Exam 15: Retailing

The Halloween Super Store is only open from September until November,usually in an otherwise vacant store.This is an example of a:

The party in a franchise relationship that is an individual or business granted the right to sell another party's product is called the:

Apple Stores 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 freestanding stores,which 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 customers 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 theater 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.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.What method of nonstore retailing does Apple take advantage of through the use of its Web site?

Anchor stores:

Color can be used by retailers to create a mood or focus customer attention on a particular product.

Pop-up shops are:

Housing several departments under one roof,a _____ carries a wide variety of shopping and specialty goods,including apparel,cosmetics,housewares,electronics,and sometimes furniture.

Define franchising and discuss its two basic forms.Give an example of each form.

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?

Based on demographic trends in the U.S. ,discuss the likely prospects for the drugstore industry over the next few years.

Build-a-Bear is a retailer where children can design and assemble a stuffed animal from shelves full of parts.Each child starts by choosing an animal.Then,the child moves to a place where the stuffing is added.Finally,the child moves to the area where the last accessories are added.Build-a-Bear is part of a recent trend in retailing referred to as:

A common practice among most retailers that seeks to broaden customers' original purchases with related items is called:

Another name for an anchor store is a:

_____ shows how much the retailer makes as a percentage of sales after the cost of goods sold is subtracted.

A specialty store is not only a type of store but also is a method of retail operations.Describe the specialty store strategy.Then name two examples of specialty stores.

_____ is defined as all activities directly related to the sale of goods and services to the ultimate consumer for personal,nonbusiness use or consumption.

One of the new developments in retailing is m-commerce.M-commerce refers to the ability to:

Apple Stores 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 freestanding stores,which 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 customers 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 theater 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.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.The Genius Bar where customers can ask questions of knowledgeable personnel is an example of getting consumers involved in the retail experience,also known as:

Walmart 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:

Which type of retail store would typically have the highest labor costs?