 18

The ability to shop over the Internet 24 hours a day, 7 days a week provides consumers with __________ utility.

Accepted Answer

A)  form
B)  time
C)  convenience
D)  possession
E)  performanceF) None of the above
G) A) and B)

Question 19

-According to Figure 13-5 above, D represents which stage of the retail life cycle?

Accepted Answer

A)  deceleration
B)  early growth
C)  accelerated development
D)  maturity
E)  declineF) A) and B)
G) A) and C)

Question 20

Which type of outlet is most likely in its accelerated development stage of the retail life cycle?

Accepted Answer

A)  single-price stores
B)  online retailers
C)  supermarkets
D)  business-district retailers
E)  convenience storesF) B) and E)
G) All of the above

Exam 13: Retailing and Wholesaling

-Figure 13-4 above shows the wheel of retailing, which indicates that retail outlets typically go through changes with the passage of time, starting at Box A. What characteristics in the wheel of retailing does B represent?

Correct AnswerverifiedShow Answer

Using the telephone to interact with and sell directly to consumers is referred to as __________.

Correct AnswerverifiedShow Answer

Which type of outlet is most likely in its accelerated development stage of the retail life cycle?

Correct AnswerverifiedShow Answer

Impressions of the corporation that operates the store, the category or type of store, the product categories in the store, the brands in each category, merchandise and service quality, and the marketing activities of the store all contribute to the store's

Correct AnswerverifiedShow Answer

Wholesalers who handle a limited assortment of fast-moving or perishable items that are sold for cash directly from trucks in their original packages are referred to as __________.

Correct AnswerverifiedShow Answer

Store layout, colors, lighting, and music are all considered part of a store's retail

Correct AnswerverifiedShow Answer

The ability to shop over the Internet 24 hours a day, 7 days a week provides consumers with __________ utility.

Correct AnswerverifiedShow Answer

The variety of different items a store carries is referred to as the

Correct AnswerverifiedShow Answer

Your local Hallmark retailer carries thousands of greeting cards. You can find cards for a twins birthday, from my cat to yours, and many other unique occasions. This is an example of the __________ that the Hallmark retailer carries.

Correct AnswerverifiedShow Answer

Wholesalers who simply solicit orders from retailers and other wholesalers and have the merchandise shipped directly from a producer to a buyer are referred to as __________.

Correct AnswerverifiedShow Answer

-According to Figure 13-5 above, D represents which stage of the retail life cycle?

Correct AnswerverifiedShow Answer

Savings to the consumer at off-price retailers are reported as high as __________ off the prices of a traditional department store.

Correct AnswerverifiedShow Answer

Direct selling, sometimes called __________, involves direct sales of goods and services to consumers through personal interactions and demonstrations in their home or office.

Correct AnswerverifiedShow Answer

A manufacturer's branch office

Correct AnswerverifiedShow Answer

A strip mall refers to a

Correct AnswerverifiedShow Answer

A retailer bought a collectible Precious Moments figurine for $26. She sets the initial selling price at $60. The final selling price was $52. What was the maintained markup?

Correct AnswerverifiedShow Answer

Manufacturer's agents refer to agents who

Correct AnswerverifiedShow Answer

Which of the following statements regarding direct selling is most accurate?

Correct AnswerverifiedShow Answer

As a result of legislation, consumers who do not want to receive telephone calls related to a company sales efforts can

Correct AnswerverifiedShow Answer

Why are vending machine prices often higher than those in a retail store?

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