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Marketing 3000 Final > Chapter 16/17: Retailing > Flashcards

Chapter 16/17: Retailing Flashcards

(51 cards)

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1
Q

Retailing

A

All activities involved in selling, renting, and providing products and services to ultimate consumers for personal, family, or household use

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2
Q

Retailers

A

Distribution Channel
Both customers and marketers

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3
Q

Form of Ownership

A

Distinguishes retail outlets based on whether independent retailers, corporate chains, or contractual systems own the outlet

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4
Q

Independent Retailer

A
  • Most common
  • Owned by an individual
  • Owner is the boss
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5
Q

Corporate Chain

A

Multiple outlets under common ownership

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6
Q

Contractual Systems

A

Independently owned stores that band together to act like a chain

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7
Q

Franchise System

A

An individual or firm (the franchisee) contracts with a parent company (the franchisor) to set up a business or retail outlet

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8
Q

Level of Service

A

The degree of service provided to the customer from three types of retailers: self-, limited-, and full-service

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9
Q

Self-Service

A
  • Customer performs many functions during purchase process
  • Trend is making customer co-creators
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10
Q

Limited Service

A
  • Some services like credit and merchandise return, but not others like alterations.
  • Salespeople available for some assistance
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11
Q

Full Service

A

Customer service is at the heart

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12
Q

Merchandise Line

A

How many different types of products a store carries and in what assortment

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13
Q

Specialty Outlets

A
  • Category Killers
  • Limited or Single line stores
  • Carries a large assortment of each item
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14
Q

General Merchandise Store

A
  • Carry broad product line, with limited depth
  • Department stores
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15
Q

Scrambled Merchandising

A

Offering several unrelated product lines in a single store

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16
Q

Supercenters

A

Combining general merchandise and grocery

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17
Q

Breadth of Product Line

A

How many product lines are offered

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18
Q

Depth of Product Line

A

How many different items in a product line sold, number of options

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19
Q

Direct Selling

A

Manufacturers sell directly to consumers at their home or office

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20
Q

Telemarketing

A

Using the phone to sell directly to consumers

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21
Q

Internet/Online Retailing

Study These Flashcards
A

Virtual Storefronts
Brick-and-Mortar –> Web

22
Q

Direct Mail

Study These Flashcards
A

Postcards, letters, catalogs

23
Q

Automatic Vending

Study These Flashcards
A

V-Commerce: vending machines to offer a wider variety of goods

24
Q

Retailing Mix

Study These Flashcards
A
  • Retail Pricing
  • Store Location
  • Retail Communication
  • Merchandise
25
Markup
Amount a retailer adds to the cost of a product to determine its selling price
26
Markdown
Amount by which a retailer reduces the original selling price of a product
27
EDLP
Emphasizes consistently low prices and eliminates most markdowns
28
Shrinkage
Aka breakage, theft and fraud by customers and employees; increases prices
29
Off-Price Retailing
Consists of selling brand- name merchandise at lower than regular prices
30
Examples of off-price retailers
Warehouse Club Outlet Store Single/Extreme Value Store
31
Store Atmospherics
Combination of physical characteristics and amenities that contribute to a store’s image
32
Shopper Marketing
The use of displays, coupons, product samples, and other brand communications to influence shopping behavior in a store
33
Category Management
An approach to managing the assortment of merchandise in which a manager is assigned the responsibility for selecting all products that consumers in a market segment might view as substitutes for each other, with the objective of maximizing sales and profits in the category
34
Assortment Paradox
Pre-choice: Large assortment During choice: Small assortment
35
Customer Service
Attract and retain target customers to increase sales and profits
36
How does digital technology promote and sustain customer relationships?
Interactivity and Individuality
37
Interactive Marketing
The two-way buyer-seller electronic communication in a computer- mediated environment in which the buyer controls the kind and amount of information received from the seller
38
Choiceboard
Interactive, Internet-enabled system that allows individual customers to design their own products and services by answering a few questions and choosing from a menu of product or service attributes (or components), prices, and delivery options
39
Collaborative Filtering
A process that automatically groups people with similar buying intentions, preferences, and behaviors and predicts future purchases
40
Personalization
Generating content on a marketer’s website that is custom tailored to an individual’s specific needs and preferences
41
Permission Marketing
The solicitation of a consumer's consent to receive email and advertising based on personal data supplied by the consumer
42
Why do consumers shop and buy online?
Convenience, Cost, Customization, Communication, Cost, Control
43
Bots
Electronic shopping agents or robots that comb websites to compare prices and product or service features
44
8-second Rule
Customers will abandon their efforts to enter and navigate a website if download time exceeds eight seconds
45
Customization
Not only customizing a product or service but also personalizing the marketing and overall shopping and buying interaction for each customer.
46
Web Communities
Websites that allow people to congregate online and exchange views on topics of common interest
47
Spam
Communications that take the form of electronic junk mail or unsolicited e-mail.
47
Spam
Communications that take the form of electronic junk mail or unsolicited e-mail.
48
Viral Marketing
Internet enabled promotional strategy that encourages individuals to forward marketer-initiated messages to others via e-mail, social networking websites, and blogs
49
Cookies
Computer files that a marketer can download onto the computer and mobile phone of an online shopper who visits the marketer’s website
50
Behavioral Targeting
Uses info provided by cookies for directing online advertising from marketers to those online shoppers whose behavioral profiles suggest they would be interested in such advertising

Marketing 3000 Final (6 decks)

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