exam 2 ch. 13 Flashcards Preview

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Flashcards in exam 2 ch. 13 Deck (29)
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1
Q

Retailing

A

consists of the activities involved in selling, renting, and providing products to consumers

2
Q

Consumer Utilities

A

Place, Possession, Form, Time

3
Q

Form of Ownership

A

distinguish retail outlets based on whether individual, corporate chains, or contractual systems own the outlet

4
Q

Level of Service

A

degree of service provided to the customer from 3 types retailers: self- , limited-, and full-service

5
Q

Merchandise Line

A

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

6
Q

Independent retailer

A

accounts for most of the 3.7 million stores

7
Q

corporate chain

A

multiple outlets under common ownership

8
Q

contractual systems

A

independently owned stores work together

9
Q

Self Service:

A

Customers perform functions

10
Q

Limited Service

A

provide some services

11
Q

Full Service

A

provide ALL services to customer

12
Q

Depth of product line

A

means the store carries a large assortment of each product

13
Q

Breadth of product line

A

describes the variety of different product items

14
Q

Scrambled Merchandising

A

offering several unrelated product lines in a store

15
Q

retailing mix

A

activity related to managing the store, includes: pricing, store location, communication, and merchandise

16
Q

retail pricing

A

price at which an item is sold

17
Q

Markdown

A

marking the price of an item down

18
Q

(EDLP) Every day low pricing

A

a pricing strategy– it is the added price over the total cost of the good or service.(i.e. walmart)

19
Q

Off-Price retailing

A

selling brand name merchandise at lower than regular prices

20
Q

Retail Communication

A
  1. image
  2. shopper marketing
  3. shopping experience
21
Q

shopper marketing

A

use of displays, coupons, product samples, and other communications to influence shopping

22
Q

Shopping experience

A

perception of an encounter with a store

23
Q

Merchandise

A
  1. category management

2. marketing metrics

24
Q

Category management

A

manage the assortment of merchandise; manager is responsible for selecting all products that consumers might view as substitutes

25
Q

Marketing metrics

A

square foot per mile, same store sales

26
Q

Wheel of retailing

A

how new forms of retail enter the market

27
Q

Retail life cycle

A

growth and decline

28
Q

Manufactures agents

A

reps/selling agents

29
Q

Brokers

A

firms or individuals who bring buyers and sellers together and make sales