ECONOMICS

1) A retailer can become a ________ through low prices, specialized products, a large selection, and superb customer service.

2) An advantage to a retailer’s reaching destination retailer status is its ability to ________.

3) According to the wheel of retailing theory, retail innovators first appear as ________.

4) According to the wheel of retailing theory, as retail innovators mature, they ________.

5) The wheel of retailing suggests that ________.

6) In scrambled merchandising, a retailer ________.

7) An important advantage of scrambled merchandising to consumers is ________.

8) In the long-run, scrambled merchandising is ________ in nature.

9) Which theory asserts that retail institutions pass identifiable stages ranging from innovation to decline?

10) In which stage of the retail life cycle theory does a company alter at least one element of the strategy mix from that of its traditional competitors?

11) Progressive firms expand their geographic bases of operations and newer companies enter the marketplace at which retail life cycle stage?

12) The retail life cycle stage characterized by market saturation is ________.

13) Through ________, retailers seek to jointly maximize resources, enlarge their customer base, and improve productivity and bargaining power.

14) A merger benefits the affected retailers through ________.

15) A retailer can reduce dependency on its core operations through ________.

16) Retailers reduce both initial investments and ongoing costs through ________.

17) The use of standardized store layouts, second-use locations, and buying refurbished equipment are characteristics of ________.

18) Sales of fill-in merchandise are particularly important to which food-oriented retailer?

19) A departmentalized self-service food store with minimum annual sales of $2 million is a ________.

20) Which retail institution is not included in the traditional definition of a supermarket?

21) The average gross margins (selling prices less merchandising costs) for conventional supermarkets have averaged about what percent of sales?

22) A combination store combines ________ into one facility.

23) A huge form of combination store is a ________.

24) Which food-based retail institution depends on aggressively priced private-label or controlled brands and cut-case displays?

25) A central aspect of the retail strategy of warehouse stores is ________.

26) A retailer that concentrates on selling one goods or service line is a ________ store.

27) A category killer store is ________.

28) Which retail institution has separate units responsible for buying, promotion, customer service, and control?

29) Which retail institution has the most selection of any general merchandise retailer?

30) Two types of retail institutions satisfy the Bureau of Census definition of a department store: the traditional department store and the ________.

31) Dollar discount stores and closeout chains are successful spinoffs of the ________.

32) Which retail institution purchases brand-name merchandise on an opportunistic basis?

33) A significant factor in the growth of factory outlets is the ________.

34) Which institution sells goods to both final consumers and retailers?

35) The use of nontraditional sites is generally associated with which retail institution?

36) A destination retailer ________.

37) A destination retailer can be differentiated from other retailers on the basis of its ________.

38) A destination retailer is characterized by ________.

39) According to the wheel of retailing theory, retail innovators have what major advantage over traditional retailers?

40) According to the wheel of retailing theory, which pricing strategy is used by a retailer during the innovation phase?

41) According to the wheel of retailing, retail institutions become vulnerable when ________.

42) Which retail institutions best fit the innovator stage of the wheel of retailing theory?

43) The beginning stage of the wheel of retailing theory (when low-price institutions first appear) corresponds to which stage of the retail life cycle stage?

44) Scrambled merchandising is most similar to which retail institution format?

45) A pharmacy (due to increased competition from a neighboring supermarket) has now added an exclusive line of cosmetics, and has expanded its line of greeting cards and gift wrapping items. This strategy illustrates ________.

46) The evolution of the conventional supermarket into a combination store, food-based superstore, and supercenter can be explained by which retail concept?

47) Which food-based retail institutions best fit the scrambled merchandising concept?

48) A retailer that believes that a retail life cycle resembles a fad should use ________.

49) The retail life cycle stage corresponding to an innovative retailer’s first becoming vulnerable to a new retailer with a lower cost structure is ________.

50) A retailer should limit its investment in essential expenditures during which stage of the retail life cycle?

51) The difference between a retail merger and diversification is based on the ________.

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