BUSML 3250 ch 13 final

________ sell standard merchandise at lower prices by accepting lower margins and selling higher volume.

discount stores

Which of the following terms best describes a large, low-cost, low-margin, high-volume, and self-service store that carries a wide variety of grocery and householdproducts?

supermarket

________ are facing slow sales growth because of slower population growth, increased competition, and the rapid growth of out-of-home eating.

supermarkets

How do brokers and agents differ from merchant wholesalers?

they do not take title to the goods

Full-service retailers can be described in several ways. Which of the following accurately describes a full-service retailer?

they have higher operating costs

________ were the main form of retail clusters until the 1950s.

Central business districts

Home Depot and PetSmart are examples of ________.

category killers

A ________ is 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 goods.

convenience store

Sears, Target, and Kroger are examples of ________.

corporate chains

________ are two or more outlets that are commonly owned and controlled.

corporate chains

Which type of store carries a wide variety of product lines and has been squeezed in recent years between more focused and flexible specialty stores on the one hand and more efficient, lower-priced discounters on the other?

department store

Big and Tall Men's Shop carries men's clothing in larger sizes; this allows the store to ________ other stores.

differentiate itself from

________ are manufacturer-owned and operated stores that offer prices as low as 50 percent below retail on a wide range of mostly surplus, discounted, or irregular items.

factory outlets

Which of the following statements best represents a contractual association between a manufacturer, wholesaler, or service organization and independent businesspeople who buy the right to own and operate one or more units in the system represented by the contract?

franchise

Which type of retailer usually carries more specialty goods at high prices and is more likely to provide customers with assistance in every phase of the shopping process?

full service retailer

Which of the following is most likely gained by stores that cluster together?

increased customer pulling power

In comparison to the traditional grocery, which averages about $320,000 in weekly sales, the weekly sales volume for a supercenter is in excess of $1.4m. In what other manner is the supercenter different from the traditional grocery store?

it offers discount merch in addition to groceries

A small, open-air mall with upscale stores, convenient locations, and nonretail activities, such as a playground, skating rink, hotel, dining establishments, and a movie theater, is an example of a(n) ________.

lifestyle center

Different types of customers and products require different amounts of service. To meet these varying service needs, retailers might offer one of three service levels: self-service, ________, and full service.

limited service

________ are the largest group of wholesalers. They include two broad types: full-service wholesalers and limited-service wholesalers.

merchant wholesalers

Overstock.com, a Web seller that buys furniture, clothing, electronics, and more from a variety of producers at less-than-regular wholesale prices and then charges customers less than retail, is a(n) ________.

off price retailer

________ have filled the ultra-low-price, high-volume gap by buying at less-than-regular wholesale prices and charging consumers less than retail.

off-price retailers

A recent retail trend is to create limited-time retail facilities that let firms promote their brands to seasonal shoppers and create buzz in busy areas. What are these short-term establishments called?

pop up stores

Daizy's is a shop that carries only plus-size clothing. According to this information, Daizy's differentiates itself from its competitors based on ________.

product assortment

In an effort to compete against large firms, some independent stores band together to set up a jointly owned, central wholesale operation and conduct joint merchandising and promotion efforts as Ace Hardware has done. What is this organization called?

retailer cooperative

________ includes all the activities involved in selling products or services directly to final consumers for their personal, nonbusiness use.

retailing

Which type of service do discount retailers like Target, Walmart, and Kohl's offer shoppers?

self-service

________ retailers in the United States are growing faster than product retailers.

service

________ involves using in-store promotions and advertising to extend brand equity to "the last mile" and encourage favorable point-of-purchase decisions.

shopper marketing

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

shopping center

Retailers constantly have to scan the environment for new trends in shopping and retailing. Which of the following is a trend the retailer confronts currently?

shortening retail life cycles

Which term refers to looking at merchandise at a traditional store and then purchasing the merchandise online?

show rooming

A retailer that carries narrow product lines with deep assortments within those lines is classified as what type of retailer? In response to increasing the use of market segmentation, market targeting, and product specialization, there is a greater need for stores in this classification that focus on specific products and segments.

specialty store

Today, ________ are flourishing due to the increased use of market segmentation and market targeting.

specialty stores

All of the activities involved in selling goods and services to those buying them for resale or business use is called what?

wholesaling