Textbook Chapters 11-12-14-15-16 Flashcards
C11: What is a product?
Product
Anything that is of value to a consumer and can be offered through a voluntary marketing exchange.
C11: What is a core customer value?
Core customer value
The basic problem-solving benefits that consumers are seeking.
C11: What is an actual product?
Actual product
The physical attributes of a product including the brand name, features/design, quality level, and packaging.
C11: What is are associated services/augmented product?
Associated services (also called augmented product)
The nonphysical attributes of the product including product warranties, financing, product support, and after-sale service.
C11: What is a consumer product?
Consumer product
Products and services used by people for their personal use.
C11: What is are specialty products/services?
Specialty products/ services
Products or services toward which the customer shows a strong preference and for which he or she will expend considerable effort to search for the best suppliers.
C11: What are shopping products/services?
Shopping products/ services
Those for which consumers will spend time comparing alternatives, such as apparel, fragrances, and appliances.
C11: What are convenience products/services?
Convenience products/services
Those for which the consumer is not willing to spend any effort to evaluate prior to purchase.
C11: What are unsought products/services?
Unsought products/ services
Products or services consumers either do not normally think of buying or do not know about.
C11: What is a product mix?
Product mix
The complete set of all products offered by a firm.
C11: What are product lines?
Product lines
Groups of associated items, such as those that consumers use together or think of as part of a group of similar products.
C11: What in breadth?
Breadth
Number of product lines offered by a firm; also known as variety.
C11: What is depth?
Depth
The number of categories within a product line.
C11: What is brand equity?
Brand equity
The set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service.
C11: What is brand awareness?
Brand awareness
Measures how many consumers in a market are familiar with the brand and what it stands for; created through repeated exposures of the various brand elements (brand name, logo, symbol, character, packaging, or slogan) in the firm’s communications to consumers.
C11: What is the perceived value?
Perceived value
The relationship between a product’s or service’s benefits and its cost.
C11: What is brand association?
Brand association
The mental links that consumers make between a brand and its key product attributes; can involve a logo, slogan, or famous personality.
C11: What is brand loyalty?
Brand loyalty
Occurs when a consumer buys the same brand’s product or service repeatedly over time rather than buying from multiple suppliers within the same category.
C11: What are manufacturer brands (national brands)?
Manufacturer brands (national brands)
Brands owned and managed by the manufacturer.
C11: What are retailer/store brands?
Retailer/store brands
Products developed by retailers. Also called private-label brands.
C11: What are private-label brands?
Private-label brands
Brands developed and marketed by a retailer and available only from that retailer; also called store brands.
C11: What is a family brand?
Family brand
A firm’s own corporate name used to brand its product lines and products.
C11: What are individual brands?
Individual brands
The use of individual brand names for each of a firm’s products.
C11: What is brand extension?
Brand extension
The use of the same brand name for new products being introduced to the same or new markets
C11: What is line extension?
Line extension
The use of the same brand name within the same product line and represents an increase in a product line’s depth.
C11: What is brand dilution?
Brand dilution
Occurs when a brand extension adversely affects consumer perceptions about the attributes the core brand is believed to hold.
C11: What is co-branding?
Co-branding
The practice of marketing two or more brands together, on the same package or promotion.
C11: What is brand licensing?
Brand licensing
A contractual arrangement between firms, whereby one firm allows another to use its brand name, logo, symbols, or characters in exchange for a negotiated fee.
C11: What is brand repositioning?
Brand repositioning
A strategy in which marketers change a brand’s focus to target new markets or realign the brand’s core emphasis with changing market preferences.
C11: What is rebranding?
Same as repositioning → a strategy in which marketers change a brand’s focus to target new markets or realign the brand’s core emphasis with changing market preferences.
C11: That is the primary package?
Primary package
The packaging the consumer uses, such as the toothpaste tube, from which he or she typically seeks convenience in terms of storage, use, and consumption.
C11: What is the secondary package?
Secondary package
The wrapper or exterior carton that contains the primary package and provides the UPC label used by retail scanners; can contain additional product information that may not be available on the primary package.
C11: What is sustainable packaging?
Sustainable packaging
Product packaging that is ecologically responsible.
C12: What is innovation?
Innovation
The process by which ideas are transformed into new products and services that will help firms grow.
C12: What is the diffusion of innovation?
Diffusion of innovation
The process by which the use of an innovation, whether a product or a service, spreads throughout a market group over time and over various categories of adopters.
C12: What are pioneers/breakthroughs?
Pioneers
New product introductions that establish a completely new market or radically change both the rules of competition and consumer preferences in a market; also called breakthroughs.
C12: What are first movers?
First movers
Product pioneers that are the first to create a market or product category, making them readily recognizable to consumers and thus establishing a commanding and early market share lead.
C12: Who are innovators?
Innovators
Those buyers who want to be the first to have the new product or service.
C12: Who are the early adopters?
Early adopters
The second group of consumers in the diffusion of innovation model, after innovators, to use a product or service innovation; generally don’t like to take as much risk as innovators but instead wait and purchase the product after careful review.
C12: Who is the early majority?
Early majority
A group of consumers in the diffusion of innovation model that represents approximately 34 percent of the population; members don’t like to take much risk and therefore tend to wait until bugs are worked out of a particular product or service; few new products and services can be profitable until this large group buys them.
C12: Who is the late majority?
Late majority
The last group of buyers to enter a new product market; when they do, the product has achieved its full market potential.
C12: Who are the laggards?
Laggards
Consumers who like to avoid change and rely on traditional products until they are no longer available
C12: What is reverse engineering?
Reverse engineering
Involves taking apart a competitor’s product, analyzing it, and creating an improved product that does not infringe on the competitor’s patents, if any exist
C12: What are lead users?
Lead users
Innovative product users who modify existing products according to their own ideas to suit their specific needs.
C12: What is a concept?
Concept
Brief written description of a product or service; its technology, working principles, and forms; and what customer needs it would satisfy.
C12: What is concept testing?
Concept testing
The process in which a concept statement that describes a product or a service is presented to potential buyers or users to obtain their reactions.
C12: What is product development/design?
Product development
Also called product design; entails a process of balancing various engineering, manufacturing, marketing, and economic considerations to develop a product’s form and features or a service’s features.
C12: What is a prototype?
Prototype
The first physical form or service description of a new product, still in rough or tentative form, that has the same properties as a new product but is produced through different manufacturing processes, sometimes even crafted individually.
C12: What is alpha testing?
Alpha testing
An attempt by the firm to determine whether a product will perform according to its design and whether it satisfies the need for which it was intended; occurs in the firm’s research and development (R&D) department.
C12: What is beta testing?
Beta testing
Having potential consumers examine a product prototype in a real-use setting to determine its functionality, performance, potential problems, and other issues specific to its use.
C12: What is a premarket test?
Premarket test
Conducted before a product or service is brought to market to determine how many customers will try and then continue to use it.
C12: What is test marketing?
Test marketing
Introduces a new product or service to a limited geographic area (usually a few cities) prior to a national launch.
C12: What is a product life cycle?
Product life cycle
Defines the stages that new products move through as they enter, get established in, and ultimately leave the marketplace and thereby offers marketers a starting point for their strategy planning.
C12: What is the introduction stage?
Introduction stage
Stage of the product life cycle when innovators start buying the product
C12: What is the growth stage?
Growth stage
Stage of the product life cycle when the product gains acceptance, demand and sales increase, and competitors emerge in the product category.
C12: What is the maturity stage?
Maturity stage
Stage of the product life cycle when industry sales reach their peak, so firms try to rejuvenate their products by adding new features or repositioning them.
C12: What is the decline stage?
Decline stage
Stage of the product life cycle when sales decline and the product eventually exits the market.
C14: What is a price?
Price
The overall sacrifice a consumer is willing to make—money, time, energy—to acquire a specific product or service.
C14: What is profit orientation?
Profit orientation
A company objective that can be implemented by focusing on target profit pricing, maximizing profits, or target return pricing.
C14: What is target profit pricing?
Target profit pricing
A pricing strategy implemented by firms when they have a particular profit goal as their overriding concern; uses price to stimulate a certain level of sales at a certain profit per unit.
C14: What is maximizing profits?
Maximizing profits
A profit strategy that relies primarily on economic theory. If a firm can accurately specify a mathematical model that captures all the factors required to explain and predict sales and profits, it should be able to identify the price at which its profits are maximized.
C14: What is target return pricing?
Target return pricing
A pricing strategy implemented by firms less concerned with the absolute level of profits and more interested in the rate at which their profits are generated relative to their investments; designed to produce a specific return on investment, usually expressed as a percentage of sales.
C14: What is sales orientation?
Sales orientation
A company objective based on the belief that increasing sales will help the firm more than will increasing profits.
C14: What is premium pricing?
Premium pricing
A competitor-based pricing method by which the firm deliberately prices a product above the prices set for competing products to capture those consumers who always shop for the best or for whom price does not matter.
C14: What is competitor orientation?
Competitor orientation
A company objective based on the premise that the firm should measure itself primarily against its competition.
C14: What is competitive parity?
Competitive parity
A firm’s strategy of setting prices that are similar to those of major competitors.
C14: What is status quo pricing?
Status quo pricing
A competitor-oriented strategy in which a firm changes prices only to meet those of competition.
C14: What is customer orientation?
Customer orientation
A company objective based on the premise that the firm should measure itself primarily according to whether it meets its customers’ needs.
C14: What is the demand curve?
Demand curve
Shows how many units of a product or service consumers will demand during a specific period at different prices.
C14: What are prestige products or services?
Prestige products or services
Those that consumers purchase for status rather than functionality.
C14: What is the price elasticity of demand?
Price elasticity of demand
Measures how changes in a price affect the quantity of the product demanded; specifically, the ratio of the percentage change in quantity demanded to the percentage change in price.
C14: What is elastic?
Elastic
Refers to a market for a product or service that is price sensitive; that is, relatively small changes in price will generate fairly large changes in the quantity demanded.
C14: What is inelastic?
Inelastic
Refers to a market for a product or service that is price insensitive; that is, relatively small changes in price will not generate large changes in the quantity demanded.
C14: What is dynamic/individualized pricing?
Dynamic pricing
Refers to the process of charging different prices for goods or services based on the type of customer, time of the day, week, or even season, and level of demand.
C14: What is the income effect?
Income effect
Refers to the change in the quantity of a product demanded by consumers due to a change in their income.
C14: What is the substitution effect?
Substitution effect
Refers to consumers’ ability to substitute other products for the focal brand, thus increasing the price elasticity of demand for the focal brand
C14: What is cross-price elasticity?
Cross-price elasticity
The percentage change in demand for product A that occurs in response to a percentage change in price of product B (see also complementary products)
C14: What are complementary products?
Complementary products
Products whose demand curves are positively related, such that they rise or fall together; a percentage increase in demand for one results in a percentage increase in demand for the other.
C14: What are substitute products?
Substitute products
Products for which changes in demand are negatively related; that is, a percentage increase in the quantity demanded for product A results in a percentage decrease in the quantity demanded for product B.
C14: What are variable costs?
Variable costs
Those costs, primarily labor and materials, that vary with production volume.
C14: What are fixed costs?
Fixed costs
Those costs that remain essentially at the same level, regardless of any changes in the volume of production.
C14: What is the total cost?
Total cost
The sum of the variable and fixed costs.
C14: What is a break-even analysis?
Break-even analysis
Technique used to examine the relationships among cost, price, revenue, and profit over different levels of production and sales to determine the break-even point.
C14: What is the break-even point?
Break-even point
The point at which the number of units sold generates just enough revenue to equal the total costs; at this point, profits are zero.
C14: What is the contribution per unit?
Contribution per unit
Equals the price less the variable cost per unit. Variable used to determine the break-even point in units
C14: What is a monopoly?
Monopoly
One firm provides the product or service in a particular industry.
C14: What is oligopolistic competition?
Oligopolistic competition
Occurs when only a few firms dominate a market.
C14: What is a price war?
Price war
Occurs when two or more firms compete primarily by lowering their prices.
C14: What is predatory pricing?
Predatory pricing
A firm’s practice of setting a very low price for one or more of its products with the intent to drive its competition out of business; illegal under both the Sherman Antitrust Act and the Federal Trade Commission Act.
C14: What is monopolistic competition?
Monopolistic competition
Occurs when there are many firms that sell closely related but not homogeneous products; these products may be viewed as substitutes but are not perfect substitutes.
C14: What is pure competition?
Pure competition
Occurs when different companies sell commodity products that consumers perceive as substitutable; price usually is set according to the laws of supply and demand.
C14: What is a gray market?
Gray market
Employs irregular but not necessarily illegal methods; generally, it legally circumvents authorized channels of distribution to sell goods at prices lower than those intended by the manufacturer.
C14: What are everyday low prices (EDLP)?
Everyday low pricing (EDLP)
A strategy companies use to emphasize the continuity of their retail prices at a level somewhere between the regular, nonsale price and the deep-discount sale prices their competitors may offer.
C14: What is high/low pricing?
High/low pricing
A pricing strategy that relies on the promotion of sales, during which prices are temporarily reduced to encourage purchases.
C14: What is reference pricing?
Reference price
The price against which buyers compare the actual selling price of the product and that facilitates their evaluation process
C14: What is a market penetration strategy?
Market penetration strategy
A growth strategy that employs the existing marketing mix and focuses the firm’s efforts on existing customers.
C14: What is the experience curve effect?
Experience curve effect
Refers to the drop in unit cost as the accumulated volume sold increases; as sales continue to grow, the costs continue to drop, allowing even further reductions in the price.
C14: What is price skimming?
Price skimming
A strategy of selling a new product or service at a high price that innovators and early adopters are willing to pay in order to obtain it; after the high-price market segment becomes saturated and sales begin to slow down, the firm generally lowers the price to capture (or skim) the next most price-sensitive segment
C14: What is loss leader pricing?
Loss leader pricing
Loss leader pricing takes the tactic of leader pricing one step further by lowering the price below the store’s cost.
C14: What is bait and switch?
Bait and switch
A deceptive practice of luring customers into the store with a very low advertised price on an item (the bait), only to aggressively pressure them into purchasing a higher-priced model (the switch) by disparaging the low-priced item, comparing it unfavorably with the higher-priced model, or professing an inadequate supply of the lower-priced item.
C14: What is predatory pricing? (again)
Predatory pricing
A firm’s practice of setting a very low price for one or more of its products with the intent to drive its competition out of business; illegal under both the Sherman Antitrust Act and the Federal Trade Commission Act.
C14: What is price discrimination?
Price discrimination
The practice of selling the same product to different resellers (wholesalers, distributors, or retailers) or to the ultimate consumer at different prices; some, but not all, forms of price discrimination are illegal.
C14: What is price fixing?
Price fixing
The practice of colluding with other firms to control prices.
C14: What is horizontal price fixing?
Horizontal price fixing
Occurs when competitors that produce and sell competing products collude, or work together, to control prices, effectively taking price out of the decision process for consumers.
C14: What is vertical price fixing?
Vertical price fixing
Occurs when parties at different levels of the same marketing channel (e.g., manufacturers and retailers) collude to control the prices passed on to consumers
C14: What is manufacturer’s suggested retail price (MSRP)?
Manufacturer’s suggested retail price (MSRP)
The price that manufacturers suggest retailers use to sell their merchandise
C15: What is marketing channel management?
Marketing channel management
Also called supply chain management; refers to a set of approaches and techniques firms employ to efficiently and effectively integrate their suppliers.
C15: What is supply chain management?
Supply chain management
Refers to a set of approaches and techniques firms employ to efficiently and effectively integrate their suppliers, manufacturers, warehouses, stores, and transportation intermediaries into a seamless value chain in which merchandise is produced and distributed in the right quantities, to the right locations, and at the right time, as well as to minimize systemwide costs while satisfying the service levels their customers require.
C15: What is a wholesaler?
Wholesaler
Firm engaged in buying, taking title to, often storing, and physically handling goods in large quantities, then reselling the goods (usually in smaller quantities) to retailers or industrial or business users.
C15: What is a viral marketing program?
Viral marketing program
A promotional strategy that encourages people to pass along a marketing message to other potential consumers.
C15: What is a distribution center?
Distribution center
A facility for the receipt, storage, and redistribution of goods to company stores or customers; may be operated by retailers, manufacturers, or distribution specialists.
C15: What is a fulfillment center?
Fulfillment center
Warehouse facilities used to ship merchandise directly to customers.
C15: What is a direct marketing channel?
Direct marketing channel
The manufacturer sells directly to the buyer.
C15: What is indirect marketing channel?
Indirect marketing channel
When one or more intermediaries work with manufacturers to provide goods and services to customers.
C15: What is vertical channel conflict?
Vertical channel conflict
A type of channel conflict in which members of the same marketing channel, for example, manufacturers, wholesalers, and retailers, are in disagreement or discord.
C15: What is horizontal channel conflict?
Horizontal channel conflict
A type of channel conflict in which members at the same level of a marketing channel, for example, two competing retailers or two competing manufacturers, are in disagreement or discord, such as when they are in a price war.
C15: What is an independent (conventional) marketing channel?
Independent (conventional) marketing channel
A marketing channel in which several independent members—a manufacturer, a wholesaler, and a retailer— each attempts to satisfy its own objectives and maximize its profits, often at the expense of the other members.
C15: What is a vertical marketing system?
Vertical marketing system
A supply chain in which the members act as a unified system; there are three types: administered, contractual, and corporate.
C15: What is an administered vertical marketing system?
Administered vertical marketing system
A supply chain system in which there is no common ownership and no contractual relationships, but the dominant channel member controls the channel relationship.
C15: What is power?
Power
A situation that occurs in a marketing channel in which one member has the means or ability to have control over the actions of another member in a channel at a different level of distribution, such as if a retailer has power or control over a supplier.
C15: What is reward power?
Reward power
A type of marketing channel power that occurs when the channel member exerting the power offers rewards to gain power, often a monetary incentive, for getting another channel member to do what it wants it to do.
C15: What is coercive power?
Coercive power
Threatening or punishing the other channel member for not undertaking certain tasks. Delaying payment for late delivery would be an example.
C15: What is referent power?
Referent power
A type of marketing channel power that occurs if one channel member wants to be associated with another channel member. The channel member with whom the others wish to be associated has the power and can get them to do what they want.
C15: What is expertise power?
Expertise power
When a channel member uses its expertise as leverage to influence the actions of another channel member.
C15: What is information power?
Information power
A type of marketing channel power within an administered vertical marketing system in which one party (e.g., the manufacturer) provides or withholds important information to influence the actions of another party (e.g., the retailer).
C15: What is legitimate power?
Legitimate power
A type of marketing channel power that occurs if the channel member exerting the power has a contractual agreement with the other channel member that requires the other channel member to behave in a certain way. This type of power occurs in an administered vertical marketing system.
C15: What is a contractual virtual marketing system?
Contractual vertical marketing system
A system in which independent firms at different levels of the supply chain join together through contracts to obtain economies of scale and coordination and to reduce conflict.
C15: What is franchising?
Franchising
A contractual agreement between a franchisor and a franchisee that allows the franchisee to operate a business using a name and format developed and supported by the franchisor.
C15: What is a corporate vertical marketing system?
Corporate vertical marketing system
A system in which the parent company has complete control and can dictate the priorities and objectives of the supply chain; it may own facilities such as manufacturing plants, warehouse facilities, retail outlets, and design studios.
C15: What is a strategic (partnering) relationship?
Strategic (partnering) relationship
A supply chain relationship that the members are committed to maintaining long term, investing in opportunities that are mutually beneficial; requires mutual trust, open communication, common goals, and credible commitments.
C15: What is a Universal Product Code (UPC)?
Universal Product Code (UPC)
The black-and-white bar code found on most merchandise.
C15: What is an Advanced Shipping Notice (ASN)?
Advanced shipping notice (ASN)
An electronic document that the supplier sends the retailer in advance of a shipment to tell the retailer exactly what to expect in the shipment.
C15: What is electronic data interchange (EDI)?
Electronic data interchange (EDI)
The computer-to-computer exchange of business documents from a retailer to a vendor and back.
C15: What is vendor-managed inventory (VMI)?
Vendor-managed inventory (VMI)
An approach for improving supply chain efficiency in which the manufacturer is responsible for maintaining the retailer’s inventory levels in each of its stores.
C15: What is a planner?
Planner
In a retailing context, an employee who is responsible for the financial planning and analysis of merchandise, and its allocation to stores.
C15: What is a dispatcher?
Dispatcher
The person who coordinates deliveries to distribution centers.
C15: What is receiving?
Receiving
The process of recording the receipt of merchandise as it arrives at a distribution center or store.
C15: What is checking?
Checking
The process of going through the goods upon receipt to ensure they arrived undamaged and that the merchandise ordered was the merchandise received.
C15: What is a radio frequency identification (RFID) tag?
Radio frequency identification (RFID) tag
Tiny computer chip that automatically transmits to a special scanner all the information about a container’s contents or individual products.
C15: What is a cross-docking distribution center?
Cross-docking distribution center
A distribution center to which vendors ship merchandise prepackaged and ready for sale. The merchandise goes to a staging area rather than into storage. When all the merchandise going to a particular store has arrived in the staging area, it is loaded onto a truck, and away it goes. Thus, merchandise goes from the receiving dock to the shipping dock—cross dock.
C15: What is floor-ready merchandise?
Floor-ready merchandise
Merchandise that is ready to be placed on the selling floor immediately.
C15: What is ticketing and marking?
Ticketing and marking
Creating price and identification labels and placing them on the merchandise.
C15: What is a pick ticket?
Pick ticket
A document or display on a screen in a forklift truck indicating how much of each item to get from specific storage areas
C15: What is the just-in-time (JIT) inventory system?
Just-in-time (JIT) inventory system
Inventory management system designed to deliver less merchandise on a more frequent basis than traditional inventory systems; the firm gets the merchandise “just in time” for it to be used in the manufacture of another product, in the case of parts or components, or for sale when the customer wants it, in the case of consumer goods; also known as quick response (QR) inventory system in retailing.
C15: What is the lead time?
Lead time
The amount of time between the recognition that an order needs to be placed and the arrival of the needed merchandise at the seller’s store, ready for sale.
C16: What is retailing?
Retailing
The set of business activities that add value to products and services sold to consumers for their personal or family use; includes products bought at stores, through catalogs, and over the Internet, as well as services like fast-food restaurants, airlines, and hotels.
C16: What is the omnichannel (multichannel) strategy?
Omnichannel (multichannel) strategy
Selling in more than one channel (e.g., stores, Internet, catalog).
C16: What is the distribution intensity?
Distribution intensity
The number of supply chain members to use at each level of the supply chain.
C16: What is intensive distribution?
Intensive distribution
A strategy designed to get products into as many outlets as possible.
C16: What is exclusive distribution?
Exclusive distribution
Strategy in which only selected retailers can sell a manufacturer’s brand.
C16: What is selective distribution?
Selective distribution
Lies between the intensive and exclusive distribution strategies; uses a few selected customers in a territory.
C16: What is a conventional supermarket?
Conventional supermarket
Type of retailer that offers groceries, meat, and produce with limited sales of nonfood items, such as health and beauty aids and general merchandise, in a self-service format.
C16: What are limited assortment supermarkets?
Limited-assortment supermarkets
Retailers that offer only one or two brands or sizes of most products (usually including a store brand) and attempt to achieve great efficiency to lower costs and prices. Also called extreme-value food retailer.
C16: What is a supercenter?
Supercenter
Large stores combining full-line discount stores with supermarkets in one place.
C16: What are warehouse clubs?
Warehouse clubs
Large retailers with an irregular assortment, low service levels, and low prices that often require membership for shoppers.
C16: What is a convenience store?
Convenience store
Type of retailer that provides a limited number of items at a convenient location in a small store with speedy checkout.
C16: What is a department store?
Department store
A retailer that carries many different types of merchandise (broad variety) and lots of items within each type (deep assortment); offers some customer services; and is organized into separate departments to display its merchandise.
C16: What are full-line discount stores?
Full-line discount stores
Retailers that offer low prices, limited service, and a broad variety of merchandise.
C16: What is a specialty store?
Specialty store
A type of retailer that concentrates on a limited number of complementary merchandise categories in a relatively small store.
C16: What is a drugstore?
Drugstore
A specialty store that concentrates on health and personal grooming merchandise, though pharmaceuticals may represent almost
70 percent of its sales.
C16: What is a category specialist?
Category specialist
A retailer that offers a narrow variety but a deep assortment of merchandise.
C16: What is a big box retailer?
Big box retailer
Discount stores that offer a narrow but deep assortment of merchandise (see category killer)
C16: What is a category killer?
Category killer
A specialist that offers an extensive assortment in
a particular category, so overwhelming the category that other retailers have difficulty competing.
C16: What is an extreme-value retailer?
Extreme-value retailer
A general merchandise discount store found in lower-income urban or rural areas.
C16: What is an off-price retailer?
Off-price retailer
A type of retailer that offers an inconsistent assortment of merchandise at relatively low prices.
C16: What is a service retailer?
Service retailer
A firm that primarily sells services rather than merchandise.
C16: What are private label brands/store brands?
Private-label brands
Brands developed and marketed by a retailer and available only from that retailer; also called store brands.
C16: What is an exclusive brand?
Exclusive brand
Developed by national brand vendor and retailer and sold only by that retailer
C16: What is mobile commerce (M-commerce)?
Mobile commerce (M-commerce)
Communicating with or selling to consumers through wireless handheld devices such as cellular phones.
C16: What is cooperative (co-op) advertising?
Cooperative (co-op) advertising
An agreement between a manufacturer and retailer in which the manufacturer agrees to defray some advertising costs.
C16: What is share of wallet?
Share of wallet
The percentage of the customer’s purchases made from a particular retailer.
C16: What is an online chat?
Online chat
Instant messaging or voice conversation with an online sales representative.
