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Marketing 3000 Final > Chapter 16/17: Retailing > Flashcards

Chapter 16/17: Retailing Flashcards

1
Q

Retailing

A

All activities involved in selling, renting, and providing products and services to ultimate consumers for personal, family, or household use

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2
Q

Retailers

A

Distribution Channel
Both customers and marketers

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3
Q

Form of Ownership

A

Distinguishes retail outlets based on whether independent retailers, corporate chains, or contractual systems own the outlet

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4
Q

Independent Retailer

A
  • Most common
  • Owned by an individual
  • Owner is the boss
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5
Q

Corporate Chain

A

Multiple outlets under common ownership

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6
Q

Contractual Systems

A

Independently owned stores that band together to act like a chain

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7
Q

Franchise System

A

An individual or firm (the franchisee) contracts with a parent company (the franchisor) to set up a business or retail outlet

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8
Q

Level of Service

A

The degree of service provided to the customer from three types of retailers: self-, limited-, and full-service

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9
Q

Self-Service

A
  • Customer performs many functions during purchase process
  • Trend is making customer co-creators
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10
Q

Limited Service

A
  • Some services like credit and merchandise return, but not others like alterations.
  • Salespeople available for some assistance
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11
Q

Full Service

A

Customer service is at the heart

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12
Q

Merchandise Line

A

How many different types of products a store carries and in what assortment

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13
Q

Specialty Outlets

A
  • Category Killers
  • Limited or Single line stores
  • Carries a large assortment of each item
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14
Q

General Merchandise Store

A
  • Carry broad product line, with limited depth
  • Department stores
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15
Q

Scrambled Merchandising

A

Offering several unrelated product lines in a single store

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16
Q

Supercenters

A

Combining general merchandise and grocery

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17
Q

Breadth of Product Line

A

How many product lines are offered

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18
Q

Depth of Product Line

A

How many different items in a product line sold, number of options

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19
Q

Direct Selling

A

Manufacturers sell directly to consumers at their home or office

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20
Q

Telemarketing

A

Using the phone to sell directly to consumers

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21
Q

Internet/Online Retailing

A

Virtual Storefronts
Brick-and-Mortar –> Web

22
Q

Direct Mail

A

Postcards, letters, catalogs

23
Q

Automatic Vending

A

V-Commerce: vending machines to offer a wider variety of goods

24
Q

Retailing Mix

A
  • Retail Pricing
  • Store Location
  • Retail Communication
  • Merchandise
25
Q

Markup

A

Amount a retailer adds to the cost of a product to determine its selling price

26
Q

Markdown

A

Amount by which a retailer reduces the original selling price of a product

27
Q

EDLP

A

Emphasizes consistently low prices and eliminates most markdowns

28
Q

Shrinkage

A

Aka breakage, theft and fraud by customers and employees; increases prices

29
Q

Off-Price Retailing

A

Consists of selling brand- name merchandise at lower than regular prices

30
Q

Examples of off-price retailers

A

Warehouse Club
Outlet Store
Single/Extreme Value Store

31
Q

Store Atmospherics

A

Combination of physical characteristics and amenities that contribute to a store’s image

32
Q

Shopper Marketing

A

The use of displays, coupons, product samples, and other brand communications to influence shopping behavior in a store

33
Q

Category Management

A

An approach to managing the assortment of merchandise in which a manager is assigned the responsibility for selecting all products that consumers in a market segment might view as substitutes for each other, with the objective of maximizing sales and profits in the category

34
Q

Assortment Paradox

A

Pre-choice: Large assortment
During choice: Small assortment

35
Q

Customer Service

A

Attract and retain target customers to increase sales and profits

36
Q

How does digital technology promote and sustain customer relationships?

A

Interactivity and Individuality

37
Q

Interactive Marketing

A

The two-way buyer-seller electronic communication in a computer- mediated environment in which the buyer controls the kind and amount of information received from the seller

38
Q

Choiceboard

A

Interactive, Internet-enabled system that allows individual customers to design their own products and services by answering a few questions and choosing from a menu of product or service attributes (or components), prices, and delivery options

39
Q

Collaborative Filtering

A

A process that automatically groups people with similar buying intentions, preferences, and behaviors and predicts future purchases

40
Q

Personalization

A

Generating content on a marketer’s website that is custom tailored to an individual’s specific needs and preferences

41
Q

Permission Marketing

A

The solicitation of a consumer’s consent to receive email and advertising based on personal data supplied by the consumer

42
Q

Why do consumers shop and buy online?

A

Convenience, Cost, Customization, Communication, Cost, Control

43
Q

Bots

A

Electronic shopping agents or robots that comb websites to compare prices and product or service features

44
Q

8-second Rule

A

Customers will abandon their efforts to enter and navigate a website if download time exceeds eight seconds

45
Q

Customization

A

Not only customizing a product or service but also personalizing the marketing and overall shopping and buying interaction for each customer.

46
Q

Web Communities

A

Websites that allow people to congregate online and exchange views on topics of common interest

47
Q

Spam

A

Communications that take the form of electronic junk mail or unsolicited e-mail.

47
Q

Spam

A

Communications that take the form of electronic junk mail or unsolicited e-mail.

48
Q

Viral Marketing

A

Internet enabled promotional strategy that encourages individuals to forward marketer-initiated messages to others via e-mail, social networking websites, and blogs

49
Q

Cookies

A

Computer files that a marketer can download onto the computer and mobile phone of an online shopper who visits the marketer’s website

50
Q

Behavioral Targeting

A

Uses info provided by cookies for directing online advertising from marketers to those online shoppers whose behavioral profiles suggest they would be interested in such advertising

Marketing 3000 Final (6 decks)

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