Exam 15: Retailing

Whenever a customer opens an account at First Southern National Bank,a teller or account representative asks the customer whether she needs a CD,online banking or other services.In other words,the account representative engages in:

Well-known manufacturers such as Nike,Liz Claiborne,and Mikasa have decided the most profitable way to dispose of out-of-season and irregular stock is to open stores and sell their own merchandise.These stores are types of:

_____ refers to the techniques used to get consumers to buy from their home.Those techniques include direct mail,catalogs and mail order,telemarketing,and electronic retailing.

Retailing can be defined as all activities directly related to the sale of goods and services to the ultimate consumer for personal,nonbusiness use.

Which type of retail ownership is owned and operated by an individual but is licensed by a larger supporting organization?

Flash Foods is the name of a chain of small stores,which carry high-turnover products such as lip balm,milk,soda,beer,bread,and aspirin.Flash Foods stores are open all day every day and would best be classified as convenience stores.

_____ sell a limited selection of brand-name appliances,household items,and groceries,usually in bulk on a cash-and-carry basis to members only.

The only place the Hampton Bay ceiling fans can be purchased is at The Home Depot.The Home Depot has instructed Hampton Bay on how the ceiling fans should be built.This indicates that Hampton Bay is a:

Define independent retailer,chain store,and franchise and give an example of each.

James wants to open a small store that offers only products,knowledge and advice for those who like to build Hot Rods,Street Rods,and refurbish classic cars.Which of the following types of stores would most likely support an effective launch of his business idea?

Why is the selection of a retail location so critical to a store's success?

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.Of the major types of retail operations,Apple stores are _____.

M-commerce is a type of managed commerce in which both buyer and seller end the transaction with a win-win feeling.

A store's atmosphere is the overall impression conveyed by a store's physical layout,decor,and surroundings.

Wal-Mart Wal-Mart, 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 Wal-Mart'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 Wal-Mart. Most Wal-Mart stores are not located in shopping centers but rather are buildings all by themselves. This type of location is referred to as a:

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

Specialty stores such as Best Buy,Babies R Us,and Bed,Bath,and Beyond are often called category killers because:

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

The _____ at John Lewis,Britain's largest department store chain,selects the merchandise for his or her department and is often responsible for its promotion and for managing the personnel in that department.

Retailers control the six Ps of the retailing mix.The six Ps include the marketing mix plus: