week 2 Flashcards

1
Q

is a business that sells products and/or services
to consumers for personal or family use.

A

retailing

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2
Q

a person or organization that buys goods or
services from a store or business.

A

customer

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3
Q

buys products with the objective of selling
them later at a high price.

A

reseller

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4
Q

is the path used to get a product from the manufacturer or creator to the end user.

A

reseller

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5
Q

what are the 4 distribution channel

A

marketing
wholesaler
retailer
customer

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6
Q

is the creation or production of goods with
the help of equipment, labor, machines,
tools, and chemical or biological
processing or formulation.

A

Manufacturing

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7
Q

A person or company that sells large
quantities of goods, often at low prices, to
retailers.

A

Wholesaler

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8
Q

A person or business that sells goods to the
public in small quantities for immediate use
or consumption.

A

retailer

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9
Q

A person who buys a product or service for
personal or family use.

A

consumer

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10
Q

3 types of distribution channels

A

direct
indirect
hybrid

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11
Q

A channel allows the consumer to make purchases from the manufacturer.

This _____, or short channel, may mean lower costs for consumers because they are buying directly from the manufacturer.

A

direct

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12
Q

An ________ channel allows the consumer to buy the goods from a wholesaler or retailer. Indirect
channels are typical for goods that are sold in traditional brick-and-mortar stores.

A

indirect

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13
Q

_______ distribution channels use both direct channels and indirect channels. A product or service
manufacturer may use both a retailer to distribute a product or service and may also make sales
directly with the consumer.

A

hybrid

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14
Q

How Retailers Add Value (4)

A

breaking bulk
holding inventory
providing assortment
offering services

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15
Q

Buy in large quantities then
offer to consumer in smaller
quantities.

A

breaking bulk

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16
Q

Keep inventory so that
products will be available
when consumers want them.

A

holding inventory

17
Q

Enables customer to choose
from a wide selection of
brands, designs, sizes, colors
and prices in one location.

A

providing assortment

18
Q

Provide services that make it
easier to buy and use
products.

A

offering services

19
Q

It is how the customer gets their product after purchase, which often include intermediaries.

A

Reseller

20
Q

A manufacturer might sell an item on its e-commerce website, but then an
intermediary delivers the physical product to the customer.

A

Hybrid