Introduction to Retailing Flashcards
It is any firm that sells a product or provides a service to the final consumer in a store, through the mail, over the telephone, through the Internet, door-to-door, with a push cart on the street, or through a vending machine. It doesn’t matter what is being sold, all are a form of?
Retailing
They are must be vigilant in identifying and understanding any factors that might affect families’ spending priorities if they are to remain successful.
Retailers
It is embedded in the word retail is one of the most important trends in the retail industry.
E-Tailing
These are retailers that operate out of a physical and geographic based building or store.
Bricks-and-mortar Retailers
The fastest growing form of e-tailing or e-commerce is beginning to be known as?
M-Tailing or M-Commerce
These are digital services that can be downloaded to one’s phone or tablet. Services provided range from those designed to enable the playing of an electronic game, to viewing a magazine, locating a restaurant, or even getting medical advice.
Apps
Some bricks-and-mortar retailers may have to discontinue some product categories as consumers engage in an activity in which occurs when the consumer gets needed information in the stores and then orders it online for a lower price and to avoid paying state sales tax.
Channel Surfing
It is a discount or low-price retailing allows retailers to improve their operating efficiency and thus enables them to continue to lower prices. This occurs because when operating a store, many costs are fixed, such as rent and occupancy. Thus, as sales rise, the rent and occupancy costs a percentage of sales decline.
Price Competition
Other significant changes in retailing over the past decade have resulted from changing demographic factors.
Demographic Shifts
It is a retailing term that compares an individual store’s sales to its sales for the same month in the previous year.
Same-store Sales
It refers to a retailer’s sales as a percentage of total market sales for the merchandise line or service category under consideration.
Market Share
This is where the more merchandise customers see, the more they will buy.
Store Size
It is the result of the pressure being placed on many retailers to increase profits by carrying additional, unrelated merchandise or services so as to increase store traffic.
Scrambled Merchandising
It derives from its marketing strategy which carry a large amount of merchandise in a single category at such low prices that it makes it impossible for customers to walk out without purchasing what they need, thus “killing” the competition.
Category Killer
This term refers to the practice of selling only to a specific market segment, you specialize in a particular type of product or sometimes a few closely related ones.
Niche Retailing
