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Marketing 330 > Exam 3 - Chapter 16 > Flashcards

Exam 3 - Chapter 16 Flashcards

1
Q

Retailing

A

all transactions in which the buyer intends to consumer the product through personal, family, or household use (ex: stores/services, direct selling, direct marketing, and vending machines)

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2
Q

Retalier

A

an organization that purchases products for the purpose of reselling them to ultimate consumers; major role in creating time, place, form, and possession utility

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3
Q

Important Characteristics Re: Retailers

A

add value for customers by providing services/assisting in selection; brick-and-mortar stores being challenged by direct marketing channels; global opportunities; driven by holidays

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4
Q

2 Types of Retail Stores

A

general-merchandise retailers and specialty stores

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5
Q

Specialty Stores

A

emphasize narrow and deep assortments of items

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6
Q

Major Types of Retailers

A

general-merchandise retailers, department stores (Macy’s), discount stores (Walmart/Target), convenience stores (7-11/PDQ), supermarkets (Pick n’ Save), superstores (Walmart Superstores), hypermarkets (300,000+ sq ft – none in US), warehouse clubs (Sams Club), and warehouse showrooms (IKEA)

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7
Q

Specialty Retailers

A

narrow and deep assortments; do not typically sell specialty items but instead offer substantial assortments in a few product lines (ex: FootLocker or Barnes and Noble)

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8
Q

General-Merchanidse Retailers

A

retail establishments that offer a variety of product lines stocked in considerable depth

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9
Q

Traditional Specialty Retailers

A

stores that carry a narrow product mix w/ deep product lines; limited-line retailers/single-line retailers; usually offer better selections and more sales expertise than department stores (ex: apparel, jewelry, sporting goods, fabrics, etc.)

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10
Q

Category Killer

A

very large specialty store that concentrates on a major product category and competes on the basis of low prices and product availability (ex: Home Depot or Staples or Petco)

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11
Q

Off Price Retailer

A

buy manufacturers’ seconds, overruns, returns and off-season merchandise for resale to consumers at deep discounts; few services/high inventory turnover

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12
Q

Location Location Location!

A

a common saying because of critical importance; least flexible; various factors include location of target market, kind of products being sold, availability of public transportation/parking, customer characteristics, competitors’ locations, and compatibility with nearby retailers

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13
Q

Neighborhood Shopping Centers

A

usually consist of several small convenience and specialty stores; target market close by; essential products, depth of lines is limited

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14
Q

Community Shopping Center

A

one or two department stores, some specialty stores and convenience stores; wide product mixes and deep product lines

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15
Q

Regional Shopping Center

A

shopping centers with the largest department stores, widest product mixes, and deepest product lines of all shopping centers (ex: Fox River Mall)

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16
Q

Superregional Shopping Center

A

widest and deepest product mixes that attract customers from many miles away (ex: mall of America)

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17
Q

Lifestyle Shopping Center

A

typically open air and features upscale specialty, dining, and entertainment stores (ex: shops in the Villages)

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18
Q

Power Shopping Center

A

combines off-price stores with category killers; bypasses the traditional department store anchor and uses stores such as Gap, Toys “r” Us, Home Depot, etc.

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19
Q

Retail Positioning

A

Identifying an unserved or underserved market segment and serving it through a strategy that distinguishes the retailer from others in the minds of consumers in that segment

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20
Q

Atmospherics

A

the physical elements in a store’s design that appeal to consumers’ emotions and encourage buying (ex: Barnes and Noble plays certain music and has a coffee shop onsite)

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21
Q

Category Management

A

retail strategy of managing groups of similar, often substitutable products produced by different manufacturers (ex: putting all of the same products together, like salad dressing!)

22
Q

Direct Marketing

A

the use of the telephone, internet, and nonpersonal media to introduce products to customers, who can then purchase them vial mail, phone, or internet (nonstore retailing)

23
Q

Nonstore Retailing

A

the selling of products outside the confines of a retail facility

24
Q

Catalog Marketing

A

an organization provides a catalog from which customers make selections and place orders by mail, phone, or the Internet

25
Q

Direct-Response Marketing

A

a retailer advertises a product and makes it available through mail or phone orders

26
Q

Telemarketing

A

the performance of marketing-related activities by phone (made rare by no-call list, but still used by businesses)

27
Q

Television Home Shopping

A

home shopping network/QVC

28
Q

Online Retailing

A

makes products available to buyers through computer connections

29
Q

Direct Selling

A

the marketing of products to ultimate consumers through face-to-face sales presentations at home or in the workplace (ex: Avon/Mary Kay) most expensive form of retailing (person to person)

30
Q

Automatic Vending

A

use of machines to dispense products; about 2% of all retail sales

31
Q

Franchising

A

an arrangement in which a supplier (franchiser) grants a dealer (franchisee) the right to sell products in exchange for some type of consideration; low failure rate

32
Q

Advantages for the Franchisee

A

start a business with limited capita; gets help from franchiser; low failure rate

33
Q

Advantages for the Franchiser

A

gains product distribution w/o high cost of operating on its own; franchisee highly motivated; higher income

34
Q

Disadvantages for the Franchisee

A

franchiser dictates many aspects/collects percentage; hard work; agreements are not always uniform

35
Q

Disadvantages for the Franchiser

A

gives up some control; individual establishments may not be operated exactly to the franchiser’s standards

36
Q

Wholesaling

A

transactions in which products are bought for resale, for making other products, or for general business operations

37
Q

Wholesaler

A

an individual or organization that sells products that are bought for resale, for making other products, or for general business operations (takes possession of inventory)

38
Q

Three Types of Wholesaling Establishments

A

merchant wholesalers, agents/brokers, and manufacturers’ sales branches and offices

39
Q

Market Wholesalers

A

independently owned businesses that take title to goods, assume ownership risks, and buy and resell products to other wholesalers, business customers or retailers

40
Q

Full-Service Wholesalers

A

merchant wholesalers that perform the widest range of wholesaling functions (ex: handle products/perform a wide range of functions)

41
Q

General Merchandise Wholesalers

A

full-service wholesalers with a wide product mix but limited depth within the product lines

42
Q

Limited Line Wholesalers

A

a full service wholesaler that carries only a few product lines but many products within those lines

43
Q

Specialty Line Wholesalers

A

full-service wholesalers that carry only a single product line or a few items within a product line

44
Q

Limited-Service Wholesalers

A

merchant wholesalers that provide some services and specialize in a few functions

45
Q

Cash-and-Carry Wholesalers

A

limited service wholesalers whose customers pay cash and furnish transportation (Pay Day loans of Wholesalers)

46
Q

Truck Wholesalers

A

limited-service wholesalers that transport products directly to customers for inspection and selection-Bread Truck/Truck Jobbers

47
Q

Drop Shippers

A

limited-service wholesalers that take title to goods and negotiate sales but never actually take possession of products-drop ship from manufacturer

48
Q

Mail-Order Wholesalers

A

limited-service wholesalers that sell products through catalogs-School Specialty

49
Q

Agents

A

intermediaries that represent either buyers or sellers on a permanent basis (negotiate purchases/expedite sales for commission, know markets well/create relationships)

50
Q

Brokers

A

intermediaries that bring buyers and sellers together temporarily (negotiate purchases/expedite sales for commission, know markets well/create relationships)

51
Q

Sales Branches

A

are manufacturer-owned intermediaries that sell products and provide support services to the manufacturer’s sales force

52
Q

Sales Offices

A

manufacturer-owned operations providing services normally associated with agents

Marketing 330 (16 decks)

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