MKT 320 GuidePost Questions Ch. 1

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__________ is described by the authors of your textbook as "the set of business activities that adds value to the products and services sold to consumers for their personal or family use."

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Terms in this set (15)

__________ is described by the authors of your textbook as "the set of business activities that adds value to the products and services sold to consumers for their personal or family use."

Retailing

The authors of your textbook state that retailers create value by ordering large quantities that are convenient for manufacturers to ship, and then offering them for sale in the smaller quantities that are convenient for consumers to buy.
According to the authors, the technical name for providing value in this manner is __________.

breaking bulk

A __________ is a set of firms that make and deliver goods and services to consumers.

supply chain

In a typical supply chain for a low-cost, frequently-purchased consumer product (such as a magazine or package of candy), a wholesaler would primarily sell to and be concerned about the __________, and a manufacturer would primarily sell to and be concerned about the __________.

retailer; wholesaler

McLane Company is a Temple, Texas-based company that distributes grocery and nonfood products to convenience stores, discount retailers, wholesale clubs, drugstores, military bases, quick service restaurants, and fast casual restaurants throughout the United States.
Retailers who buy from McLane's include Walmart, Sam's Club, Walgreens, Circle K, 7-Eleven, Target, Love's, Family Dollar, and Army and Air Force Exchange Service (AAFES).
Restaurants that are supplied by McLane include Taco Bell, Pizza Hut, KFC, Long John Silver's, Applebee's, and Sonic.
McLane is a __________.

wholesaler

McKesson Company is a global company that is based in San Francisco. The company, which has existed since 1883, provides health care products to drug store chains, independent retail pharmacies, and hospital pharmacies. For example, McKesson purchases bandages, gauze, antibacterial cream, ointments - and anything else you might need to treat a cut or scrape - from a variety of manufacturers, and then assembles the appropriate assortment of these products for the retailers that it serves.
In 1996, McKesson acquired FoxMeyer Health Corporation, which gave McKesson ownership of the 350-store Health Mart chain of pharmacies. Since then, Health Mart has grown into a chain of approximately 5,000 franchised locations. And, on average, one new Health Mart store opens every week.
By acquiring Health Mart, McKesson accomplished __________.

forward integration in the supply chain

When Paul Swentzel, principal owner and CEO of S&S Tire (a retail chain), purchased a Bridgestone/Firestone distributorship (a wholesaler), S&S became a wholesaler selling to S&S stores, as well as a wholesaler selling to the S&S chain's retail competitors.
When S&S Tire retail stores began buying Bridgestone and Firestone tires from a distributorship that was also owned by S&S Tire, the company was engaging in __________.

backward integration

In 2017, Target made charitable contributions of $217,673,712 in cash and products. Much of the money was used to improve children's education and development through grants for field trips, youth soccer, and the arts. In addition to supporting K-12 education through its giving, the company also provides financial support to St. Jude's Children's Research Hospital, the American Red Cross, and the Salvation Army. Target employees also donate hundreds of thousands of hours to volunteer projects in their communities each year.
Target's actions are an example of a retail corporation's commitment to __________.

fulfilling its corporate social responsibility

Regarding stakeholders, which of the following is not consistent with the information that appears in your textbook?

The words stakeholder and shareholder mean the same thing.

According to the authors of your textbook, a retailer that engages in __________ has a sense of purpose that is higher than simply making a profit by selling products and services.

conscious marketing