Smartbook Assignment

Smartbook Assignment Study Guide 1. The set of activities involved in selling, renting, and providing products and services to ultimate consumers for personal, family, or household use is referred to as a. Retailing 2. What are two important benefits provided by retailers? a. They provide value in the form of consumer utilities. b. They have a positive impact on the economy. 3. Four utilities are provided by retailers in varying degrees. They are ______. a. time, place, form, and possession 4. Five of the 30 largest businesses in the United States are a. Retailers 5. Form of ownership, level of service, and merchandise line are ways that ________ can be classified. a. retail outlets 6. Retailing includes all activities involved in selling, renting, and providing product and services ______ a. to ultimate consumers 7. Independent ownership, corporate chain, and contractual systems are the three general forms of a. retail ownership 8. ________ are important because they provide utilities to consumers and have a significant positive impact on the economy. a. Retailers 9. Self-, limited-, and full- are levels of a. Service 10. Time, place, form, and possession are four _______ provided in varying degrees by retailers. a. Utilities 11. Retailers can be categorized in terms of the ________ and ________ of the product lines they carry. a. depth; breadth 12. Select the largest retail businesses in the United States. a. Walmart b. Amazon c. Costco 13. Which are forms of nonstore retailing? (Select all that apply) a. automatic vending b. direct mail c. Telemarketing 14. What are the three common ways that retail outlets can be classified? a. level of service b. form of ownership c. merchandise line 15. Though the most common items sold through ________ are candy, snacks, and beverages, newer versions offer electronics as well. a. automatic vending 16. Match the following forms of retail ownership with the correct definition. a. independent retailer > a business owned by an individual b. corporate chain > multiple outlets under common ownership c. contractual system > independently owned stores that band together to act as a chain 17. Match the following levels of service for retailers with the correct example a. Self-service > Asking hotel guests to check themselves in and print their own keys at a kiosk in the lobby. b. Limited-service > Providing salespeople in ONLY the electronics and jewelry departments of a discount store. c. Full-service > Offering shopping assistants and a concierge in a department store. 18. Which of the following are disadvantages of using direct mail and catalogs? (Check all that apply.) a. Increasing production and mailing costs b. Not perceived as "green" 19. Breadth and depth of _______ is a way to classify retail outlets. a. Merchandise 20. What is an advantage of television home shopping? a. broad reach possible; available in millions of homes 21. Direct selling is a form of _______ retailing. a. Nonstore 22. One advantage of using ______ to shop compared to ______ is that it is much easier to comparison shop for the best price. a. the Internet; retail stores 23. Which of the following is true of vending machines? a. Prices for products in them tend to be higher than those in stores. 24. A form of nonstore retailing known as__________involves using the telephone to interact with and sell directly to consumers. a. Telemarketing 25. What are the three general types of retail ownership? a. corporate chain b. independent retailer c. contractual systems 26. Direct selling typically occurs _____. a. in a consumer's home or office 27. What are two advantages of using direct mail and catalogs? a. fast and convenient for the customer b. serves as an element of multichannel marketing 28. What are the two dimensions on the retail positioning matrix? a. value added b. breadth of product line 29. What have home shopping programs done in order to attract a younger audience? a. invite celebrities to come on the show 30. Retail pricing, store location, merchandise, and retail communication are elements of ______. a. the retailing mix 31. Amazon.com is an Internet retailer used by many consumers. Which of the following represents the best advantage it has over an in-store retailer? a. greater variety 32. An off-________ retailer is one that offers an inconsistent assortment of brand name merchandise at low prices. a. Price 33. Telemarketing is used to ________ via telephone. a. interact with and sell directly to consumers 34. A ______ may have 50 to 150 stores with two or three anchor stores, while a ______ is a huge shopping strip with multiple anchor stores. a. regional shopping center; power center 35. Direct selling is sometimes called ________ retailing. a. Door-to-door 36. What is the correct term for a retailer that sells in more than one channel? a. multichannel retailer 37. Retail store positioning begins with a clearly defined a. customer value proposition 38. Which two of the following are purposes of retail communication? a. creating a store image b. positioning a store 39. To facilitate a retailing strategy, marketers often craft a specific combination of retail pricing, store location, retail communication, and merchandise, which is known as its _______ _______ a. Retailing mix 40. The wheel of retailing describes ______. a. how new forms of retail outlets enter the market 41. Selling brand name merchandise at lower than regular prices by buying excess inventory at prices below wholesale prices is known as _____ retailing. a. Off-price 42. The retail life cycle describes the stages of ______ and ______ for a retail outlet. a. growth; decline 43. Match the type of retail store location with its correct description. a. central business district > the oldest type of retail setting; a community's downtown area b. regional shopping center > large shopping areas of 50 to 150 stores that contain two or three anchor stores c. community shopping center > serve customers who are within a 10- to 20-minute drive; contain one primary store and 20 to 40 smaller outlets d. strip mall > clusters of stores located in neighborhoods to serve people who are within a 5- to 10-minute drive e. power center > huge shopping strip with multiple anchor stores; combine the convenience of location provided by strip malls with the power of national stores 44. A retailer that integrates a combination of traditional store formats and non-store formats such as catalogs, television home shopping, and online retailing is referred to as a ______ retailer. a. Multichannel 45. What has been described as the "new science of retailing"? a. Data analytics 46. When a retailer advertises as part of its retail communication strategy, the retailer is using ______ one of the four Ps. a. Promotion 47. The wheel of retailing predicts that new forms of retail outlets will usually enter the market as ______. a. low-status, low-margin stores 48. A specialty merchandise wholesaler differs from a general merchandise wholesaler in which two of the following ways? a. It carries a narrow range of products. b. It has an extensive assortment of items within the product lines it carries. 49. The description of the stages of growth and decline for a retail outlet is called the a. retail life cycle 50. A ______ may have 50 to 150 stores with two or three anchor stores, while a ______ is a huge shopping strip with multiple anchor stores. a. regional shopping center; power center 51. How do agents make their profit? a. from the commissions or fees paid for their services 52. What are two ways that data analytics benefits retailers? a. By allowing retailers to offer the most innovative products at the right prices, while maintaining optimal inventory levels b. By allowing retailers to predict shopping behavior by learning how consumers use channels, information, and payment options 53. Wholly owned extensions of the producer that perform wholesaling activities are known as ______. a. manufacturer's branches 54. Independently owned firms that take title to the merchandise they handle, are classified as either full-service or limited-service, and go by names like industrial distributor are known as ______. a. merchant wholesalers