Exam 13: Retailing and Wholesaling

Which of the following is most likely true about shoppers who prefer to shop at "lifestyle centers"?

You own a small independent retail store in your neighborhood. You want to offer fresh seafood, milk, and bread in your store. In this case, which of the following types of wholesalers will serve you the best?

Although many retail stores are independently owned, others band together under some form of corporate or contractual organization. Describe the four kinds of corporate or contractual organizations.

What are the different types of off-price retailers?

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

Today's large, progressive wholesalers have successfully reacted to rising costs by ________.

Target recently opened temporary shops to celebrate limited-run collections by Jason Wu in Toronto and Missoni in New York. These temporary shops are examples of ________.

A ________ is 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 goods.

In recent years, service differentiation among retailers has ________.

________ and ________ do not take title to goods, and they perform only a few channel functions.

Independent Grocers Alliance, Do-It Best, and Western Auto are examples of ________.

Which of the following statements best represents a contractual association between a manufacturer, wholesaler, or service organization and independent businesspeople who buy the right to own and operate one or more units in the system represented by the contract?

Off-price retailers pay regular wholesale prices for their merchandise but maintain low prices by accepting lower margins and selling higher volume.

The three types of shopping centers are regional shopping centers, community shopping centers, and neighborhood shopping centers/strip malls. Describe how they are different from each other.

An ideal price policy scenario for retailers would be to achieve ________ while charging ________.

Neighborhood shopping centers are also known as ________.

Daizy's is a shop that carries only plus-size clothing. According to this information, Daizy's differentiates itself from its competitors based on ________.

Retail stores can be classified in terms of several characteristics. Name four of them.

Refer to the scenario below to answer the following question(s). In the 1970s, Shipshewana was only a small town with a hardware store, a grain mill, a shoe store, a small restaurant, and a grocery store. Over the next two decades, the small town transformed into an international tourist attraction, attracting thousands of tourists who were intrigued by the lifestyle of Shipshewana's largest population-the Amish. Ben and Mary Miller, having grown up within the Amish faith, decided to capitalize on their town's popularity and their woodworking skills. Their shop, Indiana Wood, began with a small display of handmade hickory rocking chairs, Ben Miller's specialty. But within a few months, the display at Indiana Wood included picnic tables, flower boxes, and small handmade novelty items. No other shop offers the same variety. Mary Miller decorated the shop's display room with authentic Amish décor and eventually hired three Amish friends to sew and embroider napkins and other textiles as customers had requested such items. In addition, two women from the Amish community sought permission from the Millers to display home-baked pastries and jellies on Tuesdays and Wednesdays, when Shipshewana attracts swarms of visitors to its flea market on the south edge of town. The Millers also hired four more people to help customers throughout the purchasing process and to provide the required product-related information to the customers. "Shipshewana is full of specialty shops," Mary Miller stated. "People don't come here to buy things made in China or Taiwan. They want real, Amish-made goods." -Retailers can also be classified by the length and breadth of their product assortments. In terms of product line, what kind of retailer is Indiana Wood?

Explain how wholesalers have been able to use technology to cut costs.