exam 2 ch. 13

Question 1

Retailing

Answer 1

consists of the activities involved in selling, renting, and providing products to consumers

Question 2

Consumer Utilities

Answer 2

Place, Possession, Form, Time

Question 3

Form of Ownership

Answer 3

distinguish retail outlets based on whether individual, corporate chains, or contractual systems own the outlet

Question 4

Level of Service

Answer 4

degree of service provided to the customer from 3 types retailers: self- , limited-, and full-service

Question 5

Merchandise Line

Answer 5

describes how many different types of products a store carries and in what assortment

Question 6

Independent retailer

Answer 6

accounts for most of the 3.7 million stores

Question 7

corporate chain

Answer 7

multiple outlets under common ownership

Question 8

contractual systems

Answer 8

independently owned stores work together

Question 9

Self Service:

Answer 9

Customers perform functions

Question 10

Limited Service

Answer 10

provide some services

Question 11

Full Service

Answer 11

provide ALL services to customer

Question 12

Depth of product line

Answer 12

means the store carries a large assortment of each product

Question 13

Breadth of product line

Answer 13

describes the variety of different product items

Question 14

Scrambled Merchandising

Answer 14

offering several unrelated product lines in a store

Question 15

retailing mix

Answer 15

activity related to managing the store, includes: pricing, store location, communication, and merchandise

Question 16

retail pricing

Answer 16

price at which an item is sold

Question 17

Markdown

Answer 17

marking the price of an item down

Question 18

(EDLP) Every day low pricing

Answer 18

a pricing strategy– it is the added price over the total cost of the good or service.(i.e. walmart)

Question 19

Off-Price retailing

Answer 19

selling brand name merchandise at lower than regular prices

Question 20

Retail Communication

Answer 20

1. image
2. shopper marketing
3. shopping experience

Question 21

shopper marketing

Answer 21

use of displays, coupons, product samples, and other communications to influence shopping

Question 22

Shopping experience

Answer 22

perception of an encounter with a store

Question 23

Merchandise

Answer 23

1. category management

2. marketing metrics

Question 24

Category management

Answer 24

manage the assortment of merchandise; manager is responsible for selecting all products that consumers might view as substitutes

Question 25

Marketing metrics

Answer 25

square foot per mile, same store sales

Question 26

Wheel of retailing

Answer 26

how new forms of retail enter the market

Question 27

Retail life cycle

Answer 27

growth and decline

Question 28

Manufactures agents

Answer 28

reps/selling agents

Question 29

Brokers

Answer 29

firms or individuals who bring buyers and sellers together and make sales