Retailing Management, 11th Edition by Michael Levy- Test Bank

Retailing Management, 11th Edition by Michael Levy- Test Bank Retailing - CORRECT ANSWER-the business activities involved in selling goods and services to consumers for their personal, family, or household use Channel of Distribution - CORRECT ANSWER-all of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer Sorting Process - CORRECT ANSWER-involves the retailers collecting an assortment of goods and services from various sources, buying them in large quantity, and offering to sell them in small quantities to consumers Multi-Channel Retailing - CORRECT ANSWER-whereby a retailer sells to consumers through multiple retails formats (points of contact) Exclusive Distribution - CORRECT ANSWER-whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products Intensive Distribution - CORRECT ANSWER-whereby suppliers sell through as many retailers as possible Selective Distribution - CORRECT ANSWER-suppliers sell through a moderate number of retailers Retail Strategy - CORRECT ANSWER-the overall plan guiding a retail firm Retailing Concept - CORRECT ANSWER-customer orientation, coordinated effort, value driven and goal orientation Total Retail Experience - CORRECT ANSWER-includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer Customer Service - CORRECT ANSWER-the identifiable, but sometime intangible, activities undertaken by a retailer in conjunction with the basic goods and services it sells Relationship Retailing - CORRECT ANSWER-whereby retailers seek to establish and maintain long-term bonds with customers, rather than act as if each sales transaction is completely new encounter Value (customer) - CORRECT ANSWER-the perception the shopper has of a value chain. the customers view of all the benefits from a purchase Value (retailer) - CORRECT ANSWER-embodied by a series of activities and processes that provides a certain value for the consumer