Ch 14 Vocab

Question 1

All the activities directly related to the sale of goods and services to the ultimate consumer for personal, nonbussiness use

Answer 1

Retailing

Question 2

Channel intermediary that sells mainly to consumers

Answer 2

Retailer

Question 3

Retailer owned by a single person or partnership and not operated as part of a larger retail institution

Answer 3

Independent Retailer

Question 4

Store that is part of a group of the same stores owned and operated by a single organization

Answer 4

Chain Store

Question 5

Relationship in which the business rights to operate and sell a product are granted by the franchisor to the franchisee

Answer 5

Franchise

Question 6

Originator of a trade name, product, methods of operation, and the like that grants operating rights to another party to sell its product

Answer 6

Franchisor

Question 7

Individual or business that is granted the right to sell another party’s product

Answer 7

Franchisee

Question 8

Amount of money the retailer makes as a percentage of sales after the cost of goods sold is subtracted

Answer 8

Gross Margin

Question 9

Store housing several departments under one roof

Answer 9

Department Store

Question 10

Retail store specializing in a given type of merchandise

Answer 10

Specialty Store

Question 11

A large, departmentalized, self-service retailer that specializes in food and nonfood items

Answer 11

Supermarket

Question 12

Retail store that stocks pharmacy related products and service as its main draw

Answer 12

Drugstore

Question 13

Miniature supermarket, carrying only a limited line of high turnover convenience goods

Answer 13

Convenience Store

Question 14

Retailer that competes on the basis of low prices, high turnover, and high volume

Answer 14

Discount Store

Question 15

Discount store that carries a vast depth and breadth of product within a single product category

Answer 15

Full Line Discount Store

Question 16

Large retailer that stocks and sells a wide variety of merchandies including groceries, clothing, household goods, and other general merchandise

Answer 16

Supercenter

Question 17

Retail store that offers a nearly complete selection of single-line merchandies and uses self-service, discount prices, high volume, and high turnover

Answer 17

Specialty Discount Store

Question 18

Large discount store that specializes in a single line of merchandise and becomes the dominant retailer in its category

Answer 18

Category Killer

Question 19

Large, no frills retailer that sells bulk quantities of merchandise to customers at volume discount prices in exchange for a periodic membership fee

Answer 19

Warehouse club

Question 20

Retailer that sells at prices 25 percent or more below traditional department store prices because it pays cash for its stock and usually doesn’t ask for return privleges

Answer 20

Off Price Retailer

Question 21

An off-price retailer that is owned and operated by a manufacture

Answer 21

Factory Outlet

Question 22

Retailer where items purchased from one of other types of retailers are resold to different customers

Answer 22

Used Goods Retailer

Question 23

Retailer that provides both tangible products–food and drink and valuable services – food preparation and presentation

Answer 23

Restaurant

Question 24

shopping without visiting a store

Answer 24

Nonstore Retailing

Question 25

the use of machines to offer goods for sale

Answer 25

Automatic Vending

Question 26

Technological interfaces that allow customers to provide themselves with products and/or services without the intervention of a service employee

Answer 26

Self-Service Technologies

Question 27

The selling of products by representatives who work door-to-door, office-to-office, or at home sales parties

Answer 27

Direct Retailing

Question 28

Techniques used to get consumers to make a purchase from their home, office, or other nonretail setting

Answer 28

Direct Marketing

Question 29

The use of the telephone to sell directly to consumers

Answer 29

Telemarketing

Question 30

The delivery of advertising or marketing material to recipients of postal or electronic mail

Answer 30

Direct Mail

Question 31

The use of direct marketing techniques that employ highly detailed data analytics to identify potential customers with great precision

Answer 31

Microtargeting

Question 32

A specialized form of direct response marketing whereby television shows display merchandise, with the retail price, to home viewers

Answer 32

Shop at home tv network

Question 33

a type of shopping available to consumers via access to the internet

Answer 33

E-tailing (online retailing)

Question 34

The way connected consumers exchange goods and services with each other through a digital marketplace

Answer 34

Sharing Economy

Question 35

Inventory displayed for sale to customers

Answer 35

Floor Stock

Question 36

Inventory held in reserve for potential future sale in a retailer’s storeroom or stockroom

Answer 36

Back stock

Question 37

A combination of the six Ps—product, promotion, place, price, presentation, and personnel—to sell goods and services to the ultimate consumer

Answer 37

Retailing mix

Question 38

The reduction of sales for one brand as the result of the introduction of a new product or promotion of a current product by another brand

Answer 38

Brand Cannibalization

Question 39

A store that consumers purposely plan to visit prior to shopping

Answer 39

Destination Store

Question 40

The overall impression conveyed by a store’s physical layout, decor, and surroundings

Answer 40

Atmosphere

Question 41

The internal design and configuration of a store’s fixtures and products

Answer 41

Layout

Question 42

Understanding how one’s target consumers behave as shoppers, in different channels and formats, and leveraging this intelligence to generate sales or other positive outcomes

Answer 42

Shopper Marketing

Question 43

Searching for and discovering meaningful patterns in shopper data for the purpose of fine-tuning, developing, or changing market offerings

Answer 43

Shopper Analytics

Question 44

The process of discovering patterns in large data sets for the purposes of extracting knowledge and understanding human behavior

Answer 44

Big Data Analytics

Question 45

A device that sends out connecting signals to customers’ smartphones and tablets to bring them into a retail store or improve their shopping experience

Answer 45

Beacon

Question 46

The reduction of multiple retail channel systems into a single, unified system for the purpose of creating efficiencies or saving costs

Answer 46

Retail Channel Omnification

Question 47

The practice of buying something online and then traveling to a physical store location to take delivery of the merchandise

Answer 47

Click and Collect