mark chap 13
How do brokers and agents differ from merchant wholesalers?
Brokers and agents do not take title and perform a limited number of specialized functions.
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?
Lower margins and selling higher volume
Which of the following statements about retailer marketing decisions is correct?
Many retailers identify three critical factors for retail success: location, location, and location.
Which of the following statements regarding retailer pricing decisions is correct?
Most retailers seek either high markups on lower volume or low markups on higher volume.
Which of the following statements about major retail trends is true?
Online buying is growing at a much brisker pace than retail buying as a whole.
Increasingly, different types of retailers now sell the same products at the same prices to the same consumers. This trend is called ______
Retail convergence
In terms of location, most stores today cluster together. What is the primary reason for this?
To increase their customer pulling power
One new technology being adopted by retailers is __________. For example, when opted-in customers enter a store, a signal wakes up an app on their smartphone or tablet, which welcomes them and alerts them to location-specific rewards and personalized product recommendations within the store.
beacon technology
Recently, superstores that are actually giant specialty stores, such as Petco and Home Depot, have seen tremendous growth. These types of superstores are called __________.
category killers
A cluster of between 15 and 50 retail stores that usually contains a branch of a department store or variety store, a supermarket, specialty stores, professional offices, and (sometimes) a bank is a __________
community shopping center
Adidas' Fifth Avenue emporium showcases an adidas design concept that mimics a sports arena. Customers enter through a tunnel-like entrance, climb cement stairs to reach different floors, sit on bleachers to watch games broadcast live on large screens, and pay for their purchases at stations designed to look like ticket booths. The store features a miniature running track where customers can take a test run or get their stride analyzed to ensure they're buying the right shoe. This is an example of __________.
experiential marketing
Which of the following are the largest group of wholesalers, accounting for roughly 50 percent of all wholesaling?
merchant wholesalers
Walmart, Target, Macy's, and other major retailers offer handy ________ that pull customers to both their websites and stores.
mobile apps
Foot Locker has mastered online and mobile efforts that link seamlessly with store operations, offering options such as "buy online, ship from store" and "buy online, reserve in store" for pickup. This is an example of _______
omni channel retailing
Retailing today requires __________, which means creating a seamless cross-channel buying experience that integrates in-store, online, and mobile shopping.
omni channel retailing
Retailers need to differentiate and position their store and make decisions regarding their retail marketing mix. Before making those decisions, retailers must first __________
segment and define their target market
_________ involves focusing the entire marketing process toward turning customers into buyers as they approach the point of sale.
shopper marketing
Which type of retailer carries narrow product lines with deep assortments within those lines?
specialty stores
Omni-channel retailers are those who ________.
successfully merge the virtual and physical worlds
Which wholesaler channel function helps reduce inventory holding costs?
warehousing