Question 1

Most stores today are near several others in one of four settings that include all of the following EXCEPT:

Accepted Answer

The four settings mentioned in the question are the most common ones for stores to be located in, and they include regional shopping centers, strip malls, central business districts, and power centers. The old-town district is not typically known as a common location for stores, and therefore is not included in the list of settings given in the question.

Question 2

Off-price retailing refers to the

Accepted Answer

Off-price retailing refers to the practice of selling brand name merchandise at lower than regular prices. This is achieved through various methods such as purchasing overstocked items, canceled orders, or closeouts from manufacturers and selling them at a discounted price. This strategy has become popular among consumers who are looking for good deals on high-quality products.

Question 3

Nordstrom Rack and the Gap Factory Store allow retailers to sell excess merchandise and still maintain an image of offering merchandise at full price in their primary stores. These are referred to as __________.

Accepted Answer

Nordstrom Rack and the Gap Factory Store are examples of outlet stores, which allow retailers to sell excess merchandise while maintaining the brand’s image in their full-price stores. Outlet stores are often located in off-mall locations and offer merchandise at discounted prices.

Question 4

Most stores today are near several others in one of four settings: the central business district, the regional shopping center, the strip mall, or the __________.

Accepted Answer

The correct answer is C. The other options either do not exist or are not commonly used terms in retail location settings. A rural micromall, exurb value center, and suburban downtown are not established shopping center settings. An urban megacenter is not a commonly used term and could refer to many types of centers. The power center is a shopping center with multiple big-box retailers offering a variety of goods, often located near a major highway or intersection.

Question 5

Which of the following statements regarding retail pricing is most accurate?

Accepted Answer

Offering rebates can create negative perceptions if the process takes too long, causing frustration among consumers. The other options are inaccurate. Consumers often use benchmark items to assess a store's pricing, the store's ambiance may be important but not more significant than pricing, technology has not made markdowns unnecessary, and everyday fair pricing and everyday low pricing differ in more than just markups.

Question 6

-Consider the T.J. Maxx HomeGoods photo above. This retailer uses a(n) __________ pricing practice.

Accepted Answer

The use of a discount format and the branding of "HomeGoods" suggests that T.J. Maxx is an off-price retailer, which relies on buying discounted merchandise from manufacturers and selling it to consumers at a lower price point.

Question 7

A variation of off-price retailing is __________.

Accepted Answer

Outlet stores are a variation of off-price retailing where manufacturers sell excess inventory or out-of-season merchandise directly to consumers at discounted prices. Discount wholesalers (A) sell products in bulk to retailers rather than directly to consumers. Discount retailers (C) offer everyday low prices but may not necessarily sell excess or out-of-season merchandise. Supercenters (D) are typically large stores that sell a wide variety of products, including groceries, apparel, electronics, and more. Hypermarkets (E) are similar to supercenters but typically have a greater focus on groceries and perishables.

Question 8

Retailers that advocate an everyday fair pricing strategy may not offer the lowest prices but try to create value for customers using which of these?

Accepted Answer

Retailers that advocate an everyday fair pricing strategy may not offer the lowest prices but try to create value for customers through its service and the total buying experience.

Question 9

Merchants such as the Burlington Coat Factory purchase excess inventory at lower than wholesale prices and can therefore sell brand-name merchandise at lower than regular prices. This means that they are using a(n)

Accepted Answer

The statement describes how the Burlington Coat Factory purchases excess inventory at lower than wholesale prices and sells them at lower than regular prices, which is a characteristic of off-price retailing strategy.

Question 10

When considering the use of everyday low pricing, one should consider the impact on the brand and store's __________.

Accepted Answer

The answer of When considering the use of everyday low...

Question 11

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

Accepted Answer

The answer of Savings to the consumer at off-price retailers...

Question 12

Consumers often use the prices of __________ items, such as a can of Coke, to form an overall impression of the store's prices.

Accepted Answer

Benchmark items are those that consumers use to compare prices across different stores. A can of Coke is a good benchmark item because it is widely available and has a standard price that most consumers are familiar with. By comparing the price of a can of Coke at one store to the price at another store, consumers can form an overall impression of the store's prices.

Question 13

Many retailers advocate a(n) __________ strategy, a pricing strategy that may not offer the lowest prices but does try to create value for customers through its service and the total buying experience.

Accepted Answer

The answer of Many retailers advocate a(n) __________ strategy, a...

Question 14

Most stores today are near several others in one of four settings: the central business district, the regional shopping center, the power center, or the __________.

Accepted Answer

The other options (suburban downtown, exurb value center, rural micromall, and urban megacenter) either do not exist or are not commonly used terms in the retail industry. Strip malls are common shopping areas that are located near other stores and typically have a mix of retail and service businesses.

Question 15

The selling of brand name merchandise at lower than regular prices is referred to as __________.

Accepted Answer

Off-price retailing involves selling brand name goods at lower prices than regular retail stores. Discount pricing, everyday low pricing, and markdown pricing may also involve lower prices, but they do not necessarily involve selling brand name merchandise. Loss-leader pricing involves selling a product at a loss in order to attract customers to purchase other products or services.

Question 16

The central business district refers to

Accepted Answer

The central business district typically refers to the oldest retailing setting in a community's downtown area.

Question 17

Consumers often use the prices of __________ items, such as a can of Coke, to form an overall impression of the store's prices.

Accepted Answer

Signpost items are those commonly known or purchased items whose prices are used by consumers to form an overall impression of a store's prices. Examples include a gallon of milk, a loaf of bread, and a can of Coke.

Question 18

-Consider the Saks Fifth Avenue Off 5^th photo above. This retailer is an example of a(n) __________.

Accepted Answer

The photo shows a Saks Fifth Avenue Off 5th store, which is a type of outlet store. Outlet stores typically sell merchandise from previous seasons or overstocked items at discounted prices. In this case, Saks Fifth Avenue Off 5th sells discounted high-end fashion items.

Question 19

The major difference between an off-price retailer and a discount store is that off-price retailers purchase merchandise from manufacturers __________ and discount stores buy from wholesalers __________.

Accepted Answer

The answer of The major difference between an off-price retailer...

Question 20

Retailers that advocate an everyday fair pricing strategy may not offer the lowest prices but try to create value for customers using which of these?

Accepted Answer

The answer of Retailers that advocate an everyday fair pricing...

Quiz 13: Retailing and Wholesaling

Most stores today are near several others in one of four settings that include all of the following EXCEPT:

Off-price retailing refers to the

Nordstrom Rack and the Gap Factory Store allow retailers to sell excess merchandise and still maintain an image of offering merchandise at full price in their primary stores. These are referred to as __________.

Most stores today are near several others in one of four settings: the central business district, the regional shopping center, the strip mall, or the __________.

Which of the following statements regarding retail pricing is most accurate?

-Consider the T.J. Maxx HomeGoods photo above. This retailer uses a(n) __________ pricing practice.

A variation of off-price retailing is __________.

Retailers that advocate an everyday fair pricing strategy may not offer the lowest prices but try to create value for customers using which of these?

Merchants such as the Burlington Coat Factory purchase excess inventory at lower than wholesale prices and can therefore sell brand-name merchandise at lower than regular prices. This means that they are using a(n)

When considering the use of everyday low pricing, one should consider the impact on the brand and store's __________.

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

Consumers often use the prices of __________ items, such as a can of Coke, to form an overall impression of the store's prices.

Many retailers advocate a(n) __________ strategy, a pricing strategy that may not offer the lowest prices but does try to create value for customers through its service and the total buying experience.

Most stores today are near several others in one of four settings: the central business district, the regional shopping center, the power center, or the __________.

The selling of brand name merchandise at lower than regular prices is referred to as __________.

The central business district refers to

Consumers often use the prices of __________ items, such as a can of Coke, to form an overall impression of the store's prices.

-Consider the Saks Fifth Avenue Off 5^th photo above. This retailer is an example of a(n) __________.

The major difference between an off-price retailer and a discount store is that off-price retailers purchase merchandise from manufacturers and discount stores buy from wholesalers .

Retailers that advocate an everyday fair pricing strategy may not offer the lowest prices but try to create value for customers using which of these?

Quiz 13: Retailing and Wholesaling

Most stores today are near several others in one of four settings that include all of the following EXCEPT:

Off-price retailing refers to the

Nordstrom Rack and the Gap Factory Store allow retailers to sell excess merchandise and still maintain an image of offering merchandise at full price in their primary stores. These are referred to as __________.

Most stores today are near several others in one of four settings: the central business district, the regional shopping center, the strip mall, or the __________.

Which of the following statements regarding retail pricing is most accurate?

-Consider the T.J. Maxx HomeGoods photo above. This retailer uses a(n) __________ pricing practice.

A variation of off-price retailing is __________.

Retailers that advocate an everyday fair pricing strategy may not offer the lowest prices but try to create value for customers using which of these?

Merchants such as the Burlington Coat Factory purchase excess inventory at lower than wholesale prices and can therefore sell brand-name merchandise at lower than regular prices. This means that they are using a(n)

When considering the use of everyday low pricing, one should consider the impact on the brand and store's __________.

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

Consumers often use the prices of __________ items, such as a can of Coke, to form an overall impression of the store's prices.

Many retailers advocate a(n) __________ strategy, a pricing strategy that may not offer the lowest prices but does try to create value for customers through its service and the total buying experience.

Most stores today are near several others in one of four settings: the central business district, the regional shopping center, the power center, or the __________.

The selling of brand name merchandise at lower than regular prices is referred to as __________.

The central business district refers to

Consumers often use the prices of __________ items, such as a can of Coke, to form an overall impression of the store's prices.

-Consider the Saks Fifth Avenue Off 5th photo above. This retailer is an example of a(n) __________.

The major difference between an off-price retailer and a discount store is that off-price retailers purchase merchandise from manufacturers __________ and discount stores buy from wholesalers __________.

Retailers that advocate an everyday fair pricing strategy may not offer the lowest prices but try to create value for customers using which of these?

-Consider the Saks Fifth Avenue Off 5^th photo above. This retailer is an example of a(n) __________.

The major difference between an off-price retailer and a discount store is that off-price retailers purchase merchandise from manufacturers and discount stores buy from wholesalers .