Chapter 11 Retailing and Wholesaling

GENERAL CONTENT: Multiple-Choice Questions 1. _____ includes all the activities involved in selling products or services directly to final consumers for their personal, nonbusiness use. Franchising Retailing Brokering Wholesaling Disintermediation (Answer: b; p. 333; Easy) 2. In recent years, _____ has(have) been growing fast. This includes selling to final consumers through direct mail, catalogs, telephone, and the Internet. specialty stores shopping centers superstores nonstore retailing e-commerce (Answer: d; p. 333; Easy) 3. Different products require different amounts of service. Which is one level of service offered? Self-service. Limited service. Full service. A, B, and C None of the above. (Answer: d; p. 334; Easy) 4. A _____ is the basis of all discount operations and is typically used by sellers of convenience goods. These retailers serve customers who perform their own locatecompare-select process to save money. limited-service retailer self-service retailer full-service retailer specialty-service retailer convenience retailer (Answer: b; p. 334; Moderate)

a. b. c. d. e.

a. b. c. d. e.

a. b. c. d. e.

a. b. c. d. e.

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5. _____, such as Sears, provide more sales assistance because they carry more shopping goods about which customers need information. Their increased operating costs result in higher prices. a. Self-service retailers b. Full-service retailers c. Off-price retailers d. Limited-service retailers e. Specialty-service retailers (Answer: d; p. 334; Easy) 6. Some retailers, such as _____, carry narrow product lines with deep assortments within those lines. chain stores specialty stores convenience stores discount stores off-price stores (Answer: b; p. 334; Easy) 7. This type of stores carries a wide variety of product lines. They have been squeezed between more focused and flexible specialty stores on the one hand and more efficient, lower-priced discounters on the other. Service remains the key differentiating factor. What type is it? Chain stores. Department stores. Factory outlet stores. Merchant wholesaler stores. Independents. (Answer: b; p. 334; Challenging) 8. _____ are the most frequently shopped type of retail store. They are facing slow sales growth because of slower population growth and the rapid growth of out-of-home eating. Convenience stores Department stores Chain stores Supermarkets Hypermarkets (Answer: d; p. 334; Easy)

a. b. c. d. e.

a. b. c. d. e.

a. b. c. d. e.

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a. b. c. d. e.

9. These stores are much larger than regular supermarkets and offer a large assortment of routinely purchased food products, nonfood items, and services. They are a combination food and discount store. What type is it? Category killer stores. Chain stores. Factory outlet stores. Superstores. Off-price retailers. (Answer: d; p. 335; Easy) 10. These stores are actually superstores that are giant specialty stores. What are they called? Category killer stores. Chain stores. Factory outlet stores. Shopping center stores. Mom-and-pop stores. (Answer: a; p. 336; Moderate) 11. Another superstore variation, _____, are huge superstores, perhaps as large as six football fields. They have been very successful in Europe. category killer stores shopping center hypermarkets chain stores off-price retailers (Answer: c; p. 336; Moderate) 12. _____ retailers in the United States are growing faster than product retailers. Discount Merchant Service Specialty Off-price (Answer: c; p. 336; Challenging) 13. _____ sell standard merchandise at lower prices by accepting lower margins and selling higher volume. Merchant wholesalers Discount stores Full-service retailers Limited-service retailers None of the above (Answer: b; p. 337; Easy)

a. b. c. d. e.

a. b. c. d. e.

a. b. c. d. e.

a. b. c. d. e.

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a. b. c. d. e.

14. The early _____ cut expenses by offering few services and operating in warehouse-like facilities in low-rent, heavily traveled districts. chain stores department stores discount stores off-price retailers full-service retailers (Answer: c; p. 337; Moderate) 15. _____ moved in to fill the low-priced, high-volume gap. They buy at less than regular wholesale prices and charge consumers less than retail. Off-price retailers Discount stores Convenience stores Chain store Limited-service retailers (Answer: a; p. 338; Easy) 16. Which is not one of the three main types of off-price retailers? Independents. Factory outlets. Warehouse clubs. Category killers. B and C (Answer: d; p. 338; Challenging) 17. _____ either are owned and run by entrepreneurs or are divisions of larger retail corporations. They buy at less than regular wholesale prices and charge consumers less than retail. Discount stores Warehouse clubs Superstores Independent off-price retailers Full-service retailers (Answer: d; p. 338; Moderate) 18. _____ are sometimes several stores grouped together. These stores offer prices as low as 50 percent below retail on a wide range of items. Category killers Factory outlets Specialty stores Superstores Power centers (Answer: b; p. 338; Easy)

a. b. c. d. e.

a. b. c. d. e.

a. b. c. d. e.

a. b. c. d. e.

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a. b. c. d. e.

19. Manufacturers send last years merchandise and seconds to the _____, while they send new merchandise to the department stores. convenience stores chain stores factory outlets retailers power centers (Answer: c; p. 338; Easy) 20. _____ operate in huge, drafty, warehouse-like facilities and offer few frills. Customers have to carry large items to the checkout line. Warehouse clubs Independent off-price retailers Factory outlets Discount stores Superstores (Answer: a; p. 338; Easy) 21. This type of store offers no home deliveries and often accepts no credit cards; however, this type of store does offer ultralow prices and deals on selected branded merchandise. What is it called? A superstore. A specialty store. A warehouse club. A chain store. A premium. (Answer: c; p. 338; Moderate) 22. _____ are two or more outlets that are commonly owned and controlled. Chain stores Convenience stores Off-price retailers Independent off-price retailers Power centers (Answer: a; p. 339; Easy) 23. The great success of _____ caused many independents to band together in one of two forms of contractual associations. factory outlets corporate chains independent off-price retailers warehouse clubs convenience stores (Answer: b; p. 339; Moderate)

a. b. c. d. e.

a. b. c. d. e.

a. b. c. d. e.

a. b. c. d. e.

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a. b. c. d. e.

24. The main difference between _____ organizations and other contractual systems is that these systems are normally based on some unique product or service. voluntary chain retailer cooperative franchise agent warehouse-club (Answer: c; p. 340; Easy 25. Merchandising _____ are corporations that combine several different retailing forms under central ownership. conglomerates agents brokers franchises independents (Answer: a; p. 340; Challenging) 26. Until retailers _____ and _____ their markets, they cannot make consistent decisions about product assortment, services, pricing, advertising, store dcor, or any of the other decisions that must support their positions. compete with; position target; compete with define; profile limit; serve divest; eliminate (Answer: c; p. 341; Challenging) 27. Too many retailers fail because they try to have something for everyone and end up satisfying no market well. Successful retailers _____ their target markets well and position themselves strongly. increase franchise wholesale define position (Answer: d; p. 341; Moderate)

a. b. c. d. e.

a. b. c. d. e.

a. b. c. d. e.

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a. b. c. d. e.

28. Each store has a feel; one store is cluttered, another cheerful, a third plush, a fourth somber. The store must plan a(n) _____ that suits the target market and moves customers to buy. agent broker atmosphere shopping center none of the above (Answer: c; p. 342; Easy) 29. The Mall of America near Minneapolis is one of the most dramatic conversions of stores into a(n) _____. merchant wholesaler off-price retailer factory outlet theater restaurant (Answer: d; p. 343; Challenging) 30. Stores that carry narrow product lines with deep assortments within those lines are called _____. category killer stores specialty stores merchant stores discount stores power centers (Answer: b; p. 334; Easy) 31. Stores that have low markups on higher volume are called _____. category killer stores specialty stores merchant stores discount stores factory outlets (Answer: d; p. 337; Moderate) 32. What is the most important point in retailing success? Fair prices. Good atmosphere. Helpful employees. Location. Service. (Answer: d; p. 345; Challenging)

a. b. c. d. e.

a. b. c. d. e.

a. b. c. d. e.

a. b. c. d. e.

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a. b. c. d. e.

33. _____ were the main form of retail cluster until the 1950s. Department stores Discount stores Independent off-price retailers Central business districts Mom-and-pop stores (Answer: d; pp. 345346; Moderate) 34. In recent years, many cities have joined with merchants to try to revive downtown shopping areas. What is one thing they do not do? Build malls. Provide underground parking. Advertise. Discourage police in the business area. Add restaurants. (Answer: d; p. 346; Easy) 35. A _____ is a group of retail businesses planned, developed, owned, and managed as a unit. merchant wholesaler franchise shopping center supermarket hypermarket (Answer: c; p. 346; Challenging) 36. A _____, the largest and most dramatic of its kind, contains from 40 to 200 stores. It is like a covered mini-downtown and attracts customers from a wide area. community shopping center neighborhood shopping center strip mall regional shopping center power center (Answer: d; p. 346; Challenging) 37. A _____ contains between 15 and 40 retail stores. It normally contains a branch of a department store or variety store, a supermarket, specialty stores, professional offices, and sometimes a bank. community shopping enter neighborhood shopping center strip mall regional shopping center power center (Answer: a; p. 346; Challenging)

a. b. c. d. e.

a. b. c. d. e.

a. b. c. d. e.

a. b. c. d. e.

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a. b. c. d. e.

38. Most shopping centers are _____ that generally contain between 5 and 15 stores. They are close and convenient for consumers. community shopping centers neighborhood shopping centers strip malls regional shopping centers factory outlets (Answer: b; p. 346; Challenging) 39. A recent addition to the shopping center scene is the ______. These huge unenclosed shopping centers consist of a long strip of retail stores, including large, freestanding anchors such as Wal-Mart. Each store has its own entrance with parking directly in front for shoppers who wish to visit only one store. shopping mall power center superstore chain store regional shopping center (Answer: b; p. 346; Challenging) 40. _____ have increased rapidly during the past few years to challenge traditional indoor malls. Power centers Superstores Warehouse clubs Chain stores Franchises (Answer: a; p. 346; Challenging) 41. Combined, all shopping centers now account for about _____ of all retail sales. one-half three-fourths one-quarter one-sixth one-tenth (Answer: b; p. 346; Challenging) 42. A _____ is a smaller mall with upscale stores, convenient locations, and expensive atmosphere. Think of it as part of Main Street and part Fifth Avenue. regional shopping center lifestyle center community shopping center franchise upscale shopping center (Answer: b; p. 346; Challenging)

a. b. c. d. e.

a. b. c. d. e.

a. b. c. d. e.

a. b. c. d. e.

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a. b. c. d. e.

43. Of the top 10 discount retailers in 1962, how many exist today? Five. Four. Three. Two. None. (Answer: e; p. 347; Moderate) 44. What was the first warehouse store chain? Sams Club Price Club TG&Y Ben Franklins Costco (Answer: b; p. 347; Challenging) 45. The _____ is used/depicted when new types of retailing forms begin as low-margin, low-price, low-status operations. These new retailers challenge established retailers and eventually take their place. agent broker wheel-of-retailing concept warehousing product life cycle (Answer: c; p. 347; Moderate) 46. _____ seems to explain the initial success and later troubles of department stores, supermarkets, and discount stores, and the recent success of off-price retailers. Franchising Merchant wholesaling Wheel-of-retailing concept Warehousing Retail convergence (Answer: c; p. 347; Moderate) 47. More online retailing is conducted by _____ retailers than by other retail types. click-and-brick click-only brick-and-mortar B or C none of the above (Answer: a; p. 348; Challenging)

a. b. c. d. e.

a. b. c. d. e.

a. b. c. d. e.

a. b. c. d. e.

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a. b. c. d. e.

48. The merging of consumers, products, prices, and retailers is called _____. retail conglomeration consumer convergence price merging retail convergence none of the above (Answer: d; p. 349; Challenging) 49. Convergence means greater _____ for retailers and greater difficulty in _____ offerings. differentiating; competition sales; differentiating product; sales competition; differentiating integrating; differentiating (Answer: d; p. 349; Challenging) 50. The rise of huge mass merchandisers and specialty superstores has created a core of _____. category killers franchises superpower megaretailers power centers none of the above (Answer: c; p. 349; Moderate) 51. Perhaps the most startling advances in retailing technology concern the ways in which todays retailers are connecting with _____. other businesses their employees other countries customers the Internet (Answer: d; p. 350; Challenging) 52. _____ retailers are still significantly behind _____ when it comes to global expansion. African; Peru European; the United States U.S.; Europe and Asia Asian; the United States Asian; African (Answer: c; p. 350; Challenging)

a. b. c. d. e.

a. b. c. d. e.

a. b. c. d. e.

a. b. c. d. e.

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a. b. c. d. e.

53. _____, the worlds second largest retailer after Wal-Mart, has embarked on an aggressive mission to extend its role as a leading international retailer. McDonalds The Gap Carrefour Toys R Us Costco (Answer: c; p. 350; Challenging) 54. _____ includes all activities involved in selling goods and services to those buying for resale or business use. Wholesaling Retailing Franchising Discounting Disintermediation (Answer: a; p. 352; Easy) 55. _____ buy mostly from producers and sell mostly to retailers and industrial consumers. Independents Factory outlets Wholesalers Discount stores None of the above (Answer: c; p. 352; Moderate) 56. Wholesalers add value by performing channel functions. Which is a channel function? Selling and promoting. Buying and assortment building. Bulking-breaking. All of the above. A and C (Answer: d; p. 352; Moderate) 57. Which of the following is not one of the wholesalers channel functions? Financing. Risk bearing. Market information. Off-price retailing. Bulk-breaking. (Answer: d; p. 352; Challenging)

a. b. c. d. e.

a. b. c. d. e.

a. b. c. d. e.

a. b. c. d. e.

a.

58. Wholesalers fall into three major groups. Which is not one of these groups? Merchant wholesalers. 72

b. c. d. e.

Agents and brokers. Manufacturers sales branches and offices. Specialty wholesalers. B and C (Answer: d; p. 352; Challenging) 59. _____ are the largest group of wholesalers. Two broad types are full-service and limited-service. Brokers Manufacturer sales Agents Merchant wholesalers Specialty wholesalers (Answer: d; p. 352; Challenging) 60. _____ and _____ differ from merchant wholesalers in two ways: They do not take title to goods, and they perform only a few functions. Full-service; limited-service Brokers; agents Branches; office Power centers; independent wholesalers none of the above (Answer: b; p. 352; Moderate) 61. The _____ brings buyers and sellers together and assists in negotiations. agent broker retailer wholesaler retail convergence (Answer: b; p. 352; Moderate) 62. _____ represent buyers or sellers on a more permanent basis. Another name for them is manufacturers representatives. Brokers Franchises Agents Retailers Intermediaries (Answer: c; p. 352; Challenging)

a. b. c. d. e.

a. b. c. d. e.

a. b. c. d. e.

a. b. c. d. e.

63. A major type of wholesaling is that done in manufacturers sales branches and offices. Who does the wholesaling in these? 73

a. b. c. d. e.

Brokers. Agents. Sellers or buyers. Category buyers. The main office. (Answer: c; p. 352; Challenging) 64. Like retailers, wholesalers must _____ their target markets and _____ themselves effectivelythey cannot serve everyone. define; position position; define discount; franchise franchise; discount identify; align (Answer: a; p. 354; Challenging) 65. _____ are under great pressure to carry a full line and to stock enough for immediate delivery. Convenience stores Factory outlets Wholesalers Category killer stores None of the above (Answer: c; p. 354; Moderate) 66. Wholesalers are always rethinking which _____ count most in building strong customer relationships and which should be dropped or charged for. products services franchises agents brokers (Answer: b; p.354; Easy) 67. Most wholesalers are not _____-minded. Many are behind the times in personal selling they still see selling as a single salesperson talking to a single customer instead of as a team effort. absent promotion management franchise customer (Answer: b; p. 354; Challenging) 68. _____ typically locate in low-rent, low-tax areas and tend to invest little money in their buildings, equipment, and systems. 74

a. b. c. d. e.

a. b. c. d. e.

a. b. c. d. e.

a. b. c. d. e.

a. b. c. d. e.

Retailers Agents Brokers Wholesalers Factory outlets (Answer: d; p. 354; Challenging) 69. Because _____ invest little money in their equipment, their materials-handling and order-processing systems are often outdated. retailers agents wholesalers brokers industrial consumers (Answer: c; p. 354; Challenging) 70. Specialty stores carry _____ with _____ within them. convenience items; mostly staples narrow product lines; deep assortments narrow product lines; shallow assortments wide product lines; shallow assortments wide product lines; deep assortments (Answer: b; p. 334; Moderate) 71. Which of the following retailers likely require more emphasis on salespeople to assist customers? Limited-service retailers. Full-service retailers. Self-service retailers. Retailers that carry specialty goods. A and D (Answer: e; p. 334; Challenging) 72. Which type of retailer tends to be the most frequently shopped? Department stores. Convenience stores. Supermarkets. Superstores. Off-price retailers. (Answer: c; p. 334; Moderate)

a. b. c. d. e.

a. b. c. d. e.

a. b. c. d. e.

a. b. c. d. e.

a.

73. Which type of retail store is most similar to a hypermarket? Department store. 75

b. c. d. e.

Convenience store. Supermarkets. Superstores. Off-price retailers. (Answer: d; p. 335; Moderate) 74. Which of the following represent a type of sales promotion? TV ads. In-store demonstrations. Displays. Publicity. B and C. (Answer: e; p. 345; Easy) 75. Which of the following is not true about the so-called power center? They are enclosed shopping centers. They likely do not include Wal-Mart. The power center has one main entrance. Power centers have decreased in number in recent years. All of the above. (Answer: e; p. 346; Challenging) True/False 76. Wholesaling includes all the activities involved in selling products or services directly to final consumers for their personal, nonbusiness use. (False; p. 333; Easy) 77. Retailers can be classified in terms of several characteristics, including the amount of service they offer, the breadth and depth of their product lines, the relative prices they charge, and how they are organized. (True; p. 333; Moderate) 78. Full-service retailers, such as Sears or JC Penney, provide more sales assistance because they carry more shopping goods about which customers need information. (False; p. 334; Challenging) 79. In limited-service retailers, such as specialty stores and first-class department stores, salespeople assist customers in every phase of the shopping process. (False; p. 334; Moderate)

a. b. c. d. e.

a. b. c. d. e.

80. Department stores carry narrow product lines with deep assortments within those lines. (False; p. 334; Easy) 76

81. Department stores have been squeezed between more focused and flexible specialty stores on the one hand, and more efficient, lower-priced discounters on the other. Service remains the key differentiating factor. (True; p. 334; Moderate) 82. Supermarkets are the most frequently shopped type of retail store. (True; p. 334; Moderate) 83. Supercenters are a combination of food and discount stores that emphasize crossmerchandising. (True; p. 335; Easy) 84. Category killers carry a deep assortment of a particular line with a knowledgeable staff. (True; p. 336; Easy) 85. Off-price retailers sell standard merchandise at lower prices by accepting lower margins and selling higher volume. (False; p. 338; Challenging) 86. A discount store buys at less than regular wholesale prices and charges consumers less than retail. (False; p. 337; Challenging) 87. Independent off-price retailers are either owned and run by entrepreneurs or are divisions of larger retail corporations. (True; p. 338; Easy) 88. Factory outlets, independents, and warehouse clubs buy their merchandise in a similar fashion. (True; p. 338; Challenging) 89. Department stores are protesting to the manufacturers because factory outlet malls are being built at an alarming rate. (False; p. 338; Moderate) 90. In warehouse clubs, customers must wrestle furniture and other large items to the checkout line. (True; p. 338; Easy) 91. Chain stores are located near a residential area, are open long hours, seven days a week, and carry a limited line of high-turnover goods. (False; p. 339; Moderate)

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92. The main difference between franchise organizations and other contractual systems is that franchise systems are not normally based on some unique product or service. (False; p. 340; Easy) 93. Merchandising conglomerates are corporations that combine several different retailing forms under different ownership. (False; p. 340; Challenging) 94. Retailers first must define their target markets and then decide how they will position themselves in these markets. (True; p. 341; Easy) 95. Targets ability to position itself as an upscale alternative really has affected many stores, but Wal-Mart still sells much more products. (True; p. 341; Easy) 96. Each store has a feel; one store is cluttered, another cheerful, a third plush, a fourth somber. This is referring to each stores franchise. (False; p. 342; Easy) 97. The Mall of America near Minneapolis is perhaps the most dramatic conversion of stores into theater. (True; p. 343; Moderate) 98. The undisputed winner in the place race has been Target, whose strategy of being the first mass merchandiser to locate in small and rural markets was one of the key factors in its phenomenal early success. (False; p. 350; Easy) 99. A community shopping center usually contains 5 to 15 stores, including a supermarket, a discount store, and several service stores. (False; p. 346; Challenging) 100. Shopping centers now account for about three-fourths of all retail sales. (True; p. 346; Moderate) 101. The wheel-of-retailing concept deals mainly with wholesalers trying to replace higher prices with lower costs. (False; p. 347; Challenging)

102. The merging of wholesalers, retailers, products, and prices is called retail convergence. (False; p. 349; Challenging) 103. Convergence means greater competition for retailers and greater difficulty in differentiating offerings. 78

(True; p. 349; Moderate) 104. A broker brings buyers and sellers together and assists in negotiation. (True; p. 352; Easy) 105. Power centers are decreasing in number. (False; p. 346; Easy) APPLICATION CONTENT: Multiple-Choice Questions 106. a. b. c. d. e. These stores usually carry more specialty goods for which customers like to be waited on. They have much higher operating costs, which are passed along to the customer. Self-service stores. Category killer stores. Full-service stores. Independent stores. Off-price stores. (Answer: c; p. 334; Moderate) These stores are small stores that carry a limited line of high-turnover convenience goods. Most of the stores revenues are from cigarette, beverage, and gasoline sales. Convenience stores. Department stores. Chain stores. Supermarkets. Hypermarkets. (Answer: a; p. 334; Easy) A growing number of outlet malls now feature brands such as Coach, Polo Ralph Lauren, Dolce & Gabbana, and Giorgio Armani, causing _____ to protest to the manufacturers of these brands. the wheel-of-retailing concept agents brokers department stores factory outlets (Answer: d; p. 338; Moderate) Service differentiation among retailers has _____. National brands are found not only in department stores but also in mass-merchandise, off-price discount stores, and on the Web. increased eroded stayed the same franchised 79

107. a. b. c. d. e.

108. a. b. c. d. e.

109. a. b. c. d.

e.

tripled (Answer: b; p. 340; Easy)

110. a. b. c. d. e.

How can any discounter hope to compete with the likes of huge and dominating WalMart? The answer is _____. good targeting being very competitive good positioning A and C none of the above (Answer: d; p. 341; Moderate) The retailers _____ should differentiate the retailer while matching target shoppers expectations. One strategy is to offer merchandise that no other competitor carries. agent broker product assortment chain stores distribution strategy (Answer: c; p. 342; Challenging) Lane Bryant carries goods in larger sizes; this allows this store to _____ from other stores. be off-priced differentiate itself franchise retail none of the above (Answer: b; p. 342; Moderate) 113. _____ may include in-store demonstrations, displays, contests, and visiting celebrities. Franchises Sales promotions Agent promotions Publicity None of the above (Answer: b; p. 345; Easy)

111. a. b. c. d. e.

112. a. b. c. d. e.

a. b. c. d. e.

114. a. b.

Press conferences and speeches, store openings, special events, newsletters, magazines, and public service activities are examples of ways that retailers promote _____. public relations sales promotions 80

c. d. e.

high markups the wheel-of-retailing concept retail convergence (Answer: a; p. 345; Moderate) 115. Retailers operate in a fast-changing environment. What is one way that consumers are not changing? Demographics. Lifestyles. Shopping patterns. Competitive strategies. Marketing mixes. (Answer: d; p. 346; Challenging) _____ downfall occurred because it refused to expand beyond its California base. 7-11s Price Clubs Ben Franklins T G & Ys K-Marts (Answer: b; p. 347; Challenging) 7-Eleven, Stop-N-Go, and Circle K are examples of _____. specialty stores department stores convenience stores supermarkets category killers (Answer: c; p. 334; Moderate) Which wholesalers channel is this describing? The wholesalers sales forces help manufacturers reach many small customers at a low cost. The wholesaler has more contacts and is often more trusted by the buyer than the distant manufacturer. Bulk-breaking. Selling and promoting. Buying and assortment building. Warehousing. Rack jobber. (Answer: b; p. 352; Challenging) Which wholesalers channel is this describing? Wholesalers hold inventories, thereby reducing the inventory costs and risk of suppliers and customers. Bulk-breaking. Buying and assorting building. Warehousing. Financing. 81

a. b. c. d. e.

116. a. b. c. d. e.

117. a. b. c. d. e.

118. a. b. c. d. e.

119. a. b. c. d.

e.

Transporting. (Answer: c; p. 352; Challenging) 120. Which wholesalers channel is this describing? Wholesalers can provide quicker delivery to buyers because they are closer than the producers. Buying and assortment building. Financing. Transportation. Risk bearing. Warehousing. (Answer: c; p. 352; Easy) What might a retailer do to trade up? Reduce prices. Add new product lines. Change the target market. A and C None of the above. (Answer: b; p. 339; Moderate) Which of the following may be true about shoppers who prefer to shop at lifestyle centers? They prefer inexpensive atmospheres. They prefer upscale stores. They prefer out-of-the-way locations. All of the above. None of the above. (Answer: b; p. 347; Challenging) Wal-Mart attracts consumers of all demographic, psychographic, and geographic segments with many varieties and prices. This depicts _____. positioning a change in target market trading up retail convergence the marketing mix (Answer: d; p. 349; Moderate) You own a local mom-and-pop store in your neighborhood. You still like to offer fresh seafood in your meat display case. Which type of wholesaler might best serve you? Cash-and-carry wholesaler. Rack jobber. Drop shipper. Mail-order wholesaler. Agents and brokers. (Answer: a; p. 353; Moderate) 82

a. b. c. d. e.

121. a. b. c. d. e.

122. a. b. c. d. e.

123. a. b. c. d. e.

124. a. b. c. d. e.

125. a. b. c. d. e.

To change your stores atmosphere, you may change the stores _____. lighting scent overhead music product assortment all of the above (Answer: e; p. 342; Easy)

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