BCOR350 Ch 13 Retailing and Wholesaling

What is an example of a discount store?

Kohl's

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

Deciding on Store Atmosphere

a major part of a product variable, and is an example of a product assortment and services decision

Off-Price Retailer

buys at less-than-regular wholesale prices and sells at less than retail

Place Decision

choosing locations that are accessible to the target market in areas that are consistent with the retailer's positioning

Price Decision

deciding on either high markups on lower volume or low markups on higher volume

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

differentiate itself from

What is one of the five major promotion tools?

direct marketing

L.L. Bean has turned its flagship store into a full-fledged outdoor adventure center, which is an example of ____________.

experiential retailing

McDonald's, Subway, and Jiffy Lube are all examples of ____________.

franchises

Tiffany and Neiman Marcus are classified as ___________ retailers.

full-service

What is true regarding green retailing?

green retailing initiatives extend to helping consumers be more environmentally responsible

Power Centers

huge unenclosed shopping centers consisting of along strip of retail stores including freestanding anchor stores

What is a recent trend in wholesaling?

less distinction between large retailers and large wholesalers

Which two conditions do discount stores accept in order to sell standard merchandise at lower prices?

lower margins and selling higher volume

With their size and buying power, __________ can offer better merchandise selections, good service, and strong price savings to consumers.

megaretailers

___________________ have shifted the balance of power between retailers and producers.

megaretailers

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

merchant wholesalers

Retailers must decide on which three major product variables?

product assortment, services mix, and store atmosphere

Omni-Channel Retailing

refers to the creation of a seamless cross-channel buying experience

Increasingly, different types of retailers now sell the same products at the same price to the same consumers. What is this trend called?

retail convergence

Wholesale Merchants

sell primarily to retailers and provide a full range of services

Industrial Distributors

sell to manufacturers rather than to retailers

__________ retailers in the U.S. are growing faster than product retailers.

service

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

service, product lines, price, and organization

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

shopper marketing

Superstore

store that offers a large assortment of routinely purchased food products, nonfood items, and services

What is the most frequently visited type of retail store?

supermarket

One recent retailing trend resulting from economic conditions is _______________.

tighter consumer spending

Corporate Chain

two or more outlets that are commonly owned and controlled

Retailer Cooperative

a group of independent retailers who jointly establish a central buying organization and conduct joint promotion efforts

Convenience Store

a small store, located near a residential area, that is open long hours seven days a week and carried a limited line of high-turnover convenience goods

Voluntary Chain

a wholesaler-sponsored group of independent retailers engaged in group buying and merchandising

What does NOT portray the success of global expansion of major retailers?

adapting the operations that work well in the home country create success abroad

Promotion Decisions

advertising, personal selling, sales promotion, public relations, and direct marketing

Wholesaling

all the activities involved in selling goods and services to those buying for resale and business use

Retailing

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

What 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

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

How do brokers and agents differ from merchant wholesalers?

brokers and agents do not take title and perform a limited number of specialized functions

Home Depot and PetSmart are examples of ___________.

category killers

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

Sears, Target, and Kroger are examples of ____________.

corporate chains

Showrooming

name for the shopping practice of coming into retail stores to check out merchandise and prices but instead buying from an online-only rival

Specialty stores carry ____________ with _____________ within them.

narrow product lines; deep assortments

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

Limited-Service Wholesalers

offer fewer services than other wholesalers

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

omni-channel retailing

What is true regarding major retail trends?

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

______________ includes sales presentations, trade shows, and incentive programs.

personal selling

Wholesalers add customer value through the ___________ they offer.

products and services

Full-Service Wholesalers

provide an entire line of services

Which promotion category is most likely to include the use of displays, discounts, coupons, and demonstrations?

sales promotion

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

specialty stores

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

to increase their customer pulling power

Which wholesaler channel function helps reduce inventory holding costs?

warehousing

What is true regarding wholesaling?

wholesalers must make decisions regarding their marketing mix

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

independents, factory outlets, and warehouse clubs

______________ are retailers that offer sales assistance because they carry more shopping goods about which customers might need information.

limited-service retailers

What is true regarding retailer marketing decisions?

many retailers identify three critical factors for retail success: location, location, and location

What is true regarding retailer pricing decisions?

most retailers seek either high markups on lower volume or low markups on higher volume