Chapter 11

Macy's carries several product lines - typically clothing, home furnishings, and household goods - with each line operating as a separate department managed by specialist buyers or merchandisers. Macy's is best described as a(n)

Department store

What is the overall goal when retailers choose their product assortment

Differentiate the retailer while matching target shoppers expectations

A discount store (Target, Kohls, or Walmart) sells standard merchandise at lower prices. To do this discount stores accept which 2 conditions

Lower margins and higher sales volume

What statement about retailer marketing decisions is correct

Many retailers identify three critical factors for retail success: location, location, location

Which type of retailer carries a narrow product line with deep assortments within those lines

Specialty stores

What is correct about shopping centers

The most common type of shopping center is a strip mall

Superstores that are actually gains specialty stores and have seen tremendous growth recently are called

Category killers

After segmenting and defining their target markets, what should retailers do next

Decide how they will differentiate and position themselves in the market

Carefully orchestrating the store's layout and displays, background music, colors, and smells is related to

Experiential retailing

By practicing ______ retailing, todays retailers are increasingly adopting environmentally sustainable practices

Green

What correctly describes the retail practice known as high-low pricing

High-low pricing means charging higher prices on an everyday basis, couples with frequent sales and other price promotions

What are the four major types of retail organization

Corporate chains, voluntary chains, retailer cooperatives, and franchise organizations

________ are the largest single group of wholesalers, accounting for roughly 50% of all wholesaling

Merchant wholesalers

What is true about major retail trends

Online buying is growing at a much riskier pace than retail buying as a whole

The retail marketing mix consists of

Product and service assortment, retail prices, promotion, location

Retailers must decide on which 3 major product variables

Product assortment, services mix, and store atmosphere

Increasingly, different types of retailers now sell the same products at the same prices to the same consumers. This trend is called

Retail convergence

_________ refers to the activities involved in selling products or services directly to final consumers for their personal, nonbusiness use

Retailing

By performing the channel function of _____, wholesalers sales forces help manufacturers reach many small customers at a low cost

Selling and promoting

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

Service retailers

_______ involves focusing the entire marketing process toward turning shoppers into buyers as they approach the point of sale

Shopper marketing

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

Showrooming

One retail trend resulting from economic condition is

Tighter consumer spending

Which wholesalers channel function helps reduce inventory holding costs and the risks of suppliers and customers

Warehousing

What is true about wholesaling

Wholesalers must make decisions regarding their marketing mix