MKT 310 WK 2 QUIZ 1 CHAPTER 1 & 2

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MKT 310 WK 2 QUIZ 1 CHAPTER 1 & 2

MKT 310 WK 2 Quiz 1 Chapter 1,2

1) The largest company in the world based on sales is ________.

A) ExxonMobil

B) Sears Roebuck

C) Wal-Mart

D) Marks & Spencer

2) Which of the following activities does not fit within the scope of retailing?

A) medical services to families

B) direct-to-home sales

C) vending purchases by factory workers

D) sales to wholesalers

3) Which statement concerning retailing is correct?

A) Retailing activities must involve a store.

B) Retailing activities do not have to include a retailer.

C) Retailing activities cannot be performed by a wholesaler.

D) Retailing activities involve goods, not services.

4) According to the Department of Commerce, annual U.S. retail store sales are about ________.

A) $200 billion

B) $1.5 trillion

C) $3.5 trillion

D) $5.0 trillion

5) About how many people are employed by traditional retailers in the United States?

A) 11 million

B) 16 million

C) 25 million

D) 34 million

6) Data on U.S. retail employment understates actual employment because it does not include ________.

A) store or department managers

B) part-time personnel

C) seasonal employees and unreported workers in family businesses

D) teenagers under 18 who are full-time students

7) In 2007, the four largest retailing companies (in order of size from largest to fourth largest on the basis of sales) were ________.

A) Wal-Mart, Sears, Safeway, and J.C. Penney

B) Wal-Mart, Home Depot, CVS Caremark, and Kroger

C) Wal-Mart, Kmart, Kroger, and Federated Department Stores

D) Wal-Mart, Woolworth, Kroger, and Kmart

8) On the average, ________ percent of every sales dollar goes to grocery stores as payment for the activities they perform.

A) 12

B) 18

C) 28

D) 50

9) In 2007, the 10 largest U.S. retailers had average after-tax profits of about ________ percent of sales.

A) 0.5

B) 1.0

C) 2.5

D) 3.5

10) The channel of distribution consists of ________.

A) the movement of goods and services from manufacturer to consumer-user

B) all of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer

C) all independent intermediaries involved with the transfer of title of goods and services

D) all middlemen involved with the physical movement of goods and services

11) Which of the following is generally not considered a party in a typical channel of distribution?

A) retailer

B) final consumer

C) wholesaler

D) advertising agency

12) A retailer collects an assortment of goods and services from various sources, buys in large quantities, and sells in small amounts to final consumers. This is referred to as ________.

A) one-stop shopping

B) the retail concept

C) retail transactional efficiency

D) the sorting process

13) The sorting process helps final consumers through ________.

A) allowing store credit

B) providing one-stop shopping convenience

C) operating long hours

D) providing delivery services

14) The sorting process helps manufacturers by ________.

A) paying on the basis of when goods are shipped, not sold

B) offering an assortment of goods that are collected from a large number of suppliers

C) enabling one-stop shopping

D) buying large orders at one time

15) A retailer sells to customers through traditional retail stores, mail-order catalogs, and a Web site. This illustrates ________.

A) vertical integration

B) the sorting process

C) multi-channel retailing

D) the importance of impulse retailing

16) Manufacturers can increase their power in a distribution channel through ________.

A) operating their own retail facilities

B) developing dealer brands

C) expanding into foreign markets

D) use of intensive distribution

17) Retailers have increased their power in the channel of distribution due to ________.

A) the growing number of regional and national chains

B) the growth of franchising as an alternative to independent ownership

C) the increased market share of national brands

D) shopping center contract provisions' limiting the range of goods to be sold

18) Channel relations tend to be the smoothest in ________ distribution.

A) exclusive

B) selective

C) intensive

D) wide

19) In exclusive distribution, suppliers enter into agreements with ________.

A) multiple retailers that designate the latter as the only companies in specified geographic areas that are allowed to carry certain brands and/or product lines

B) one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or product lines

C) any retailer with ample credit that designates the latter to be allowed to carry certain brands and/or product lines

D) a retailer stating that the retailer cannot carry any competing product lines as a precondition for receiving favorable discounts

20) A retailer often must limit its selection of brands in ________ distribution.

A) wide

B) intensive

C) selective

D) exclusive

21) Which form of distribution has the effect of most severely limiting a manufacturer's long-run sales potential?

A) intensive distribution

B) selective distribution

C) dual distribution

D) exclusive distribution

22) A manufacturer seeking to maximize its sales should utilize ________ distribution.

A) intensive

B) dual

C) exclusive

D) selective

23) Competition among retailers selling the same goods and services is highest in which form of distribution?

A) intensive distribution

B) exclusive distribution

C) selective distribution

D) vertical integration

24) Suppliers sell through a moderate number of retailers in ________ distribution.

A) intensive

B) dual

C) exclusive

D) selective

25) Point-of-purchase displays and the placement of goods in visible, high-traffic store locations are important in retailing because of the need to ________.

A) sell services to a broad target market

B) generate impulse sales

C) minimize the need for warehouse space

D) limit pilferage to an acceptable level

26) A retail strategy is ________.

A) the overall plan guiding a retail firm

B) the choice and satisfaction of a target market

C) an integrated effort by a retailer

D) a goal-directed effort by a retailer

27) The first stage in development of a retail strategy should be to ________.

A) develop an overall long-run plan

B) decide on the appropriate target market

C) determine the type of business and specific orientation of the firm

D) implement an integrated strategy

28) Which factor has had the greatest impact on the success of Target Stores?

A) its low pricing strategy

B) its development and use of a retail strategic plan

C) its excellent physical distribution systems

D) its outstanding customer service

29) Which statement concerning Target Stores' retail strategy is not correct?

A) Target focuses on consumers with middle incomes, who are well educated.

B) Excellent customer service is an important part of Target's success.

C) Despite its success, Target has not done a good job of positioning itself.

D) Target has never lost sight of its discount niche.

30) The retailing concept is comprised of ________.

A) objectives, implementable actions, feedback, and strategy adjustment

B) short- and long-term objectives, organization mission, and the development of a competitive defensible strategy

C) customer orientation, coordinated effort, value-driven, and goal orientation

D) niche strategy, cost leadership, and focus

31) All of the elements in a retail offering that encourage or inhibit consumers during their contact with a given retailer comprises ________.

A) store atmosphere

B) the retail concept

C) the total retail experience

D) retail image

32) Which of the following is not part of the total retail experience for a men's clothing retailer?

A) offering store credit

B) corporate form of ownership

C) the store's atmosphere

D) the brands carried

33) The identifiable, but sometimes intangible, activities undertaken by a retailer in conjunction with the basic goods and services it sells is referred to as ________.

A) the retailing concept

B) the total retail experience

C) relationship retailing

D) customer service

34) A characteristic of relationship retailing is

A) reliance on a data base of current customers

B) search for new customers

C) constant bargaining between customers and suppliers

D) low trust among channel members

35) The underlying principle of a strategic approach to the study of retailing is that a firm needs to ________.

A) be a low-cost provider

B) base all of its decisions on retail research

C) be aware of opportunities and constraints in decision making

D) plan for and adapt to a complex, changing retail environment

36) Which of the following illustrates a retail transaction?

A) a supermarket purchasing a computer system to improve its inventory management

B) a discount retailer signing a 10-year lease on a new store location

C) a wholesaler selling new windows to a home improvement center for resale to homeowners

D) an attorney purchasing a computer in conjunction with a hobby

37) Which statement concerning retailing is not correct?

A) Retailing involves both goods and services.

B) Retailing must involve a retailer.

C) Direct selling is part of retailing.

D) Retailing is the final stage in a channel of distribution.

38) An optical chain purchasing goods from dozens of vendors (these include frame companies, lens firms, sunglass manufacturers, and eyeglass case firms) demonstrates ________.

A) a channel of distribution

B) economies of scale

C) vertical integration

D) the sorting process

39) Without the sorting process, final customers would ________.

A) not purchase goods on impulse

B) not receive credit

C) have to shop at individual manufacturers

D) reduce the number of transactions necessary to complete a purchase

40) The sorting process enables manufacturers to ________.

A) specialize in the production and marketing of a narrow product line

B) vertically integrate

C) increase their channel control over retailers

D) dictate final selling prices to retailers

41) Consumers are able to shop in a "one-stop shopping environment" due to the ________.

A) increased size of stores

B) development of franchising

C) sorting process

D) development of prototype stores

42) A retailer is able to appeal to different target markets, as well as reach consumers in multiple places, through engaging in ________.

A) Web sales

B) multi-channel retailing

C) relationship retailing

D) vertical integration

43) An example of the contrasting viewpoints of retailers and manufacturers is a ________.

A) manufacturer-sponsored cooperative advertising program

B) manufacturer attempting to increase national brand display space

C) manufacturer sponsoring training programs for retail sales personnel

D) manufacturer sponsoring point-of-purchase materials

44) Channel cooperation and control is greatest when ________.

A) intensive distribution is utilized

B) selective distribution is utilized

C) exclusive distribution is utilized

D) manufacturers own and operate their own retailing facilities

45) In which form of distribution do retailers typically agree to limit their assortment of brands in a selected product category?

A) intensive

B) dual

C) exclusive

D) selective

46) A manufacturer seeking maximum retailer cooperation should utilize which form of distribution?

A) exclusive distribution

B) intensive distribution

C) selective distribution

D) dual distribution

47) Retail price competition is generally lowest in ________ distribution.

A) dual

B) exclusive

C) intensive

D) selective

48) The greatest advantage to a manufacturer's use of exclusive distribution is ________.

A) a high level of retail price competition

B) close channel cooperation

C) maximizing long-run sales potential

D) convenience of location to customers

49) The potential for channel conflict (due to the high power of a retailer relative to a manufacturer) is least in which form of distribution?

A) dual distribution

B) exclusive distribution

C) selective distribution

D) intensive distribution

50) Retail price competition is generally highest in ________ distribution.

A) dual

B) exclusive

C) intensive

D) selective

Course Home Work

Wednesday, 29 July 2015