MARK ch. 13

How do brokers and agents differ from merchant wholesalers?

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

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

Independents, factory outlets, and warehouse clubs

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

Omni-channel retailing

Increasingly, different types of retailers now sell the same products at the same prices to the same consumers. This trend is called____.

Retail convergence

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

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

Service, product lines, price, organization

Which type of retailer carries narrow product lines with deep assortments with 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 and the risks of suppliers and​ customers?

Warehousing

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