Retail Establishments
Retail Life Cycle
Consumer Characteristics
Decision Making Process
Misc.
100
A store that displays and sells a variety of products at lower prices than other retailers.
What is a discount merchandiser
100
During this phase the idea is being generated. Most businesses fail during this phase of development
What is innovation
100
An integrated pattern of behavior, knowledge, and beliefs that are acquired from a group and passed on to future generations
What is Culture
100
Make your decision
What is Select
100
states that consumers will demand more of a product at a lower price compared to a higher price
What is the law of demand
200
Provides a variety of general merchandise in one single convenient location.
What is a department store
200
In this stage competition begins to affect the store. Also during this stage the business begins to lose customers.
What is maturity
200
are the items you cannot live without such as Food Water Clothing Shelter
What are needs
200
After you have searched for information and id all options, now look closely at options
What is sift
200
states that producers are willing to sell more of a product at a higher price than a lower price
What is law of supply
300
This is a store that specializes in a specific type of merchandise.
What is specialty store.
300
Sales and profits increase at a dramatic rate Business becomes more complicated
What is development
300
A group that shared the same economic or social status
What is social class
300
Identify the goal by analyzing your needs and wants
What is specify
300
Simplest form of business Most popular form of business
What is sole prop
400
This self-service retailer offers national brands at low prices.
What is warehouse clube/superstore
400
It becomes time to close the business
What is decline
400
are the things you would like to have such as Jewelry Baseball hat Sports car
What are wants
400
Need to find info to make a rational decision Make a plan
What is search
400
is the price at which the quantity supplied exactly equals the quantity demanded
What is equilibrium
500
This enables a customer to place orders by email, telephone, or an internet site.
What is catalog
500
Grants an individual the right to market a company’s goods or services in a specific territory
What is franchise
500
someone who uses goods
What is a consumer
500
Take some time to evaluate the results
What is study
500
Most complicated legal structure Legal entity separate of individual
What is corporation
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