Question 1

The __________ distinguishes retail outlets based on whether independent retailers,corporate chains,or contractual systems own the outlet.
A)wheel of retailing
B)service level
C)merchandise line
D)product assortment
E)form of ownership

Accepted Answer

The form of ownership distinguishes retail outlets based on whether independent retailers, corporate chains or contractual systems own the outlet. The wheel of retailing explains how retail outlets change over time with regards to their price points, service level, merchandise line, and product assortment. Service level refers to the degree of service offered to customers, merchandise line refers to the types of products carried by a retailer, and product assortment refers to the variety of product options within a merchandise line.

Question 2

One method of classification describes whether a retailer is self-,limited-,or full-__________.
A)involvement
B)assortment
C)management
D)service
E)ownership

Accepted Answer

The answer of One method of classification describes whether a...

Question 3

By requiring its toy suppliers to trim one square-inch of packaging from its lines,Walmart reduced packaging by __________ tons.
A)3,000
B)3,500
C)4,000
D)4,500
E)5,000

Accepted Answer

The answer of By requiring its toy suppliers to trim...

Question 4

When Home Depot switched its in-store light fixture displays to compact fluorescent light and LED light bulbs,painted the roofs of its stores white,and installed solar panels,it reduced its energy use by __________ percent.
A)5
B)10
C)15
D)20
E)25

Accepted Answer

Home Depot's energy reduction efforts, including switching to energy-efficient lighting, painting roofs white, and installing solar panels, resulted in a 20% reduction in energy use.

Question 5

Retailing's economic impact is represented by the __________.
A)the price asked for any one item for sale
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

The economic impact of retailing is largely represented by the number of people employed in the industry, as retailing is a major source of jobs in many countries. The other options (price asked for any one item, cost of goods sold, net return on capital, and elimination of global boundaries) are all components or factors that contribute to the overall economic impact of retailing, but they do not solely represent it.

Question 6

Which of the following is a commonly used method of classifying retail outlets?
A)service versus product
B)form of ownership
C)proportion of national versus private label brands carried
D)revenues generated
E)profitability

Accepted Answer

Form of ownership is a commonly used method of classifying retail outlets. This can include ownership by individuals, partnerships, corporations, franchises, and more. Service versus product, proportion of national versus private label brands carried, revenues generated, and profitability may also be used as methods of classification, but they are not as commonly used as form of ownership.

Question 7

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

Accepted Answer

The annual sales of retailers represents the economic impact of retailing as it reflects the total revenue generated by the industry. It includes the sales of goods and services by all types of retailers, both online and offline, and is a major contributor to the overall economy.

Question 8

There are three key methods of classifying retail operations.These include:
A)method of operation,revenues generated,and merchandise line.
B)form of ownership,method of operation,and merchandise line.
C)form of ownership,level of service,and merchandise line.
D)level of service,merchandise line,and revenues generated.
E)merchandise line,form of ownership,and revenues generated.

Accepted Answer

The three key methods of classifying retail operations are form of ownership, level of service, and merchandise line. These categories help in understanding the structure, customer interaction, and product offerings of retail businesses.

Question 9

Aeon,Carrefour,Tesco,and Metro Group are
A)sizeable wholesalers that handle products for the world's largest retailers.
B)new Internet start-ups that have the potential to impact the U.S.economy.
C)large retailers outside of the United States.
D)large distributors of business products.
E)historic companies that developed consumer selling systems,though none of them exist today.

Accepted Answer

The names Aeon, Carrefour, Tesco, and Metro Group are all well-known names in the retail industry, but they are not wholesalers or distributors of business products. These companies are in fact large retailers, but they are outside of the United States.

Question 10

According to the textbook, (the)__________ provides third-party certification and offers guidance for retailers implementing new environmentally sound practices.
A)Environmental Protection Agency
B)U.S.Chamber of Commerce-Environmental Division
C)Green Cross International
D)U.S.Green Retail Association
E)Leadership in Energy and Environmental Design (LEED)

Accepted Answer

The U.S. Green Retail Association provides third-party certification and offers guidance for retailers implementing new environmentally sound practices.

Question 11

Level of service is used to describe the degree of service provided to the customer.Three levels of service are provided by self-,__________-,and full-service retailers.
A)limited
B)commitment
C)involvement
D)obligation
E)pledge

Accepted Answer

The three levels of service provided by self-service, limited-service, and full-service retailers.

Question 12

Retailers have come to realize that consumers want to purchase products from those retailers with similar __________.
A)offerings
B)ideologies
C)interests
D)locations
E)pricing strategies

Accepted Answer

The answer of Retailers have come to realize that consumers...

Question 13

One way to assess the importance of retailing to the U.S.and global economies is to measure the
A)price asked for any one item.
B)cost of goods sold.
C)net return on capital.
D)annual sales of retailers.
E)progress towards eliminating of global boundaries.

Accepted Answer

Annual sales of retailers is the best choice because it directly reflects the level of economic activity generated by the retail industry. Retail sales make up a significant portion of the U.S. economy, accounting for over 5% of the country's GDP. Globally, retail is also a major economic driver, with retail sales estimated to surpass $25 trillion in 2021.

Question 14

A method of classification that describes how many different types of products a store carries and in what assortment is referred to as a __________.
A)product mix
B)service level
C)product variety
D)store composition
E)merchandise line

Accepted Answer

The answer of A method of classification that describes how...

Question 15

The degree of service provided to the customer from self-,limited-,and full-service retailers is referred to as __________.
A)involvement
B)level of service
C)service commitment
D)customer obligation
E)degree of commitment

Accepted Answer

The degree of service provided to the customer is referred to as the level of service, which can vary depending on whether the retailer is a self-, limited-, or full-service establishment. Therefore, option B is the correct answer. The other answer choices do not accurately describe the level of service provided by retailers.

Question 16

Three __________ are provided by self-,limited-,and full-service retailers.
A)levels of distribution
B)levels of involvement
C)levels of service
D)service commitments
E)merchandise lines

Accepted Answer

The question is asking about the different types of service provided by retailers, so the correct answer is C, which indicates that there are different levels of service. A refers to the different tiers of distribution channels, while B refers to the level of consumer engagement with the product or service. D may be an aspect of service, but it is not the focus of the question. E refers to the different types of merchandise sold by retailers, but not necessarily the levels of service provided.

Question 17

Outside the United States,large retailers include __________ in Japan,Carrefour in France,Metro Group in Germany,and Tesco in Britain.
A)Aeon
B)Toshei
C)Seebi
D)Goshen
E)Toshi

Accepted Answer

Aeon is a large retailer in Japan and is the only option listed in the answer choices that matches a known large retailer outside the United States.

Question 18

One way to assess the importance of retailing to the U.S.and global economies is to measure the
A)price asked for any one item
B)cost of goods sold
C)people employed in retailing
D)net return on capital
E)progress towards eliminating of global boundaries

Accepted Answer

The number of people employed in retailing is a key indicator of the importance of retailing to the economy. In the US alone, more than 29 million people are employed in retail jobs, making it one of the largest employment sectors. Retailing also plays a significant role in the global economy, as it is a major source of employment and generates significant revenue for countries around the world.

Question 19

As 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 the smallest dollar amount of retail sales compared to the other categories listed.

Question 20

There are three general forms of retail ownership: contractual system,corporate chain,and __________.
A)dual ownership
B)industry consortium
C)retailing cooperative
D)independent retailer
E)multi-national cartel

Accepted Answer

The answer of There are three general forms of retail...

Quiz 16: Retailing and Wholesaling

The __________ distinguishes retail outlets based on whether independent retailers,corporate chains,or contractual systems own the outlet.

One method of classification describes whether a retailer is self-,limited-,or full-__________.

By requiring its toy suppliers to trim one square-inch of packaging from its lines,Walmart reduced packaging by __________ tons.

When Home Depot switched its in-store light fixture displays to compact fluorescent light and LED light bulbs,painted the roofs of its stores white,and installed solar panels,it reduced its energy use by __________ percent.

Retailing's economic impact is represented by the __________.

Which of the following is a commonly used method of classifying retail outlets?

Retailing's economic impact is represented by the __________.

There are three key methods of classifying retail operations.These include:

Aeon,Carrefour,Tesco,and Metro Group are

According to the textbook, (the) __________ provides third-party certification and offers guidance for retailers implementing new environmentally sound practices.

Level of service is used to describe the degree of service provided to the customer.Three levels of service are provided by self-,__________-,and full-service retailers.

Retailers have come to realize that consumers want to purchase products from those retailers with similar __________.

One way to assess the importance of retailing to the U.S.and global economies is to measure the

A method of classification that describes how many different types of products a store carries and in what assortment is referred to as a __________.

The degree of service provided to the customer from self-,limited-,and full-service retailers is referred to as __________.

Three __________ are provided by self-,limited-,and full-service retailers.

Outside the United States,large retailers include __________ in Japan,Carrefour in France,Metro Group in Germany,and Tesco in Britain.

One way to assess the importance of retailing to the U.S.and global economies is to measure the

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

There are three general forms of retail ownership: contractual system,corporate chain,and __________.