Exam 11: Retailing and Wholesaling

Voluntary chains are normally based on one unique product or a specific trade name.

Brokers and agents usually take title to goods and perform various functions for retailers.

Charging higher prices on an everyday basis, coupled with frequent sales and other price promotions to increase store traffic, create a low-price image, or attract customers who will buy other goods at full prices is referred to as ________ pricing.

As with other types of marketers, a primary goal in wholesaling is to ________.

Service retailers in the United States are growing faster than product retailers.

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

Compare and contrast specialty stores and convenience stores.

Category killers are superstores that carry a deep assortment of a particular product line.

Mind and Body Fitness recently entered into a financial agreement that allows 25 independent business people at select locations across the country to set up establishments that offer its holistic services and programs. They include weight-management, group programming, sport-specific training, yoga, Pilates, and nutrition. Which type of contractual retail association does this represent?

________ are the largest group of wholesalers and can be divided into two broad types of wholesalers: full-service and limited-service.

________ now command about 45 percent of all retail sales in the United States.

________ have filled the ultralow-price, high-volume gap by buying at less-than-regular wholesale prices and charging consumers less than retail.

What is the difference between corporate chains, voluntary chains, and retailer cooperatives? How are such retail organizations different from franchise organizations?

Too many retailers, even big ones, fail to clearly define their target markets and positions.

Solutions Inc. negotiates the sale of materials between lumberyards and commercial construction companies, receiving a 15 percent commission on all transactions. Solutions Inc. is considered a ________.

Campbell is one of the oldest retailers in the country. While the service offered at Campbell is fairly mediocre, the retailer is famous for its surprise offerings of seconds, overstocks, and closeouts - occasionally including expensive gadgets and jewelry. Posco, a new chain of retail stores, offers products that are similar to Campbell's offerings; however, Posco is known for encouraging customers to ask questions and for providing service representatives to assist customers in the purchasing decision process. From this scenario, which of the following statements is most likely true?

Which term refers to a giant specialty store with a very deep assortment of a particular product line?

The Great Recession put heavy pressure on wholesalers to increase their operation costs and limit warehouse automation systems.

________ refers to the activities involved in selling products or services directly to final consumers for their personal, nonbusiness use.

Omni-channel retailing creates a seamless cross-channel buying experience that includes in-store and online shopping but excludes mobile.