Chapter 13

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Home Depot and PetSmart are examples of​ ________.

category killers

________ 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

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 merchandise in addition to groceries.

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

Merchant wholesalers

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

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

________ is a type of service offered by those retailers who serve customers that are willing to perform their own "locate-compare-select" process in order to save money.

Self-service

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

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

Supermarkets

There is a distinct difference between off-price retailers and discounters. Although the discounters buy at regular wholesale prices and accept lower margins to keep prices down, off-price firms operate differently. What is the off-price retailers' pricing strategy?

They buy at less-than-regular wholesale prices.

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.

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

Wholesaling

The lighting in​ Jake's Steak Restaurant is dim. The chairs are covered in leather and each table is covered with a white linen cloth. The colors are limited to earth tones with an occasional splash of red. Patrons cannot hear any kitchen​ noises, only a pleasant melody that seems familiar but unrecognizable. The smells are extraordinarily varied. This is a description of the​ restaurant's ________.

atmosphere

Wholesalers fall into three major groups: merchant wholesalers, ________, and manufacturers' and retailers' branches and offices.

brokers and agents

Which type of store carries a deep assortment of a particular product​ line, has knowledgeable​ staff, and can be viewed as a giant specialty​ store?

category killer

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

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

differentiate itself from

The early​ ________ cut expenses by offering few services and operating in​ warehouse-like facilities in​ low-rent, heavily traveled districts.

discount stores

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

franchises

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

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

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

Target recently opened temporary shops to celebrate​ limited-run collections by Jason Wu in Toronto and Missoni in New York. These temporary shops are examples of​ ________.

pop-up stores

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?

retailer cooperative

In-store demonstrations,​ displays, sales, and loyalty programs are examples of​ ________.

sales promotion

A large retailer of home improvement and construction products offers "how-to" classes for do-it-yourselfers, featuring instructions on how to complete home improvement projects using products sold at its stores. This is an example of how the retailer has differentiated itself through its ________.

services mix

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

shopping center

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

showrooming


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