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