MKT 335 Midterm: MKT335 Exam 1 Study Guide.docx
Document Summary
Retailing: the set of business activities that adds value to the products and services sold to consumers for their personal or family use. Supply chain: a set of firms that make and deliver goods and services to consumers. Wholesalers: engage in buying, taking title to, often storing, and physically handling goods in large quantities and then reselling goods to retailers or other businesses. Vertical integration: means that a firm performs more than one set of activities in the channel, (such as retailer and wholesaler ex. Backward integration: arises when a retailer performs some wholesaling and manufacturing activities, such as operating warehouses or designing private-label merchandise. Forward integration: occurs when a manufacturer undertakes retailing and wholesaling activities (ex. They provide an assortment of products and services. Breaking bulk: buying large quantities from wholesalers and offering products in smaller quantities tailored to individual consumers" and households" consumption patterns. Holding inventory: so that products will be available when consumers want them.
