| What is Retailing? | All the activities involved in selling goods and services directly to final consumers. |
| What is a Retailer? | Business whose sales come primarily from retailing. |
| What is Omni-Channel Retailing? | Creating a seamless cross-channel buying experience. Combining mobile, online, and store shopping. |
| How can Retailers be classified? | In the amount of service, product line, relative prices and how they are organized. |
| What are 3 Levels of Services? | Self service, limited service, and full-service. |
| What is a Specialty Store and give an example. | A retail store that carries a narrow product line with a deep assortment such as Nike stores. |
| Wat is a Department Store and give an example. | A retail store that carries a wide variety of product lines such as Hema. |
| What is a Superstore and give an example. | A store much larger than a regular supermarket such as Walmart supercenter. |
| What is a Service Retailer? | A retailer whose product line is a service such as a hotel or bank. |
| What is an Off-price Retailer? | A retailer that buys at less-than-regular wholesale prices and sells at less than retail. |
| What are the 3 main types of off-price retailers? | Independent off-price retailers, factory outlets, and warehouse clubs. |
| What are the 4 Types of organzational approaches of retailers? | Corporate chain, voluntary chain, retailer cooperative, and franchise organizations. |
| What are 2 Retailing Trends and Developments? | Rise of megaretailers and green retailing. |
| How can retailers differentiate themselves from online sellers? | By product assortment, service mix, and store atmosphere. |
| Retailers use various combinations of the 5 promotion tools - what are these 5 tools? | Advertising, personal selling, sales promotion, public relations, direct and digital marketing. |
| What is Wholesaling? | All the activities involved in selling goods and services to those buying for resale or business use. |
| What are the Channel Functions Performed by Wholesalers? Mention 6 | 1. Selling and promoting
2. Buying and assortment building
3. Bulk breaking
4. Warehousing
5. Transportation
6. Financing |
| What are the 3 Major groups of Wholesalers? | Merchant wholesalers, brokers and agents, and manufacturer's and retailers' branches and offices. |
| What is a Merchant wholesaler? | An independently owned wholesale business that takes title to the merchandise it handles. |
| What is a Broker? | A wholesaler whose function is to bring buyers and sellers together and assist in negotiations. |
| What are 2 Types of Merchant Wholesalers? | Full-service and limited-service wholesalers. |
