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FRANCHISING > WEEK 2 > Flashcards

WEEK 2 Flashcards

1
Q

is a distribution process, which encompasses
all activities involved in selling goods directly to the end
consumer, who intends to use the product.

A

Retailing

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2
Q

TYPES OF RETAILING

A

Store Retailing
Non-Store Retailing
Corporate Retailing
Service Retailing

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3
Q

involves the operation of physical outlets where customers can explore
and purchase products firsthand. It encompasses a wide range of businesses, from
department stores to boutique shops.

A

Store Retailing

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4
Q

Examples of Store Retailing

A

Department Store
Specialty Store
Convenience Store

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5
Q

is a type of retailing where the transaction happens outside
conventional shops or stores.

A

Non-Store Retailing

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6
Q

Examples of Non-Store Retailing

A

E-commerce Sites
Direct Selling

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7
Q

involves retail structures such as franchises or chain stores by large companies that own multiple outlets across various locations.

A

Corporate Retailing

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8
Q

Examples of Corporate Retailing

A

Franchise
Dealership

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9
Q

also plays a crucial role in consumers’ daily life. From salons and spas to travel agencies and entertainment venues, service retailers focus on delivering experiences rather than physical goods.

A

Service Retailing

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10
Q

Examples of Service Retailing

A

Restaurant Chains
Theatres
Hotels & Resorts

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11
Q

9000-6000 BC
Animals such as camels, sheep, and cows are the oldest forms of currency.

A

Barter System

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12
Q

200 BC
The earliest known written documentation of the Chinese Abacus (which is
still used by some)

A

Accounting

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13
Q

1883
The first cash register is invented by

A

James Witty

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14
Q

The Selfridges redefines retail:
From a necessary errand to a form
of entertainment, shopping became
an activity that appealed to every sense.
“Excite the mind, and the hand will
reach the pocket”.

A

HARRY GORDON SELFRIDGE

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15
Q

owner of Humpty
Dumpty Supermarket in Oklahoma City invents the shopping cart.

A

Sylvan N. Goldman

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16
Q

TYPES OF DISTRIBUTION PROCESS

A

Manufacturer
Wholesaler
Retailer
Customer

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17
Q

The first Wal-Mart opens, followed by Kmart and Target, who follow suit and open their doors during the 1960’s.

A

Big Box Retail

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18
Q

Inventory tracking methods vastly improve. Bar coding is developed in
the 1960’s, and the very first scan of a UPC barcode was on a pack of Wrigley
company chewing gum in 1974.

A

Bar Codes

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19
Q

Online Shopping is born! ______ is
the first to accept an online order –
mushroom, pepperoni with extracheese.

A

Pizza Hut

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20
Q

introduces mobile payments in a limited number of vending machine.

A

Coca Cola

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21
Q

Steve Jobs hosted a press event at Apple’s first store at the Tyson’s Corner Center mall –upscale mall located in Virginia.

A

First Apple Store

22
Q

The retail industry and others urge merchants to go “green” and save paper by making printed receipts optional.

A

E-receipts

23
Q

refers to solutions that assist retailers to
enhance their operations. So, these advanced technologies assist retailers in
increasing their sales. Technology is
transforming the way we do business.

A

Retail Technology

24
Q

Top 4 Technology in the Evolution of Retail Industry

A

Mobile Commerce
Social Media
Big Data
Cloud Computing

25
Q

refers to the buying and selling of goods and services via mobile devices such as smartphones and
tablets.

A

Mobile Commerce

26
Q

platforms like Facebook, Twitter, and Instagram have become essential marketing channels for retailers.

A

Social Media

27
Q

refers to large sets of data that can be analyzed to reveal trends and
patterns.

A

Big Data

28
Q

allows businesses to store and access data and applications
on remote servers instead of on local ones.

A

Cloud Computing

29
Q

to give your business an
accurate method of tracking sales and for many businesses track
product inventory.

A

Point of Sale

30
Q

Role of Technology in the Retail Industry

A

Point of Sale
Customer Service
Management of Inventory
Price Auditing

31
Q

The practice of managing inventory has
always been very costly for businesses.

A

Management of Inventory

32
Q

is
necessary, though, for companies to ensure
that they’re not overcharging or
undercharging their customers. Technology
has streamlined this process by automating
price checks when products are scanned.

A

Price Auditing

33
Q

refers to the process of
allowing another individual to use your business
model, trademark, services, and/or products in return
for payment.

A

Franchising

34
Q

its marketing, branding, services, and
products to teach someone else how to clone it for an upfront
fee

A

Franchising Fee

35
Q

charging an ongoing fee for the
support that you provide. The ongoing fee is often
made to be a small percentage of sales or profits.

A

Royalty Fee

36
Q

The contract binding the franchisor and franchisee is the
‘______’ it commonly refers to the business operated by
the franchisee.

A

Franchise

37
Q

CHARACTERISTICS OF FRANCHISING

A

Two Parties
Exclusive Right
Assistance
Policies
Limited Period

38
Q

This method involves the franchisor and the franchisee. Both of them sign a written agreement. (FDD)

A

Two Parties

39
Q

The franchisor grants the franchisee the
right to use their brand name, trademarks, and techniques under specific guidelines.

A

Exclusive Right

40
Q

The franchisor supports the franchisee in
critical areas like marketing, technology, recordkeeping, staff training, etc

A

Assistance

41
Q

The former gives an undertaking
not to engage in any competing business. Moreover, per the terms of
the agreement between the two parties, the franchisee must not
disclose any confidential information regarding the business.

A

Policies

42
Q

Franchisees can use the franchisor’s brand name,
trademarks, and techniques for a period mentioned in the agreement,
for example, seven years. Upon the expiry of the contract, both
parties may agree to renew the contract.

A

Limited Period

43
Q

TYPES OF FRANCHISING

A

• Job-Franchise
• Product (Distribution) Franchise
• Business Format Franchise
• Investment Franchise
• Conversion Franchise

44
Q

typically features the following: home-based, one owner with minimal
staff, and low investment.

A

Job Franchise

45
Q

which has the highest percentage of
total retail sales, represents a supplier-dealer relationship. The franchisor provides the
product while the franchisee is given the right to sell that product.

A

Product (Distribution) Franchise

46
Q

the most common type of franchise. Under
this model, the franchisor provides everything from detailed business operating procedures
to ongoing training and support

A

Business Format Franchise

47
Q

requires a management team and a substantial capital investment, is a large-scale operation. Generally, the franchisee hires a team
to operate the business and is not involved in the business day-to-day. The goals are
to obtain a return on investment and potentially a capital gain on exit.

A

Investment Franchise

48
Q

is similar to a standard franchise relationship, but in this case
the franchisee joins their independent business with a franchisor in the same industry. This produces a win-win partnership as the franchisor expands its network while the franchisee reaps
the benefits of adopting a well-known brand with its trademarks, marketing programs, training
opportunities, critical client service standards, and successful operating procedures.

A

Conversion Franchise

49
Q

A Different Way to Categorize Types of Franchises

A

Traditional Franchise
Business Franchise
Social Franchise

50
Q

These types of franchises obligate the franchisee to sell a
particular product or service in a specific market. Job and Product Franchises fall into this
category.

A

Traditional Franchise

51
Q

These types of franchises involve a franchise business with
multiple products and moving parts. Business Format, Investment, and Conversion Franchises
fit in this category.

A

Business Franchise

52
Q

This is a newer category that incorporates techniques from
Traditional and Business Franchises. The goal is to facilitate governments and nonprofit
organizations as they work to effectuate change.

A

Social Franchise

FRANCHISING (3 decks)

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