Chapter 13 Vocab Flashcards
retailing
all the activities involved in selling goods or services directly to final consumers for their personal, nonbusiness use
retailer
a business whose sales come primarily from retailing
shopper marketing
using in-store promotions and advertising to extend brand equity to the last mile and encourage favorable point of purchase decisions
self service retailers
serve customers who are willing to perform their own locate-compare-select process to save time and money
full service retailers
assist customers in every phase of the shopping process
specialty stores
a retail store that carries a narrow product line with a deep assortment within that line
department store
a retail store that carries a wide variety of product lines, each operated as a separate department managed by specialist buyers or merchandisers
supermarkets
large, low cost, low margin, high volume, self service store that carries a wide variety of grocery and household products
convenience store
a small store, located near a residential area, that is open long hours seven days a week and carries a limited line of high turnover convenience goods
superstores
a store much larger than a regular supermarket that offers a large assortment of routinely purchased food products, nonfood items, and services
category killers
a giant specialty store that carries a very deep assortment of a particular line
service retailer
a retailer whose product line is actually a service; examples include hotels, airlines, banks, colleges and many others
discount store
a retail operation that sells standard merchandise at lower prices by accepting lower margins and selling at higher volume
off-price retailer
a retailer that buys at less than regular wholesale prices and sells at less than retail
independent off-price retailer
an off-price retailer that is either independently owned and run or is a division of a larger retail corporation
factory outlets
off-price retailing operation that is owned and operated by a manufacturer and normally carries the manufacturer’s surplus, discontinued, or irregular goods
warehouse clubs
off-price retailer that sells a limited selection of brand-name grocery items, appliances, clothing, and other goods at deep discounts to members who pay annual membership fees
corporate chains
two or more outlets that are commonly owned and controlled
voluntary chain
a wholesaler sponsored group of independent retailers that engages in group buying and common merchandising
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
franchise
a contractual association between a manufacturer, wholesaler, or service organization (a franchisor) and independent businesspeople (franchisees) who buy the right to own and operate one or more units in the franchise system
retailer marketing decisions (3)
segmentation and targeting
store differentiation and positioning
retail marketing mix
3 major product variables
product assortment
services mix
store atmosphere
shopping center
a group of retail businesses built on a site that is planned, developed, owned, and managed as a unit
regional shopping center (mall)
shopping center of 50-100 stores or more
community shopping center
15-50 retail stores
neighborhood shopping centers or strip malls
5-15 stores
power centers
huge unenclosed shopping centers consisting of a long strip of retail stores
lifestyle centers
smaller, open air malls with upscale stores, convenient locations and nonretail activities (playground, skating rink, hotel, dining, movies)
wheel of retailing concept
suggests that new types of retailers usually begin as low-margin, low-price, low-status operations but later evolve into higher price, higher service operations, eventually becoming like the conventional retailers they replaced
pop up stores
promote brands to seasonal shoppers, create buzz in busy areas
showrooming
check out merchandise in brick and mortar store showrooms before buying it online
wholesaling
all the activities involved in selling goods and services to those buying for resale or business use
wholesaler
a firm engaged primarily in wholesaling activities
wholesaling channel functions (9)
selling and promoting buying and assortment building bulk breaking warehousing transportation financing risk bearing market information management services and advice
merchant wholesaler
an independently owned wholesale business that takes title to the merchandise it handles
broker
a wholesaler who does not take title to goods and whose function is to bring buyers and sellers together and assist in negotiation
agent
a wholesaler who represents buyers or sales on a relatively permanent basis, performs only a few functions, and does not take title to goods
manufacturers’ sales branches and offices
wholesaling by sellers or buyers themselves rather than through independent wholesalers
