Chapter 13

Question 1

Retailing

Answer 1

all the activities in selling products or services directly to final consumers

Question 2

Retailer

Answer 2

a business whose sales come from primarily retailing

Question 3

Shopper marketing

Answer 3

focusing on turning shoppers into buyers

Question 4

First moment of truth

Answer 4

critical 3 to 7 seconds a shopper considers a product on a store shelf

Question 5

zero moment of truth

Answer 5

when consumers search and learn about products online

Question 6

second moment of truth

Answer 6

usage

Question 7

Omni-channel retailing

Answer 7

seamless cross-channel buying experience

Question 8

Types of retailers (3)

Answer 8

1. self-service retailers
2. limited-service retailers
3. full-service retailers

Question 9

Specialty store

Answer 9

carries a narrow product line with a deep assortment

Question 10

department stores

Answer 10

wide variety of product lines

Question 11

supermarkets

Answer 11

large, low-cost, high-volume, self-service store

wide-variety of grocery and household products

Question 12

convenience store

Answer 12

small store, limited line of high-turnover convenience goods

Question 13

superstore

Answer 13

larger than a regular supermarket
large assortment

Question 14

category killer

Answer 14

very deep assortment of a particular line

Question 15

service retailer

Answer 15

product line is actually a service
ex. hotels

Question 16

Discount store

Answer 16

sells standard merchandise at lower prices

they accept lower margins and sell at higher volume

Question 17

off-price retailer

Answer 17

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

Question 18

independent off-price retailer

Answer 18

independently owned and operated
or
a division of a larger retail corp.

Question 19

factory outlet

Answer 19

owned and operated by a manufacturer
normally carries manufacturer’s surplus

Question 20

warehouse club

Answer 20

limited selection of brand name goods at deep discounts to members who pay annual membership fees

pricesamrt

Question 21

Corporate chains

Answer 21

two or more outlets that are completly owned and controlled

size allows them to buy bigger quantities at lower prices

Question 22

voluntary chain

Answer 22

independent retailers who do group buying and merchandising

Question 23

retailer cooperative

Answer 23

independent retailers who establish a central buying organization

Question 24

franchise

Answer 24

contractual association between a manufacturer, wholesaler, or service organization and independent businesspeople who buy the right to own and operate units

Question 25

retailers must decide on 3 major product variables:

Answer 25

1. product assortment
2. service mix
3. store atmosphere

Question 26

central business districts

Answer 26

located in cities
include department and specialty

Question 27

shopping centre

Answer 27

group of retail businesses seen as a unit

Question 28

Power centers are ___ forms of shopping centers

Answer 28

large

Question 29

Lifestyle centers are ____ small shopping centers

Answer 29

small

Question 30

merchant wholesalers

Answer 30

independently owned
takes title to the merchandise it handles

Question 31

types of wholesalers (2)

Answer 31

full-service wholesalers
limited-service wholesalers

Question 32

broker

Answer 32

wholesaler that does not take title to goods
function is to bring buyers and seller together and help with negotiation

Question 33

agents

Answer 33

a wholesaler that represents buyers or sellers
does not take title to goods

Question 34

2 ways in which brokers and agents differ from merchant wholesalers

Answer 34

1. do not take title to goods
2. perform only few functions