Ch 14 Vocab Flashcards
All the activities directly related to the sale of goods and services to the ultimate consumer for personal, nonbussiness use
Retailing
Channel intermediary that sells mainly to consumers
Retailer
Retailer owned by a single person or partnership and not operated as part of a larger retail institution
Independent Retailer
Store that is part of a group of the same stores owned and operated by a single organization
Chain Store
Relationship in which the business rights to operate and sell a product are granted by the franchisor to the franchisee
Franchise
Originator of a trade name, product, methods of operation, and the like that grants operating rights to another party to sell its product
Franchisor
Individual or business that is granted the right to sell another party’s product
Franchisee
Amount of money the retailer makes as a percentage of sales after the cost of goods sold is subtracted
Gross Margin
Store housing several departments under one roof
Department Store
Retail store specializing in a given type of merchandise
Specialty Store
A large, departmentalized, self-service retailer that specializes in food and nonfood items
Supermarket
Retail store that stocks pharmacy related products and service as its main draw
Drugstore
Miniature supermarket, carrying only a limited line of high turnover convenience goods
Convenience Store
Retailer that competes on the basis of low prices, high turnover, and high volume
Discount Store
Discount store that carries a vast depth and breadth of product within a single product category
Full Line Discount Store
Large retailer that stocks and sells a wide variety of merchandies including groceries, clothing, household goods, and other general merchandise
Supercenter
Retail store that offers a nearly complete selection of single-line merchandies and uses self-service, discount prices, high volume, and high turnover
Specialty Discount Store
Large discount store that specializes in a single line of merchandise and becomes the dominant retailer in its category
Category Killer
Large, no frills retailer that sells bulk quantities of merchandise to customers at volume discount prices in exchange for a periodic membership fee
Warehouse club
Retailer that sells at prices 25 percent or more below traditional department store prices because it pays cash for its stock and usually doesn’t ask for return privleges
Off Price Retailer
An off-price retailer that is owned and operated by a manufacture
Factory Outlet
Retailer where items purchased from one of other types of retailers are resold to different customers
Used Goods Retailer
Retailer that provides both tangible products–food and drink and valuable services – food preparation and presentation
Restaurant
shopping without visiting a store
Nonstore Retailing
the use of machines to offer goods for sale
Automatic Vending
Technological interfaces that allow customers to provide themselves with products and/or services without the intervention of a service employee
Self-Service Technologies
The selling of products by representatives who work door-to-door, office-to-office, or at home sales parties
Direct Retailing
Techniques used to get consumers to make a purchase from their home, office, or other nonretail setting
Direct Marketing
The use of the telephone to sell directly to consumers
Telemarketing
The delivery of advertising or marketing material to recipients of postal or electronic mail
Direct Mail
The use of direct marketing techniques that employ highly detailed data analytics to identify potential customers with great precision
Microtargeting
A specialized form of direct response marketing whereby television shows display merchandise, with the retail price, to home viewers
Shop at home tv network
a type of shopping available to consumers via access to the internet
E-tailing (online retailing)
The way connected consumers exchange goods and services with each other through a digital marketplace
Sharing Economy
Inventory displayed for sale to customers
Floor Stock
Inventory held in reserve for potential future sale in a retailer’s storeroom or stockroom
Back stock
A combination of the six Ps—product, promotion, place, price, presentation, and personnel—to sell goods and services to the ultimate consumer
Retailing mix
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
Brand Cannibalization
A store that consumers purposely plan to visit prior to shopping
Destination Store
The overall impression conveyed by a store’s physical layout, decor, and surroundings
Atmosphere
The internal design and configuration of a store’s fixtures and products
Layout
Understanding how one’s target consumers behave as shoppers, in different channels and formats, and leveraging this intelligence to generate sales or other positive outcomes
Shopper Marketing
Searching for and discovering meaningful patterns in shopper data for the purpose of fine-tuning, developing, or changing market offerings
Shopper Analytics
The process of discovering patterns in large data sets for the purposes of extracting knowledge and understanding human behavior
Big Data Analytics
A device that sends out connecting signals to customers’ smartphones and tablets to bring them into a retail store or improve their shopping experience
Beacon
The reduction of multiple retail channel systems into a single, unified system for the purpose of creating efficiencies or saving costs
Retail Channel Omnification
The practice of buying something online and then traveling to a physical store location to take delivery of the merchandise
Click and Collect
