Exam 15: Retailing

Supermarkets are self-service retailers that specialize in food and food products,although many now carry nonfood items as well.

Walmart,the world's largest retailer by revenue,announced that it will get back to its founder's roots by initiating more price cuts.Critics claimed that the giant was getting away from its original focus because it posted relatively high gross profit margins.CEO Mike Duke assuaged critics by saying Walmart's $400 billion in sales will become even larger because the price cuts will attract more customers and it will lower its costs of goods sold. -Refer to Walmart.Most Walmart stores are not located in shopping centers but rather are buildings all by themselves.This type of location is referred to as a:

When retailers decide on location,they have two basic site options: the freestanding store and the shopping center.Briefly describe these location alternatives and discuss the advantages and disadvantages of each location alternative.

_____ is the use of a telephone to sell directly to customers.

James wants to open a small store that caters to the model railroad hobbyist.The store would sell model trains,scenery,accessories,and books on the subject of model railroading.Which of the following types of stores would most likely support an effective launch of his business idea?

_____ are stores that consumers purposely plan to visit.They are often built as freestanding stores.

The six Ps of the retailing mix are product,place,price,promotion,personnel,and planning.

Small neighborhood florists,shoe stores,and ethnic food markets are most likely to be:

When supermarkets offer a wide variety of nontraditional goods and services under one roof,they are engaged in:

Texas-based Grape Vine Market is an 18,000-square-foot store offering highly collectible food and wine-along with some other culinary perks,including a cooking school-all in a setting crafted to make shoppers feel comfortable.It stocks more than 5,500 different kinds of wine.Grape Vine Market is best described as a:

Apple Inc.opened its first Apple Store in 2001 and currently has hundreds of stores spanning several countries.Many of the Apple Stores are inside malls,but Apple also has several free standing stores they call their flagship stores,with each looking a little different on the outside.These are located in New York City,Boston,Los Angeles,Chicago,San Francisco,Montreal,Tokyo,and Osaka. The store in New York City is a glass cube with a glass cylindrical elevator and spiral staircase that leads to an underground store.Inside they have long tables displaying products ranging from the iMac,MacBook Air,iPods,printers,cameras,and other accessories.All these products are accessible to customers who can try them out and ask various questions of informed associates.The walls are mostly metallic and the signs are all backlit. All stores have a Genius Bar where a customer can receive technical advice or set up service and repair for their products.To address the needs of the many iPod users,some stores,such as the New York store,have set up a separate iPod Bar where customers can get their own technical assistance.They also have an iMac station for kids who want to try out games and learning products and a theatre for workshops,product training sessions and special presentations. Apple introduced the handheld Easy Pay system where customers don't have to wait in line to purchase products and with a simple click of a paperless,handheld credit card scanner,the employee brings the cash register to the customer.Items can be rung up anywhere on the show room floor.Apple plans to open several more stores in the years to come. Apple also has its online store.At its web site a customer can order any Mac or iPod product,plus a large variety of accessories.In addition to its product offerings,a customer can watch a demonstration of how products work or check out the latest Mac ads or news. -Refer to Apple Stores.In terms of ownership,which of the following best describes Apple stores?

Who is the originator of a trade name,product,methods of operation,and so on that grants operating rights to another party to sell its product?

Maggie Moo's has decided that consumers will drive out of their way for the store's yummy ice cream offerings.The owner needs to keep his overhead costs (such as rent)low and wants to avoid locating near competitors.For a location,Maggie Moo's should open in a:

Which group is the targeted market by lifestyle centers?

Rochelle owns and operates a McDonald's restaurant.She has licensed the right to use McDonald's name,logo,and products.Rochelle's restaurant is an example of a(n):

Walmart,the world's largest retailer by revenue,announced that it will get back to its founder's roots by initiating more price cuts.Critics claimed that the giant was getting away from its original focus because it posted relatively high gross profit margins.CEO Mike Duke assuaged critics by saying Walmart's $400 billion in sales will become even larger because the price cuts will attract more customers and it will lower its costs of goods sold. -Refer to Walmart.Many Walmart stores have a full line of groceries and general merchandise with a wide range of services,such as a pharmacy,portrait studio,optical shop,and bank.Walmart is an example of which type of discount store?

Each department in a department store is usually headed by a _____ who selects the merchandise mix for the department and may also choose the promotional devices and personnel for that department.

The only place the Archer Farms ready-to-eat cereals can be purchased is at Target.Target has instructed Archer Farms on how the cereal should be made.This indicates that Archer Farms is a:

Which form of franchising involves a dealer agreeing to sell certain products provided by a manufacturer or a wholesaler?

_____ are large,departmentalized,self-service retailers that specialize in wide assortments of foodstuffs and a few nonfood items.