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24 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, nonbusiness use.
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Retailer
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A business whose sales come primarily from retailing.
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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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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 carries a limited line of high-turnover convenience goods.
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Superstore
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A store much larger than a regular supermarket that offers a large assortment of routinely purchased food products, nonfood items, and services.
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Category killer
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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 line is actually a service, including hotels, airlines, banks, colleges, and many others.
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Discount store
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A retail operation that sells standard merchandise at lower prices by accepting lower margins and selling at higher volume.
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Off-price retailer
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Retailer that buys at less-than-regular wholesale prices and sells at less than retail. Examples are factory outlets, independents, and warehouse clubs.
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Independent off-price retailer
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Off-price retailer that is either independently owned and run or is a division of a larger retail corporation.
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Factory outlet
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Off-price retailing operation that is owned and operated by a manufacturer and that normally carries the manufacturer's surplus, discontinued, or irregular goods.
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Warehouse club
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Off-price retailer that sells a limited selections 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 and independent businesspeople who buy the right to own and operate one or more units in the system.
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Shopping center
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A group of retail businesses planned, developed, owned, and managed as a unit.
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Wheel-of-retailing concept
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A 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 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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Wholesaler
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A firm engaged primarily in wholesaling activities.
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Merchant wholesaler
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Independently owned business that takes title to the merchandise it handles.
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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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Manufacturers' sales branches and offices
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Wholesaling by sellers or buyers themselves rather than through independent wholesalers.
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