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17 Cards in this Set
- Front
- Back
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Retailing
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All activities involved in selling goods or services directly to final consumers for their personal non-business use.
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Department store
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A retail organization that carries a wide variety of product lines- each line is operated as a separate department managed by specialist buyers or merchandisers
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Supermarket
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A large, low-cost, low-margin, high-volume, self-service store that carries a wide variety of grocery and household products
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Convenience Store
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A small store, located near a residential area, that is open long hours seven days a week and carried a limited line of high turnover convenience goods
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Specialty store
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A retail store that carries a narrow product line with a deep assortment within that line
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Category killer
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[ giant specialty stores] A giant specialty store that carries a very deep assortment of a particular line and is staffed by knowledgeable employees.
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Service retailer
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A retailer whose product is actually a service, including hotels, airlines, banks, colleges, and many others.
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Discount store
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Retail operation selling standard merchandise at lower prices by accepting lower margins but higher sales volume.
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Off-price retailer
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[retail outlets] a retailer who buys at less-than-regularwholesale prices and sells at less than retail.
• Factory outlet • Independent • Warehouse clubs |
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Factory outlet
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[off-price] owned an operated by a manufacturer, carries the surplus, discontinued, or irregular goods.
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Warehouse club
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[ off-price] 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
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Chain stores
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Two or more outlets that are commonly owned and controlled
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Franchise
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A contractual association between a manufacturer, wholesaler, or service organization (franchisor) and independent business people (franchisees) who buy the right to own and operate one or more units in the franchise system
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Wheel-of-retailing concept
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New types of retailers usually begin as low-margin, low-price, low-status operations but later evolve into higher-priced, higher-service operations, eventually becoming like the conventional retailers they replaced
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Wholesaling
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All activities involved in selling goods and services to those buying for resale or business use
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Broker
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A wholesaler who does not take title to goods and whose function is to bring buyers and sellers together and assist in negotiation
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Agent
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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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