Retailing 1-4 Flashcards

1
Q

backward integration

A

a form of vertical integration in which a retailer owns some or all of its suppliers

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2
Q

base of the pyramid

A

the 25% of the world’s population at the lowest end of the global income distribution, with combined spending power of approximately US $5 trillion

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3
Q

breaking bulk

A

a function preformed by retailers or wholesalers in which they receive large quantities of merchandise and sell them in smaller quantities

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4
Q

conscious retailing

A

entails a sense of purpose for the firm higher than simply making a profit by selling products and services

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5
Q

corporate social responsibility (CSR)

A

voluntary actions taken by a company to address the ethical. social. and environmental impacts of its business operations and the concerns of its stakeholders

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6
Q

ethics

A

a system or code of conduct based on universal moral duties and obligations that indicate how one should behave

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7
Q

forward integration

A

a form of vertical integration in which a manufacturer owns wholesalers or retailers

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8
Q

holding inventory

A

a major value-providing activity preformed by retailers whereby products will be available when consumers want them

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9
Q

intertype competition

A

competition between retailers that sell similar merchandise using different formats, such as discount and department stores

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10
Q

intratype competition

A

competition between retailers that are the same type (ex. kroger vs safeway)

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11
Q

retailer

A

a business that sells products and services to consumers for their personal or family use

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12
Q

retailing

A

a set of business activities that adds value to the products or services sold to consumers for their personal or family use

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13
Q

retail mix

A

the combination of factors used by a retailer to satisfy customers needs and influence their purchase decisions

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14
Q

retail strategy

A

a statement that indicates:
1) the target market tow arch which a retailer plans to commit its resources
2) the nature of the retail offering that the retailer plans to use to satisfy the needs of the target market
3) the bases on which the retailer will attempt to build a sustainable competitive advantage over competitions

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15
Q

scrambled merchandising

A

an offering of merchandise not typically associated with the store type, such as clothing in a drugstore

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16
Q

stakeholders

A

the broad set of people who might be affected by a firm’s actions, from current and prospective customer’s, top supply chain partners, to employees, to shareholders, to government agencies, to members of the communities in which the firm operates, to a general view of society

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17
Q

supply chain

A

a set of firms that make and deliver a given set o goods and services to the ultimate consumers

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18
Q

vertical integration

A

an example of diversification by retailers involving investments by retailers in wholesaling or manufacturing merchandise

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19
Q

wholesaler

A

firms that buy products from manufacturers and resell them to retailers

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20
Q

assortment

A

the number of SKUS with a merchandise category; also called depth of merchandise

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21
Q

breadth

A

the number of different merchandise categories within a store or department

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22
Q

category specialist

A

a discount retailer that offers a narrow but deep assortment of merchandise in a category and this dominates the category from the customers perspective

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23
Q

closeout

A

an offer at a reduced price to sell a group of slow-moving or incomplete stock

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24
Q

consignment shop

A

a store that sells used merchandise and reimburses the individual customers who provide the items only after they sell

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25
Q

convenience store

A

store that provides a limited variety and assortment of merchandise at a convenient location in a 2,000 to 3,000 square foot store with speedy check out

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26
Q

conventional supermarket

A

self-service food store and offers groceries, meat, and produce with limited sales of nonfood items, such as health and beauty aids and general merchandise

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27
Q

department store

A

retailer that carries a wide variety and deep assortment, offers considerable customer services, and is organized into separate departments for displaying merchandise

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28
Q

depth

A

the number of SKUs within a merchandise category, also called depth of merchandise

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29
Q

dollar store

A

small, full-line discount store that offers a limited merchandise assortment at very low prices; also called extreme value retailer

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30
Q

drugstore

A

specialty retail store that concentrates on pharmaceuticals and health and personal growing merchandise

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31
Q

durable goods

A

merchandise expected to last for several years, such as appliances and furniture; also known as hard goods

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32
Q

edge computing

A

a marketing analysis method that gathers and applies data precisely where they are most beneficial

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33
Q

exclusive brand

A

a brand developed by a national brand vendor, often in conjunction with a retailer, and sold exclusively by the retailer

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34
Q

extreme value food retailer

A

a supermarket offering a limited number of SKUs

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35
Q

extreme value retailer

A

small, full-line discount store that offers a limited merchandise assortment at very low prices; also called a dollar store

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36
Q

factory outlet

A

outlet store owned by a manufacturer

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37
Q

flash sale sites

A

a site which emails to registered members announcing the unique deals available for a specific limited time

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38
Q

franchising

A

a contractual agreement between a franchisor and a franchise that allows the franchisee to operate a retail outlet using a name and format developed by the franchisor

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39
Q

full-line discount store

A

retailers that offer a broad variety of merchandise, limited service, and low prices

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40
Q

hard goods

A

merchandise expected to last for several years, such as appliances and furniture; also known as durable goods

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41
Q

hypermarket

A

large (100,000-300,000 square feet) combination food (60%-70%) and general merchandise (30%-40%) retailer

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42
Q

irregular

A

merchandise that has minor mistakes in construction

43
Q

limited-assortment supermarket

A

a supermarket offering a limited number of SKUs

44
Q

North American Industry Classification System (NAICS)

A

classification of retail forms into a hierarchical set of six digit codes based on the types of products and services they produce and sell

45
Q

off-price retailer

A

a retailer that offers an inconsistent assortment of brand-name, fashion-orientated soft goods at low prices

46
Q

outlet store

A

off-price retailer owned by a manufacturer or department or specialty store chain

47
Q

private-label brand

A

products developed and marketed by a retailer and available for sale only by that retailer; also called store brand, house brand, or own brand

48
Q

resale store

A

retailer that sells second hand or used merchandise

49
Q

retail chain

A

a form that consists of multiple retail units under common ownership and usually has some centralization of decision making in defining and implementing its strategy

50
Q

service retailer

A

organization that offers consumers services rather than merchandise (ex. banks, hospitals, health spas, doctors, legal clinics)

51
Q

soft goods

A

merchandise with a relatively short life span, such as clothing or cosmetics

52
Q

specialty store

A

a type of store concentrating on a limited number of complementary merchandise categories and providing a high level of service

53
Q

standard industrial classification (SIC)

A

a standard system that reflects government classifications of industries, using four digit codes

54
Q

stock-keeping unit(SKU)

A

the smallest unit available for keeping inventory control in soft goods merchandise, an SKU usually means s size, color and style

55
Q

store brand

A

products developed and marketed by a retailer and available for sale only by that retailer; also called private label brand or own brand

56
Q

super center

A

large store (150,000-220,000) combining a discount store with a supermarket

57
Q

supermarket

A

a conventional supermarket is a large, self service retail food store offering groceries, meat, and produce , as well as some non food items, such as health and beauty aids and general merchandise

58
Q

thrift store

A

a retail format offering used merchandise

59
Q

variety

A

the number of different merchandise categories within a store or department

60
Q

warehouse club

A

a retailer that offers a limited assortment of food and general merchandise with little service and low prices to ultimate consumers and small businesses

61
Q

wholesale-sponsored voluntary cooperative group

A

an organization operated by a wholesaler offering a merchandising program to small, independent retailers on a voluntary basis

62
Q

bot

A

robot; a bot refers to software applications or programming that preform repetitive tasks, often in ways that mimic human actions

63
Q

bounce rate

A

the percentage of times a visitor leaves the site almost immediately, such as after viewing only one page

64
Q

click path

A

shows how users proceed through the information

65
Q

conversion rate

A

percentage of consumers who buy the product after viewing it

66
Q

crowdsourcing

A

users submit ideas for a new product or service, and/or comment and vote on the ideas submitted by others

67
Q

customer attribution

A

through attribution efforts, retailers can identify which touchpoints are responsible for evoking some particular customer behavior, such as purchase

68
Q

digital retailing

A

online, social, and mobile business efforts that leverage digital assets to create, and deliver value to customers

69
Q

earned media

A

any content or discussion of a retailer, created by others, and published its owned media channels, on some third-party site or page

70
Q

e-commerce purchase funnel

A

the flow of customers on digital media, from their initial visit, to product views, to placing merchandise in their digital shopping carts to purchase

71
Q

geotargeted advertising

A

this form of advertising uses location information gathered from mobile devices to send targeted information or notifications to customers

72
Q

influencer marketing

A

a paid media strategy that uses seeds (ex, opinion leaders, often popular on social media) to deliver retailer messages to a targeted audience

73
Q

keyword analysis

A

retailers can determine whether the keywords thar shoppers use to describe their needs and desires when they enter a request into a search engine match the keywords that the retail websites features

74
Q

mircoblog

A

a short version of a blog, such as twitter

75
Q

digital retailing

A

online, social, and mobile business efforts that leverage digital assets to create, capture, communicate, and deliver value to customers

76
Q

owned media

A

media exposures that are controlled and paid for by the firm, such as its ecommerce websites, blogs, social media pages, email marketing messages, or mobile apps

77
Q

paid media

A

media that the firm has paid to obtain, such as conventional television or print advertising, advertisements push through social media, or paid endorsements by celebrities or influencers

78
Q

pay-per click

A

in a contract with a search engine that uses this standard, the firm pays for each time a customer clicks on its listed ad

79
Q

push notifications

A

messages sent automatically to app users, regardless of whether or not they have the app open

80
Q

responsive website design

A

this design approach includes programming to ensure that all the retailer’s web pages adjust automatically to appear attractively on any device users might use to access them, such as smartphones and tablets with smaller screens

81
Q

search engine ads

A

paid marketing efforts that ensure the companies’ ads appear near the top of the list of results produced by a search engine when a user searches for a particular term

82
Q

search engine marketing (SEM)

A

methods that marketers use to improve the visibility of their websites

83
Q

search engine optimization

A

designing website content to improve the positioning of the site on search results pages

84
Q

seeds

A

influential actors who can encourage additional sales of a product or service because they recommend it

85
Q

sentiment analysis

A

assessments that monitor social media to determine how customers view the firm

86
Q

social media

A

various forms of electronic communication that users can employ to create online communications in which they share ideas and information, their interpersonal messages, and other content (ex. videos)

87
Q

automated retailing

A

a retail channel that stores merchandise or services in a machine, then dispense them to customers who provide or a credit card

88
Q

boundaryless retailing

A

when consumers can purchase anything they want, in any channel and at any time, including online, offline, or through virtual means

89
Q

catalog channel

A

a nonstore retailer that communicates directly with consumers using catalogs sent through the mail

90
Q

channel migration

A

a customer practice in which customers search for information from a retailer’s channel, then purchase in a different channel maintained by a competitor

91
Q

cross-channel retailing

A

a type of marketing channel in which consumers use multiple channels to make purchases, such as when they receive an email coupon, download it onto their smartphone, and then go to a store to redeem the coupon and buy the product

92
Q

direct selling

A

a retail format in which a salesperson, frequently an independent distributor, contacts a customer directly in a convenient location (either at a customer’s home or at work) demonstrates merchandise benefits, take an order, and delivers the merchandise to the customer

93
Q

internet retailing

A

a retail format in which retailers communicate with customers and offer products and services for sale over the Internet

94
Q

live chat

A

technology that enables online customers to access an instant messaging or voice conversation with a sales representative in real time

95
Q

m-commerce

A

internet channels accessed through tablets, smartphones, or other handheld devices, also known as mobile marking, mobile commerce, or mobile retailing

96
Q

mobile commerce

A

internet channels accessed through tablets, smartphones, or other handheld devices, also known as mobile marking, m- commerce, or mobile retailing

97
Q

mobile retailing

A

internet channels accessed through tablets, smartphones, or other handheld devices, also known as mobile marking, mobile commerce, or m-commerce

98
Q

multichannel retailing

A

selling merchandise or services through more than one channel

99
Q

omnichannel retailing

A

coordinated multichannel retail offering that ensures a seamless customer experience across all the retailer’s channels

100
Q

retail channel

A

the means by which a retailer sells and delivers merchandise to customers

101
Q

showrooming

A

a practice in which consumers visit stores to interact with a physical product and receive sales assistance, then purchase it through a less expensive channel, such as online

102
Q

vending machine

A

a nonstore format in which merchandise or services are stored in a machine and dispensed to customers when they deposit cash or use a credit card

103
Q

single channel-retailing

A

selling merchandise or services through only one channel

104
Q

social retailing

A

conducting purchase transactions through a social media site; called s-retailing