marketing 341 ch 11 quiz

What is a franchise?

A contractual association between a manufacturer, wholesaler or service organization (a franchiser) and independent business people (franchisees) who buy the right to own and operate one or more units in the franchise system.

What is a category killer?

Giant specialty store that carries a very deep assortment of a particular line and is staffed by knowledge employees.

Define the wheel-of-retailing concept

a concept that states that new types of retailers usually begin as low-margin, low-status operations but later evolve into higher-priced, higher-service operations, eventually becoming like the conventional retailers they replaced

What is a shopping center?

a group of retail businesses built on a site that is planned, developed, owned and managed as a unit.

Supermarket

a large low-cost, low-margin, high-volume, self-service store that carries a wide variety of grocery and household products

what is a discount store?

a retail operation that sell standard merchandise at lower prices by accepting lower margins and selling at higher volume

department store

a retail organization that carries a wide variety of product lines-each line is operated as a serrate department managed by specialists buyers or merchandisers.

Specialty store

a retailer store tat caries a narrow product line with a deep assortment within that line

What is a service retailer?

a retailer whose product line is actually a service, including hotels, airlines, banks, colleges an many others

Convenience store

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

Superstore

a store much larger than a regular supermarket that offers a large assortment or routinely purchased food products, nonfood times and services

Broker

a wholesaler who does not take title to goods and whose functions is to bring buyer and sellers together and assist in negotiation

Agent

a wholesaler who represents buyers or sellers on a relatively permanent basis, performs only a few functions, and does not take title to goods

What is wholesaling?

all activities involved in selling gods and services to those buying for resale or business use

What is retailing?

all activities involved in selling goods or services directly to final consumers for their personal, nonbusiness use.

Merchant wholesaler

independently owned business that takes title to the merchandise it handles

What is an independent off-price retailer?

off-price retailer that is either independently owned and run or is a division of a larger retail corporation.

What is a warehouse club?

off-price retailer that sells a limited selection or brand name grocery items, appliances, clothing and a hodgepodge of other gods at deep discounts to members who pay annual membership fees

What is a factory outlet?

off-price retailing operation the is owned and operated by a manufacturer and that normally carries the manufacturer's surplus, discounted or irregular goods.

What is an off-price retailer?

retailer that buys at less-than-regular wholesale prices and sells at less than retail. Examples are factory outlets, independents and warehouse clubs.

What are chain stores?

two or more outlets that are commonly owned and controlled

Manufactures' sales branches and offices

wholesaling by sellers or buyers themselves rather than through independent wholesalers