Exam 13: Retailing and Wholesaling

A ________ contains from 50 to 100 stores, is like a covered mini-downtown, and attracts customers from a wide area.

How can discount stores sell merchandise at lower prices?

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

________ includes all the activities involved in selling products or services directly to final consumers for their personal, nonbusiness use.

Changes to service differentiation include all of the following EXCEPT ________.

Store retailers must master ________, integrating store and online channels into a single shopper experience.

How do merchant wholesalers and agents/brokers differ?

Retailers connect brands with consumers in the ________ phases of the buying process.

Corporate chains are two or more outlets that are commonly owned and controlled.

________ retailers in the United States are growing faster than product retailers.

Retail online sites, mobile apps, and social media influence ________.

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." -Indiana Wood can be best classified as a(n) ________.

Which type of retailer is most likely to require its employees to focus most on assisting customers as they shop?

As discount stores traded up, ________ have filled the ultra low-price, high-volume gap by buying at less-than-regular wholesale prices and charging consumers less than retail.

________ sell standard merchandise at lower prices by accepting lower margins and selling higher volume.

Most shopping centers are ________.

A ________ is a wholesaler-sponsored group of independent retailers that engages in group buying and common merchandising.

At Neiman Marcus, a first-class department store, customers shop for high-end products and they are assisted in every phase of the shopping process. Neiman Marcus is a ________.

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?

________ is a type of service offered by those retailers who serve customers that are willing to perform their own "locate-compare-select" process in order to save money.