MAR 252 ch. 11

What are the four major types of retail organization?

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

Which of the following correctly describes the retail practice known as high-low pricing?

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

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 about major retail trends is true?

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

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

Specialty stores

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

decide on how they will differentiate and position themselves in the market

Macy's carries several product lines -typically clothing, home furniture, 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

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

experiential retailing

By practicing __ retailing, today's retailers are increasingly adopting environmentally sustainable practices.

green

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

merchant wholesalers

The retail marketing mix consists of which of the following?

product and service assortment, retail prices, promotion, and location

Retailers must decide on which three 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

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

Which of the following statements about shopping centers is correct?

the most common type of shopping center is a strip mall

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

warehousing

Which of the following statements about wholesaling is true?

wholesalers must make decisions regarding their marketing mix

What is the overall goal when retailers choose their product assortment?

differentiate the retailer while matching target shoppers' expectations

One retail trend resulting from economic conditions is __.

tighter consumer spending

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

Shopper marketing

Superstores that are actually giant specialty stores and have seen tremendous growth recently are called __.

category killers

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 higher sales volume