exam 2 ch. 13 Flashcards
Retailing
consists of the activities involved in selling, renting, and providing products to consumers
Consumer Utilities
Place, Possession, Form, Time
Form of Ownership
distinguish retail outlets based on whether individual, corporate chains, or contractual systems own the outlet
Level of Service
degree of service provided to the customer from 3 types retailers: self- , limited-, and full-service
Merchandise Line
describes how many different types of products a store carries and in what assortment
Independent retailer
accounts for most of the 3.7 million stores
corporate chain
multiple outlets under common ownership
contractual systems
independently owned stores work together
Self Service:
Customers perform functions
Limited Service
provide some services
Full Service
provide ALL services to customer
Depth of product line
means the store carries a large assortment of each product
Breadth of product line
describes the variety of different product items
Scrambled Merchandising
offering several unrelated product lines in a store
retailing mix
activity related to managing the store, includes: pricing, store location, communication, and merchandise
retail pricing
price at which an item is sold
Markdown
marking the price of an item down
(EDLP) Every day low pricing
a pricing strategy– it is the added price over the total cost of the good or service.(i.e. walmart)
Off-Price retailing
selling brand name merchandise at lower than regular prices
Retail Communication
- image
- shopper marketing
- shopping experience
shopper marketing
use of displays, coupons, product samples, and other communications to influence shopping
Shopping experience
perception of an encounter with a store
Merchandise
- category management
2. marketing metrics
Category management
manage the assortment of merchandise; manager is responsible for selecting all products that consumers might view as substitutes
