IBM EXAM #3 Questions with Complete
solutions!
Retailing - ANSWERSall the activities directly related to the sale of goods and services
to the ultimate consumer for personal, nonbusiness use
Retailer - ANSWERSa channel intermediary that sells mainly to consumers
Independent retailer - ANSWERSa retailer owned by a single person or partnership and
not operated as part of a larger retail institution
Gross margin - ANSWERSthe amount of money the retailer makes as a percentage of
sales after the cost of goods sold is subtracted
Department store - ANSWERSa store housing several departments under one roof
Specialty store - ANSWERSa retail store specializing in a given type of merchandise
Supermarket - ANSWERSa large, departmentalized, self-service retailer that
specializes in food and some nonfood items
Drugstore - ANSWERSa retail store that stocks pharmacy-related products and services
as its main draw
Convenience store - ANSWERSa miniature supermarket, carrying only a limited line of
high-turnover convenience goods
Discount store - ANSWERSa retailer that competes on the basis of low prices, high
turnover, and high volume
Full line discount store - ANSWERSa discount store that carries a vast depth and
breadth of product within a single product category
Supercenter - ANSWERSa large retailer that stocks and sells a wide variety of
merchandise including groceries, clothing, household goods, and other general
merchandise
Specialty discount store - ANSWERSa retail store that offers a nearly complete
selection of single-line merchandise and uses self-service, discount prices, high volume,
and high turnover
, Category killer - ANSWERSa large discount store that specializes in a single line of
merchandise and becomes the dominant retailer in its category
Warehouse club - ANSWERSa large, no-frills retailer that sells bulk quantities of
merchandise to customers at volume discount prices in exchange for a periodic
membership fee
Off-price retailer - ANSWERSa retailer that sells at prices 25 percent or more below
traditional department store prices because it pays cash for its stock and usually doesn't
ask for return privileges
Factory outlet - ANSWERSan off-price retailer that is owned and operated by a
manufacturer
Used good retailer - ANSWERSa retailer whereby items purchased from one of the
other types of retailers are resold to different customers
Nonstore retailing - ANSWERSshopping without visiting a store
Automatic vending - ANSWERSthe use of machines to offer goods for sale
self-service technologies (SST) - ANSWERStechnological interfaces that allow
customers to provide themselves with products and/or services without the intervention
of a service employee
Direct retailing - ANSWERSthe selling of products by representatives who work door-to-
door, office-to-office, or at home sales parties
Direct marketing - ANSWERSTechniques used to get customers to make a purchase
from their home office or other non-retail setting
Telemarketing - ANSWERSthe use of the telephone to sell directly to consumers
Direct mail - ANSWERSthe delivery of advertising or marketing material to recipients of
postal or electronic mail
Micro targeting - ANSWERSthe use of direct marketing techniques that employ highly
detailed data analytics in order to isolate potential customers with great precision
Shop at home television network - ANSWERSa specialized form of direct response
marketing whereby television shows display merchandise, with the retail price, to home
viewers
online retailing (e-tailing) - ANSWERSa type of shopping available to consumers with
personal computers and access to the internet
solutions!
Retailing - ANSWERSall the activities directly related to the sale of goods and services
to the ultimate consumer for personal, nonbusiness use
Retailer - ANSWERSa channel intermediary that sells mainly to consumers
Independent retailer - ANSWERSa retailer owned by a single person or partnership and
not operated as part of a larger retail institution
Gross margin - ANSWERSthe amount of money the retailer makes as a percentage of
sales after the cost of goods sold is subtracted
Department store - ANSWERSa store housing several departments under one roof
Specialty store - ANSWERSa retail store specializing in a given type of merchandise
Supermarket - ANSWERSa large, departmentalized, self-service retailer that
specializes in food and some nonfood items
Drugstore - ANSWERSa retail store that stocks pharmacy-related products and services
as its main draw
Convenience store - ANSWERSa miniature supermarket, carrying only a limited line of
high-turnover convenience goods
Discount store - ANSWERSa retailer that competes on the basis of low prices, high
turnover, and high volume
Full line discount store - ANSWERSa discount store that carries a vast depth and
breadth of product within a single product category
Supercenter - ANSWERSa large retailer that stocks and sells a wide variety of
merchandise including groceries, clothing, household goods, and other general
merchandise
Specialty discount store - ANSWERSa retail store that offers a nearly complete
selection of single-line merchandise and uses self-service, discount prices, high volume,
and high turnover
, Category killer - ANSWERSa large discount store that specializes in a single line of
merchandise and becomes the dominant retailer in its category
Warehouse club - ANSWERSa large, no-frills retailer that sells bulk quantities of
merchandise to customers at volume discount prices in exchange for a periodic
membership fee
Off-price retailer - ANSWERSa retailer that sells at prices 25 percent or more below
traditional department store prices because it pays cash for its stock and usually doesn't
ask for return privileges
Factory outlet - ANSWERSan off-price retailer that is owned and operated by a
manufacturer
Used good retailer - ANSWERSa retailer whereby items purchased from one of the
other types of retailers are resold to different customers
Nonstore retailing - ANSWERSshopping without visiting a store
Automatic vending - ANSWERSthe use of machines to offer goods for sale
self-service technologies (SST) - ANSWERStechnological interfaces that allow
customers to provide themselves with products and/or services without the intervention
of a service employee
Direct retailing - ANSWERSthe selling of products by representatives who work door-to-
door, office-to-office, or at home sales parties
Direct marketing - ANSWERSTechniques used to get customers to make a purchase
from their home office or other non-retail setting
Telemarketing - ANSWERSthe use of the telephone to sell directly to consumers
Direct mail - ANSWERSthe delivery of advertising or marketing material to recipients of
postal or electronic mail
Micro targeting - ANSWERSthe use of direct marketing techniques that employ highly
detailed data analytics in order to isolate potential customers with great precision
Shop at home television network - ANSWERSa specialized form of direct response
marketing whereby television shows display merchandise, with the retail price, to home
viewers
online retailing (e-tailing) - ANSWERSa type of shopping available to consumers with
personal computers and access to the internet
