Ch. 11 Retailing and Wholesaling Flashcards

1
Q

Retailing

A

All the activities involved in selling goods or services directly to final consumers for their personal, nonbusiness use.

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2
Q

Retailer

A

A business whose sales come primarily from retailing.

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3
Q

Shopper marketing

A

Using point-of-sale promotions and advertising to extend brand equity to “the last mile” and encourage favorable in-store purchase decisions.

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4
Q

Specialty store

A

A retail store that carries a narrow product line with a deep assortment within that line.

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5
Q

Department store

A

A retail store that carries a wide variety of product lines, each operated as a separate department managed by specialist buyers or merchandisers.

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6
Q

Supermarket

A

A large, low-cost, low-margin, high-volume, self-service store that carries a wide variety of grocery and household products.

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7
Q

Convenience store

A

A small store, located near a residential area, that is open long hours seven days a week and carries a limited line of high-turnover convenience goods.

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8
Q

Superstore

A

A store much larger than a regular supermarket that offers a large assortment of routinely purchased food products, nonfood items, and services.

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9
Q

Category Killer

A

A giant specialty store that carries a very deep assortment of a particular line.

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10
Q

Service retailer

A

A retailer whose product line is actually a service; examples include hotels, airlines, banks, colleges, and many others.

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11
Q

Discount store

A

A retail operation that sells standard merchandise at a lower prices by accepting lower margins and selling at higher volume.

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12
Q

Off-price retailer

A

A retailer that buys at less-than-regular wholesale prices and sells at less than retail.

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13
Q

Independent off-price retailer

A

An off-price retailer that is either independently owned and run or is a division of a larger retail corporation.

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14
Q

Factory outlet

A

An off-price retailing operation that is owned and operated by a manufacturer and normally carries the manufacturer’s surplus, discontinued, or irregular goods.

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15
Q

Warehouse club

A

An off-price retailer that sells a limited selection of brand name grocery items, appliances, clothing, and other goods at deep discounts to members who pay annual membership fees.

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16
Q

Corporate chains

A

Two or more outlets that are commonly owned and controlled.

17
Q

Franchise

A

A contractual association between a manufacturer, wholesaler, or service organization (a franchisor) and independent businesspeople (franchisees) who buy the right to own and operate one or more units in the franchise system.

18
Q

Shopping center

A

A group of retail businesses built on a site that is planned, developed, owned, and managed as a unit.

19
Q

Wheel-of-retailing concept

A

A concept that suggests new types of retailers usually begin as low-margin, low-price, low-status operations but later evolve into higher-priced, higher-service operations, eventually becoming like the conventional retailers they replaced.

20
Q

Wholesaling

A

All the activities involved in selling goods and services to those buying for resale or business use.

21
Q

Wholesaler

A

A firm engaged primarily in wholesaling activities.

22
Q

Merchant wholesaler

A

An independently owned wholesale business that takes title to the merchandise it handles.

23
Q

Broker

A

A wholesaler who does not take title to goods and whose function is to bring buyers and sellers together and assist in negotiation.

24
Q

Agent

A

A wholesaler who represents buyers or sellers on a relatively permanent basis, performs only a few functions, and does not take title to goods.

25
Q

Manufacturers’ sales branches and offices

A

Wholesaling by sellers or buyers themselves rather than through independent wholesalers.