MKTG 345 FINAL EXAM TIM MCCOY
Retailing - Answers -includes all activities involved in selling, renting, and providing
products and services to ultimate consumers for personal, family, or household use
utilities provided - Answers -what is the value of retailing in the form of?
time, place, form, possession - Answers -what are the utilities provided by a retailer?
time - Answers -finding right sporting equipment during the off-season and being open
24 hrs
place - Answers -put products and services close to the consumer
form - Answers -production or alteration of a product
possession - Answers -car trade ins and allowing several payment/credit options
form of ownership - Answers -distinguishes retail outlets based on whether
independent retailers, corporate chains, or contractual systems own the outlet
independent, corporate, contractural - Answers -what are the forms of ownership?
independent - Answers -one of the most common forms of retail ownership that is
owned by an individual
corporate - Answers -involves multiple outlets under common ownership
contractural - Answers -involve independently owned stores that band together to act
like a chain
scrambled merchandising - Answers -offering several unrelated product lines in a
single store
modern drugstore carries food, cosmetics, magazines, paper products, toys etc. -
Answers -what is an example of scrambled merchandising?
retailing mix - Answers -includes activities related to managing a store and a store's
merchandise; similar to the marketing mix and includes: retail pricing, store location,
retail communication, and merchandise
retail pricing - Answers -setting prices for merchandise and can use a variety of
approaches
store location - Answers -choosing a location and deciding how many stores to operate
, retail communication - Answers -play an important role in positioning a store and
creating its image
merchandise - Answers -managing the breadth and depth of the product line requires
retail buyers who are familiar with both the needs of the target market and the
alternative products available from the many manufacturers that might be interested in
having a product available in the store
markup - Answers -refers to how much should be added to the cost the retailer paid for
the product
(suggested markups, legal markups)
original markup - Answers -the difference between the retailer's cost and the initial
selling price
maintained markup - Answers -the difference between the final selling price and the
retailer's cost
Markdown - Answers -when the product does not sell at the original price and an
adjustment is necessary
EDLP (everyday low pricing) - Answers -emphasize consistently low prices; everyday
low pricing
EDFP - Answers -used by small businesses; everyday fair pricing
Central Business District (CBD) - Answers -oldest retail setting and the community's
downtown area; less convenient because of lack of parking, higher crime rates, and
exposure to weather
regional shopping center - Answers -consist of 50 to 150 stores that typically attract
customers who live or work within a 5-10 mile range; contain two or three anchor stores
strip mall - Answers -serves people within a 5-10 minute drive; gas stations. Hardware,
laundry, grocery, and pharmacy outlets are commonly found here
power center - Answers -a huge shopping strip with multiple anchor/national stores;
combine the convenience of location of strip malls with the power of national stores
category management - Answers -managing the assortment of merchandise today;
assigns a manger the responsibility for selecting all products that consumers in a
market segment might view as substitutes for each other, with the objective of
maximizing sales and profits in the category; must consider the impact of the location
and assortment of other product categories if they share limited space in a store
Retailing - Answers -includes all activities involved in selling, renting, and providing
products and services to ultimate consumers for personal, family, or household use
utilities provided - Answers -what is the value of retailing in the form of?
time, place, form, possession - Answers -what are the utilities provided by a retailer?
time - Answers -finding right sporting equipment during the off-season and being open
24 hrs
place - Answers -put products and services close to the consumer
form - Answers -production or alteration of a product
possession - Answers -car trade ins and allowing several payment/credit options
form of ownership - Answers -distinguishes retail outlets based on whether
independent retailers, corporate chains, or contractual systems own the outlet
independent, corporate, contractural - Answers -what are the forms of ownership?
independent - Answers -one of the most common forms of retail ownership that is
owned by an individual
corporate - Answers -involves multiple outlets under common ownership
contractural - Answers -involve independently owned stores that band together to act
like a chain
scrambled merchandising - Answers -offering several unrelated product lines in a
single store
modern drugstore carries food, cosmetics, magazines, paper products, toys etc. -
Answers -what is an example of scrambled merchandising?
retailing mix - Answers -includes activities related to managing a store and a store's
merchandise; similar to the marketing mix and includes: retail pricing, store location,
retail communication, and merchandise
retail pricing - Answers -setting prices for merchandise and can use a variety of
approaches
store location - Answers -choosing a location and deciding how many stores to operate
, retail communication - Answers -play an important role in positioning a store and
creating its image
merchandise - Answers -managing the breadth and depth of the product line requires
retail buyers who are familiar with both the needs of the target market and the
alternative products available from the many manufacturers that might be interested in
having a product available in the store
markup - Answers -refers to how much should be added to the cost the retailer paid for
the product
(suggested markups, legal markups)
original markup - Answers -the difference between the retailer's cost and the initial
selling price
maintained markup - Answers -the difference between the final selling price and the
retailer's cost
Markdown - Answers -when the product does not sell at the original price and an
adjustment is necessary
EDLP (everyday low pricing) - Answers -emphasize consistently low prices; everyday
low pricing
EDFP - Answers -used by small businesses; everyday fair pricing
Central Business District (CBD) - Answers -oldest retail setting and the community's
downtown area; less convenient because of lack of parking, higher crime rates, and
exposure to weather
regional shopping center - Answers -consist of 50 to 150 stores that typically attract
customers who live or work within a 5-10 mile range; contain two or three anchor stores
strip mall - Answers -serves people within a 5-10 minute drive; gas stations. Hardware,
laundry, grocery, and pharmacy outlets are commonly found here
power center - Answers -a huge shopping strip with multiple anchor/national stores;
combine the convenience of location of strip malls with the power of national stores
category management - Answers -managing the assortment of merchandise today;
assigns a manger the responsibility for selecting all products that consumers in a
market segment might view as substitutes for each other, with the objective of
maximizing sales and profits in the category; must consider the impact of the location
and assortment of other product categories if they share limited space in a store
