Chapter 12 Flashcards
What is retailing?
Includes all activities involved in selling products or services directly to final consumers for personal, nonbusiness use
What are retailers?
Businesses whose sales come primarily from retailing
What is the largest retail sector in Canada?
Food and beverage retailers
What are convenience stores and discount stores?
Typically self-serve retailers that allow customers to perform their own locate-compare-select process to save time or money
What are limited-service retailers?
Provide some sales assistance because they carry products that require customers to seek expert advice and information
What are full-service retailers?
Salespeople assist customers in every phase of the shopping process- typically serve higher-end market, or sell luxury goods or specialty items
What are specialty stores?
They carry narrow product lines with deep assortments within those lines
What are department stores?
They carry a wide variety of product lines, organized into shoe, clothing, toy, & electronics departments
What are supermarkets?
They carry a wide assortment of food and grocery products
What are general merchandise stores?
A store that sells a broad selection of merchandise where people can purchase their general goods
What are superstores?
Much larger than regular supermarkets and offer a large assortment of routinely purchased food products, non-food items, and services
What are category killers or big box stores?
Large specialty stores that carry thousands of products in a particular category, such as Best Buy
What are service retailers?
Include hotels and motels, banks, airlines, restaurants, movie theatres, tennis club, bowling alleys, repair services, hair salons, and dry cleaners
What are discount stores?
Retail operations that sell standard merchandise at a lower price on a daily basis
What are off-price retailers?
Stores that buy at less-than-regular wholesale prices and charge consumers less than retail
What are the three main types of off-price retailers?
- Independent off-price retailers
- Factory outlets
- Warehouse clubs
What are independent off-price retailers?
Either independently owned and run or divisions of larger retail corporations
What are factory outlets?
Manufacturer-owned and operated stores by firms such as J.Crew, Gap, etc. that sometimes group together in factory outlet malls and value-retail centres
What are warehouse clubs?
They operate in huge, drafts, warehouse-like facilities and offer few frills
What are corporate chains?
Two or more outlets that are commonly owned and controlled
What is a voluntary chain?
A wholesaler sponsored group of independent retailers that engages in a group of buying and common merchandising
What is a retailer cooperative?
A group of independent retailers that bands together to set up a jointly owned, central wholesale operation and conduct joint merchandising and promotion efforts
What is product assortment?
A retailer’s product assortment should differentiate it while matching target shippers’ expectations
What is a services mix?
Can help set one retailer apart from another
