Ch. 13: Retailing and Wholesaling – Flashcards
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Retailing
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all the activities involved in selling goods or services directly to final consumers for their personal, nonbusiness use
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retailer
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a business whose sales come primarily from retailing
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shopper marketing
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focusing the entire marketing process on turning shoppers into buyers as they approach the point of sale, whether during in-store, online, or mobile shopping
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Omni-channel retailing
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creating a seamless cross-channel buying experience that integrates in-store, online, and mobile shopping
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specialty store
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a retail store that carries a narrow product line with a deep assortment within that line
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department store
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a retail store that carries a wide variety of product lines, each operated as a separate department managed by specialist buyers or merchandisers
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supermarkets
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a large, low-cost, low-margin, high-volume, self-service store that carries a wide variety of grocery and products
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convenience stores
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a small store, located near a residential area, that is open long hours seven days a week and carries a limited line of high-turnover convenience goods
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superstores
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a store much larger than a regular supermarket that offers a large assortment of routinely purchased food products, non-food items, and services
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category killers
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a giant speciality store that carries a very deep assortment of a particular line
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service retailers
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a retailer whose product line is actually a service; examples include hotels, airlines, banks, colleges, and many others
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discount store
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a retail operations that sells standard merchandise at lower prices by accepting lower margins and selling at higher volume
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off-price retailer
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a retailer that buys at less-than-regular wholesale prices and sells at less than retail
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independent off-price retailer
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an off-price retailer that is independently owned and operated or a division of a large retail corporation
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Factory outlets
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an off-price retailing operation that is owned and operated by a manufacturer and normally carries the manufacturers surplus, discontinued, or irregular goods
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warehouse clubs
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an off-price retailer that sells a limited selection of brand name grocery items, appliances, clothing, and other goods at deep discounts to members who pays annual membership fees
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corporate chains
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two or more outlets that are commonly owned and controlled
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franchise
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a contractural association between a manufacturer, wholesaler, or a service organization ( a franhcisor) and independent businesspeople (franchisees) who buy the right to own and operate one or more units in the franchise system
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shopping center
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a group of retail business built on a site that is planned, developed, owned, and managed as a unit
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show-rooming
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the shopping practice of coming into retail store show-rooms to check out merchandise and prices but instead buying from an online-only rival, sometimes while in the store
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wholesaling
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all the activities involved in selling goods and services to those buying for resale or business use
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wholesalers
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a firm engaged primarily in wholesaling activities
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merchant wholesaler
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an independently owned wholesale business that takes title to the merchandise it handles
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broker
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a wholesaler who does not take title to goods and whose function is to bring buyers and sellers together and assist in negotiation
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agents
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a wholesaler who represents buyers or sellers on a relatively permanent basis, performs only a few functions, and does not take title to goods
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manufacturers' and retailers' branches and offices
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wholesaling by sellers or buyers themselves rather than through independent wholesalers
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__________ retailing refers to the creation of a seamless cross-channel buying experience. A. Limited-service B. Omni-channel C. Self-service D. Full-service E. Service
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B. omni-channel (integrates in-store, online, and mobile shopping)
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Tiffany and Neiman Marcus are classified as __________ retailers. A. service B. full-service C. limited-service D. omni-channel E. self-service
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B. full-service (high-end quality stores with more specialty goods)
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_______ involves focusing the entire marketing process toward turning shoppers into buyers as they approach the point of sale. A. Shopper marketing B. Full-service retailing C. Wholesaling D. Retailing E. Omni-channel buying
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A. shopper marketing
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________ carry narrow product lines with deep assortments within those lines. A. Discount stores B. Superstores C. Specialty stores D. Department stores E. Convenience stores
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C. specialty stores
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A discount store (for example, Target, Kohl's, or Walmart) sells standard merchandise at lower prices. To do this, discount stores accept which of the following two conditions? A. Operating at a loss and selling higher volume B. Lower margins and selling higher volume C. Lower margins and selling lower volume D. Selling higher volume and having inefficient operations E. Higher margins and selling lower volume
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B. lower margins and selling higher volume
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One type of contractual retail association is a ________, which is a group of independent retailers that bands together to set up a jointly owned, central wholesale operation and conduct joint merchandising and promotion efforts. A. warehouse club B. franchise organization C. retailer cooperative D. corporate chain E. voluntary chain
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C. retailer cooperative
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L.L. Bean has turned its flagship store into a full-fledged outdoor adventure center, which is an example of __________. A. experiential retailing B. price decision C. targeting decision D. segmentation decision E. services mix
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A experiential retailing
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__________ are huge unenclosed shopping centers consisting of a long strip of retail stores including freestanding anchor stores. A. Power centers B. Regional shopping centers C. Neighborhood shopping centers D. Lifestyle centers E. Community shopping centers
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A. power-centers (Best Buy, PetSmart, Home Depot with each having own entrance and parking)
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Retailers must decide on which three major product variables? A. Product assortment, services mix, and store atmosphere B. Product assortment, price, and location C. Product assortment, store atmosphere, and price D. Product assortment, services mix, and location E. Product assortment, services mix, and price
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A. product assortment, services mix, and store atmosphere
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The retail marketing mix consists of which of the following? A. Product and service assortment, retail prices, promotion, and retail segmentation B. Product and service assortment, retail prices, promotion, and store differentiation C. Product and service assortment, retail prices, promotion, and place D. Product and service assortment, retail prices, promotion, and retail targeting E. Product and service assortment, retail prices, promotion, and store positioning
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C. product and service assortment, retail prices, promotion, and place
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Which of the following statements about retailer marketing decisions is correct? A. Retailers do not differentiate themselves on their service mix. B. Retailers do not have to segment and target their markets. C. Most retailers seek either high markups on higher volume or low markups on lower volume. D. Many retailers identify three critical factors for retail success: location, location, and location. E. Stores do not need to differentiate and position themselves.
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D. many retailers identify three factors for retail success: location, location, and location
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A ________ contains between 15 and 50 retail stores. It normally contains a branch of a department store or variety store, a supermarket, specialty stores, professional offices, and sometimes a bank. A. neighborhood shopping center B. power center C. regional shopping mall D. lifestyle center E. community shopping center
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E. community shopping center
