Question 1

Category specialists are also known as big box retailers.

Accepted Answer

Category specialists are also commonly known as big box retailers because they typically operate in large, warehouse-style stores with a variety of products within a specific category (such as electronics, home improvement, or sporting goods).

Question 2

Retailing ___________________ the supply chain.

Accepted Answer

Retailing sits at the end of the supply chain as it involves selling products directly to the end-consumer. Retailers source products from manufacturers and distributors in the supply chain, but their primary function is to sell to customers at the end of the supply chain.

Question 3

It is primarily the retailer's responsibility to make sure customers' expectations are fulfilled.

Accepted Answer

As the seller of the product, the retailer is responsible for ensuring that the product meets the customer's expectations or providing a solution if it does not. This includes providing accurate information about the product, delivering it in a timely manner, and addressing any issues or concerns the customer may have.

Question 4

Supercenters--stores that combine a supermarket with a full-line discount store--are among the fastest growing food retailer formats.

Accepted Answer

Supercenters have become increasingly popular in recent years and are growing at a faster rate than traditional supermarkets or discount stores. Many consumers appreciate the convenience of being able to do all of their shopping in one location and having access to a wide variety of products at competitive prices.

Question 5

Multichannel retailers are able to simply charge the same prices across all channels.

Accepted Answer

Multichannel retailers often have different cost structures and selling strategies for each channel, which can affect pricing. Additionally, pricing decisions may also be influenced by competition and market conditions specific to each channel. Therefore, it is often not feasible or optimal to charge the same prices across all channels.

Question 6

Using electronic channels along with more traditional channels can result in customers making more total purchases from the seller.

Accepted Answer

By offering electronic channels, customers may have more opportunities to make purchases, increasing the total number of purchases they make from a seller. Additionally, offering a variety of channels may appeal to different customer preferences, leading to more sales overall.

Question 7

Natalie is opening a retail store specializing in hard-to-find gift items.Before she opens her store,what question will Natalie need to address?

Accepted Answer

Natalie will need to address all of these questions before opening her store in order to have a successful business. She will need to determine where her target market is located, what time of year her products will be in demand, what price range her customers are willing to pay, and what specific products they are looking for.

Question 8

Retailers who advertise that they sell at wholesale prices are wholesalers.

Accepted Answer

Retailers who advertise that they sell at wholesale prices are not wholesalers. They may be offering discounts, but they are still retailers who sell products to consumers at a markup. Wholesalers are businesses that sell directly to other businesses or retailers at lower prices, often in bulk quantities.

Question 9

Many retailers and some manufacturers are exploring a multichannel strategy in which they sell in more than one channel,for example,the Internet and stores.

Accepted Answer

Many retailers and manufacturers are indeed exploring a multichannel strategy of selling in more than one channel, such as the internet and physical stores.

Question 10

Today,large retailers dictate to their suppliers what should be made.

Accepted Answer

Large retailers have significant bargaining power over their suppliers and can often dictate what products should be made, how they should be made, and at what price. This can lead to a concentration of power in the retail industry and challenges for small or independent suppliers.

Question 11

When retailers extend their services to the Internet and become multichannel retailers,they are able to satisfy a broader range of customers' needs and wants.

Accepted Answer

By offering their services online, retailers can reach a wider audience and provide customers with the convenience of shopping from anywhere at any time, thus increasing customer satisfaction and meeting a broader range of their needs and wants.

Question 12

One of retailers' most fundamental activities is providing the right mix of merchandise and services.

Accepted Answer

Providing the right mix of merchandise and services is essential for retailers to attract customers and drive sales.

Question 13

Retailing is defined as the set of business activities that:

Accepted Answer

Retailing is focused on adding value to products and services for final consumers by selling them through various channels such as brick-and-mortar stores or e-commerce platforms. Retailers focus on creating relationships with their customers by providing quality products, excellent customer service, and a pleasant shopping experience. Retailing is closely associated with marketing, as retailers use various marketing techniques to promote their products and attract customers. Therefore, the best choice is C, as it accurately captures the essence of retailing.

Question 14

Manufacturers might use selective distribution by granting exclusive geographic territories to a few retailers so no other retailers in the territory can sell a particular brand.

Accepted Answer

This statement accurately describes selective distribution. By restricting the number of retailers who can sell a particular brand, manufacturers can maintain greater control over their distribution channels and ensure that their brand is only sold in certain markets or through specific retailers.

Question 15

Retailers address customers' needs for value by providing goods and services:

Accepted Answer

All of the provided choices address customers' needs for value by providing goods and services in a way that caters to their preferences for convenience, affordability, and personal style. Providing options that align with these needs helps to differentiate retailers and build customer loyalty.

Question 16

Choosing the right retailing partners and knowing where target customers expect to find products are key to a manufacturer's success.

Accepted Answer

Choosing the right retailing partners and knowing where target customers expect to find products is crucial for a manufacturer's success as it directly impacts sales and brand recognition.

Question 17

Retailing is where marketing:

Accepted Answer

Retailing is the part of marketing where the marketing mix (product, price, promotion, and place) is applied to meet the consumer's needs and wants at the point of sale, where the consumer purchases the product/service. Therefore, retailing is where marketing meets the consumer.

Question 18

Dollar General and Family Dollar are examples of full-price discount retailers.

Accepted Answer

Dollar General and Family Dollar are examples of discount retailers, not full-price retailers. They offer products at lower prices compared to traditional retail prices.

Question 19

Off-price retailers specialize in having a consistent line of merchandise available at discount prices.

Accepted Answer

Off-price retailers specialize in selling brand-name or designer merchandise at lower prices, but their inventory is often inconsistent due to sourcing overstocked or out-of-season items from regular retailers.

Question 20

One significant potential benefit of the Internet channel is its ability to personalize information for each customer.

Accepted Answer

The Internet channel can collect and analyze customer data such as browsing history, purchase behavior, and demographic information to personalize content and offers for each individual customer.

Quiz 16: Retailing and Multichannel Marketing