Chapter 12 Flashcards
What is retailing?
Includes all activities involved in selling products or services directly to final consumers for personal, nonbusiness use
What are retailers?
Businesses whose sales come primarily from retailing
What is the largest retail sector in Canada?
Food and beverage retailers
What are convenience stores and discount stores?
Typically self-serve retailers that allow customers to perform their own locate-compare-select process to save time or money
What are limited-service retailers?
Provide some sales assistance because they carry products that require customers to seek expert advice and information
What are full-service retailers?
Salespeople assist customers in every phase of the shopping process- typically serve higher-end market, or sell luxury goods or specialty items
What are specialty stores?
They carry narrow product lines with deep assortments within those lines
What are department stores?
They carry a wide variety of product lines, organized into shoe, clothing, toy, & electronics departments
What are supermarkets?
They carry a wide assortment of food and grocery products
What are general merchandise stores?
A store that sells a broad selection of merchandise where people can purchase their general goods
What are superstores?
Much larger than regular supermarkets and offer a large assortment of routinely purchased food products, non-food items, and services
What are category killers or big box stores?
Large specialty stores that carry thousands of products in a particular category, such as Best Buy
What are service retailers?
Include hotels and motels, banks, airlines, restaurants, movie theatres, tennis club, bowling alleys, repair services, hair salons, and dry cleaners
What are discount stores?
Retail operations that sell standard merchandise at a lower price on a daily basis
What are off-price retailers?
Stores that buy at less-than-regular wholesale prices and charge consumers less than retail
What are the three main types of off-price retailers?
- Independent off-price retailers
- Factory outlets
- Warehouse clubs
What are independent off-price retailers?
Either independently owned and run or divisions of larger retail corporations
What are factory outlets?
Manufacturer-owned and operated stores by firms such as J.Crew, Gap, etc. that sometimes group together in factory outlet malls and value-retail centres
What are warehouse clubs?
They operate in huge, drafts, warehouse-like facilities and offer few frills
What are corporate chains?
Two or more outlets that are commonly owned and controlled
What is a voluntary chain?
A wholesaler sponsored group of independent retailers that engages in a group of buying and common merchandising
What is a retailer cooperative?
A group of independent retailers that bands together to set up a jointly owned, central wholesale operation and conduct joint merchandising and promotion efforts
What is product assortment?
A retailer’s product assortment should differentiate it while matching target shippers’ expectations
What is a services mix?
Can help set one retailer apart from another
What is a store’s atmosphere?
Retailers want to create a unique store experience, one that suits target market and moves customers to buy
What is a shopping centre?
A group of retail businesses built on a site that is planned, developed, owned, and managed as a unit
What is a regional shopping centre/mall?
The largest and most dramatic shopping centre that has 50-100 stores
What is a community shopping centre?
Normally contains a branch of a department store or a variety store, supermarket, specialty stores, professional offices, and sometimes a bank
What is a power centre?
Huge enclosed shopping centres consisting of a long strip or clusters of retail stores
What are lifestyle centres?
Small open-air malls with upscale stores, convenient locations, and non retail activities
What is experimental retailing?
The idea that a retail environment shouldn’t be a display of products for sale, but experience that engages the customer
What is scan & go?
Checkout system that would allow shoppers to skip checkout lines by using their mobile phone to scan items and pay the self-service kiosks
What is a Nymi band?
Identities the individual wearing it and presents new opportunities for retailers to offer personalized service to customers
What is shopper marketing?
Involves focusing entire marketing process toward Turing shoppers into buyers at points of sales
What is show-rooming?
Refers to consumers’ increasing tendency to treat bricks-and-mortar retailers as showrooms, where they view and test products before leaving to buy them elsewhere or online for a lower price
What is a pop-up store?
A temporary retail outlet that is sometimes set up in a vacant building, in a tent, that allows retailers to showcase products and create buzz
What is retail convergence?
Merging of consumers, products, prices, and retailers
What is wholesaling?
Includes all activities involved in selling goods and services t those who are buying them for resale or business use
What are wholesalers?
Firms who are engaged primarily in wholesaling activities
What are the three major groups that wholesalers fall under?
- Merchant wholesalers
- Full-service wholesalers
- Limited-service wholesalers
