Ch. 15 - Retailing Flashcards
Retailing
All the activities directly related to the sale of goods and services to the ultimate consumer for person, nonbusiness use
Independent Retailer
A retailer owned by a single person or partnership and not operated as part of a larger retail institution
Chain Store
A store that is part of a group of the same stores owned and operated by a single organization
Franchise
A relationship in which the business rights to operate and sell a product are granted by the franchisor to the franchisee
Franchisor
The originator of a trade name, product, methods of operation, and the like that grants operating rights to another party to sell its product
Franchisee
An individual or business that is granted the right to sell another party’s product
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
Drugstore
A retail store that stocks pharmacy-related products and services as its 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, household 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 specialize in a single line of merchandise and becomes the dominant retailer in its category
Warehouse Club
A large, no-frills 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 percent 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 manufacturer
Used Goods Retailer
A retailer whereby items purchased from one of the other types of retailers are resold to different customers
Nonstore Retailing
Shopping without visiting a store
Automatic Vending
The use of machines to offer goods for sale
Self-Service Technologies (SST)
Technological 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 at home sales parties
Direct Marketing (DM)
Techniques used to get consumer to make a purchase from their home, office, or other nonretail 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 isolate potential customers with great precision
Shop-at-home Television Network
A specialized form of direct response marketing whereby television shows display merchandise, with the retail price, to home viewers
Online Retailing (e-tailing)
A type of shopping available to consumers with personal computers and access to the Internet
Floor Stock
Inventory displayed for sale to customers
Retailing Mix
A combination of the six Ps - product, price, promotion, place, price, presentation, and personnel - to sell goods and services to the ultimate consumer
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
Destination Store
A store that consumers purposely plan to visit prior to shopping
Atmosphere
The overall impression conveyed by a store’s physical layout, décor, and surroundings
Layout
The internal design and configuration of a store’s fixtures and products
Big Data Analytics
The process of discovering patterns in large data sets for the purposes of extracting knowledge and understanding human behavior
Shopper Marketing
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 Analytics
Searching for and discovering meaningful patterns in shopper data for the purpose of fine-tuning, developing or changing market offerings
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
