Retailing & wholesaling Flashcards
Department store
A retail store that carries a wide variety of product lines, each operated as a separate department managed by specialist buyers or merchandisers
Specialty store
A retail store that carries a narrow product line with a deep assortment within that line
Supermarket
A large, low-cost, low-margin, high-volume, self-service store that carries a wide variety of grocery and household products
Convenience store
A small store, located near a residential area, that is open long hours and carries a limited line of high-turnover convenience goods
Off-price retailer
A store that sells merchandise bought at less than regular wholesale prices and sold at less than retail. These include factory outlets owned and operated by manufacturers; independent off-price retailers owned and run by entrepreneurs or by divisions of larger retail corporations; and warehouse or wholesale clubs selling a limited selection of goods at deep discounts to consumers who pay membership fees
Category killer
A giant specialty store that carries a wide variety of a particular line
Factory outlet
An off-price retailing operation that is owned and operated by a manufacturer and normally carries the manufacturers surplus, discounted, or irregular goods
Warehouse club
An off price retailer that sells a limited selection of brand name grocery items, appliances, clothing, and other goods at deep discounts to members who pay annual membership fees
Wheel of retailing
A concept that suggests new types if retailers usually begin as low-margin, low-price, low-status operations but later evolve into higher priced, higher service operations, eventually becoming like the conventional retailers they replaced
Merchant wholesaler
An independently owned wholesale business that takes title to the merchandise it handles
Broker
A wholesaler who does not take title to goods and whose function is to bring buyers and sellers together and assist negotiation
Agent
A wholesaler who represents buyers or sellers on a relatively permanent basis, performs only a few functions, and does not take title to goods
Rack jobber
Serve grocery and drug retailers, mostly in nonfood items. Rack jobbers send delivery trucks to stores, where the delivery people set up toys, paperbacks, hardware items, health and beauty aids, or other items. They price the goods, keep them fresh, set up point of purchase displays, and keep inventory records
Atmospherics
the controllable characteristics of a retail space that entice customers to enter the store and influence their mood. Atmospherics include the store’s layout, noise level, temperature, and decorations
