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Question;Chapter;16: Managing Retailing, Wholesaling, and Logistics;GENERAL;CONCEPT QUESTIONS;Multiple;Choice;1. Intermediaries include retailers;and logistical organizations.;a. Internet companies;b. wholesalers;c. competitors;d. box stores;e. none of the above;2. Some intermediaries use strategic planning;advanced information systems, sophisticated marketing tools, measure;performance on a return-on-investment basis, segment their markets, improve;their target marketing and positioning, and ________.;a. contend with dwindling customer bases;b. aggressively ?squeeze? manufacturer margins;c. aggressively pursue takeover strategies;d. dominant the manufacturers they do business;with;e. aggressively pursue market expansion and;diversification strategies;3. ________ is the cornerstone of all discount;operations.;a. Self-service;b. Self-selection;c. Limited service;d. Full service;e. Custom service;4. Major retailer types include the following EXCEPT ________.;a. specialty store;b. discount store;c. catalog showroom;d. the Internet;e. superstore;5. High staffing costs, along with a higher;proportion of specialty goods and slower-moving items and many services, result;in the high cost structure of ________ retailing.;a. self-service;b. self-selection;c. limited service;d. full service;e. custom service;6. Retailers can position themselves as;offering one of four service levels. Which of the following is NOTone of these levels?;a. Self-selection;b. Self-service;c. Limited service;d. Direct service;e. Full service;7. Nonstore retailing falls into four major;categories. Which of the following is NOTone of the four nonstore;retailing categories?;a. Buying service;b. Internet sales;c. Automatic vending;d. Direct marketing;e. Direct se;8. A ________ is a storeless retailer serving;a specific clientele?usually employees of large organizations?who are;authorized to buy from a list of retailers that have agreed to give discounts;in return for inclusion on the list.;a. direct-selling vendor;b. direct marketing vendor;c. buying service;d. automatic vendor;e. corporate retailer;9. One of the advantages of corporate retailing;is that corporate retail organizations achieve economies of scale, greater;purchasing power, and ________.;a. wider brand recognition;b. more locations;c. branded merchandise;d. ?fresh? merchandise;e. more advertising;10. An independent retailer using a central;buying organization and joint promotion efforts is known as a ________.;a. corporate chain store;b. voluntary chain;c. retailer cooperative;d. merchandising conglomerate;e. franchise organization;11. In a franchising system, individual;franchisees are ________.;a. a tightly knit group of enterprises whose;systematic operations are planned, directed, and controlled by the franchisor;b. regional managers of corporately owned;facilities;c. employees working in front-line service;roles for the entrepreneur;d. independent businesspeople who have the;freedom to develop their own processes, brands, and images, facilitated by a;retailing cooperative;e. none of the above;12. Franchising accounts for more than $1;trillion of annual U.S.;sales and nearly one-third of all retail transactions. Franchises are;distinguished by three characteristics, which are: (1) The franchisee pays for;the right to be part of the system: (2) the franchisor provides its franchisees;with a system for doing business, and (3) ________.;a. the franchisor controls all actions of the;franchisee including hiring and marketing decisions;b. the franchisee has unlimited freedom to;change the operation once he/she pays the upfront charges;c. the franchisor owns a trade or service mark;and licenses it to franchisees in return for royalty payments;d. the franchisor receives a percentage of;sales from the franchisee for the right to belong;e. none of the above;13. In the face of increased competition from;discount houses and specialty stores, department stores are waging a comeback;war. Two models for department stores? success seems to be emerging. The first;is a store that has a strong retail brand approach, as demonstrated by Kohl?s;in the United States.;The second model is the ________, typified by Galeries Lafayette in Paris.;a. tourist area store;b. single brand store;c. limited variety store;d. specialty store;e. showcase store;14. Recent trends in retailing includes which;of the following?;a. Reduction in the level of global;competition;b. Decline in the ?shop at home? markets;c. Growth of the ?smaller? boutique-type;stores;d. Competition between Internet selling and;store-based retailing;e. Competition between store-based and;non-store-based retailing;15. Retailers must make marketing decisions in;the areas of product assortment and procurement, services and store atmosphere;prices, communications, locations, and ________.;a. niche;b. style;c. shoppers;d. target market;e. procedures;16. The retailer must decide on;product-assortment breadth and ________.;a. store location;b. layout;c. prices;d. selection;e. depth;17. After deciding on the product-assortment;strategy, the retailer must establish merchandise sources, ________, and;practices.;a. vendors;b. suppliers;c. lead times;d. policies;e. buyers;18. The first step to retail category;management is to ________, which means;deciding where to draw the line between product categories.;a. set goals;b. choose the audience;c. figure out tactics;d. define the category;e. figure out the category?s role;19. Retailers are rapidly improving their;skills in demand forecasting, merchandise selection, stock control, space;allocation, and ________.;a. advertising;b. display;c. choosing the media mix;d. selecting the marketing channels;e. none of the above;20. According to A.C. Nielsen Company, when;considering whether to stock a new product, store mangers are most influenced;by ________.;a. generous financial incentives to the trade;b. a well-designed advertising and sales;promotion plan;c. attractive packaging that will catch;consumers? attention;d. strong evidence of customer acceptance;e. none of the above;21. When retailers study the economics of;buying and selling individual products, they typically find that ________ of;their square footage is tied up in products that don?t make an economic profit;for them.;a. half;b. a quarter;c. almost all;d. none;e. a third;22. ________ measures a product?s handling;costs from the time the product reaches the warehouse until a customer buys it;in the retail store.;a. Brand management;b. Shelf management;c. Profitability analysis;d. Direct product profitability analysis;e. Direct product performance analysis;23. The three elements of the services mix for;retailers includes ________.;a. target marketing;b. breath and depth;c. transition zone;d. direct product profitability;e. ancillary services;24. Most retailers will put low prices on some;items to serve as traffic builders or _____________.;a. loss leaders;b. profit leaders;c. traffic leaders;d. ad items;e. none of the above;25. Fine specialty retailers most;likely fall into the ________ group with respect to margins and volume.;a. mixed markup, high-volume;b. low-volume, mixed markup;c. low-volume, low-markup;d. high-volume, high-markup;e. high-markup, lower-volume;26. ________ is(are) a key positioning;factor for retailers and must be decided in relation to the target market, the;product-and-service assortment mix, and the competition.;a. Hours of operation;b. Advertisement;c. Locations;d. Prices;e. Assortment;27. Every store has a ?look? and a physical;layout that makes it hard or easy to move around. These elements constitute a;store?s ________.;a. layout;b. transition zone;c. atmosphere;d. brands;e. none of the above;28. In the pursuit of higher sales volume, retailers;are studying their store environments for ways to improve the shopper?s;experience. According to Paco;Underhill, one of his;suggestions for fine-tuning retail space is to ________.;a. make the store ?fun? and ?interesting? but;move the shoppers through it quickly;b. honor the ?transition zone? and allow the;shopper time to ?sort out? the stimuli;c. place the checkouts in the rear of the;store;d. make the store more receptive to ?men?;shoppers;e. make them ?hunt? for it;29. Traditional brick-and-mortar;retailers are responding to the growth of e-commerce by providing and;emphasizing ________ as a strong;differentiator.;a.;celebrities on the premises;b. the shopping experience;c. expert advice in selecting merchandise;d. a wider selection of merchandise;e. the reputation of the retailer;30. Retailers can locate their stores in the;central business district, a regional shopping center, ________, a shopping strip, or within a;larger store.;a. suburbia;b. town centers;c. strip malls;d. a freestanding location;e. a community shopping center;31. Retailers can assess a particular store?s;sales effectiveness by looking at (1) the number of people passing by on an;average day, (2) the _________, (3) the percentage of those entering who buy;and (4) the average amount spent per sale.;a. percentage of customers who bought;merchandise on ?sale?;b. total units sold per day;c. total dollar sales per day;d. percentage of those who buy full-price;merchandise;e. percentage who enter the store;32. A brand developed by a retailer and/or;wholesaler that is available only in selected retail outlets is called a;brand.;a. national;b. household;c. premium;d. selective;e. private-label;33. Intermediaries sponsor their own brands;because ________.;a. private-label brands sell at higher volumes;b. private-label brands are recognizable to;the consumer as being widely available from many different retailers;c. private-label brands are always of better;quality than national brands;d. private-label brands can be sold at lower;prices yet generate a higher profit margin because of their lower cost structure;e. all of the above;are unbranded, plainly packaged, less expensive versions of common;products such as spaghetti, paper towels, and canned peaches.;f. Slotting fees;g. National products;h. Generics;i.;Private;labels;j.;Shopping;strips;34. Because shelf space is scarce, many;supermarkets now charge a ________ for accepting a new brand, to cover the cost;of listing and stocking it.;a. generic;b. slotting fee;c. shopping strip;d. promotion allowance;e. none of the above;35. Besides the growing power of store brands;other factors weakening national brands include the fact that ________.;a. national brands? quality is superior to;store brands;b. national manufacturers have increased;advertising support for their brands;c. national brands have quality control;problems not found in store brands;d. consumers are more price sensitive;e. consumers are more selective on purchases;of national brands;36. The functions that wholesalers;perform include all of the following EXCEPT;a. bulk breaking;b. buying and assortment building;c. financing;d. producing;e. market information;37. ________ refers to buying large carload;lots and dividing them into smaller units before shipping them out to;consumers.;a. Bulk breaking;b. Containerization;c. Wholesaling;d. Warehousing;e. Market logistics;Distributors differ from retailers in a number of ways. One of these ways is that distributor;transactions are usually ________ than retail transactions.;f. more concise;g. larger;h. more complicated;i.;more;involved;j.;more;limi;38. Major wholesaler types include all of the;following EXCEPT ________.;a. full-service wholesalers;b. specialized wholesalers;c. cash and carry wholesalers;d. merchant wholesalers;e. direct-to-consumer wholesalers;39. ________ are independently owned businesses;that take title to the merchandise they handle.;They are full-service and limited-service jobbers, distributors, and;mill supply houses.;a. Brokers;b. Agents;c. Merchant wholesalers;d. Specialized wholesalers;e. Retailers? branches;40. Wholesaler-distributors have faced mounting;pressure in recent years. They have had to develop appropriate strategic responses.;One major drive has been to increase ________ productivity by managing their;inventories and receivables better.;a. product assortment;b. buying practices;c. personnel;d. asset;e. products;41. Supply chain management (SCM) starts before;physical distribution. It involves procuring the right inputs, _____ them;efficiently into finished products, and then distributing them to the right;customers.;a. using;b. converting;c. delivering;d. labeling;e. procuring;involves planning the infrastructure to meet demand, then implementing;and controlling the physical flows of materials and final goods from points of;origin to points of use, to meet customer requirements at a profit.;f. Market logistics;g. Supply chain management;h. SCM;i.;Integrated;logistics systems;j.;None of;the above;42. Integrated logistics systems (ILS) involves;materials management, ________, and physical distribution, aided by information;technology.;a. information flow systems;b. material flow systems;c. cash flow systems;d. product management systems;e. none of the above;43. Maximum customer service implies;larger inventories, premium transportation, and multiple warehouses, all of;which raise market-logistics costs. Market-logistics costs interact with;marketing strategy and are often ________ related.;a. disproportionately;b. positively;c. negatively;d. complementarily;e. none of the above;44. When considering competitors? service;standards, companies normally want to match or exceed the competitors? service;level while simultaneously maximizing ________.;a. profit;b. revenue;c. sales;d. costs;e. all of the above;45. Four major decisions must be made with;regard to market logistics: order processing, warehousing, inventory, and;a. transportation;b. purchases;c. pricing;d. information;e. none of the above;46. The elapsed time between an order?s receipt;delivery, and payment is called the ________.;a. variable-costs-to-payment cycle;b. product-to-payment cycle;c. inventory-to-sale cycle;d. order cycle;e. order-to-payment cycle;47. ________ cost increases at an;accelerating rate as the customer-service level approaches 100%.;a. Delivery;b. Promotion;c. Inventory;d. Merchandising;e. Storage;48. At some stock level point, management must;reorder product to refill the inventory to an acceptable level. This point is;called the ________.;a. order (reorder) point;b. inventory;c. minimum inventory level;d. inventory carrying costs;e. none of the above;49. ________ warehouses store goods for;moderate to long periods of time.;a. Distribution;b. Automated;c. Storage;d. Company-owned;e. Local;50. Inventory-carrying costs represent;substantial dollars for manufacturers. These inventory-carrying costs include;storage charges, cost of capital, taxes and insurance, and depreciation and;obsolescence. Carrying costs might run as high as ________ of the value of the;inventory.;a. 70%;b. 40%;c. 25%;d. 30%;e. 50%

 

Paper#47283 | Written in 18-Jul-2015

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