Question 1

Saks Fifth Avenue Off 5S1U1P1thS1S1P0 Photo -Consider the Saks Fifth Avenue Off 5^th photo above.This retailer is an example of a(n)__________.

Accepted Answer

The photo shows the logo of Saks Fifth Avenue Off 5th, which is an outlet store. Outlet stores typically offer merchandise from previous seasons or overstock at discounted prices.

Question 2

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

Accepted Answer

The T.J.Maxx HomeGoods photo suggests an off-price retail pricing practice, which involves offering products at a lower price point than traditional retailers by purchasing excess inventory or out-of-season items.

Question 3

off-price retailer that requires customers to purchase an annual membership card for the privilege of shopping at the store is referred to as a __________.

Accepted Answer

The description matches that of a warehouse club, which is a type of off-price retailer that requires customers to purchase an annual membership card before they can shop at the store. Outlet stores usually sell discounted merchandise from a single brand or line, while single-price retailers and hypermarkets do not require membership cards. Supercenters are large retail stores that offer a wide variety of products and services, but they do not necessarily require membership cards.

Question 4

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

Accepted Answer

According to the information provided in the image, savings at off-price retailers like T.J. Maxx and HomeGoods can be as high as 70% off the prices of a traditional department store.

Question 5

Dollar General and the Dollar Tree are examples of which type of retailer?

Accepted Answer

Dollar General and Dollar Tree are both examples of extreme value retailers, also known as dollar stores, because they offer a limited assortment of everyday items at a very low price point.

Question 6

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

Off-price retailers buy merchandise at below wholesale prices, often from manufacturers directly, while discount stores buy at full price from wholesalers but apply a smaller markup.

Question 7

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

Accepted Answer

The five settings mentioned in the question are the central business district, the community shopping center, the regional shopping center, and the power center, which are all well-established and recognized types of retail settings. The only option that does not fit this description is the "strip mall", which is a more generic term used to describe a group of stores and shops that are typically arranged in a simple, linear layout along a public street or sidewalk. Thus, B is the correct answer.

Question 8

Merchants such as the Burlington Coat Factory sell brand-name merchandise at lower than regular prices.As such,they are using a(n)

Accepted Answer

The Burlington Coat Factory is selling brand-name merchandise at lower than regular prices, which is characteristic of an off-price retailing strategy. This involves buying excess inventory and discontinued products from manufacturers and retailers at a discount and then selling them at lower prices to customers.

Question 9

Off-price stores that attract customers who like a "corner store" environment rather than a large supercenter experience are referred to as __________.

Accepted Answer

Extreme value retailers typically offer low-priced products in a smaller store format, which can create a "corner store" feel for customers. Hypermarkets and warehouse clubs are larger store formats, while outlet stores typically offer discounted merchandise from a specific brand or manufacturer. "Everyday value retailers" is a general term that could apply to a variety of retail formats.

Question 10

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

Accepted Answer

The missing option fits best with a "power center" which is a shopping center composed primarily of large freestanding retailers, such as big-box stores and chain restaurants. This option is commonly found in suburban or exurban areas with ample parking and easy customer access.

Question 11

central business district refers to

Accepted Answer

The central business district refers to the oldest retailing setting, located in a community's downtown area. It typically consists of a concentration of retailers, office buildings, and other commercial facilities.

Question 12

Three common forms of off-price retailers are

Accepted Answer

Warehouse clubs are not considered off-price retailers as they typically offer discounts on items in bulk rather than on individual products. Extreme value retailers, factory outlets, and online auction services are all forms of off-price retailers.

Question 13

Sam's Club and Costco are examples of __________.

Accepted Answer

Sam's Club and Costco are both warehouse clubs, which are membership-based retail stores that offer bulk products and discounts to members.

Question 14

stores today are in one of five settings that include all of the following EXCEPT:

Accepted Answer

The four settings mentioned in the question are all common types of shopping center settings. The uptown shopping center is not a common type of shopping center setting, making it the correct answer.

Question 15

Saks Fifth Avenue Off 5S1U1P1thS1S1P0 Photo
-Another name for an extreme value retailer is a(n)__________.

Accepted Answer

An extreme value retailer is commonly defined as a single-price retailer, which offers a limited assortment of household and personal items at a deep discount. The other options listed (specialty outlet, hypermarket, outlet store, warehouse club) are different types of retail formats that may offer low prices but are not necessarily single-price retailers.

Question 16

variation of off-price retailing includes __________.

Accepted Answer

Outlet stores are a type of off-price retailing where manufacturers sell their excess inventory or last season's items directly to customers at a discounted price. Discount wholesalers, discount retailers, supermarkets, and hypermarkets are all types of retailers but not necessarily off-price retailers.

Question 17

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 retailers are referred to as __________.

Accepted Answer

Nordstrom Rack and Gap Factory Store are examples of outlet stores, which allow retailers to sell excess merchandise at discounted prices while still maintaining the image of their full-priced primary stores. Outlet stores are a type of retail store that specialize in selling discounted merchandise from a variety of brands and retailers.

Question 18

stores today are near several others in one of five settings: the central business district,the community shopping center,the strip mall,the power center,or the __________.

Accepted Answer

The options given in the question are all common types of shopping centers or areas where stores are located. The two options that are similar and could be confusing are the "central business district" and "suburban downtown", but both refer to areas with high levels of economic activity and foot traffic. The correct answer is D, "regional shopping center", which refers to a larger shopping destination that attracts shoppers from a wider area and has a mix of stores and amenities.

Question 19

oldest retail setting,usually located in the community's downtown area,is referred to as

Accepted Answer

The central business district (CBD) is typically the oldest retail setting in a community, often located in the downtown area, and serves as the commercial and business center of a city.

Question 20

__________carries 4,000 to 8,000 items and usually stocks just one brand of appliance or food product.

Accepted Answer

Warehouse clubs typically carry a limited selection of items, often between 4,000 to 8,000, and usually stock only one brand of each product to keep costs low and pass savings onto members.

Quiz 16: Retailing and Wholesaling

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

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

off-price retailer that requires customers to purchase an annual membership card for the privilege of shopping at the store is referred to as a __________.

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

Dollar General and the Dollar Tree are examples of which type of retailer?

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 .

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

Merchants such as the Burlington Coat Factory sell brand-name merchandise at lower than regular prices.As such,they are using a(n)

Off-price stores that attract customers who like a "corner store" environment rather than a large supercenter experience are referred to as __________.

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

central business district refers to

Three common forms of off-price retailers are

Sam's Club and Costco are examples of __________.

stores today are in one of five settings that include all of the following EXCEPT:

Saks Fifth Avenue Off 5^th Photo -Another name for an extreme value retailer is a(n) __________.

variation of off-price retailing includes __________.

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 retailers are referred to as __________.

stores today are near several others in one of five settings: the central business district,the community shopping center,the strip mall,the power center,or the __________.

oldest retail setting,usually located in the community's downtown area,is referred to as

__________carries 4,000 to 8,000 items and usually stocks just one brand of appliance or food product.

Quiz 16: Retailing and Wholesaling

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

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

off-price retailer that requires customers to purchase an annual membership card for the privilege of shopping at the store is referred to as a __________.

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

Dollar General and the Dollar Tree are examples of which type of retailer?

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 __________.

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

Merchants such as the Burlington Coat Factory sell brand-name merchandise at lower than regular prices.As such,they are using a(n)

Off-price stores that attract customers who like a "corner store" environment rather than a large supercenter experience are referred to as __________.

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

central business district refers to

Three common forms of off-price retailers are

Sam's Club and Costco are examples of __________.

stores today are in one of five settings that include all of the following EXCEPT:

Saks Fifth Avenue Off 5th Photo -Another name for an extreme value retailer is a(n) __________.

variation of off-price retailing includes __________.

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 retailers are referred to as __________.

stores today are near several others in one of five settings: the central business district,the community shopping center,the strip mall,the power center,or the __________.

oldest retail setting,usually located in the community's downtown area,is referred to as

__________carries 4,000 to 8,000 items and usually stocks just one brand of appliance or food product.

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

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 .

Saks Fifth Avenue Off 5^th Photo -Another name for an extreme value retailer is a(n) __________.