Chapter 12 Flashcards
Retailing
The final stop in the distribution channel in which organizations sell goods and services to consumers for their personal use
Shrinkage
Losses experienced by retailers as a result of shoplifting, employee theft, and damage to merchandise
Retail Borrowing
The consumer practice of purchasing a product with the intent to return the nondefective merchandise for a refund after it has fulfilled the purpose for which it was purchased
Service Retailers
Organization that offers consumers services rather than merchandise. Examples include banks, hospitals, health spas, doctors, legal clinics, entertainment firms, and universities
Merchandise Mix
The total set of all products offered for sale by a retailer, including all product lines sold to all consumer groups
Supercenters
Large combination stores that combine economy supermarkets with other lower-priced merchandise
Merchandise Assortment
The range of products a store sells
Convenience Stores
Neighborhood retailers that carry a limited number of frequently purchased items and cater to consumers willing to pay a premium for the ease of buying close to home
Supermarkets
Food stores that carry a wide selection of edibles and related products
Box Stores
Food stores that have a limited selection of items, few brands per item, and few refrigerated items
Speciality Stores
Retailers that carry only a few product lines but offer good selection within the lines that they sell
Category Killer
A very large specialty store that carries a vast selection of products in its category
Off-price Retailers
Retailers that buy excess merchandise from well-known manufacturers and pass the savings on to customers
Warehouse Clubs
Discount retailers that charge a modest membership fee to consumers who buy a broad assortment of food and nonfood items in bulk and in a warehouse environment
Factory Outlet Store
A discount retailer, owned by a manufacturer, that sells off defective merchandise and excess inventory
