MKT Chapter 13

Which of the following are advantages of using the online retailers?

-Ability to comparison shop -24-hour access

Which of the following is an advantage of television home shopping?

Broad reach possible; available in millions of homes.

Retailers are now able to use __________ using information from wearable technology and other sources to provide personalized communications directed at specific consumers.

data analytics

Level of service is one method of classifying retail outlets; the highest level is known as _________ service, and the lowest level is called ________ service.

full; self

The retail life cycle describes the stages of ________ and ________ for a retail outlet

growth; decline

The wheel of retailing describes

how new forms of retail outlets enter the market.

Direct selling typically occurs

in a consumer's home or office.

Telemarketing is used to ________ via telephone.

interact with and sell directly to consumers

What are the three general types of retail ownership?

-Corporate chain -Independent retailer -Contractual systems

Which of the following are disadvantages of using direct mail and catalogs?

-Increasing production and mailing costs -Not perceived as "green"

A specialty merchandise wholesaler differs from a general merchandise wholesaler in which of the two following ways?

-It has an extensive assortment of items within the product lines it carries. -It carries a narrow range of products.

Which of the following are common ways that retail outlets can be classified?

-Level of service -Merchandise line -Form of ownership

Which of the following are advantages of using direct mail and catalogs?

-Lower costs to acquire new customers compared to store -Fast and convenient for the customer

Which two of the following are the major types of agents used by producers?

-Manufacturer's agents -Selling agents

Which of the following are part of the retailing mix?

-Store location -Retail communication -Merchandise

The retailing mix includes which of these?

-Store location -Retail pricing

Defining retail strategy helps a firm to set which two of the following?

-Store management -Retailing mix

Which two of the following easily demonstrate retailing's importance to the global economy?

-sales volume at retailers -number of employees working in retail

Which two of the following are important benefits retailers provide?

1. Value in the form of consumer utilities 2. Positive impact on the economy

Match the following forms of utility offered by retailers with the correct example. 1.Place Utility 2.Possession Utility 3.Form Utility 4.Time Utility

1.Wells Fargo reaches retail banking customers through 9,000 stores and 12,000 ATMs. 2. CarMax sells used cars with a "no-haggle" policy, and offers test drives, financing, and trade-ins. 3.Ralph Lauren allows customers to create their own custom shirts with various options. 4. Sports Authority provides sports equipment year round, even in the off-season.

In which of the following ways does data analytics benefit retailers? (Check all that apply.)

Allowing retailers to offer the most compelling products at the right prices, while maintaining optimal inventory levels. Predicting shopping behavior by learnings about consumer use of channels, information, and payment options.

If a manufacturer is currently working to position its retail stores and determining how they will implement the four Ps, what are they doing?

Developing retail strategy

________ selling involves sales of goods and services to consumers through personal interactions and demonstrations in their home or office.

Direct

How do agents make their profit?

From the commissions or fees paid for their services

Which of the following are purposes of retail communication? (Check all that apply.)

Positioning a store Creating a store image

Which of the following is true of vending machines?

Prices for products in them tend to be higher than those in stores.

________ are important because they provide utilities to consumers and have a significant positive impact on the economy.

Retailers

Which of the following includes selling, renting, and providing goods and services to consumers?

Retailing

Which of the following is a reason that a producer would use a manufacturer's branch to perform wholesaling activities?

There are no intermediaries to perform these activities.

Home television shopping may be an effective choice for retailing for all of these reasons EXCEPT which?

You sell a product that consumers prefer to touch before purchase.

Though the most common items sold through ________ are candy, snacks, and beverages, newer versions offer electronics as well.

automatic vending

Retail outlets can be classified by the type of merchandise line; the number of different product lines is known as _______, while the number of items within each product line is known as__________

breadth; depth

Not only is getting customers into stores by using newspapers, magazines, and television considered retail ________, so is the use of displays and signs placed at the point of purchase or in aisles.

communication

The wheel of retailing predicts that new forms of retail outlets will usually enter the market as

low-status, low-margin stores.

Wholly owned extensions of the producer that perform wholesaling activities are known as

manufacturer's branches.

Breadth and depth of _______ is a way to classify retail outlets.

merchandise

Independently owned firms that take title to the merchandise they handle, are classified as either full-service or limited-service, and go by names like industrial distributor are known as

merchant wholesalers.

Direct selling is a form of _______ retailing.

nonstore

Selling brand name merchandise at lower than regular prices by buying excess inventory at prices below wholesale prices is known as

off-price retailing.

There are many forms of nonstore retailing, including

online retailing

Independent retailers and corporate chains are two forms of retail___________

ownership

An off-________ retailer is one that offers an inconsistent assortment of brand name merchandise at low prices.

price

When a retailer advertises as part of its retail communication strategy, the retailer is using________ , one of the four Ps.

promotion

The description of the stages of growth and decline for a retail outlet is called the

retail life cycle.

Two of the most meaningful measures of retailing's impact on the global economy are _______ and ________.

sales volume; number of employees

A form of nonstore retailing known ________ as involves using the telephone to interact with and sell directly to consumers.

telemarketing

One advantage of using ______ to shop compared to ______ is that it is much easier to comparison shop for the best price.

the Internet; retail stores

Four utilities are provided by retailers in varying degrees. They are

time, place, form, and possession.

Retailing includes all activities involved in selling, renting, and providing product and services

to ultimate consumers.