Question 1 Which of the following statements is most likely to be true about a c

Question

Question 1

Which of the following statements is most likely to be true about a convenience retailer?

It offers huge selections and low prices in single product lines.

It appeals to customers by having an accessible location, rapid checkout, extended store hours, and adequate parking.

It offers a complete array of services to its customers.

It combines carefully defined product lines, services, and reputations in attempts to persuade consumers to expend considerable effort to shop at their stores.

2 points

Question 2

The basic distinction between a company's sales branches and its sales offices is that:

sales branches are used only for services, whereas sales offices are used only for physical goods.

sales branches are manufacturer-owned, whereas sales offices are not.

sales branches are always national, whereas sales offices are always local.

sales branches carry inventory whereas sales offices do not.

2 points

Question 3

Which of the following is an example of scrambled merchandising?

A drug store carrying prescription drugs, over-the-counter medications, and health care items

A supermarket carrying canned goods, fresh fish, tropical fruits, and bulk grains

A jewelry store carrying rings, watches, TVs, electronic games, and DVDs

A shoe store carrying shoes, shoe polish, socks, and leather bags

2 points

Question 4

After identifying a target market, a retailer must:

devise marketing plans to expand their target market.

develop marketing strategies to attract chosen customers to its stores or websites.

concentrate on determining the ideal levels of inventory to be maintained.

segment the market based on factors such as family income and customer lifetime value.

2 points

Question 5

A department store is a:

retail outlet offering huge selections and low prices in a single product line.

retailing format that offers movie theatres and restaurants along with live entertainment in an attractive outdoor environment.

retail store that handles only some part of a single product line.

series of limited-line and specialty stores gathered under one roof.

2 points

Question 6

Which of the following terms refers to the amount by which a retailer reduces the original selling price of a product?

Markdown

Depreciation

Switching cost

Underwriting

2 points

Question 7

When buyers refuse to pay a product’s stated price or when improvements in other items or fashion changes reduce the appeal of the current merchandise, a retailer must take a _____.

rebate

markdown

switching fee

slotting allowance

2 points

Question 8

Customers who cannot afford to pay cash for purchases made directly from the manufacturer can buy those products from a wholesale intermediary who grants them credit for the purchase. Which of the following marketing functions is being performed by the wholesaler in this situation by granting credit?

Financing

Transporting

Production

Risk taking

2 points

Question 9

A _____ wholesaler performs most wholesaling functions except for financing and delivery.

clearing

brokering

commission

cash-and-carry

2 points

Question 10

_____ make regular deliveries to retailers, perform sales and collection functions, and promote product lines.

Clearing agents

Truck jobbers

Boundary spanners

Drop shippers

1.

It offers huge selections and low prices in single product lines.

2.

It appeals to customers by having an accessible location, rapid checkout, extended store hours, and adequate parking.

3.

It offers a complete array of services to its customers.

4.

It combines carefully defined product lines, services, and reputations in attempts to persuade consumers to expend considerable effort to shop at their stores.

Explanation / Answer

Q1. - 2. It appeals to customers by having an accessible location, rapid checkout, extended store hours, and adequate parking.

Q2. - 4. sales branches carry inventory whereas sales offices do not.

Q3. - 3. A jewelry store carrying rings, watches, TVs, electronic games, and DVDs

Q4. - 2. develop marketing strategies to attract chosen customers to its stores or websites

Q5. - 4. series of limited-line and specialty stores gathered under one roof.

Q6. - 1. markdown

Q7. - 2. markdown

Q8. - 4. risk-taking

Q9. - 4. cash-and-carry

Q10. 2. Truck jobbers

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