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Questions and Answers
_______ are the final link in the supply chain between manufacturers and consumers.
_______ are the final link in the supply chain between manufacturers and consumers.
Retailers
Department Stores sell a wide range of merchandise that is arranged by category into different sections of the physical retail space such as shoes, clothing, beauty products, jewelry, housewares, etc. They are an example of _______.
Department Stores sell a wide range of merchandise that is arranged by category into different sections of the physical retail space such as shoes, clothing, beauty products, jewelry, housewares, etc. They are an example of _______.
Retailer
Grocery Stores and Supermarkets sell all types of food and beverage products, and sometimes also home products, clothing, and consumer electronics. They are examples of _______.
Grocery Stores and Supermarkets sell all types of food and beverage products, and sometimes also home products, clothing, and consumer electronics. They are examples of _______.
Retailers
Warehouse Retailers are large no-frills warehouse-type facilities stocked with a large variety of products packaged in large quantities and sold at lower-than-retail prices. They are an example of _______.
Warehouse Retailers are large no-frills warehouse-type facilities stocked with a large variety of products packaged in large quantities and sold at lower-than-retail prices. They are an example of _______.
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Specialty Retailers specialize in a specific category of products. Examples include Toys ‘R’ Us, Victoria's Secret, and Nike. They are an example of _______.
Specialty Retailers specialize in a specific category of products. Examples include Toys ‘R’ Us, Victoria's Secret, and Nike. They are an example of _______.
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Retailing is important because it allows manufacturers to focus on producing goods without having to be distracted by the enormous amount of effort that it takes to interact with the end-user customers who want to purchase those goods. Retailers serve as the _______ between manufacturers and consumers.
Retailing is important because it allows manufacturers to focus on producing goods without having to be distracted by the enormous amount of effort that it takes to interact with the end-user customers who want to purchase those goods. Retailers serve as the _______ between manufacturers and consumers.
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Convenience Retailer Usually part of a retail location which sells gasoline primarily, but also sell a limited range of grocery merchandise and auto care products at a premium 'convenience' price from a ______ store.
Convenience Retailer Usually part of a retail location which sells gasoline primarily, but also sell a limited range of grocery merchandise and auto care products at a premium 'convenience' price from a ______ store.
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Discount Retailer – Sell a wide variety of products are often private labeled or generic brands at below-retail prices, Discount retailers like Family Dollar, Dollar General , and Big Lots will often source closeout and discontinued merchandise at lower-than-wholesale prices and pass the savings onto their ______.
Discount Retailer – Sell a wide variety of products are often private labeled or generic brands at below-retail prices, Discount retailers like Family Dollar, Dollar General , and Big Lots will often source closeout and discontinued merchandise at lower-than-wholesale prices and pass the savings onto their ______.
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Types of Ownership Independent Retailer: An independent retailer is one who builds his/her business from the ______ up.
Types of Ownership Independent Retailer: An independent retailer is one who builds his/her business from the ______ up.
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Advantages: no ______; freedom; and it can be extremely fulfilling.
Advantages: no ______; freedom; and it can be extremely fulfilling.
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Existing Retail Business: Someone who inherits or buys an existing business is taking ownership and responsibility of someone else’s hard work. The foundation has already been ______.
Existing Retail Business: Someone who inherits or buys an existing business is taking ownership and responsibility of someone else’s hard work. The foundation has already been ______.
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Advantages: an already established retail store is ______.
Advantages: an already established retail store is ______.
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A channel of distribution consists of three types of flows: Downward flow of goods from producers to consumers Upward flow of cash payments for goods from consumers to producers Flow of marketing information in both downward and upward direction Producer-Customer: This is the simplest and Channels of Distribution shortest channel in which no ______ is involved and producers directly sell their products to the consumers.
A channel of distribution consists of three types of flows: Downward flow of goods from producers to consumers Upward flow of cash payments for goods from consumers to producers Flow of marketing information in both downward and upward direction Producer-Customer: This is the simplest and Channels of Distribution shortest channel in which no ______ is involved and producers directly sell their products to the consumers.
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It is fast and economical channel of ______.
It is fast and economical channel of ______.
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Producer-Retailer-Customer This channel of distribution involves only one ______ called ‘retailer ’.
Producer-Retailer-Customer This channel of distribution involves only one ______ called ‘retailer ’.
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Under it, two ______ i.e. wholesalers and retailers are involved.
Under it, two ______ i.e. wholesalers and retailers are involved.
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This is the longest channel of distribution in which three ______ are involved.
This is the longest channel of distribution in which three ______ are involved.
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Retail promotion is simply the way the retailers communicate with their ______.
Retail promotion is simply the way the retailers communicate with their ______.
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Purchasing a franchise is buying the right to use a name, product, concept, and business plan. The franchisee will receive a proven ______ model from an established business.
Purchasing a franchise is buying the right to use a name, product, concept, and business plan. The franchisee will receive a proven ______ model from an established business.
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Dealership: Retailers may find the business model of a licensed dealership as a mix of franchise and independent ______.
Dealership: Retailers may find the business model of a licensed dealership as a mix of franchise and independent ______.
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The licensee has the right (sometimes this is exclusive) to sell a brand of products. Unlike a franchise, the dealer can sell a variety of brands and there generally no fees to the ______.
The licensee has the right (sometimes this is exclusive) to sell a brand of products. Unlike a franchise, the dealer can sell a variety of brands and there generally no fees to the ______.
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Multilevel marketing (MLM) or network marketing is a business model where the selling of products depends on the people in the ______.
Multilevel marketing (MLM) or network marketing is a business model where the selling of products depends on the people in the ______.
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A channel of distribution or trade channel is defined as the path or route along which goods move from producers or manufacturers to ultimate consumers or industrial ______.
A channel of distribution or trade channel is defined as the path or route along which goods move from producers or manufacturers to ultimate consumers or industrial ______.
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Support: a written set of procedures or policy manual; and staff members already in place have the knowledge to help guide a new ______.
Support: a written set of procedures or policy manual; and staff members already in place have the knowledge to help guide a new ______.
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Study Notes
Importance of Retailing
- Retailing is the final link in the supply chain between manufacturers and consumers
- Allows manufacturers to focus on producing goods without interacting with end-user customers
Types of Retailers
- Department Stores: Sell a wide range of merchandise, arranged by category into different sections
- Grocery Stores and Supermarkets: Sell food, beverage products, and sometimes home products, clothing, and consumer electronics
- Warehouse Retailers: Large, no-frills facilities stocking a variety of products in large quantities at lower-than-retail prices
- Specialty Retailers: Specialize in a specific category of products (e.g., Toys ‘R’ Us, Victoria's Secret, Nike)
- Convenience Retailers: Sell limited grocery merchandise and auto care products at a premium "convenience" price, often part of a retail location selling gasoline
- Discount Retailers: Sell a wide variety of products, often private labeled or generic brands at below-retail prices
Types of Ownership
- Independent Retailer: Builds business from ground up, with advantages of freedom and fulfillment, but also disadvantages of competition and risk
- Existing Retail Business: Inheriting or buying an existing business, with advantages of established business and disadvantages of potential negative image or reputation
- Franchise: Buying the right to use a name, product, concept, and business plan, with a proven business model
- Dealership: Licensed to sell a brand of products, with the right to sell a variety of brands
- Network Marketing: Multilevel marketing, where selling products depends on the people in the network, recruiting salespeople to sell products
Channel of Distribution
- Consists of three types of flows: downward flow of goods, upward flow of cash payments, and flow of marketing information
- Types of channels:
- Producer-Customer: Direct sale from producer to consumer
- Producer-Retailer-Customer: Involves one middleman, the retailer
- Producer-Wholesaler-Retailer-Customer: Involves two middlemen, the wholesaler and retailer
Retail Promotional Strategies
- Retail promotion is communication with the public through messages and media
- Goals of promotional strategies: build a customer base, establish branding, and establish credit
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Description
Learn about the importance of retailing, different types of retail, ownership structures, retail channels, distribution flows, and promotional strategies in the retail industry.
