1) ________ includes all the activities involved in selling products or services directly to final consumers for their personal, nonbusiness use.
A) Franchising
B) Retailing
C) Brokering
D) Wholesaling
E) Disintermediation
Answer: B
Diff: 1 Page Ref: 374
Skill: Concept
Objective: 13-1
2) In recent years, ________ has been growing fast. This includes selling to final consumers through direct mail, catalogs, telephone, and the Internet.
A) social marketing
B) shopper marketing
C) franchising
D) nonstore retailing
E) e-commerce
Answer: D
Diff: 2 Page Ref: 375
AACSB: Use of Information Technology
Skill: Concept
Objective: 13-1
3) ________ is the basis of all discount operations and is typically used by sellers of convenience goods. Retailers offering this level of service require customers to perform their own "locate-compare-select" process in order to save money.
A) Limited-service
B) Self-service
C) Full-service
D) Specialty-service
E) Wholesaling
Answer: B
Diff: 2 Page Ref: 376
Skill: Concept
Objective: 13-1
4) ________ such as Sears provide more sales assistance because they carry more shopping goods about which customers need information. Their increased operating costs result in higher prices.
A) Self-service retailers
B) Full-service retailers
C) Off-price retailers
D) Limited-service retailers
E) Specialty-service retailers
Answer: D
Diff: 2 Page Ref: 376
Skill: Concept
Objective: 13-1
5) Which type of stores usually carry more specialty goods for which customers like to be "waited on" and have much higher operating costs, which are passed along to the customer?
A) self-service stores
B) category killer stores
C) full-service stores
D) independent stores
E) specialty-service retailers
Answer: C
Diff: 2 Page Ref: 376
Skill: Concept
Objective: 13-1
6) At Neiman Marcus, a first-class department store, customers shop for high-end products and have come to expect assistance in every phase of the shopping process. Neiman Marcus is a ________.
A) self-service retailer
B) limited-service retailer
C) full-service retailer
D) specialty store
E) power center
Answer: C
Diff: 2 Page Ref: 376
Skill: Concept
Objective: 13-1
7) Which of the following types of retailers likely requires their employees to focus most on assisting customers as they shop?
A) self-service retailers
B) full-service retailers
C) off-price retailers
D) limited-service retailers
E) megaretailers
Answer: B
Diff: 2 Page Ref: 376
Skill: Concept
Objective: 13-1
8) ________ are flourishing due to increased use of market segmentation and market targeting.
A) Chain stores
B) Specialty stores
C) Superstores
D) Discount stores
E) Off-price stores
Answer: B
Diff: 2 Page Ref: 376
Skill: Concept
Objective: 13-1
9) Specialty stores carry ________ with ________ within them.
A) convenience items; mostly staples
B) narrow product lines; deep assortments
C) narrow product lines; shallow assortments
D) wide product lines; shallow assortments
E) wide product lines; deep assortments
Answer: B
Diff: 2 Page Ref: 376
Skill: Concept
Objective: 13-1
10) Which type of store carries a wide variety of product lines and differentiates itself through service, but has been squeezed in recent years between more focused and flexible specialty stores on the one hand and more efficient, lower-priced discounters on the other?
A) chain
B) department
C) factory outlet
D) merchant wholesaler
E) independents
Answer: B
Diff: 2 Page Ref: 376
Skill: Concept
Objective: 13-1
11) ________ are facing slow sales growth because of slower population growth, increased competition, and the rapid growth of out-of-home eating.
A) Convenience stores
B) Department stores
C) Chain stores
D) Supermarkets
E) Hypermarkets
Answer: D
Diff: 2 Page Ref: 376
Skill: Concept
Objective: 13-1
12) Which type of retailer tends to be the most frequently shopped?
A) convenience stores
B) department stores
C) superstores
D) supermarkets
E) off-price retailers
Answer: D
Diff: 2 Page Ref: 376
Skill: Concept
Objective: 13-1
13) Which type of small store carries a limited line of high-turnover convenience goods and makes most of its revenues from cigarette, beverage, and gasoline sales?
A) convenience
B) chain
C) department
D) supermarket
E) hypermarket
Answer: A
Diff: 1 Page Ref: 377
Skill: Concept
Objective: 13-1
14) Which type of store is much larger than regular supermarkets and offers a large assortment of routinely purchased food products, nonfood items, and services?
A) category killer
B) chain
C) factory outlet
D) superstore
E) off-price
Answer: D
Diff: 1 Page Ref: 378
Skill: Concept
Objective: 13-1
15) Which type of store carries a deep assortment, has knowledgeable staff, and might actually be viewed as a giant specialty store?
A) category killer
B) chain
C) factory outlet
D) shopping center
E) independent
Answer: A
Diff: 1 Page Ref: 378
Skill: Concept
Objective: 13-1
16) Service retailers include all of the following EXCEPT ________.
A) hotels and motels
B) airlines
C) movie theaters
D) bowling alleys
E) convenience stores
Answer: E
Diff: 2 Page Ref: 378
Skill: Concept
Objective: 13-1
17) ________ retailers in the United States are growing faster than product retailers.
A) Discount
B) Merchant
C) Service
D) Specialty
E) Off-price
Answer: C
Diff: 2 Page Ref: 378
Skill: Concept
Objective: 13-1
18) ________ sell standard merchandise at lower prices by accepting lower margins and selling higher volume.
A) Merchant wholesalers
B) Discount stores
C) Full-service retailers
D) Limited-service retailers
E) Factory outlets
Answer: B
Diff: 2 Page Ref: 378
Skill: Concept
Objective: 13-1
19) Early ________ cut expenses by offering few services and operating in warehouse-like facilities in low-rent, heavily traveled districts.
A) chain stores
B) factory outlet malls
C) discount stores
D) off-price retailers
E) full-service retailers
Answer: C
Diff: 2 Page Ref: 378
Skill: Concept
Objective: 13-1
20) ________ have filled the ultralow-priced, high-volume gap by buying at less-than-regular wholesale prices and charging consumers less than retail.
A) Off-price retailers
B) Discount stores
C) Convenience stores
D) Chain stores
E) Limited-service retailers
Answer: A
Diff: 1 Page Ref: 378
Skill: Concept
Objective: 13-1
21) Which of the following is NOT one of the main types of off-price retailers?
A) independents
B) factory outlets
C) warehouse clubs
D) category killers
E) membership warehouses
Answer: D
Diff: 2 Page Ref: 378,380
Skill: Concept
Objective: 13-1
22) ________, which buy at less-than-regular wholesale prices and charge consumers less than retail, are independently owned and run or are divisions of larger retail corporations.
A) Discount stores
B) Warehouse clubs
C) Superstores
D) Independent off-price retailers
E) Full-service retailers
Answer: D
Diff: 1 Page Ref: 378
Skill: Concept
Objective: 13-1
23) ________ are sometimes several stores grouped together. These stores offer prices as low as 50 percent below retail on a wide range of mostly surplus, discounted, or irregular items.
A) Category killers
B) Factory outlets
C) Specialty stores
D) Superstores
E) Power centers
Answer: B
Diff: 1 Page Ref: 378
Skill: Concept
Objective: 13-1
24) ________ operate in warehouse-like facilities, sell a limited selection of items, and offer few frills. Customers pay annual membership fees and are able to purchase goods at deep discounts.
A) Warehouse clubs
B) Independent off-price retailers
C) Factory outlets
D) Discount stores
E) Superstores
Answer: A
Diff: 1 Page Ref: 380
Skill: Concept
Objective: 13-1
25) ________ are two or more outlets that are commonly owned and controlled.
A) Chain stores
B) Convenience stores
C) Off-price retailers
D) Independent off-price retailers
E) Power centers
Answer: A
Diff: 1 Page Ref: 381
Skill: Concept
Objective: 13-1
26) As a result of the great success of corporate chains, many independent stores choose to band together in either a voluntary chain or a(n) ________.
A) factory outlet
B) retailer cooperative
C) independent off-price retailer
D) warehouse club
E) convenience cooperative
Answer: B
Diff: 2 Page Ref: 381
Skill: Concept
Objective: 13-1
27) The main difference between ________ organizations and other contractual systems is that these systems are normally based on some unique product or service.
A) voluntary chain
B) retailer cooperative
C) franchise
D) agent
E) warehouse-club
Answer: C
Diff: 2 Page Ref: 381-382
Skill: Concept
Objective: 13-1
28) McDonald's, Subway, and Pizza Hut are all examples of a ________.
A) voluntary chain
B) retailer cooperative
C) franchise
D) full-service retailer
E) power center
Answer: C
Diff: 2 Page Ref: 382
Skill: Concept
Objective: 13-1
29) Retail assortments are looking more and more alike because ________.
A) customers today are more focused on service differentiation
B) national-brand manufacturers have placed their products almost everywhere
C) market segmentation has proved ineffective
D) stores are clustered together to increase their customer pulling power
E) more stores are practicing "experiential retailing"
Answer: B
Diff: 3 Page Ref: 382-383
Skill: Concept
Objective: 13-2
30) Until retailers ________ and ________ their markets, they cannot make consistent decisions about product assortment, services, pricing, advertising, store décor, or any of the other decisions that must support their positions.
A) compete with; position
B) target; compete with
C) define; profile
D) limit; serve
E) divest; eliminate
Answer: C
Diff: 3 Page Ref: 383
Skill: Concept
Objective: 13-2
31) Service differentiation among retailers has ________.
A) increased
B) decreased
C) stayed the same
D) franchised
E) tripled
Answer: B
Diff: 2 Page Ref: 383
Skill: Concept
Objective: 13-2
32) A retailer may fail because it tries to provide "something for everyone" and ends up satisfying no market well. Successful retailers ________ their target markets well and position themselves strongly.
A) increase
B) franchise
C) wholesale
D) define
E) position
Answer: D
Diff: 2 Page Ref: 383
Skill: Concept
Objective: 13-2
33) A retailer's ________ should differentiate the retailer while matching target shoppers' expectations. One strategy is to offer merchandise that no other competitor carries.
A) agent
B) broker
C) product assortment
D) environment
E) distribution strategy
Answer: C
Diff: 2 Page Ref: 384
Skill: Concept
Objective: 13-2
34) Costco's surprise offerings of seconds, overstocks, and closeoutsoccasionally including diamondsis an example of how a retailer can differentiate itself through ________.
A) product assortment
B) services mix
C) experiential retailing
D) store atmosphere
E) high-low pricing
Answer: A
Diff: 2 Page Ref: 384
Skill: Concept
Objective: 13-2
35) Home Depot offers "how-to" classes for do-it-yourselfers, featuring instructions on how to complete home improvement projects using products sold at its stores. This is an example of how Home Depot has differentiated itself through its ________.
A) product assortment
B) services mix
C) segmentation
D) atmosphere
E) targeting
Answer: B
Diff: 2 Page Ref: 384
Skill: Concept
Objective: 13-2
36) While all retailers would like to achieve ________ while charging ________, the two seldom happen together.
A) low volume; high markups
B) low volume; low markups
C) high volume; high markups
D) high volume; low markups
E) high volume; cut-rate markups
Answer: C
Diff: 2 Page Ref: 387
Skill: Concept
Objective: 13-2
37) In-store demonstrations, displays, contests, and visiting celebrities are examples of ________.
A) franchises
B) sales promotions
C) agent promotions
D) broker promotions
E) product life-cycling
Answer: B
Diff: 2 Page Ref: 387
Skill: Concept
Objective: 13-2
38) Press conferences, speeches, store openings, special events, newsletters, magazines, and public service activities are examples of ways retailers use ________.
A) public relations
B) sales promotions
C) personal selling
D) the wheel-of-retailing concept
E) retail convergence
Answer: A
Diff: 2 Page Ref: 387
AACSB: Communication Abilities
Skill: Concept
Objective: 13-2
39) Why do stores cluster together?
A) to decrease competition
B) to increase their customer pulling power
C) to take advantage of franchise agreements
D) to create retailer cooperatives
E) to standardize the service mix
Answer: B
Diff: 2 Page Ref: 388
Skill: Concept
Objective: 13-2
40) ________ were the main form of retail cluster until the 1950s.
A) Department stores
B) Discount stores
C) Independent off-price retailers
D) Central business districts
E) Independent stores
Answer: D
Diff: 3 Page Ref: 388
Skill: Concept
Objective: 13-2
41) A ________ is a group of retail businesses built on a site that is planned, developed, owned, and managed as a unit.
A) merchant wholesaler
B) franchise
C) shopping center
D) supermarket
E) hypermarket
Answer: C
Diff: 1 Page Ref: 388
Skill: Concept
Objective: 13-2
42) A ________ contains from 40 to 200 stores, is like a covered mini-downtown, and attracts customers from a wide area.
A) community shopping center
B) neighborhood shopping center
C) strip mall
D) regional shopping center
E) power center
Answer: D
Diff: 2 Page Ref: 388
Skill: Concept
Objective: 13-2
43) A ________ contains between 15 and 40 retail stores, including a department or variety store, a supermarket, specialty stores, professional offices, and sometimes a bank.
A) community shopping center
B) neighborhood shopping center
C) strip mall
D) regional shopping center
E) power center
Answer: A
Diff: 2 Page Ref: 388
Skill: Concept
Objective: 13-2
44) Most shopping centers are ________ containing between 5 and 15 stores; they are close and convenient for consumers.
A) community shopping centers
B) power centers
C) strip malls
D) lifestyle centers
E) factory outlets
Answer: C
Diff: 2 Page Ref: 388
Skill: Concept
Objective: 13-2
45) Today's trend in retail clusters is toward ________, huge unenclosed shopping centers consisting of a long strip of retail stores, including at least one large, freestanding anchor store like Walmart. Each store has its own entrance with parking directly in front for shoppers who wish to visit only one store.
A) shopping malls
B) power centers
C) superstores
D) chain stores
E) regional shopping centers
Answer: B
Diff: 2 Page Ref: 388
Skill: Concept
Objective: 13-2
46) A ________ is a smaller mall with upscale stores, convenient locations, and an expensive atmosphere. It is typically located near affluent residential neighborhoods.
A) regional shopping center
B) lifestyle center
C) community shopping center
D) franchise
E) power center
Answer: B
Diff: 2 Page Ref: 384
Skill: Concept
Objective: 13-2
47) In response to a(n) ________, many retailers have cut costs, used price promotions, and added new value pitches to their positioning.
A) down economy
B) up economy
C) dot-com meltdown
D) dot-com boom
E) shift in retail technology
Answer: A
Diff: 2 Page Ref: 389
Skill: Concept
Objective: 13-3
48) According to the ________ concept, new retailing forms often begin as low-margin, low-price, low-status operations to challenge established retailers, then become successful, and eventually take the place of the established retailers they had challenged.
A) agent
B) broker
C) wheel-of-retailing
D) warehousing
E) product life cycle
Answer: C
Diff: 2 Page Ref: 390
Skill: Concept
Objective: 13-3
49) The merging of consumers, products, prices, and retailers is called ________.
A) retail conglomeration
B) consumer convergence
C) price merging
D) retail convergence
E) retail clustering
Answer: D
Diff: 2 Page Ref: 390
Skill: Concept
Objective: 13-3
50) Convergence means greater ________ for retailers and greater difficulty in ________ offerings.
A) differentiating; pricing
B) sales; differentiating
C) profit margins; sales
D) competition; differentiating
E) branding; differentiating
Answer: D
Diff: 3 Page Ref: 390
Skill: Concept
Objective: 13-3
51) The rise of huge mass merchandisers and specialty superstores, along with retail mergers and acquisitions, has created a core group of very large and very powerful ________.
A) category killers
B) franchises
C) megaretailers
D) power centers
E) lifestyle centers
Answer: C
Diff: 2 Page Ref: 390
Skill: Concept
Objective: 13-3
52) Mail-order, phone, and online shopping are all examples of ________.
A) shopper marketing
B) nonstore retailing
C) off-price retailing
D) full-service retailing
E) wholesaling
Answer: B
Diff: 2 Page Ref: 391
AACSB: Use of Information Technology
Skill: Concept
Objective: 13-3
53) Which of the following has NOT contributed to the growth of online business?
A) easier-to-use Web sites
B) more interesting and attractive Web sites
C) concerns about online privacy and security
D) improved online service
E) increasingly sophisticated search engines
Answer: C
Diff: 2 Page Ref: 391
AACSB: Use of Information Technology
Skill: Concept
Objective: 13-3
54) Retail convergence is a merging of all of the following EXCEPT ________.
A) consumers
B) employees
C) products
D) prices
E) retailers
Answer: B
Diff: 2 Page Ref: 386
Skill: Concept
Objective: 13-3
55) Touch-screen kiosks, customer-loyalty cards, handheld shopping assistants, and self-scanning checkout systems are all examples of how retailers use technology to ________.
A) maintain inventory costs
B) send information between stores
C) meet consumers' expectations
D) produce more accurate forecasts
E) interact with suppliers
Answer: C
Diff: 3 Page Ref: 392
AACSB: Use of Information Technology
Skill: Concept
Objective: 13-3
56) Most ________ retailers are significantly behind ________ retailers in global expansion.
A) African; Peruvian
B) European; American
C) American; European and Asian
D) Asian; American
E) Asian; African
Answer: C
Diff: 3 Page Ref: 394
AACSB: Dynamics of the Global Economy
Skill: Concept
Objective: 13-3
57) ________, the world's second largest retailer after Walmart, has embarked on an aggressive mission to extend its role as a leading international retailer.
A) McDonald's
B) Target
C) Carrefour
D) IKEA
E) Costco
Answer: C
Diff: 3 Page Ref: 394
AACSB: Dynamics of the Global Economy
Skill: Concept
Objective: 13-3
58) ________ includes all activities involved in selling goods and services to those buying for resale or business use.
A) Wholesaling
B) Retailing
C) Franchising
D) Discounting
E) Disintermediation
Answer: A
Diff: 1 Page Ref: 394
Skill: Concept
Objective: 13-4
59) ________ buy mostly from producers and sell to retailers and industrial consumers.
A) Independents
B) Factory outlets
C) Wholesalers
D) Discount stores
E) Megaretailers
Answer: C
Diff: 2 Page Ref: 394
Skill: Concept
Objective: 13-4
60) Which wholesaler's channel function is demonstrated when a wholesaler's sales force helps a manufacturer to reach many small customers at a low cost?
A) bulk-breaking
B) selling and promoting
C) buying and assortment building
D) warehousing
E) rackjobbing
Answer: B
Diff: 2 Page Ref: 395
Skill: Concept
Objective: 13-4
61) Which of the following is NOT one of a wholesaler's channel functions?
A) financing
B) risk bearing
C) providing market information
D) off-price retailing
E) bulk-breaking
Answer: D
Diff: 3 Page Ref: 395
Skill: Concept
Objective: 13-4
62) Which wholesaler's channel function is demonstrated when a wholesaler reduces inventory holding costs and risks to suppliers and customers?
A) financing
B) transporting
C) buying and assortment building
D) warehousing
E) bulk breaking
Answer: D
Diff: 3 Page Ref: 395
Skill: Concept
Objective: 13-4
63) Which wholesaler's channel function is demonstrated when a buyer receives quicker delivery because wholesalers are located closer than producers?
A) financing
B) transportation
C) buying and assortment building
D) warehousing
E) risk bearing
Answer: B
Diff: 2 Page Ref: 390
Skill: Concept
Objective: 13-4
64) Which of the following is NOT one of the major classifications of wholesalers?
A) merchant wholesalers
B) agents
C) manufacturers' sales branches and offices
D) specialty wholesalers
E) brokers
Answer: D
Diff: 2 Page Ref: 396
Skill: Concept
Objective: 13-4
65) ________ are the largest group of wholesalers. The group can be divided into the two broad types of full-service and limited-service.
A) Brokers
B) Manufacturer sellers
C) Agents
D) Merchant wholesalers
E) Specialty wholesalers
Answer: D
Diff: 2 Page Ref: 396
Skill: Concept
Objective: 13-4
66) In order to ________, wholesalers can propose automatic reordering systems, set up management-training and advising systems, or even sponsor a voluntary chain.
A) define their target markets
B) identify more profitable customers
C) determine product and service assortments
D) build better relationships with customers
E) negotiate pricing
Answer: D
Diff: 2 Page Ref: 396
AACSB: Use of Information Technology
Skill: Concept
Objective: 13-4
67) ________ and ________ do not take title to goods, and they perform only a few channel functions.
A) Full-service wholesalers; limited-service wholesalers
B) Brokers; agents
C) Branches; offices
D) Power centers; independent wholesalers
E) Independent wholesalers; off-price retailers
Answer: B
Diff: 2 Page Ref: 396
Skill: Concept
Objective: 13-4
68) A(n) ________ brings buyers and sellers together and assists in negotiations.
A) agent
B) broker
C) retailer
D) wholesaler
E) retail convergence
Answer: B
Diff: 1 Page Ref: 396
Skill: Concept
Objective: 13-4
69) ________, or manufacturers' representatives, represent a buyer or seller on a more permanent basis.
A) Brokers
B) Franchises
C) Agents
D) Retailers
E) Intermediaries
Answer: C
Diff: 2 Page Ref: 396
Skill: Concept
Objective: 13-4
70) Like retailers, wholesalers must ________ their target markets and ________ themselves effectively, for they cannot serve everyone.
A) define; position
B) position; define
C) discount; franchise
D) franchise; discount
E) identify; compare
Answer: A
Diff: 3 Page Ref: 396
Skill: Concept
Objective: 13-4
71) Which type of limited-service wholesaler is owned by farmers who assemble farm produce to sell in local markets?
A) cash-and-carry wholesaler
B) drop shipper
C) rack jobber
D) producer's cooperative
E) truck jobber
Answer: D
Diff: 2 Page Ref: 397
Skill: Concept
Objective: 13-4
72) Which type of wholesaler sells primarily to manufacturers rather than to retailers?
A) wholesale merchants
B) industrial distributors
C) cash-and-carry wholesalers
D) rack jobbers
E) drop shippers
Answer: B
Diff: 2 Page Ref: 397
Skill: Concept
Objective: 13-4
73) Today's large, progressive wholesalers have successfully reacted to rising costs by ________.
A) relocating in low-rent, low-tax areas
B) investing in information technology systems
C) investing less money in expensive machinery
D) increasing their markup
E) reducing promotional activities
Answer: B
Diff: 3 Page Ref: 398
AACSB: Use of Information Technology
Skill: Concept
Objective: 13-4
74) Savvy wholesalers realize that their only reason for existence comes from increasing the efficiency and effectiveness of the ________.
A) retailer
B) industry
C) distribution system
D) end customer
E) entire marketing channel
Answer: E
Diff: 2 Page Ref: 399
Skill: Concept
Objective: 13-4
75) In response to slow growth in their domestic markets, many wholesalers are ________.
A) contracting their international business
B) increasing their international business
C) divesting themselves of costly technologies
D) lengthening the marketing channel
E) reducing elaborate promotional efforts
Answer: B
Diff: 2 Page Ref: 370
AACSB: Dynamics of the Global Economy
Skill: Concept
Objective: 13-4
76) GameStop sells video games and systems, offering a narrow product line with a deep assortment within that line. GameStop is a(n) ________.
A) department store
B) convenience store
C) category killer
D) specialty store
E) off-price retailer
Answer: D
Diff: 2 Page Ref: 376
AACSB: Analytic Skills
Skill: Application
Objective: 13-1
77) 7-Eleven, Stop-N-Go, and Circle K, small stores that traditionally have had a primary market of young, blue-collar men, are examples of ________.
A) department stores
B) convenience stores
C) category killers
D) specialty stores
E) supermarkets
Answer: B
Diff: 2 Page Ref: 377
AACSB: Analytic Skills
Skill: Application
Objective: 13-1
78) Overstock.com, a Web seller that buys furniture, clothing, electronics, and more from a variety of producers at less-than-regular wholesale prices and then charges customers less than retail, is a(n) ________.
A) discount store
B) independent off-price retailer
C) factory outlet
D) wholesale club
E) category killer
Answer: B
Diff: 2 Page Ref: 378
AACSB: Analytic Skills
Skill: Application
Objective: 13-1
79) In the battle for "share of stomachs," some supermarkets are cutting costs and attempting to compete more effectively with food discounters, while others are moving upscale, providing improved store environments and higher-quality food offerings. These two different strategies represent differences in ________.
A) positioning
B) place decisions
C) retail convergence
D) retail technology
E) wholesaling
Answer: A
Diff: 2 Page Ref: 384
AACSB: Analytic Skills
Skill: Application
Objective: 13-2
80) 7-Eleven has recently begun to redesign and restock its stores to offer a more upscale environment and products, such as house wines and fresh foods. 7-Eleven has changed its ________.
A) positioning
B) wholesaler
C) service level
D) size
E) relative prices
Answer: A
Diff: 2 Page Ref: 383
AACSB: Analytic Skills
Skill: Application
Objective: 13-2
81) Big and Tall Men's Shop carries goods in larger sizes; this allows the store to ________ other stores.
A) align itself with
B) differentiate itself from
C) cluster with
D) affect the store atmosphere of
E) converge with
Answer: B
Diff: 2 Page Ref: 384
AACSB: Analytic Skills
Skill: Application
Objective: 13-2
82) The lighting in Jake's Steak Restaurant is muted. The chairs are covered in leather and solid enough to last a lifetime, and each table is covered with a white linen cloth. The colors are limited to earth tones with an occasional splash of red. Patrons can not hear any kitchen noises, only a pleasant melody that seems familiar but unrecognizable. The smells are extraordinarily varied. This is a description of the restaurant's ________.
A) promotions
B) target
C) atmosphere
D) services mix
E) product assortment
Answer: C
Diff: 2 Page Ref: 384
AACSB: Analytic Skills
Skill: Application
Objective: 13-2
83) Which of the following describes a way that Costco and Walmart are similar?
A) Both are warehouse clubs.
B) Both target the same affluent market.
C) Both offer a similar assortment of products.
D) Both use everyday low pricing.
E) Both market a very limited number of generic-priced food, household, and apparel lines.
Answer: D
Diff: 3 Page Ref: 387
AACSB: Reflective Thinking Skills
Skill: Application
Objective: 13-2
84) Macy's department stores carry a wide range of product lines, including clothing, jewelry, kitchenware, and home furnishings. Macy's typically charges a relatively high markup, but also holds frequent sales and price promotions, in particular offering discounts to customers who use a Macy's credit card. Macy's uses ________.
A) self-service retailing
B) experiential retailing
C) high-low pricing
D) everyday low pricing
E) retail convergence
Answer: C
Diff: 2 Page Ref: 387
AACSB: Analytic Skills
Skill: Application
Objective: 13-2
85) The Home Depot entered the market as a store for professional and amateur plumbers, electricians, and carpenters. Then it introduced its garden centers. Next came its home design center that provides help with all kinds of interior decorating problems. Now it is enlarging its garden centers and hiring knowledgeable gardeners to staff these centers. The addition of more amenities and greater assortment can be best explained by which of the following?
A) the interconnectedness of the retail life cycle
B) the trend toward disintermediation
C) the success of off-price retailers
D) the wheel-of-retailing hypothesis
E) the 80/20 rule of retailing
Answer: D
Diff: 2 Page Ref: 390
AACSB: Reflective Thinking Skills
Skill: Application
Objective: 13-3
86) Stan Clark, the owner of Eskimo Joe's bar, is considering closing the bar and selling the logo apparel with direct marketing through a catalog. Stan Clark is considering a(n) ________ option.
A) wholesaling
B) nonstore retailing
C) shopper marketing
D) experiential shopping
E) self-service
Answer: B
Diff: 2 Page Ref: 391
AACSB: Analytic Skills
Skill: Application
Objective: 13-3
87) Carey David's wholesale company helps retailers train salesclerks, improve store layouts and displays, and set up inventory control systems. The channel function Cary David provides is ________.
A) buying and assortment building
B) selling and promotion services
C) risk bearing services
D) marketing information
E) management services and advice
Answer: E
Diff: 2 Page Ref: 395
AACSB: Analytic Skills
Skill: Application
Objective: 13-4
88) Nita can visit her local supermarket and buy a dozen roses, a gallon of milk, two birthday cards, a bag of cat litter, and a pan for roasting a turkey. This best illustrates how a wholesaler has added value through the channel function of ________.
A) creating atmospherics
B) creating assortments
C) directing logistics
D) market information
E) management services
Answer: B
Diff: 2 Page Ref: 395
AACSB: Analytic Skills
Skill: Application
Objective: 13-4
89) You own an independent store in your neighborhood. You still like to offer fresh seafood in your meat display case. Which type of wholesaler might best serve you?
A) cash-and-carry wholesaler
B) rack jobber
C) drop shipper
D) mail-order wholesaler
E) agents and brokers
Answer: A
Diff: 3 Page Ref: 397
AACSB: Reflective Thinking Skills
Skill: Application
Objective: 13-4
90) You own a neighborhood grocery store and would like to have non-food items delivered, priced, displayed and inventoried by a wholesaler. You do not want to purchase title to the goods. Which type of wholesaler best fits your needs?
A) cash-and-carry wholesaler
B) rack jobber
C) drop shipper
D) mail-order wholesaler
E) agents and brokers
Answer: B
Diff: 3 Page Ref: 397
AACSB: Reflective Thinking Skills
Skill: Application
Objective: 13-4
91) Tony Pool Chemical Co. purchased 144 buckets of chlorine tablets over the Internet from Chemical, Inc., then placed the order with the manufacturer and arranged for its transportation by truck to the Tony Pool store. Chemical, Inc. took title to the pool chemicals but never actually took possession of them. Chemical, Inc. is an example of a ________.
A) drop shipper
B) truck jobber
C) rack jobber
D) mail-order wholesaler
E) cash-and-carry wholesaler
Answer: A
Diff: 3 Page Ref: 397
AACSB: Analytic Skills
Skill: Application
Objective: 13-4
92) An independent hardware retail store 100 miles from the nearest city of more than 5,000 people but providing needed supplies for area ranchers would most likely buy its plumbing and electrical supplies through a ________.
A) truck jobber
B) commission merchant
C) mail-order wholesaler
D) rack jobber
E) merchandise broker
Answer: C
Diff: 3 Page Ref: 397
AACSB: Reflective Thinking Skills
Skill: Application
Objective: 13-4
93) SuperValu, traditionally classified as a food wholesaler, has recently started or acquired several retail food chains of its own, including Albertsons, Jewel-Osco, and Cub Foods. Which of the following trends is this an example of?
A) movement toward self-service retailing
B) the growing domination of superstores
C) the decline of the voluntary chain
D) retail convergence
E) the blurring of distinctions between retailers and wholesalers
Answer: E
Diff: 2 Page Ref: 400
AACSB: Reflective Thinking Skills
Skill: Application
Objective: 13-4
94) Which of the following types of retailers is most likely to practice everyday low pricing (EDLP)?
A) discount stores
B) convenience stores
C) category killers
D) full-service retailers
E) department stores
Answer: A
Diff: 2 Page Ref: 387
AACSB: Reflective Thinking Skills
Skill: Synthesis
Objective: 13-2
95) Which of the following is most likely true about shoppers who prefer to shop at "lifestyle centers"?
A) They prefer inexpensive atmospheres.
B) They prefer upscale stores.
C) They prefer out-of-the-way locations.
D) They rarely dine out.
E) They are motivated by deals on last year's merchandise and seconds.
Answer: B
Diff: 3 Page Ref: 388
AACSB: Reflective Thinking Skills
Skill: Critical Thinking
Objective: 13-2
96) Which of the following is most likely the greatest factor in the increasingly short life cycle of new retail forms?
A) changes in technology
B) economic swings
C) import and export regulations
D) stagnating retail convergence
E) global expansion of major retailers
Answer: A
Diff: 3 Page Ref: 390-391
AACSB: Reflective Thinking Skills
Skill: Synthesis
Objective: 13-3
Refer to the scenario below to answer the following questions.
In the 1970s, Shipshewana was only a small town with a hardware store, a grain mill, a shoe store, a small restaurant, and a grocery store. Over the next two decades, the small town transformed into an international tourist attraction, attracting thousands of tourists who are intrigued with the lifestyle of Shipshewana's largest population-the Amish.
Ben and Mary Miller, having grown up within the Amish faith, decided to capitalize on their town's popularity and their woodworking skills. Their shop, Indiana Wood, began with a small display of handmade hickory rocking chairs, Ben Miller's specialty. But within a few months, the display at Indiana Wood included picnic tables, flower boxes, and small handmade novelty items. No other shop offers the same.
Mary Miller decorated the shop's display room with authentic Amish décor and eventually hired three Amish friends to sew and embroider napkins and other textiles per customer request. In addition, two women from the Amish community sought permission from the Millers to display home-baked pastries and jellies on Tuesdays and Wednesdays, when Shipshewana attracts swarms of visitors to its flea market on the south edge of town.
"Shipshewana is full of specialty shops," Mary Miller stated. "People don't come here to buy things made in China or Taiwan. They want real, Amish-made goods."
97) Indiana Wood is best classified as a(n) ________ retailer.
A) full-service
B) self-service
C) limited-service
D) discount
E) off-price
Answer: A
Diff: 2 Page Ref: 376
AACSB: Analytic Skills
Skill: Application
Objective: 13-1
98) Which of the following is most critical to Indiana Wood's success?
A) place
B) price
C) differentiation
D) store atmosphere
E) services mix
Answer: A
Diff: 2 Page Ref: 387
AACSB: Reflective Thinking Skills
Skill: Critical Thinking
Objective: 13-2
99) The Amish décor and shop workers give customers an authentic impression of the pride and skill built into the shop's products. These aspects also contribute to the store's ________.
A) product assortment
B) services mix
C) atmosphere
D) segmentation
E) targeting
Answer: C
Diff: 3 Page Ref: 384
AACSB: Analytic Skills
Skill: Application
Objective: 13-2
100) Which of the following would be the most logical way for Indiana Wood to expand?
A) establishing an online presence
B) pursuing retail convergence
C) implementing RFID inventory tracking
D) establishing a community-gathering environment in the store
E) joining a producers' cooperative
Answer: A
Diff: 3 Page Ref: 391
AACSB: Use of Information Technology
Skill: Critical Thinking
Objective: 13-3
101) Wholesaling includes all the activities involved in selling products or services directly to final consumers for their personal, nonbusiness use.
Answer: FALSE
Diff: 1 Page Ref: 374
Skill: Concept
Objective: 13-1
102) Marketers who use shopper marketing use the retail store itself as an important marketing medium.
Answer: TRUE
Diff: 2 Page Ref: 377
Skill: Concept
Objective: 13-1
103) Department stores carry narrow product lines with deep assortments within those lines.
Answer: FALSE
Diff: 1 Page Ref: 376
Skill: Concept
Objective: 13-1
104) In recent years, convenience stores have redesigned their stores to closely focus on serving their primary target market made up of young, blue-collar men.
Answer: FALSE
Diff: 3 Page Ref: 377
Skill: Concept
Objective: 13-1
105) Category killers carry a deep assortment of a particular product line and have a knowledgeable staff.
Answer: TRUE
Diff: 2 Page Ref: 378
Skill: Concept
Objective: 13-1
106) Off-price retailers pay regular wholesale prices for their merchandise but maintain low prices by accepting lower margins and selling higher volume.
Answer: FALSE
Diff: 2 Page Ref: 378
Skill: Concept
Objective: 13-1
107) A discount store buys at less-than-regular wholesale prices and charges consumers less than retail.
Answer: FALSE
Diff: 2 Page Ref: 378
Skill: Concept
Objective: 13-1
108) Independent off-price retailers may in fact be divisions of larger retail corporations.
Answer: TRUE
Diff: 2 Page Ref: 378
Skill: Concept
Objective: 13-1
109) Warehouse clubs appeal almost exclusively to low-income consumers seeking bargains.
Answer: FALSE
Diff: 2 Page Ref: 381
Skill: Concept
Objective: 13-1
110) Chain stores are located near residential areas and are open long hours, seven days a week; they carry a limited line of high-turnover goods.
Answer: FALSE
Diff: 2 Page Ref: 377
Skill: Concept
Objective: 13-1
111) In a retailer cooperative, independent retailers contract with each other to set up a central buying operation and conduct joint promotional efforts.
Answer: TRUE
Diff: 2 Page Ref: 381
Skill: Concept
Objective: 13-1
112) Retailers first must position themselves in a market and then decide how they will define the target customers in these markets.
Answer: FALSE
Diff: 2 Page Ref: 383
Skill: Concept
Objective: 13-2
113) To create the right atmosphere, some retailers control every aspect of the consumer's store experience, including what customers hear and smell.
Answer: TRUE
Diff: 1 Page Ref: 386
Skill: Concept
Objective: 13-2
114) Power centers are decreasing in number.
Answer: FALSE
Diff: 2 Page Ref: 388
Skill: Concept
Objective: 13-2
115) The wheel-of-retailing concept deals mainly with wholesalers rolling out reduced service levels.
Answer: FALSE
Diff: 2 Page Ref: 390
Skill: Concept
Objective: 13-3
116) The life cycle of new retail forms is getting longer.
Answer: FALSE
Diff: 2 Page Ref: 390
Skill: Concept
Objective: 13-3
117) Retail convergence means greater competition for retailers and greater difficulty in differentiating offerings.
Answer: TRUE
Diff: 2 Page Ref: 390
Skill: Concept
Objective: 13-3
118) Megaretailers have shifted the balance of power between retailers and producers, giving retailers more power.
Answer: TRUE
Diff: 2 Page Ref: 390
Skill: Concept
Objective: 13-3
119) Like retailers, a wholesaler must decide on segmentation and targeting, differentiation and positioning, and the marketing mix.
Answer: TRUE
Diff: 1 Page Ref: 396
Skill: Concept
Objective: 13-4
120) In an automated warehouse, orders are fed directly from the retailer's information system to the wholesaler's, and the items are picked up by mechanical devices and taken to a shipping platform where they are assembled.
Answer: TRUE
Diff: 2 Page Ref: 398
AACSB: Use of Information Technology
Skill: Concept
Objective: 13-4
121) Full-service retailers such as JC Penney provide more sales assistance because they carry more shopping goods about which customers need information.
Answer: FALSE
Diff: 3 Page Ref: 376
AACSB: Reflective Thinking Skills
Skill: Application
Objective: 13-1
122) Limited-service retailers, such as specialty stores and first-class department stores, employ salespeople who assist customers in every phase of the shopping process.
Answer: FALSE
Diff: 2 Page Ref: 376
AACSB: Reflective Thinking Skills
Skill: Synthesis
Objective: 13-1
123) Factory outlets, independent off-price retailers, and warehouse clubs all buy their merchandise in a similar fashion.
Answer: TRUE
Diff: 3 Page Ref: 378
AACSB: Reflective Thinking Skills
Skill: Critical Thinking
Objective: 13-1
124) Unlike mass marketers, niche marketers expect to see continued growth in their online sales.
Answer: FALSE
Diff: 3 Page Ref: 391
AACSB: Use of Information Technology
Skill: Application
Objective: 13-3
125) The distinction between large retailers and large wholesalers is changing because most large wholesalers are abandoning their retail operations.
Answer: FALSE
Diff: 2 Page Ref: 400
AACSB: Reflective Thinking Skills
Skill: Application
Objective: 13-4
126) Retail stores can be classified in terms of several characteristics. Name four of these.
Answer: These include the amount of service they offer, the breadth and depth of their product lines, the relative prices they charge, and how they are organized.
Diff: 2 Page Ref: 375
AACSB: Analytic Skills
Skill: Application
Objective: 13-1
127) Compare and contrast specialty stores and convenience stores.
Answer: Specialty stores carry narrow product lines with deep assortments within those lines. Convenience stores are small stores that carry a limited line of high-turnover convenience goods. The majority of their revenues come from sales of gasoline, cigarettes, and beverages.
Diff: 2 Page Ref: 376-377
AACSB: Reflective Thinking Skills
Skill: Critical Thinking
Objective: 13-1
128) Describe the differences between discount stores and off-price retailers.
Answer: A discount store buys at regular wholesale prices but sells standard merchandise at lower prices by accepting lower margins and selling higher volume. Off-price retailers buy at less-than-regular wholesale prices and charge consumers less than retail.
Diff: 2 Page Ref: 378
AACSB: Reflective Thinking Skills
Skill: Critical Thinking
Objective: 13-1
129) Describe the differences between chain stores and franchises.
Answer: Chain stores consist of two or more outlets that are commonly owned and controlled. Chain stores have the advantage of buying in larger quantities at lower prices and sharing resources to hire specialists to help with decisions in pricing, promotion, merchandising, inventory, and sales forecasting. Franchises are not commonly owned and controlled; instead, a franchise is a contractual association between a manufacturer, wholesaler, or service organization and an independent businessperson who buys the right to own and operate one or more units within the franchise system.
Diff: 2 Page Ref: 381-382
AACSB: Reflective Thinking Skills
Skill: Critical Thinking
Objective: 13-1
130) Explain how Whole Foods is able to compete against Walmart.
Answer: Walmart owns the low-price position, so other grocery chains such as Whole Foods must position themselves differently. Rather than try to compete directly with Walmart, Whole Foods is positioned away from Walmart. It targets a smaller group of upscale customers and offers them organic, gourmet foods in a cheerful, aesthetically pleasing environment.
Diff: 2 Page Ref: 384
AACSB: Reflective Thinking Skills
Skill: Critical Thinking
Objective: 13-2
131) Three types of shopping centers are regional shopping centers, community shopping centers, and neighborhood shopping centers/strip malls. Describe how they are different from each other.
Answer: Regional shopping centers are the largest and most dramatic shopping centers. They contain from 40 to more than 200 stores. They are like covered mini-downtowns and attract customers from a wide area. Smaller than regional shopping centers, community shopping centers contain between 15 and 40 stores. They normally contain a branch of a department store or variety store, a supermarket, specialty stores, professional offices, and sometimes a bank. Smaller still are neighborhood shopping centers/strip malls, which generally contain five to 15 stores. They are close and convenient for consumers, usually containing a supermarket, a discount store, and several service stores.
Diff: 3 Page Ref: 388
AACSB: Reflective Thinking Skills
Skill: Critical Thinking
Objective: 13-2
132) Describe how nonstore retailing has grown in the past decade.
Answer: Though most purchases are still made in stores, more and more consumers are now shopping using a broad range of nonstore alternatives, including mail-order, television, phone, and online shopping. Easy-to-use Web sites, improved online service, and sophisticated search engines have all helped online business grow at a faster rate than retail buying. All types of retailers now use direct and online channels, with traditional brick-and-mortar retailers selling online, along with online-only retailers such as Amazon.com and eBay. Much of the growth in online sales will go to multichannel retailers who provide service both in stores and online.
Diff: 2 Page Ref: 391
AACSB: Use of Information Technology
Skill: Application
Objective: 13-3
133) Why would a producer use wholesalers rather than selling directly to retailers or consumers?
Answer: Wholesalers add value by performing one or more of the following channel functions: selling and promotion, buying and assortment building, bulk breaking, warehousing, transportation, financing, risk bearing, providing market information, and giving management services and advice. Wholesalers can perform many channel functions more efficiently and effectively than a producer can, allowing the producer to focus its energies on creating its product.
Diff: 2 Page Ref: 395
AACSB: Reflective Thinking Skills
Skill: Application
Objective: 13-4
134) Explain the marketing decisions facing wholesalers.
Answer: Wholesalers are faced with the marketing decisions of segmentation and targeting, differentiation and promotion, and the marketing mix. Progressive wholesalers are adapting their services to the needs of target customers and are seeking cost-reducing methods of doing business. Faced with slow growth in their domestic markets and developments such as the North American Free Trade Association, many large wholesalers are also now going global.
Diff: 2 Page Ref: 396-398
AACSB: Analytic Skills
Skill: Application
Objective: 13-4
135) Explain how wholesalers have been able to use technology to cut costs.
Answer: Many wholesalers have invested in automated warehouses and information technology systems. Delivery time can be cut as orders are fed from the retailer's information system directly into the wholesaler's. Automated warehouses increase efficiencies and drive down costs, as mechanical devices can automatically pick up items and take them to a shipping platform to be assembled. Wholesalers can also use technology for accounting, billing, inventory control, and forecasting. These computerized, automated, and Web-based systems help wholesalers contain the costs of ordering, shipping, and inventory holding.
Diff: 2 Page Ref: 398-399
AACSB: Use of Information Technology
Skill: Application
Objective: 13-4
136) What types of products do specialty stores carry? Give an example of a specialty store.
Answer: Specialty stores carry narrow product lines with deep assortments within those lines. Examples will vary.
Diff: 2 Page Ref: 376
AACSB: Analytic Skills
Skill: Application
Objective: 13-1
137) How have department stores responded to increased competition by specialty stores?
Answer: Many department stores have added promotional pricing to meet the threat; in addition, they have stepped up the use of store brands and single-brand "designer shops" to compete with specialty stores. Department stores are also trying mail-order, telephone, and Web selling.
Diff: 2 Page Ref: 376
AACSB: Reflective Thinking Skills
Skill: Application
Objective: 13-1
138) What types of products may be sold through category killers?
Answer: Category killers are prevalent in a wide range of categories, including books, baby gear, toys, electronics, home improvement products, linens and towels, party goods, sporting goods, and pet supplies.
Diff: 2 Page Ref: 378
AACSB: Analytic Skills
Skill: Application
Objective: 13-1
139) How can discount stores sell merchandise at lower prices?
Answer: Discount stores sell merchandise at lower prices by accepting lower margins and selling higher volumes.
Diff: 2 Page Ref: 378
AACSB: Reflective Thinking Skills
Skill: Critical Thinking
Objective: 13-1
140) What are three advantages a chain has over an independent retailer?
Answer: A chain may benefit from a regionally or nationally known name, as well as an established promotional campaign. In addition, because a chain is held together by a centralized purchasing or administrative center, there is much bargaining power with suppliers.
Diff: 2 Page Ref: 381
AACSB: Reflective Thinking Skills
Skill: Critical Thinking
Objective: 13-1
141) How does a retailer cooperative function?
Answer: A retailer cooperative is a group of retailers that come together to set up a jointly owned, central wholesale operation, and conduct joint merchandising and promotion efforts. Through a retailer cooperative, independents can match the buying and promotion economies of corporate chains.
Diff: 2 Page Ref: 381
AACSB: Reflective Thinking Skills
Skill: Critical Thinking
Objective: 13-1
142) What elements comprise a store's atmosphere?
Answer: A store's atmosphere includes the sights, sounds, and smells that customers typically associate with the store.
Diff: 2 Page Ref: 384
AACSB: Analytic Skills
Skill: Application
Objective: 13-2
143) How do the practices of "high-low" pricing and everyday low pricing differ?
Answer: With "high-low" pricing, a retailer charges higher prices on an everyday basis but also has frequent sales and other price promotions; with everyday low pricing, a retailer for the most part avoids sales and instead delivers constant, everyday low prices.
Diff: 2 Page Ref: 387
AACSB: Reflective Thinking Skills
Skill: Critical Thinking
Objective: 13-2
144) How have shopping centers changed in the past few decades?
Answer: Central business districts located in downtown areas were the wave in the 1950s; such areas included department stores, specialty stores, banks, and movie theaters. With the move of people to the suburbs came branches of some of the downtown merchants in suburban shopping centers. In recent years, many cities have joined with merchants to try to revive downtown shopping areas by building malls and providing underground parking.
Diff: 3 Page Ref: 388
AACSB: Reflective Thinking Skills
Skill: Application
Objective: 13-2
145) What attracts shoppers to a power center?
Answer: Power centers are unenclosed shopping centers that consist of a long strip of retail stores, each store with its own entrance with parking directly in front for shoppers who wish to visit only one store. A power center offers convenience and variety for shoppers.
Diff: 2 Page Ref: 388
AACSB: Reflective Thinking Skills
Skill: Application
Objective: 13-2
146) Explain why drastic price-discounting in response to a faltering economy might be an unwise strategy.
Answer: Though price-discounting may keep a company's sales up in the short-term, the reduced price may well damage the product's image and position in the long-term. Drastic price-discounting is a sign of panic that will encourage one-time buyers but not create loyal customers.
Diff: 3 Page Ref: 389
AACSB: Reflective Thinking Skills
Skill: Critical Thinking
Objective: 11-3
147) Briefly explain the wheel-of-retailing concept.
Answer: According to this concept, many new types of retailing forms begin as low-margin, low-price, low-status operations. Over time, the retailers' success leads them to upgrade their facilities and offer more services; consequently, their costs increase, forcing them to increase their prices. Eventually, these retailers become prey to the new retailers entering the marketplace.
Diff: 3 Page Ref: 390
AACSB: Reflective Thinking Skills
Skill: Application
Objective: 13-3
148) What constitutes retail convergence?
Answer: Retail convergence is the coming together of shoppers, goods, and prices. Customers of all income levels are shopping at the same stores, often for the same goods. Distinctions such as discount store, specialty store, and department store are losing significance.
Diff: 2 Page Ref: 390
AACSB: Analytic Skills
Skill: Application
Objective: 13-3
149) How do merchant wholesalers and agents/brokers differ?
Answer: Merchant wholesalers "take title to" (or own) what they sell; agents/brokers merely serve as liaisons, bringing buyers and sellers together.
Diff: 2 Page Ref: 396
AACSB: Reflective Thinking Skills
Skill: Critical Thinking
Objective: 13-4
150) How can wholesalers improve their use of promotions?
Answer: Many wholesalers do not view promotion as a team effort to sell, build, and service major accounts; to address this issue, wholesalers should adopt some of the promotion techniques used by retailers, such as developing an overall promotion strategy and making greater use of supplier promotion materials and programs.
Diff: 3 Page Ref: 398
AACSB: Communication Abilities
Skill: Application
Objective: 13-4
Superb post to develop the skill
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