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Principle of marketing > chapter 15 Retailing > Flashcards

chapter 15 Retailing Flashcards

1
Q

Retailing provides value to consumers in the form of (3) with significant impact on the economy.

A

benefits, services and utilities

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2
Q

____ is the largest retailer in the world

A

Walmart

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3
Q

there is a need for examining retailing institutions from different perspectives (3)

A
  1. form of ownership
  2. level of service
  3. merchandise line
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4
Q

3 types of ownership

A

Independent retailer, Corporate Chains or Contractual Systems.

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5
Q

levels of service

A

Self-service, limited-service, and full- service retailers

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6
Q

Merchandise line

A

How may different lines of products and the extent of assortment in each line that a store carries.

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7
Q

independent retailer

A

owned by individuals and provide a high level of personal service

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8
Q

Corporate Chains

A

involve multiple outlets under common ownership.

Centralization of decision making and purchasing is common in these institutions

the bay, Best Buy

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9
Q

Contractual System

A

involves independently owned stores that join together to act like a chain

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10
Q

what is franchise

A

A business firm (Franchisor) authorizes an individual or business (Franchises) through a contract to set up a business or retail outlet

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11
Q

Centralized decision making and purchasing are an advantage of __________________ ownership

A

corporate chain

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12
Q

What are some examples of new forms of self-service retailers?

A

include airlines’ use of self-service kiosks to check in and print boarding passes. Home building supply operations also use this approach.

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13
Q

Would a shop for big men’s clothes carrying pants in sizes 40 to 60 have a broad or deep product line?

A

yes.

They carry a considerable assortment (or depth) of a related line of items.

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14
Q

Non-store retailing occurs through (3)

A

direct marketing, direct selling, and automatic vending.

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15
Q

benefits of direct selling

A

It eliminates the cost of store and clerk;
It improves marketing efficiency;
Serve the particular need of each segment well

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16
Q

example of direct marketing

A

television home shopping, online retailing, telemarketing

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17
Q

what is direct selling

A

individual sale persons directly sell to customers out of a retailing environment. Such as door-to-door selling

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18
Q

difference between direct marketing and direct selling

A

individual salespeople reach out to consumers directly, whereas direct marketing is when a company markets directly to the consumer.

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19
Q

Successful catalogue retailers often send ________ catalogues to _____ markets identified in their databases.

A

specialty

niche

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20
Q

How are retailers increasing consumer interest and involvement in online retailing?

A

(1) Pay dues to become a member of an online discount service, (2) Use a shopping “bot”, (3) Go directly to online malls or online shopping directories, or (4) Go to a specific online retailer’s individual site.

21
Q

Where are direct selling retail sales growing?

A

where door-to-door convenience is important and personalized service is needed

22
Q

A retail store’s position is influenced by (3)

A

ownership, level of service, and merchandise lines

23
Q

Keys to Positioning a store is to give it _____

A

an identity with a competitive advantage.

24
Q

what is Maintained markup

A

is the difference between the final selling price and retailer cost; also called gross margin.

25
Q

Setting prices for the merchandise =

A

setting mark-up and maintaining original mark-ups

26
Q

what is Mark-downs

A

reducing price when the product does not sell. A discount may be applied

27
Q

timing of mark-downs

A

A) As soon as the sales fall off to move the product and free-up valuable shelf space.
B) Others delay to avoid bargain hunters and preserve the image quality of the store.

28
Q

strategy of retail pricing: Everyday Low Pricing

A

preserve the image of the store and the product

29
Q

strategy of retail pricing: Everyday Fair Pricing

A

convey the image of the value pricing for the store and the product

30
Q

Off-price retailing

A

Selling brand-name merchandise at lower than regular prices

31
Q

Shrinkage

A

Breakage and theft of merchandise by customers and employees or the administrative error (the loss of inventory )

32
Q

the four factors considered in the store management of a retailing strategy

A
  1. retailing pricing
  2. store location
  3. retail communication
  4. merchandise
33
Q

Central business district

A

The oldest, the Downtown

34
Q

50 to 150 stores attracting customers living within 8 to 16 km with two to three anchor stores

A

Regional shopping centres

35
Q

location with one main department store and 20 to 40 smaller stores serving customers within 10 to 20 Km.

A

Community shopping centre

36
Q

Strip location

A

: A cluster of stores serving people within 5 to 10 minutes drive from-the location

37
Q

A huge shopping area with multiple national anchors at a convenient location and a supper market

A

Power centre

38
Q

An open air cluster of specialty retail stores along with theatres, restaurants, play areas and green space

A

.

Lifestyle centre

39
Q

Retail Communication

A

the way the stores is defined in consumer’s mind

40
Q

Retail Communication partly depends on (3)

A

functional and psychological attributes

41
Q

how to max. the sales and profits in the category

A

Category management :

selecting all products that customers in a market segment consider as substitutes for each other

42
Q

What are the two dimensions of the retail positioning matrix?

A

1) breadth of product line and (2) value added.

43
Q

How does original markup differ from maintained markup

A

Original markup is the difference between retailer cost and initial selling price. Maintained markup is the difference between the final selling price and retailer cost; also called gross margin.

44
Q

The Wheel of Retailing describes _______

A

how new retail forms entre the market as low-status, low-margin stores and gradually add enhancements and raise their prices and status. They eventually face new low-margin, low-status stores and the wheel of retailing goes on

45
Q

Over time______are added, and margin and/or status ___. This leaves open a position for ______to enter the market

A

new services and products

rises

a new low-price, low-margin, low-status retailer

46
Q

7 CHALLENGES CANADIAN RETAILERS FACE AS THEY PURSUE SUSTAINABLE GROWTH

A
  1. The Use of Integrated Multichannel Retailing
  2. Embracing Technology and Using it Wisely
  3. . Better Understanding of Complex Canadian Shoppers
  4. Demonstrating Corporate Social Responsibility and Going Green
  5. Providing a Satisfying Customer Experience
  6. Improving the Bottom-line and Managing External Risk
  7. Effective and Fair Use of Human Capitak
47
Q

Market share is usually fought out before the ________ stage of the retail life cycle.

A

maturity

48
Q

three types of franchises and one example for each

A
  1. business format — tims
  2. product distribution — coca cola, Ford
  3. management

Principle of marketing (14 decks)

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