Question 1

The revolutionary new __________ resembles a pair of eyeglasses with a small display screen visible to the wearer. Image and voice recognition capabilities allow retail clerks to check manuals for technical information, verify stock inventories, place orders, or even check out customers from anywhere in the store.

Accepted Answer

The description matches the features of Google Glass, which is a wearable device resembling eyeglasses with a small display screen visible to the wearer. It has image and voice recognition capabilities, making it possible for retail clerks to perform various tasks in the store, such as checking stock inventories or placing orders.

Question 2

Retailing includes all activities involved in the

Accepted Answer

Retailing encompasses all activities associated with the sale of goods and services to the end consumer for personal, family, or household use. This includes activities such as marketing, advertising, inventory management, customer service, and more. Retailing can take place in physical stores, online, or through other channels. Being able to effectively retail products or services is critical for many businesses to be successful.

Question 3

The overlay of stored images or graphics with the real-world environment creates what type of reality for wearers of these new Google Glass digital eyeglasses?

Accepted Answer

The overlay of stored images or graphics with the real-world environment is called augmented reality.

Question 4

Retailing is an important marketing activity. Not only do producers and consumers meet through retailing actions, but retailing also creates

Accepted Answer

Retailing creates customer value by providing convenience, product selection, and customer service. It allows producers to reach a larger audience and make their goods available to consumers in convenient locations. Retailers also compete to provide the best prices, ensuring value for customers.

Question 5

Walmart's $485 billion in sales in 2014 surpassed the gross domestic product of all but __________ countries for that same year.

Accepted Answer

Walmart's $485 billion in sales in 2014 surpassed the gross domestic product of all but 38 countries for that same year.

Question 6

Enterprise car rental agency differentiates itself from other similar agencies by providing a delivery service. This delivery service is particularly valuable to someone who has been left stranded without transportation. By making it easy to rent temporary transportation, Enterprise is emphasizing which utility?

Accepted Answer

The answer of Enterprise car rental agency differentiates itself from...

Question 7

The __________ provided by retailers create value for consumers.

Accepted Answer

Utilities refer to the functions that retailers perform to enhance the value of products or services for consumers, such as providing convenience through location, offering a variety of products, providing credit options, and providing after-sales services. Therefore, providing utilities creates value for consumers. Wholesaling functions refer to the functions performed by wholesalers, not retailers. Outsourcing functions refer to the act of delegating business operations to a third-party, which may or may not be relevant to the creation of value for consumers. Profits and synergies are outcomes of successful business operations, but they do not directly create value for consumers.

Question 8

Four of the 40 largest businesses in the United States are retailers-Walmart, Costco, Home Depot, and

Accepted Answer

The question asks for the four largest retailers among the 40 largest businesses in the United States. Walmart and Costco are well-known retailers, but Home Depot is a home improvement store, not a traditional retailer. Therefore, the fourth largest retailer on this list is Target. Sears, Best Buy, JC Penney, and Bloomingdale's are also retailers, but they do not make the top four on this list.

Question 9

The smallest dollar amount of retail sales in the United States is generated by

Accepted Answer

Sporting goods, book, and music stores typically generate the smallest dollar amount of retail sales compared to the other categories listed.

Question 10

Which of the following is one of the largest retailers in the United States?

Accepted Answer

Home Depot is known as one of the largest retailers in the United States, specializing in home improvement products and services. Hallmark, Procter & Gamble, Merck, and Johnson & Johnson are not retailers, but rather consumer goods companies that produce a variety of products.

Question 11

All activities involved in selling, renting, and providing products and services to ultimate consumers for personal, family, or household use are referred to as

Accepted Answer

Retailing specifically involves providing products and services directly to consumers for personal, family, or household use. Manufacturing involves the creation of the products, wholesaling involves selling to other businesses rather than consumers, facilitating refers to activities that support transactions (such as financing or market research), and logistics involves the movement and storage of products.

Question 12

Albertsons Supermarket accepts debit and credit cards as well as cash and checks for purchases. Its acceptance of various forms of payment provides its customers with __________ utility.

Accepted Answer

Possession utility refers to the value that a customer derives from being able to take possession of a product or service. Accepting multiple forms of payment enhances possession utility as it allows customers to purchase products using the payment method that is most convenient for them.

Question 13

The greatest dollar amount of retail sales in the United States is generated by

Accepted Answer

Automotive dealers generate the greatest dollar amount of retail sales in the United States due to the high cost of vehicles compared to other retail categories.

Question 14

The Sports Authority is a sporting goods superstore that provides year-round inventory of equipment for just about any sport. Even during the off-season, equipment for seasonal sports is available at the Sports Authority. Which utility does the Sports Authority best provide?

Accepted Answer

The Sports Authority provides time utility by offering sports equipment year-round, even during the off-season, ensuring that customers can purchase what they need whenever they want.

Question 15

At the Christmas Tree Shop, customers can shop for Christmas gifts and decor at any time of the year. What type of utility primarily does this store provide for its customers?

Accepted Answer

The Christmas Tree Shop primarily provides time utility by allowing customers to shop for Christmas gifts and decor at any time of the year.

Question 16

A restaurant that offers food made exactly to each customer's preference is providing __________ utility.

Accepted Answer

The restaurant is providing form utility by making the food to each customer's exact preferences, which enhances the value of the product for the customer. Time utility refers to providing the product at a convenient time, place utility refers to providing the product at a convenient location, possession utility refers to making it easy for customers to purchase and use the product, and process utility refers to improving the efficiency of the production process.

Question 17

The four utilities offered to consumers through retailing are

Accepted Answer

The four utilities offered to consumers through retailing are time (convenience), place, possession, and form. These utilities are essential for retailers to meet the needs of consumers and create value for their products or services. By offering convenience, retailers make it easier and quicker for consumers to purchase items they want or need. Location and accessibility are also key factors that contribute to the overall shopping experience, and retailers need to be accessible in various locations to serve their customers better. Possession utility refers to the process of transferring ownership from the retailer to the consumer, and providing a variety of payment options to make it easier for consumers to make purchases. Form utility refers to the process of taking raw materials and transforming them into finished products that consumers can buy. By offering these four utilities, retailers can create value for their products and ultimately satisfy the needs of their customers.

Question 18

Wells Fargo is one of the best-run banks in the United States. It reaches retail customers through 9,000 stores, a worldwide network of 12,000 ATMs, and its online banking service. Which utility does Wells Fargo best provide?

Accepted Answer

Wells Fargo's retail strategy allows it to reach customers in various locations, providing convenience and accessibility. Therefore, Wells Fargo best provides the utility of place.

Question 19

CarMax dealers have adopted a "no-hassle, no-haggle" sales policy that eliminates the need for negotiating. Instead, all customers are offered the same price. Test drives, financing, trade-ins, and leasing are all offered to encourage customers to purchase a car. Which utility does CarMax best provide?

Accepted Answer

CarMax provides possession utility by facilitating the process of purchasing a car through its "no-hassle, no-haggle" policy, making it easier for customers to own a vehicle.

Question 20

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

Accepted Answer

The ability to shop over the Internet 24 hours a day, seven days a week, provides consumers with time utility, as it allows them to save time by shopping at any time that is convenient for them.

Quiz 16: Retailing and Wholesaling