Exam 1: Introduction to the World of Retailing

Why do retailers use point-of-sale (POS)terminals to read Universal Product Codes (UPCs)and electronic data interchange (EDI)to send sales and inventory information from computer to computer?

By providing assortments,breaking bulk,holding inventory and providing services,retailers increase the ___________ consumers receive from their products and services.

The combination of factors retailers use to satisfy customer needs and influence their purchase decisions is called the firm's:

What are the three things identified by a retail strategy statement?

When McDonald's opened its first restaurant,a hungry patron could order a hamburger,French fries and a shake.In those early years,McDonald's did not offer much:

When Austin saw pastries and coffee at his local bookstore,he knew it was an example of _______,which is the juxtaposition of unrelated merchandise in the store.

Which of the following is not a part of the retail mix for a furniture store?

Which of the following would be an intratype competitor for an IGA supermarket?

A(n)_____________ is a set of businesses that move products from the point of production to the point of sale to the ultimate consumer.

What type of merchandising increases intertype competition?

How do retailers increase the value consumers receive from their purchases?

Which of the following businesses would be considered a retailer?

If a chain of florist shops opened a plant nursery to provide gift plants and cut flowers to all of its outlets within a 300-mile radius,the chain would be practicing:

Delia was delighted to see that the local Shoppers Drug Mart carried milk,bread,and snacking crackers.Her delight indicates she has never seen:

A business philosophy and set of strategies,programs,and systems that focus on identifying and building loyalty with a firm's most-valued customers is called:

The offering of merchandise not typically associated with the store type is called:

A(n)_____ is a business that sells products and services to ultimate consumers.

The Reptile Shop is a pet shop that focuses on reptiles and their accoutrements for reptile lovers.The shop carries aquariums,warming rocks,toys and even live mice and crickets.It sponsors a reptile club where members can bring their pet to share with other reptile lovers.The store provides an inexpensive veterinary service.It even has a 3-month guarantee when you purchase a baby reptile.The Reptile Shop has created loyalty from its customers and continuously attracts new ones because of the services offered.What does this describe?

_________________________ means that a firm performs more than one set of activities in the channel,such as investments by retailers in wholesaling or manufacturing.

72 percent of all retail businesses employ fewer than ___________ persons.