Chapter 11: Retail and Wholesaling – Flashcards
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________ refers to the activities involved in selling products or services directly to final consumers for their personal, nonbusiness use.
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Retailing
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_______ involves focusing the entire marketing process toward turning shoppers into buyers as they approach the point of sale.
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Shopper Marketing
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Which type of retailer carries a narrow product line with deep assortments within those lines?
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Speciality Stores
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Macy's carries several product lineslong dash—typically clothing, home furnishings, and household goodslong dash—with each line operating as a separate department managed by specialist buyers or merchandisers. Macy's is best described as a(n) ________.
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department store
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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?
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lower margins and higher sales volume
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Superstores that are actually giant specialty stores and have seen tremendous growth recently are called _______.
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category killers
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Hotels and motels, banks, airlines, restaurants, colleges, hospitals, movie theaters, tennis clubs, bowling alleys, repair services, hair salons, and dry cleaners are all examples of ________.
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service retailers
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What are the four major types of retail organization?
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Corporate chains, voluntary chains, retailer cooperatives, and franchise organizations.
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After segmenting and defining their target markets, what should retailers do next?
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Decide how they will differentiate and position themselves in the market.
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Retailers must decide on which three major product variables?
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Product assortment, services mix, and store atmosphere
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What is the overall goal when retailers choose their product assortment?
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Differentiate the retailer while matching target shoppers' expectations.
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The retail marketing mix consists of which of the following?
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Product and service assortment, retail prices, promotion, and location
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Carefully orchestrating the store's layout and displays, background music, colors, and smells is related to ________.
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experiential retailing
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Which of the following correctly describes the retail practice known as high-low pricing?
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High-low pricing means charging higher prices on an everyday basis, coupled with frequent sales and other price promotions.
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Which of the following statements about retailer marketing decisions is correct?
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Many retailers identify three critical factors for retail success: location, location, and location.
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Which of the following statements about shopping centers is correct?
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The most common type of shopping center is a strip mall.
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The practice of coming into retail stores to check out merchandise and prices but making purchases online using a computer or mobile device is called _______.
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showrooming
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By practicing ______ retailing, today's retailers are increasingly adopting environmentally sustainable practices.
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green
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Increasingly, different types of retailers now sell the same products at the same prices to the same consumers. This trend is called ___________.
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retail convergence
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Which of the following statements about major retail trends is true?
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Online buying is growing at a much brisker pace than retail buying as a whole.
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One retail trend resulting from economic conditions is ________.
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tighter consumer spending
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___________ are the largest single group of wholesalers, accounting for roughly 50 percent of all wholesaling.
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Merchant wholesalers
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Which of the following statements about wholesaling is true?
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Wholesalers must make decisions regarding their marketing mix.
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Which wholesaler channel function helps reduce inventory holding costs and the risks of suppliers and customers?
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Warehousing
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By performing the channel function of ________, wholesalers' sales forces help manufacturers reach many small customers at a low cost.
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selling and promoting
