Retail Management Quiz #2 Pt 1

Front 1

Retailing

Back 1

is the set of business activities that adds value to products and services sold to consumers for their personal or family use.

Front 2

Retailer

Back 2

Is a business that sells product and or services to consumers for their personal or family use.

Front 3

Supply chain

Back 3

Is a set of firms that make and deliver goods and services to consumers.

Front 4

Wholesalers

Back 4

Buy and store merchandise in large quantities from manufacturers and then resell the merchandise to retailers.

Front 5

Vertical integration

Back 5

Means that a firm performs more than one set of activities in the channel as it occurs when a retailer engages in wholesaling activities by operating its own distribution centers to supply its stores.

Front 6

Backward integration

Back 6

arises when a retailer performs someone's selling and manufacturing activities such as operating warehouses or designing private label merchandise.

Front 7

Forward integration

Back 7

Occurs when a manufacturer undertakes retailing and wholesaling activities such as apple operating its own retail stores.