Business Marketing Chapter 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.

Which of the following is a recent trend in​ wholesaling?

Less distinction between large retailers and large wholesalers

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 are the largest group of​ wholesalers, accounting for roughly 50 percent of all​ wholesaling?

Merchant wholesalers

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.

Retailers must decide on which three major product​ variables?

Product​ assortment, services​ mix, and store atmosphere

What are the four broad characteristics used to classify retail​ stores?

Service, product lines, price and organization

In terms of​ location, most stores today cluster together. What is the primary reason for​ this?

To increase their customer pulling power

Which of the following statements regarding wholesaling is​ correct?

Wholesalers must make decisions regarding their marketing mix.

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

L.L.Bean has turned its flagship store and campus in​ Freeport, Maine into a​ full-fledged outdoor adventure center.​ There, customers can​ hike, kayak, or go seal watching at nearby Cisco Bay. This is an example of​ __________.

experiential retailing

What are the three main types of​ off-price retailers?

independents, factory outlets, and warehouse clubs

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

Retailing today requires​ __________, which means creating a seamless​ cross-channel buying experience that integrates​ in-store, online, and mobile shopping.

omni-channel retailing

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

retail convergence

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

Which of the following best reflects the role of retailing in the distribution​ channel?

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

Which of the following statements regarding green retailing is​ correct?

Green retailing initiatives extend to helping consumers be more environmentally responsible.

​__________ 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

One recent retailing trend resulting from economic conditions is​ __________.

tighter consumer spending

Which wholesaler channel function helps reduce inventory holding​ costs?

warehousing

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.