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Retailing > Test 1: Terminology > Flashcards

Test 1: Terminology Flashcards

1
Q

Variety

A

Number of merchandise categories a retailer offers

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2
Q

Assortment

A

Number of different items offered in a merchandise category

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3
Q

Breadth of Merchandise

A

Variety of merchandise

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4
Q

Depth of Merchandise

A

Assortment of merchandise

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5
Q

Stock-Keeping Unit (SKU)

A

Each different item of merchandise

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6
Q

Conventional Supermarket

A

Large, self-service retail food store offering groceries, meat, and produce as well as some nonfood items, such as health and beauty aids and general merchandise (30,000 SKUs)

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7
Q

Limited-Assortment Supermarkets/ Extreme-Value Food Retailers

A

Save-A-Lot, ALDI only stocks about 2,000 SKUs. Only offer one or two brands and sizes to maximize efficiency and reduce costs.

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8
Q

“Power Perimeter”

A

The fresh-merchandise categories around the outer walls of a supermarket (includes dairy, bakery, meat, produce, deli…) they attract consumers and are very profitable

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9
Q

Fresh Supermarkets

A

Smaller stores that are more convenient than traditional supermarkets and have less space devoted to packaged goods (more fresh merchandise)

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10
Q

Fair trade

A

The practice of purchasing from factories that pay workers a living wage and offer other benefits

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11
Q

Locavore Movement

A

Focuses on reducing the carbon footprint caused by the transportation of food throughout the world (buying locally)

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12
Q

Supercenters

A

Larger stores (185,000 sqft) that combine a supermarket with a full-line discount store (super Walmart)

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13
Q

Hypermarkets

A

(100K - 300K sqft) combination food and general merchandise stores (Carrefour, stocks fewer units than supercenters)

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14
Q

Big-Box Stores

A

Large, limited-service stores

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15
Q

Warehouse clubs

A

Retailers that offer a limited and irregular assortment of food and general merchandise with little service at low prices for ultimate consumers and small businesses

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16
Q

Convenience Stores

A

Limited variety and assortment of merchandise at a convenient location in 3 - 5,000 sqft stores with speedy checkout

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17
Q

Department stores

A

Retailers that carry a broad variety and deep assortment, offer customer services, and organize their stores into distinct departments for displaying merchandise

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18
Q

Full-line discount stores

A

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

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19
Q

Specialty stores

A

Concentrate on a limited number of complementary merchandise categories and provide a high level of service

20
Q

Drugstores

A

Specialty stores that concentrate on health and personal grooming merchandise

21
Q

Category specialists

A

Big-box stores that offer a narrow but deep assortment of merchandise

22
Q

Category killers

A

Offering complete assortment in a category, category specialists can “kill” a category of merchandise for other retailers (Lowes v. Home Depot, Staples v. Office Depot)

23
Q

Extreme-value reatilers

A

Small discount stores that offer a limited merchandise assortment at very low prices

24
Q

Off-price retailers (Closeout retailers)

A

Offer an inconsistent assortment of brand-name merchandise at a significant dsicount to the MSRP (TJ Maxx)

25
Q

Closeouts

A

End-of-season merchandise that will not be used in following seasons

26
Q

Irregulars

A

Merchandise that has minor mistakes in construction

27
Q

Outlet stores

A

Off-price retailers owned by manufacturers or retailers

28
Q

Factory outlets

A

Outlets that are owned by manufacturers

29
Q

Services retailers

A

Firms that primarily sell services rather than merchandise (airliners, banks, fast food, health care, etc)

30
Q

Wholesale-sponsored voluntary cooperative group

A

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

31
Q

Retail Chain

A

A company that operates multiple retail units under common ownership and usually has centralized decision making for defining and implementing its strategy

32
Q

Franchising

A

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

33
Q

Multichannel retailers

A

Retailers that sell merchandise or services through more than one channel

34
Q

Internet retailing/ online retailing/electronic retailing/ e-tailing

A

Retail channel in which the offering of products and services for sale is communicated to customers over the internet

35
Q

Catalog channel

A

Nonstore retail channel in which the retail offering is communicated to customers through a catalog mailed to customers

36
Q

Direct selling

A

Retail channel in which salespeople interact with customers face-to-face in a convenient location (customer’s home or work)

37
Q

Party plan system

A

Salespeople encourage customers to act as hosts and invite friends or coworkers to a “party”

38
Q

Multilevel system

A

Independent businesspeople serve as master distributors, recruiting other people to become distributors in their network

39
Q

Pyramid scheme

A

Develops when the firm and its program are designed to sell merchandise and services to other distributors rather than to end users

40
Q

Television home shopping

A

Retail channel in which customers watch a TV program demo and then place orders (usually by telephone)

41
Q

Infomercials

A

Programs that mix entertainment with product demonstrations

42
Q

Direct-response advertising

A

Consists of one to two minute advertisements that describe the product and provide an opportunity to order

43
Q

Automated retailing

A

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

44
Q

Share of customers’ wallet

A

The percentage of purchases a customer makes from a specific retailer

45
Q

M-commerce

A

The purchase of products and services through mobile devices

46
Q

Disintermediation

A

Occurs when a manufacturer sells directly to consumers, bypassing retailers

46
Q

Channel migration

A

Consumers’ collecting information about products on their channels and then buying the product from a competitor

Retailing (3 decks)

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