Question 1

Retailing's economic value is represented by the annual sales of retailers and __________.
A) the price asked for any one item
B) the cost of goods sold
C) the people employed in retailing
D) the net return on capital
E) the elimination of global boundaries

Accepted Answer

Retailing's economic value is not only represented by sales but also by the employment it generates, making the people employed in retailing a significant factor.

Question 2

Figure 16-2
-shown in Figure 16-2 above,the greatest dollar amount of retail sales in the United States is generated by __________.
A) food and beverage stores
B) sporting goods, books, and music stores
C) electronic stores
D) automotive dealers
E) furniture and home furnishing stores

Accepted Answer

Automotive dealers typically 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 3

__________ provided by retailers create value for consumers.
A) utilities
B) wholesaling functions
C) outsourcing
D) logistics
E) synergies

Accepted Answer

Utilities refer to the benefits or satisfaction that a consumer derives from a product or service. Retailers provide various utilities such as time utility, place utility, form utility, and possession utility to create value for consumers. The other options, such as wholesaling functions, outsourcing, logistics, and synergies, may be important for retailers, but they do not directly create value for consumers.

Question 4

Figure 16-2
-shown in Figure 16-2 above,the smallest dollar amount of retail sales in the United States is generated by __________.
A) automotive dealers
B) food and beverage stores
C) sporting goods, books, and music stores
D) electronic stores
E) furniture and home furnishing stores

Accepted Answer

Sporting goods, books, and music stores typically generate lower retail sales compared to other categories like automotive dealers or food and beverage stores.

Question 5

Retailing's economic value is represented by the people employed in retailing as well as by
A) the price asked for any one item.
B) the cost of goods sold.
C) the net return on capital.
D) annual sales of retailers.
E) the elimination of global boundaries.

Accepted Answer

Annual sales of retailers represent the economic value of retailing, as it is a measure of the amount of money flowing through the retail sector. This includes the income that is generated for the people employed in retailing, as well as the profits for the retailers themselves. The other options, such as price, cost of goods sold, net return on capital, and elimination of global boundaries, are all factors that can impact the economic value of retailing, but they do not directly represent it.

Question 6

Sports Authority is a sporting goods superstore that provides year-round inventory of equipment for just about any sport you can name.Even during the "off season",equipment for seasonal sports is available at the Sports Authority.Which utility does the Sports Authority best provide?
A) time
B) convenience
C) possession
D) form
E) performance

Accepted Answer

The Sports Authority provides "time" utility by ensuring that equipment for seasonal sports is available year-round, even during the off-season.

Question 7

restaurant that offers food made exactly to each customer's preference is providing its customers with __________ utility.
A) time
B) place
C) possession
D) form
E) process

Accepted Answer

The restaurant is providing form utility, which is the value created by transforming raw materials or inputs into finished goods or products that meet the customer's specific needs and requirements. The food made to each customer's preference is tailored to their specific form utility needs. Time, place, possession, and process utilities are not relevant in this scenario.

Question 8

Retailing is an important marketing activity.Not only do producers and consumers meet through retailing actions,but retailing also creates __________.
A) the nation's largest source of tax revenues
B) the largest source of charitable contributions
C) limited utilities for consumers
D) customer value
E) a sense of community

Accepted Answer

Retailing creates customer value as it helps consumers to access and obtain products and services easily and efficiently, and creates opportunities for them to compare and choose the best options that meet their needs and preferences.

Question 9

do retailers like location-based apps such as Foursquare?
A) they use audio and video to communicate a message
B) all consumers demand technology-based offerings today
C) they are free
D) they attract consumers who are not price sensitive
E) they provide an opportunity to personalize offerings to potential customers

Accepted Answer

Location-based apps such as Foursquare provide an opportunity for retailers to personalize their offerings to potential customers. By tracking a customer's location, retailers can send them customized deals and promotions based on their interests and preferences. This can lead to better engagement with customers and increased sales.

Question 10

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?
A) product
B) form
C) convenience
D) service
E) possession

Accepted Answer

The answer of CarMax dealers have adopted a "no-hassle,no-haggle" sales...

Question 11

ability to shop over the Internet 24/7 provides consumers with __________ utility.
A) form
B) time
C) convenience
D) possession
E) performance

Accepted Answer

The ability to shop over the Internet 24/7 provides consumers with time utility, as there are no time restrictions on when they can make purchases.

Question 12

Albertson's 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.
A) time
B) place
C) possession
D) form
E) public

Accepted Answer

Possession utility refers to the value created by making a product available to a customer in a convenient and accessible way. Albertson's acceptance of various forms of payment provides customers with the convenience of being able to make purchases using their preferred method of payment, which increases the value of the products and services offered by the store. Time utility refers to the value created by making a product available to customers at a convenient time, place utility refers to the value created by making a product available at a convenient location, form utility refers to the value created by transforming raw materials into finished products, and public utility refers to the value created by providing essential services to the public, such as water, electricity, and transportation.

Question 13

Location-based social networking apps such as Foursquare reward customers for
A) using minutes on their mobile phones.
B) shopping online.
C) responding to TV ads.
D) reporting their locations and visiting stores.
E) answering customer service surveys on their mobile phones.

Accepted Answer

Location-based social networking apps such as Foursquare reward customers for reporting their locations and visiting stores. These apps encourage users to explore new places and businesses by offering rewards, such as discounts or free items, for checking in at certain locations.

Question 14

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?
A) time
B) possession
C) place
D) form
E) performance

Accepted Answer

Wells Fargo reaches its customers through a widespread network of stores and ATMs, providing them with access to banking services at various locations. This indicates that their best utility is providing customers with a place to conduct their banking activities.

Question 15

activities involved in selling,renting,and providing products and services to ultimate consumers for personal,family,or household use are referred to as __________.
A) manufacturing
B) retailing
C) wholesaling
D) facilitating
E) logistics

Accepted Answer

Retailing involves selling products and services directly to consumers for personal, family, or household use. Manufacturing involves producing goods, wholesaling involves selling products to retailers or other businesses, facilitating involves providing support services, and logistics involves managing the transportation and storage of goods.

Question 16

four utilities offered to consumers through retailing are
A) convenience, performance, possession, and form.
B) time, place, possession, and form.
C) product, price, place, and promotion.
D) people, productivity, process, and physical environment.
E) convenience, consistency, competition, and choice.

Accepted Answer

The four utilities offered to consumers through retailing are time, place, possession, and form. Time refers to the availability of products when consumers want to purchase them. Place refers to the availability of products where consumers want to purchase them. Possession refers to the ease of acquiring and owning products, such as through financing or return policies. Form refers to the variety of products available and the different ways they can be presented to consumers. Option A is incorrect because performance is not a utility offered through retailing. Option C is incorrect because product, price, place, and promotion are the four elements of marketing mix, not utilities. Option D is incorrect because people, productivity, process, and physical environment are parts of the service marketing mix. Option E is incorrect because consistency, competition, and choice are not utilities offered through retailing.

Question 17

Foursquare,Gowalla,Booyah,Brightkite,and Loopt are
A) multiplayer video games.
B) advertising agencies.
C) location-based social networking apps for smartphones.
D) names of new phones targeted at college students.
E) restaurants with new food concepts.

Accepted Answer

Foursquare, Gowalla, Booyah, Brightkite, and Loopt are all examples of location-based social networking apps for smartphones. These apps allow users to share their location with friends, find new places to visit, and earn rewards or badges for checking in at different locations.

Question 18

the Christmas Tree Shop,customers can shop for Christmas gifts at any time of year.What type of utility does this store primarily provide for its customers?
A) place and conformance
B) possession and form
C) form
D) performance
E) time

Accepted Answer

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

Question 19

Retailing refers to all activities involved in the
A) selling, renting, and providing of products and services to ultimate consumers for personal, family, or household use.
B) selling of tangible products to ultimate consumers for personal, family, or household use.
C) selling of tangible products to ultimate consumers for personal, household, or industrial use.
D) selling, renting, leasing, or reselling of products and services to ultimate consumers or small industrial users.
E) selling, renting, and providing of products and services without retaining the title to these offerings.

Accepted Answer

Retailing involves selling, renting and providing of products and services to ultimate consumers for personal, family, or household use. This includes all activities from stocking the products, managing inventory, setting prices, promoting and advertising to customers, providing customer service, and handling returns or exchanges. Option B is a subset of retailing and excludes services, while option C includes industrial use, which is not a primary focus of retailing. Option D is too broad as it includes small industrial users, which go beyond the scope of retailing. Option E is a description of leasing, not retailing.

Question 20

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?
A) form
B) product
C) service
D) possession
E) convenience

Accepted Answer

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

Quiz 16: Retailing and Wholesaling

Retailing's economic value is represented by the annual sales of retailers and __________.

Figure 16-2 -shown in Figure 16-2 above,the greatest dollar amount of retail sales in the United States is generated by __________.

__________ provided by retailers create value for consumers.

Figure 16-2 -shown in Figure 16-2 above,the smallest dollar amount of retail sales in the United States is generated by __________.

Retailing's economic value is represented by the people employed in retailing as well as by

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

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

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

do retailers like location-based apps such as Foursquare?

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?

ability to shop over the Internet 24/7 provides consumers with __________ utility.

Albertson's 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.

Location-based social networking apps such as Foursquare reward customers for

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?

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

four utilities offered to consumers through retailing are

Foursquare,Gowalla,Booyah,Brightkite,and Loopt are

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

Retailing refers to all activities involved in the