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