MKT 3343 Ch 17 Incomplete

MKT 3343 Ch 17 Incomplete - MKT 3343 Chapter 17 Retailing...

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MKT 3343 – Chapter 17 – Retailing What is retailing? How does it differ from other businesses? Retailing includes all activities involved in selling, renting, and providing goods and services to ultimate consumers for personal, family, or household use. How does retailing create value or ‘utility’ for consumers? The utilities provided by retailers create value for consumers. Time, place, form, and possession utilities are offered by most retailers in varying degrees, but one utility is often emphasized more than others. What is the value of retailing to the U.S. economy? What three methods can be used to classify retailers? Form of Ownership: this distinguishes retail outlets based on whether individuals, corporate chains, or contractual systems own the outlet. Level of Service: this is used to describe the degree of service provided to the customer. Three levels of service are provided by self-, limited-, and full-service retailers. Merchandise Line: this describes how many different types of products a store carries and in what assortment. What is the difference between an independent retailer and a chain retailer? An independent retailer is the most common form of ownership, owned by an individual. Accordingly, a chain retailer is a corporate chain all under common ownership. What is meant by retailing under a ‘contractual system’? How is franchising as a form of retailer a good illustration of a ‘contractual system’ of retailing? Contractual systems involve independently owned stores that band together to act like a chain. How is franchising attractive to the franchisee? The franchisor? Franchising is attractive because is offers an opportunity for people to enter a well-known, established business for which managerial advise is provided. What is the difference between a business format franchise and a trademark only franchise. Business-format franchising: the franchisor provides step-by-step procedures for most aspects of the business and guidelines for the most likely decisions a franchisee will face. Differentiate a full-service retailer, a limited service retailer, and a self-service retailer. Full-Service: specialty stores and department stores. These provide any services to their customers. Limited-Service:
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MKT 3343 Ch 17 Incomplete - MKT 3343 Chapter 17 Retailing...

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