13. Retailing and Wholesaling

Question 0

A business whose sales come primarily from retailing

Answer 0

Retailer

Question 1

All activities involved in selling goods or services directly to final consumers for their personal, non-business use

Answer 1

Retailing

Question 2

A retail store that carries a narrow product line with a deep assortment within that line

Answer 2

Speciality store

Question 3

A retail organisation that carries a wide variety of product lines—each line is operated as a separate department managed by specialist buyers or merchandisers

Answer 3

Department store

Question 4

Large, low-cost, low-margin m, high-volume, self-service store that carries a wide variety of grocery and household products

Answer 4

Supermarket

Question 5

A small store, located near a residential area that is open long hours seven days a week and carries a limited line if high-turnover convenience goods

Answer 5

Convenience store

Question 6

A store much larger than a regular supermarket that offers a large assortment of routinely purchased food products, non-food items and services

Answer 6

Superstore

Question 7

Giant speciality store that carries a very deep assortment of a particular line and is staffed by knowledgable employees

Answer 7

Category killer

Question 8

A retail operation that sells standard merchandise at lower prices by accepting lower margins and selling at higher volume

Answer 8

Discount store

Question 9

Retailer that buys at less-than-regular wholesale prices and sells at less than retail

e.g. factory outlets, independents, warehouse clubs

Answer 9

Off-price retailer

Question 10

Off-price retailer that is either owned and run by entrepreneurs or is a division if a larger retail corporation

Answer 10

Independent off-price retailer

Question 11

Off-price retailing operation that is owned and operated by a manufacturer and that normally carries the manufacturer’s surplus, discontinued or irregular goods

Answer 11

Factory outlet

Question 12

Off-price retailer that sells a limited selection of brand name grocery items, appliances, clothing and a hodgepodge of other goods at deep discounts to members who pay annual membership fees

Answer 12

Warehouse clubs

Question 13

Two or more outlets that are commonly owned and controlled

Answer 13

Chain store

Question 14

A contractual association between a manufacturer, wholesaler or service organisation (a franchisor) and independent businesspeople (franchisees) who buy the right to own and operate one or more units in the franchise system

Answer 14

Franchise

Question 15

What are the elements of the retailer marketing mix?

Answer 15

Product and service assortment
Prices
Promotion
Place (location)

Question 16

A group of retail businesses planned, developed, owned and managed as a unit

Answer 16

Shopping centre

Question 17

A concept of retailing that states that new types of retailers usually begin as low-margin, low-price, low-status operations but later evolve into higher-priced, higher-service operations, eventually becoming like the conventional retailers they replaced

Answer 17

Wheel-of-retailing concept

Question 18

New retail forms and shortening of life cycles
Growth of non-store retailing
Retail convergence
Rise of mega retailers
Growing importance of retail technology
Global expansion of major retailers
Retail stores as communities or hangouts

Answer 18

Future of retailing

Question 19

All activities involved in selling goods and services to those buying for resale or business use

Answer 19

Wholesaling

Question 20

A form engaged primarily in wholesaling activities

There are three major groups

Answer 20

Wholesaler

Question 21

Independently owned business that takes title to the merchandise it handles

Answer 21

Merchant wholesaler

Question 22

A wholesaler who does not take title to goods and whose function is to bring buyers and sellers together and assist in negotiation

Answer 22

Broker

Question 23

A wholesaler who represents buyers or sellers on a relatively permanent basis, performs only a few functions and does not take title to goods

Answer 23

Agent

Question 24

Wholesaling by sellers or buyers themselves rather than through independent wholesalers

Answer 24

Manufacturers’ sales branches and offices