Chapter 13 Vocab Flashcards

(39 cards)

1
Q

retailing

A

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

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2
Q

retailer

A

a business whose sales come primarily from retailing

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3
Q

shopper marketing

A

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

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4
Q

self service retailers

A

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

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5
Q

full service retailers

A

assist customers in every phase of the shopping process

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6
Q

specialty stores

A

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

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7
Q

department store

A

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

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8
Q

supermarkets

A

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

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9
Q

convenience store

A

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

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10
Q

superstores

A

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

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11
Q

category killers

A

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

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12
Q

service retailer

A

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

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13
Q

discount store

A

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

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14
Q

off-price retailer

A

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

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15
Q

independent off-price retailer

A

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

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16
Q

factory outlets

A

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

17
Q

warehouse clubs

A

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
Q

corporate chains

A

two or more outlets that are commonly owned and controlled

19
Q

voluntary chain

A

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

20
Q

retailer cooperative

A

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
Q

franchise

A

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
Q

retailer marketing decisions (3)

A

segmentation and targeting
store differentiation and positioning
retail marketing mix

23
Q

3 major product variables

A

product assortment
services mix
store atmosphere

24
Q

shopping center

A

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