Chapter 13 Vocab Flashcards Preview

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Flashcards in Chapter 13 Vocab Deck (39):
1

retailing

all the activities involved in selling goods or services directly to final consumers for their personal, nonbusiness use

2

retailer

a business whose sales come primarily from retailing

3

shopper marketing

using in-store promotions and advertising to extend brand equity to the last mile and encourage favorable point of purchase decisions

4

self service retailers

serve customers who are willing to perform their own locate-compare-select process to save time and money

5

full service retailers

assist customers in every phase of the shopping process

6

specialty stores

a retail store that carries a narrow product line with a deep assortment within that line

7

department store

a retail store that carries a wide variety of product lines, each operated as a separate department managed by specialist buyers or merchandisers

8

supermarkets

large, low cost, low margin, high volume, self service store that carries a wide variety of grocery and household products

9

convenience 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 convenience goods

10

superstores

a store much larger than a regular supermarket that offers a large assortment of routinely purchased food products, nonfood items, and services

11

category killers

a giant specialty store that carries a very deep assortment of a particular line

12

service retailer

a retailer whose product line is actually a service; examples include hotels, airlines, banks, colleges and many others

13

discount store

a retail operation that sells standard merchandise at lower prices by accepting lower margins and selling at higher volume

14

off-price retailer

a retailer that buys at less than regular wholesale prices and sells at less than retail

15

independent off-price retailer

an off-price retailer that is either independently owned and run or is a division of a larger retail corporation

16

factory outlets

off-price retailing operation that is owned and operated by a manufacturer and normally carries the manufacturer's surplus, discontinued, or irregular goods

17

warehouse clubs

off-price retailer that sells a limited selection of brand-name grocery items, appliances, clothing, and other goods at deep discounts to members who pay annual membership fees

18

corporate chains

two or more outlets that are commonly owned and controlled

19

voluntary chain

a wholesaler sponsored group of independent retailers that engages in group buying and common merchandising

20

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

21

franchise

a contractual association between a manufacturer, wholesaler, or service organization (a franchisor) and independent businesspeople (franchisees) who buy the right to own and operate one or more units in the franchise system

22

retailer marketing decisions (3)

segmentation and targeting
store differentiation and positioning
retail marketing mix

23

3 major product variables

product assortment
services mix
store atmosphere

24

shopping center

a group of retail businesses built on a site that is planned, developed, owned, and managed as a unit

25

regional shopping center (mall)

shopping center of 50-100 stores or more

26

community shopping center

15-50 retail stores

27

neighborhood shopping centers or strip malls

5-15 stores

28

power centers

huge unenclosed shopping centers consisting of a long strip of retail stores

29

lifestyle centers

smaller, open air malls with upscale stores, convenient locations and nonretail activities (playground, skating rink, hotel, dining, movies)

30

wheel of retailing concept

suggests that new types of retailers usually begin as low-margin, low-price, low-status operations but later evolve into higher price, higher service operations, eventually becoming like the conventional retailers they replaced

31

pop up stores

promote brands to seasonal shoppers, create buzz in busy areas

32

showrooming

check out merchandise in brick and mortar store showrooms before buying it online

33

wholesaling

all the activities involved in selling goods and services to those buying for resale or business use

34

wholesaler

a firm engaged primarily in wholesaling activities

35

wholesaling channel functions (9)

selling and promoting
buying and assortment building
bulk breaking
warehousing
transportation
financing
risk bearing
market information
management services and advice

36

merchant wholesaler

an independently owned wholesale business that takes title to the merchandise it handles

37

broker

a wholesaler who does not take title to goods and whose function is to bring buyers and sellers together and assist in negotiation

38

agent

a wholesaler who represents buyers or sales on a relatively permanent basis, performs only a few functions, and does not take title to goods

39

manufacturers' sales branches and offices

wholesaling by sellers or buyers themselves rather than through independent wholesalers