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ch. 11 mkt vocab
for exam 2
| Question | Answer |
|---|---|
| retailing | all activities involved in selling goods or services directly to final consumers for their personal, nonbusiness use |
| specialty store | a retail store that carries a narrow product line with a deep assortment within that line |
| department store | a retail org that carries a wide variety of product lines--each line is operated as a seperate dept managed by specialist buyers or merchandisers |
| supermarket | a large, low-cost, low-margin, high-volume, self-service store that carries a wide variety of grocery and household products |
| convenience store | a small store, located near a residential area, that is open long hrs 7 days a week and carries a limited line of high-turnover convenience goods |
| superstore | a store much larger than a regular supermarket that offers a large assortment of routinely purchased food products, nonfood items, and services |
| category killer | a giant specialty store that carries a very deep assortment of a particular line and is staffed by knowledgeable employees |
| hypermarket | a retail store that combines a dept store and a grocery supermarket |
| off-price retailer | a retailer that buys at less-than-regular wholesale prices and sells at less than retail. examples are factory outlets, independents, and warehouse clubs |
| factory outlet | an off-price retailing operation that is owned and opperated by a manufacturer and that normally carries the manufacturer's surplus, discontinued, or irregular goods |
| warehouse club | an off-price retailer that sells a limited selection of brand name grocery items, appliances, clothing, and a hodgepodge of other goods at deep discounts to members who pay annual membership fees |
| chain store | two or more outlets that are commonly owned and controlled |
| franchise | a contractual assoc. b/t a manufacturer, wholesaler, or service org (a franchisor) and independent businessppl (franchisees) who buy the right to own and operate one or more units in the franchise system |
| wheel-of-retailing | concept that states that new types of retailers usually begin as low-margin, low-price, low-status operations but later evolve into higher-priced, higher-service operations, eventually becomming like the conventional retailers they replaced |
| wholesaling | all activitis involved in selling goods and services to those buying for resale of business use |
| broker | a wholesaler who does not take title to goods and whose function is to bring buyers and sellers together and assist in negotiation |
| agent | a wholesaler who represents buyers or sellers on a relatively permanent basis, performs only a few functions, and does not take title to goods |
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