Marketing Final Exam

C a retail establishment can be classified according

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Unformatted text preview: TS: 1 REF: 232 Thinking KEY: CB&E Model Distribution OBJ: 15-2 TOP: AACSB Reflective MSC: BLOOMS Analysis 4. A retail store can be classified according to its: a. b. c. d. e. distribution method inventory control product assortment management style decor and atmosphere ANS: C A retail establishment can be classified according to its ownership, level of service, product assortment, and price. PTS: 1 REF: 232 Thinking KEY: CB&E Model Distribution OBJ: 15-2 TOP: AACSB Reflective MSC: BLOOMS Comprehension 5. Around the world, most retailers are _____, operating one or a few stores in their community, owned by a single person or partnership and not operated as part of a larger retail institution. a. independent b. chain stores c. franchise outlets d. specialty clubs e. product assortment stores ANS: A Independent retail outlets are owned by a single person or partnership and not operated as part of a larger retail institution. PTS: 1 REF: 232 Thinking KEY: CB&E Model Distribution OBJ: 15-2 TOP: AACSB Reflective MSC: BLOOMS Comprehension 6. Small neighborhood florists, shoe stores, and ethnic food markets are most likely to be: a. supercenters b. franchise outlets c. membership clubs d. chain stores e. independent retailers ANS: E These are examples of independent retailers. PTS: 1 REF: 232 Thinking KEY: CB&E Model Distribution OBJ: 15-2 TOP: AACSB Reflective MSC: BLOOMS Application 7. Tiffany owns a gift shop that carries clothing and memorabilia of local high school teams as well as home decor objects. She is the sole owner of the store, so in terms of ownership, her store would be classified as a(n): a. independent retailer b. freestanding store c. franchise d. chain store e. common retailer ANS: A Independent retailer stores are owned by a single person or partnership and not operated as part of a larger retail institution. PTS: 1 REF: 232 Thinking KEY: CB&E Model Distribution OBJ: 15-2 TOP: AACSB Reflective MSC: BLOOMS Application 8. Stores that are owned and operated as a group by a single organization are called _____. Under this form of ownership, many administrative tasks are handled by the home office. a. home base stores b. independent retailers c. franchisees d. chain stores e. strip centers ANS: D This is the definition of chain stores. PTS: 1 REF: 232 Thinking KEY: CB&E Model Distribution OBJ: 15-2 TOP: AACSB Reflective MSC: BLOOMS Knowledge 9. Which type of retail ownership is owned and operated by an individual but is licensed by a larger supporting organization? a. Independent retailer b. Chain store c. Franchise d. Cooperative e. Secondary retailer ANS: C This describes a franchise. PTS: 1 REF: 232 OBJ: 15-2 TOP: AACSB Reflective Thinking KEY: CB&E Model Distribution MSC: BLOOMS Knowledge 10. Rick owns and operates his own UPS shipping store. He has licensed the right to use UPS business systems. Rick’s shipping store is a: a. doubly managed outlet b. chain store c. franchise d. independent retailer e. licenso...
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