Ch 14 Flashcards
Retailing
Retailing
All the activities directly related to the sale of goods and services to the ultimate consumer for personal nonbusiness use
Retailer
A channel intermediary that sells mainly to consumers
Independent Retailer
A retailer owned by a single person or partnership and not operated as part of a large retail institution
Chain Store
A store that is part of a group of the same stores owned and operated by a single organization
Franchise
The relationship in which the business rights to operate and sell a product are granted by the franchise or to the franchise
Gross margin
The amount of money the retailer makes as a percentage of sales after the cost of goods sold is subtracted
Department Store
A store housing several departments under one roof
Specialty Store
A retail store specializing in a given type of merchandise
Supermarket
A large departmentalized, self-service retailer that specializes in food and some non food items
Drugstore
A retailer store that stocks pharmacy-related products and services as it’s main draw
Convenience Store
A miniature supermarket, carrying only a limited line of high turnover convenience goods
Discount Store
A retailer that competes on the basis of low prices, high turnover, and high volume
Full-line discount store
A discount store that carries a vast depth and breadth of product within a single product category
Supercenter
A large retailer that stocks and sells a wide variety of merchandise including groceries, clothing, house hold goods, and other general merchandise
Specialty discount store
A retail store that offers a nearly complete selection of single-line merchandise and uses self-service, discount prices, high volume, and high turnover
Category Killer
A large discount store that specializes in a single line of merchandise and becomes the dominant retailer in it’s category
Warehouse Club
A large, no-fills retailer that sells bulk quantities of merchandise to customers at volume discount prices in exchange for a periodic membership fee
Off-price retailer
A retailer that sells at prices 25% or more below traditional department store prices because it pays cash for its stock and usually doesn’t ask for return privileges
Factory Outlet
An off price retailer that is owned and operated by a manufactures
Used Goods Retailer
A retailer whereby items purchased from one of the types of retailers are resold in different customers
Restaurant
A retailer that provides both tangible products-food and drink and valuable services food preparation and presentation
Automatic Vending
The uses of machines to offer goods for sale
Self-service technologies (SST)
Technologies interfaces that allow customers to provide themselves with products and/ or services without the intervention of a service employee
Direct Retailing
The selling of products by representatives who work door to door, office to office, or home sales parties
Direct Marketing (DM)
Techniques used to get consumers to make a purchase from their home office or other non retail setting
Telemarketing
The use of the telephone to sell directly to consumers
Direct Mail
The delivery of advertising or marketing material to recipients of postal or electronic mail
Microtargeting
The use of direct marketing techniques that employ highly detailed data analytics in order to identify potential customers with great precision
Shop-at-home television network
A specialized form of direct response marketing whereby television shows display merchandize, with the retail price, to home viewers
Online retailing (e-tailing)
A type of shopping available to consumers with personal computers and access to internet
Sharing economy
The way connected consumers exchange goods and services with each other through a digital marketplace
Floor Stock
Inventory displayed for sale to customers
Back Stock
Inventory held in reserve for potential future sale in a retailers storeroom or backroom
Brand Cannibalization
The reduction of sales for one brand as the result of the introduction of a new product or promotion of a current product by another brand
Atmosphere
The overall impression conveyed by a stores physical layout, decor, and surroundings
Shopper marketing
Understanding how one’s target consumers behave as shoppers in different channels and formats and leveraging this intelligence to generate sales of other positive outcomes
Shopper analysis
Searching for and discovering meaningful patterns in shopper data for the purpose of fine-tuning, developing or changing market offerings
Retail channel omnification
The reduction of multiple retail channel systems into a single unified system for the purpose of creating efficiencies or saving costs
Click-and-Collect
The practice of buying something online and then traveling to a physical store location to take delivery of the merchandise
