Exam 3 - Chp 13

Question 1

Retailing

Answer 1

All the activities directly related to the sale of goods and services to the ultimate consumer for personal, non-business use

Question 2

Independent Retailers

Answer 2

Retailers owned by a single person or partnership and not operated as part of a larger retail institution

Question 3

Chain Stores

Answer 3

Stores owned and operated as a group by a single organization

Question 4

Franchise

Answer 4

The right to operate a business or to sell a product

Question 5

Gross Margin

Answer 5

The amount of money the retailer makes as a percentage of sales after the cost of goods sold is subtracted

Question 6

Department Stores

Answer 6

A store housing several departments under one roof

Question 7

Buyer

Answer 7

A department head who selects the merchandise for his or her department and may also be responsible for promotion and personnel

Question 8

Specialty Store

Answer 8

A retail store specializing in a given type of merchandise

Question 9

Supermarket

Answer 9

A Large departmentalized self-service retailer that specialize in food and some nonfood items

Question 10

Scrambled Merchandising

Answer 10

The tendency to offer a wide variety of non traditional goods and services under one roof

Question 11

Drugstore

Answer 11

A retail store that stocks Pharmacy-related products and services as its main draw

Question 12

Convenience Store

Answer 12

A miniature supermarket, carrying only a limited line of high-turnover convenience goods

Question 13

Discount Store

Answer 13

A retailer that competes on the basis of low prices, high turnover, and high volume

Question 14

Full-Line Discount Stores

Answer 14

A retailer that offers consumers very limited service and carries a broad assortment of well-known, nationally branded “hard goods”

Question 15

Mass Merchandising

Answer 15

A retailing strategy using moderate to low price on large quantities of merchandise and lower service to stimulate high turnover of products

Question 16

Supercenters

Answer 16

A retail store that combines groceries and general merchandise goods with a wide range of services

Question 17

Specialty Discount Stores

Answer 17

A retail store that offers a nearly complete selection of single-line merchandise and uses self-service, discount prices, high volume, and high turnover

Question 18

Category Killers

Answer 18

Specially discount stores that heavily dominate their narrow merchandise segment

Question 19

Warehouse Membership Clubs

Answer 19

Limited-service merchant wholesaler that sell a limited selection of brand-name appliances, household items, and groceries on a cash-and-carry basis to members, usually small businesses and groups

Question 20

Off-Price Retailer

Answer 20

A retailer that sells at prices 25 percent or more below traditional department store prices because it pays cash for its stock and usually doesn’t ask for return privileges

Question 21

Factory Outlet

Answer 21

An Off-Price retailer that is owned and operated by a manufacturer

Question 22

Non-Store Retailing

Answer 22

Selling to consumers through other means than by visiting a store

Question 23

Automatic Vending

Answer 23

The use of machines to offer goods for sale

Question 24

Direct Retailing

Answer 24

The selling of products by representatives who work door-to-door, office-to-office, or at home parties

Question 25

Direct Marketing (Direct-Response Marketing)

Answer 25

Techniques used to get consumers to make a purchase from their home, office, or another non-retailing setting

Question 26

Telemarketing

Answer 26

The use of the telephone to sell directly to consumers

Question 27

Online Retailing

Answer 27

A type of shopping available to consumers with access to the internet

Question 28

Franchisor

Answer 28

The originator of a trade name, product, methods of operation, and so on, that grant operating rights to another party to sell its product

Question 29

Franchisee

Answer 29

An individual or business that is granted the right to sell another parties product

Question 30

Retailing Mix

Answer 30

A combination of the six P’s Product, Place, Promotion, Price, Presentation, and Personnel - to sell goods and services to the ultimate consumer

Question 31

Product Offering

Answer 31

The mix of Products offered to the consumer by the retailer, also called the product assortment or merchandise mix

Question 32

Destination Store

Answer 32

Stores that consumers purposely plan to visit

Question 33

Atmosphere

Answer 33

The overall impression conveyed by a store’s physical layout décor, and surroundings

Question 34

Pop-Up Shops

Answer 34

Temporary retail establishments that allow flexible locations without the long-term commitment of a more expensive retail lease.