Chap 15** Flashcards Preview

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Flashcards in Chap 15** Deck (24)
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1
Q

When did discount stores (Target, Walmart) show up in the market?

A

1950s

2
Q

What is the hypothesis that each new type of retailer gains a competitive foothold by offering lower prices than current suppliers charge, the result of reducing or eliminating services?

A

Wheel of retailing

3
Q

What is the basis of developing retail strategy?

A
  • Selecting target market

- Developing retailing mix to satisfy the chosen market

4
Q

What are things to consider in selecting a target market?

A
  • size of market
  • profit potential of the market
  • level of competition
  • Demo, psycho and geographic factors
5
Q

What are things to consider when developing merchandise mix?

A
  • Needs and preferences
  • Competitive environment
  • Overall profitability of each product line and category
6
Q

What does SKU stand for? (offering within a product line)

A

stock-keeping unit

7
Q

What are nonrefundable fees grocery retailers receive from manufacturers to secure shelf space for new products?

A

slotting allowances

8
Q

Things to consider for developing customer service

A
  • attracting and retaining target customers to increase sales and profits
  • services that retailers provide
    .comp coffee, restrooms, child care
9
Q

Price strategy?

A
  • prices reflect a retailers marketing objectives and policies
10
Q

What is a markup?

A

amount a retailer adds to the cost of a product to determine its selling price

11
Q

What is a markdown?

A

amount by which a retailer reduces the original selling price of a product

12
Q

Depend on what factors is location strategy developed?

A
  • type of merchandise
  • retailers financial resources
  • characteristics of the target market
  • site availability
13
Q

Promotional Strategy - things to remember

A
  • sales people play important role with: selling up and suggestion selling
  • communicating sales, new products
14
Q

A combination of physical characteristics and amenities that contribute to a store’s image is called?

A

Atmospherics

- includes exterior and interior decor

15
Q

A convenience retailer focuses marketing on what?

A
  • accessible locations
  • extended store hours
  • rapid checkout services
  • adequate parking facilities
16
Q

What is a store called that handles only part of a single product line?

A

Specialty store

17
Q

A retailer that offers a large assortment of products within on product line or a few related lines is called?

A

limited line retailer

18
Q

What is a category killer?

A

retailer that offers huge selections and low prices in single product lines.

  • Bass Proshop
  • Barnes and Noble
  • ToysRUs
19
Q

A series of limited line and specialty stores under one roof is called a ______ ?

A

Department store

20
Q

Warehouse club?

A

Costco, Sams Club, BJs

21
Q

*The concept of the wheel or retailing attempts to explain:

A

the patterns of change in the life of retailing. ?

22
Q

*A lifestyle center is a type of planned shopping center that:

A

offers a combination of shopping, live entertainment, movie theatres, restaurants, decorative fountains and much more in an attractive outdoor enivornment

23
Q

*Which of the following is an example of a specialty store?

A

A men’s shoe store

24
Q

What is selling up vs suggestion selling?

A

Pushing a product that is more expensive then the one the customer is looking at.