Chapter 13 Flashcards
(25 cards)
retailing
all activities involved in selling goods or services directly to final consumers for their personal, nonbusiness use
retailer
a business whos sales come primarily from retailing
specialty store
a retail store that carriers a narrow product line with a deep assortment within that line
department store
a retail organization that carriers a wide variety of product lines - each line is operated as a separate department managed by specialist buyers or merchandisers
supermarket
a large, low-cost, low-margin, high-volume self-service store that carries a wide variety of grocery and household products
conveinience store
a small store, located near a residential area, that is open long hours seven days a week and carries a limited line of high turnover convience goods
superstore
a store much larger than a regular supermarket that offers a large assortment of routinely purchased food products, nonfood items, and services
category killer
a giant specialty store that carriers a very deep assortment of a particular line and is staffed by knowledgeable employees
service retailer
a retailer who product line is actually a service, including hotels, airlines, banks, colleges, etc
discount store
a retail operation that sells standard merchandise at lower prices by accepting lower margins and selling at higher volume
off-price retailer
a retailer that buys at less-than-regular wholesale prices and sells at less than retail. ex: factory outlets, independents, and warehouse clubs
independent off-price retailer
an off-price retailer that is either independently owned and run or is a division of a larger retail corporation
factory outlet
an off-price retailing operation that is owned and operated by a manufacturer and that normally carries the manufacturer’s surplus, discontinued, or irregular goods
warehouse club
an off-price retailer that sells a liited selection of brand name grocery items, appliances, clothing, and a hodgepodge of other goods at deep discounts to members who pay annual membership fees
chain stores
two or more outlets that are commonly owned and controlled
franchise
a contractual association between a manufacturer, wholesaler, or service organization (a franchisor) and independent business people (frnachisees) who buy the right to own and operate one or more units in the franchise system
shopping center
a group of retail business planned, developed, owned, and managed as a unit
wheel of retailing concept
a concept that states that new types of retailers usually begin as low-margin, low-price, low-status operations but later evolve into higher-rpiced, higher-service operations, eventually becoming like the conventional retailers they replaced
wholesaling
all activities involved in selling goods and services to those buying for resale or business use
wholesaler
a firm engaged primarily in wholesaling activities
merchant wholesaler
an independently owned business that takes title to the merchandise it handles
broker
a wholesaler who does not take title to goods and whose function is to bring buyers and sellers together and assist negociation
agent
a wholesaler who represents buyers or sellers on a relatively permanent basis, performs only a few functions, and does not take title to goods
manufacturers’ sales branches and offices
wholesaling by sellers or buyers themselves rather than through independent wholesalers
