Question 1

Retail assortments are looking more and more alike because .

Accepted Answer

National-brand manufacturers have expanded their distribution channels to include a larger variety of retailers, resulting in more stores carrying similar merchandise. This has contributed to the trend of retail assortments appearing more alike.

Question 2

,which buy at less- than- regular wholesale prices and charge consumers less than retail,are independently owned and run or are divisions of larger retail corporations.

Accepted Answer

Independent off-price retailers are the type of retailers that buy at less-than-regular wholesale prices and charge consumers less than retail. They are independently owned and run or are divisions of larger retail corporations. Full-service retailers, discount stores, warehouse clubs, and superstores do not necessarily offer products at less-than-regular wholesale prices.

Question 3

retailers in the United States are growing faster than product retailers.

Accepted Answer

Service retailers, such as restaurants and salons, are experiencing faster growth than product retailers due to an increase in consumer spending on experiences rather than physical goods.

Question 4

Which of the following is NOT one of the major classifications of wholesalers?

Accepted Answer

Specialty wholesalers are not typically recognized as a major classification of wholesalers. The major classifications include merchant wholesalers, brokers, agents, and manufacturers' sales branches and offices.

Question 5

Savvy wholesalers realize that their only reason for existence comes from increasing the efficiency and effectiveness of the _.

Accepted Answer

Wholesalers play a critical role in the distribution system by improving the efficiency and effectiveness of the entire marketing channel, which includes retailers, manufacturers, and ultimately the end customer. Their primary responsibility is to ensure that products are delivered to retailers in a timely and cost-effective manner, which in turn allows retailers to provide better service to their customers. As such, their reason for existence is intrinsically linked to the success of the entire marketing channel, not just one specific component.

Question 6

Most retailers are significantly behind _ _ retailers in global expansion.

Accepted Answer

American retailers are often more advanced in global expansion compared to European and Asian retailers.

Question 7

,the world's second largest retailer after Walmart,has embarked on an aggressive mission to extend its role as a leading international retailer.

Accepted Answer

Carrefour has been expanding globally and has operations in over 30 countries, making it one of the leading international retailers.

Question 8

McDonald's,Subway,and Pizza Hut are all examples of a .

Accepted Answer

McDonald's, Subway, and Pizza Hut are all franchises, which means they are a type of business where an individual or group of individuals (the franchisee) is granted the right to use the name, products, and business model of a larger, already established company (the franchisor). Franchising is a common type of business model in the fast food industry.

Question 9

Which wholesaler's channel function is demonstrated when a buyer receives quicker delivery because wholesalers are located closer than producers?

Accepted Answer

The transportation channel function is demonstrated in this scenario as wholesalers often have facilities that are located closer to the buyer than the producer, resulting in quicker delivery times.

Question 10

were the main form of retail cluster until the 1950s.

Accepted Answer

Central business districts were the main form of retail cluster until the 1950s, serving as the primary shopping and business areas in cities.

Question 11

Touch- screen kiosks,customer- loyalty cards,handheld shopping assistants,and self- scanning checkout systems are all examples of how retailers use technology to .

Accepted Answer

The use of technology in these ways is primarily aimed at enhancing the consumer experience and meeting their expectations for convenience, efficiency, and personalized service. While some of these methods may also have benefits for inventory management or communication between stores, the primary goal is to improve the customer experience.

Question 12

You own a neighborhood grocery store and would like to have non- food items delivered,priced,displayed and inventoried by a wholesaler.You do not want to purchase title to the goods.Which type of wholesaler best fits your needs?

Accepted Answer

A rack jobber is a type of wholesaler who provides non-food items to retailers on consignment. They deliver the items, price them, display them, and inventory them, but the retailer does not purchase title to the goods until they are sold. This makes the rack jobber a good fit for the neighborhood grocery store's needs.

Question 13

The lighting in Jake's Steak Restaurant is muted.The chairs are covered in leather and solid enough to last a lifetime,and each table is covered with a white linen cloth.The colors are limited to earth tones with an occasional splash of red.Patrons can not hear any kitchen noises,only a pleasant melody that seems familiar but unrecognizable.The smells are extraordinarily varied.This is a description of the restaurant's _ .

Accepted Answer

The passage describes the atmosphere of the restaurant, including details about the lighting, furniture, colors, music, and smells.

Question 14

Which type of small store carries a limited line of high- turnover convenience goods and makes most of its revenues from cigarette,beverage,and gasoline sales?

Accepted Answer

A convenience store carries a limited line of high-turnover convenience goods and makes most of its revenues from cigarette, beverage, and gasoline sales. It is small in size and is often located in residential areas or along highways for quick and easy access for customers.

Question 15

operate in warehouse- like facilities,sell a limited selection of items,and offer few frills.Customers pay annual membership fees and are able to purchase goods at deep discounts.

Accepted Answer

The description fits the model of warehouse clubs, which operate in warehouse-like facilities, offer a limited selection of items, have minimal frills, and require an annual membership fee for customers to access deep discounts. Superstores typically have a wider selection and more amenities, while independent off-price retailers, factory outlets, and discount stores may have different business models and store formats.

Question 16

Big and Tall Men's Shop carries goods in larger sizes;this allows the store to _ other stores.

Accepted Answer

By carrying goods in larger sizes, Big and Tall Men's Shop is differentiating itself from other stores that may not offer the same sizes.

Question 17

Home Depot offers "how- to" classes for do- it- yourselfers,featuring instructions on how to complete home improvement projects using products sold at its stores.This is an example of how Home Depot has differentiated itself through its .

Accepted Answer

Home Depot's offering of "how-to" classes for DIYers is an example of a service that it provides, which sets it apart from other home improvement retailers. This is an example of how Home Depot has differentiated itself through its services mix.

Question 18

are flourishing due to increased use of market segmentation and market targeting.

Accepted Answer

Specialty stores focus on a specific product or category and cater to a niche market. By using market segmentation and targeting, they can tailor their offerings to the specific needs and preferences of their customers, leading to increased customer loyalty and sales.

Question 19

is the basis of all discount operations and is typically used by sellers of convenience goods.Retailers offering this level of service require customers to perform their own "locate- compare- select" process in order to save money.

Accepted Answer

Self-service is the basis of all discount operations, where customers are required to locate, compare and select products on their own in order to save money. This is typically used in the sale of convenience goods.

Question 20

An independent hardware retail store 100 miles from the nearest city of more than 5,000 people but providing needed supplies for area ranchers would most likely buy its plumbing and electrical supplies through a _ _.

Accepted Answer

A mail-order wholesaler is suitable for remote locations as they can provide a wide range of products through catalogs or online, delivering directly to the store without the need for frequent in-person visits.

Quiz 13: Retailing and Wholesaling