Exam 15: Retailing

The merchandise mix:

When opening a new retail operation,the retailer needs to consider all of the following factors EXCEPT:

Compare and contrast supermarkets and convenience stores.Name several characteristics of each store in your answer.

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

A retail establishment can be classified according to its ownership,level of service,product assortment,and price.

Define store atmosphere and name and briefly describe the major determinants of store atmosphere.

The number of different varieties of fishing lures carried by the Angler's Store refers to the store's:

Build a Bear is a retailer where children can design and assemble a stuffed animal from walls of parts.Each child starts by deciding what animal they want.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::

_____ is the retailing strategy of using moderate to low prices on large quantities of products and lower service to stimulate a high turnover of inventory.

Kmart utilizes a strategy of moderate to low prices on large quantities of products and lower levels of service to stimulate a high turnover of inventory.Kmart offers a wide variety of different product lines.Kmart is an example of a:

Diaz John Diaz immigrated to Tallahassee from Cuba in the 1980s. He set up a coffee shop called Diaz in a small upper-middle-class neighborhood. It rapidly became popular because of the wonderful coffee it brewed. Soon Diaz was selling the finest coffees from around the world, plus coffee-making necessities such as grinders and brewers. Within ten years, Diaz was operating a lucrative mail-order business in addition to his coffee shop. Upon entering the shop, the first thing the customer sees is a countertop crowded with all of the machinery needed for making a perfect cup of coffee. Marble-topped tables are set in cozy nooks with overstuffed chairs. Bookshelves on one wall hold books about coffee for patrons to read while they sip. The smell is intoxicating to a real coffee lover. Coffee drinkers can take home a pound when they leave. The store carries all types of coffee from $300 per pound Kopi Luwak from Sumatra to Brazilian Cerrado for $8 a pound. -Refer to Diaz.The smell of fresh coffee,the fact it is made where drinkers can watch the process,and the comfortable chairs all are used to create the store's:

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

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

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

Discuss three new developments in retailing.

Off-price retailers:

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 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?

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

Marketers who use nonstore retailing no longer have to worry about the "place" element of the four Ps.

Laura buys supplies for her catering business at a retailer that stocks a limited selection of items,which are sold in bulk on a cash-and-carry basis to members only.As she browses through a huge store,she buys flour,a set of muffin pans,and a package of paper towels as well as an assortment of fresh produce.Laura is most likely shopping at a(n):