Marketing MML and Terms Chapter 13
Today, ________ are flourishing due to the increased use of market segmentation and market targeting
specialty stores
Full-service retailers can be described in several ways. Which of the following accurately describes a full-service retailer?
the have higher operating costs
How do brokers and agents differ from merchant wholesalers?
they do not take title to the goods
Retailers such as Walmart, Costco, ALDI, and Family Dollar are known for maintaining low prices and rarely offering sales or other discounts, a practice known as ________.
everyday low pricing
Bass Pro Shop is in the process of converting a landmark 32-story, stainless steel basketball arena in Memphis, formerly known as the Pyramid, into a huge Bass Pro Shops Outdoor World retail store. The facility will include a restaurant, aquarium, waterfall, as well as a hotel and museum. Shoppers will even be able to test drive watercraft from an adjoining marina on the banks of the Mississippi River. This is an example of a growing retail marketing trend known as ________.
experiential retailing
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
High-end department stores, such as Nordstrom and Neiman Marcus, which offer buyers more specialty products and actively seek to assist customers in every phase of the shopping process, are often referred to as ________.
full service retailers
Which of the following is most likely gained by stores that cluster together?
increased customer pulling power
The Brazilian sandal maker Havaianas is known for opening temporary stores, or ________, at beaches, festivals, and other summer hot spots around the world.
pop-up shops
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
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
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
With increased availability of smartphones and mobile computing, many shoppers now check out merchandise at physical stores but then buy products online using a computer or mobile device, sometimes even while they are in the store. This practice is widely known as ________.
show rooming
A retailer that carries narrow product lines with deep assortments within those lines is classified as what type of retailer? In response to increasing the use of market segmentation, market targeting, and product specialization, there is a greater need for stores in this classification that focus on specific products and segments.
specialty store
