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Retailing > Retailing 1-4 > Flashcards

Retailing 1-4 Flashcards

(104 cards)

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1
Q

backward integration

A

a form of vertical integration in which a retailer owns some or all of its suppliers

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2
Q

base of the pyramid

A

the 25% of the world’s population at the lowest end of the global income distribution, with combined spending power of approximately US $5 trillion

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3
Q

breaking bulk

A

a function preformed by retailers or wholesalers in which they receive large quantities of merchandise and sell them in smaller quantities

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4
Q

conscious retailing

A

entails a sense of purpose for the firm higher than simply making a profit by selling products and services

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5
Q

corporate social responsibility (CSR)

A

voluntary actions taken by a company to address the ethical. social. and environmental impacts of its business operations and the concerns of its stakeholders

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6
Q

ethics

A

a system or code of conduct based on universal moral duties and obligations that indicate how one should behave

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7
Q

forward integration

A

a form of vertical integration in which a manufacturer owns wholesalers or retailers

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8
Q

holding inventory

A

a major value-providing activity preformed by retailers whereby products will be available when consumers want them

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9
Q

intertype competition

A

competition between retailers that sell similar merchandise using different formats, such as discount and department stores

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10
Q

intratype competition

A

competition between retailers that are the same type (ex. kroger vs safeway)

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11
Q

retailer

A

a business that sells products and services to consumers for their personal or family use

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12
Q

retailing

A

a set of business activities that adds value to the products or services sold to consumers for their personal or family use

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13
Q

retail mix

A

the combination of factors used by a retailer to satisfy customers needs and influence their purchase decisions

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14
Q

retail strategy

A

a statement that indicates:
1) the target market tow arch which a retailer plans to commit its resources
2) the nature of the retail offering that the retailer plans to use to satisfy the needs of the target market
3) the bases on which the retailer will attempt to build a sustainable competitive advantage over competitions

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15
Q

scrambled merchandising

A

an offering of merchandise not typically associated with the store type, such as clothing in a drugstore

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16
Q

stakeholders

A

the broad set of people who might be affected by a firm’s actions, from current and prospective customer’s, top supply chain partners, to employees, to shareholders, to government agencies, to members of the communities in which the firm operates, to a general view of society

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17
Q

supply chain

A

a set of firms that make and deliver a given set o goods and services to the ultimate consumers

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18
Q

vertical integration

A

an example of diversification by retailers involving investments by retailers in wholesaling or manufacturing merchandise

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19
Q

wholesaler

A

firms that buy products from manufacturers and resell them to retailers

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20
Q

assortment

A

the number of SKUS with a merchandise category; also called depth of merchandise

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21
Q

breadth

A

the number of different merchandise categories within a store or department

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22
Q

category specialist

A

a discount retailer that offers a narrow but deep assortment of merchandise in a category and this dominates the category from the customers perspective

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23
Q

closeout

A

an offer at a reduced price to sell a group of slow-moving or incomplete stock

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24
Q

consignment shop

A

a store that sells used merchandise and reimburses the individual customers who provide the items only after they sell

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25
convenience store
store that provides a limited variety and assortment of merchandise at a convenient location in a 2,000 to 3,000 square foot store with speedy check out
26
conventional supermarket
self-service food store and offers groceries, meat, and produce with limited sales of nonfood items, such as health and beauty aids and general merchandise
27
department store
retailer that carries a wide variety and deep assortment, offers considerable customer services, and is organized into separate departments for displaying merchandise
28
depth
the number of SKUs within a merchandise category, also called depth of merchandise
29
dollar store
small, full-line discount store that offers a limited merchandise assortment at very low prices; also called extreme value retailer
30
drugstore
specialty retail store that concentrates on pharmaceuticals and health and personal growing merchandise
31
durable goods
merchandise expected to last for several years, such as appliances and furniture; also known as hard goods
32
edge computing
a marketing analysis method that gathers and applies data precisely where they are most beneficial
33
exclusive brand
a brand developed by a national brand vendor, often in conjunction with a retailer, and sold exclusively by the retailer
34
extreme value food retailer
a supermarket offering a limited number of SKUs
35
extreme value retailer
small, full-line discount store that offers a limited merchandise assortment at very low prices; also called a dollar store
36
factory outlet
outlet store owned by a manufacturer
37
flash sale sites
a site which emails to registered members announcing the unique deals available for a specific limited time
38
franchising
a contractual agreement between a franchisor and a franchise that allows the franchisee to operate a retail outlet using a name and format developed by the franchisor
39
full-line discount store
retailers that offer a broad variety of merchandise, limited service, and low prices
40
hard goods
merchandise expected to last for several years, such as appliances and furniture; also known as durable goods
41
hypermarket
large (100,000-300,000 square feet) combination food (60%-70%) and general merchandise (30%-40%) retailer
42
irregular
merchandise that has minor mistakes in construction
43
limited-assortment supermarket
a supermarket offering a limited number of SKUs
44
North American Industry Classification System (NAICS)
classification of retail forms into a hierarchical set of six digit codes based on the types of products and services they produce and sell
45
off-price retailer
a retailer that offers an inconsistent assortment of brand-name, fashion-orientated soft goods at low prices
46
outlet store
off-price retailer owned by a manufacturer or department or specialty store chain
47
private-label brand
products developed and marketed by a retailer and available for sale only by that retailer; also called store brand, house brand, or own brand
48
resale store
retailer that sells second hand or used merchandise
49
retail chain
a form that consists of multiple retail units under common ownership and usually has some centralization of decision making in defining and implementing its strategy
50
service retailer
organization that offers consumers services rather than merchandise (ex. banks, hospitals, health spas, doctors, legal clinics)
51
soft goods
merchandise with a relatively short life span, such as clothing or cosmetics
52
specialty store
a type of store concentrating on a limited number of complementary merchandise categories and providing a high level of service
53
standard industrial classification (SIC)
a standard system that reflects government classifications of industries, using four digit codes
54
stock-keeping unit(SKU)
the smallest unit available for keeping inventory control in soft goods merchandise, an SKU usually means s size, color and style
55
store brand
products developed and marketed by a retailer and available for sale only by that retailer; also called private label brand or own brand
56
super center
large store (150,000-220,000) combining a discount store with a supermarket
57
supermarket
a conventional supermarket is a large, self service retail food store offering groceries, meat, and produce , as well as some non food items, such as health and beauty aids and general merchandise
58
thrift store
a retail format offering used merchandise
59
variety
the number of different merchandise categories within a store or department
60
warehouse club
a retailer that offers a limited assortment of food and general merchandise with little service and low prices to ultimate consumers and small businesses
61
wholesale-sponsored voluntary cooperative group
an organization operated by a wholesaler offering a merchandising program to small, independent retailers on a voluntary basis
62
bot
robot; a bot refers to software applications or programming that preform repetitive tasks, often in ways that mimic human actions
63
bounce rate
the percentage of times a visitor leaves the site almost immediately, such as after viewing only one page
64
click path
shows how users proceed through the information
65
conversion rate
percentage of consumers who buy the product after viewing it
66
crowdsourcing
users submit ideas for a new product or service, and/or comment and vote on the ideas submitted by others
67
customer attribution
through attribution efforts, retailers can identify which touchpoints are responsible for evoking some particular customer behavior, such as purchase
68
digital retailing
online, social, and mobile business efforts that leverage digital assets to create, and deliver value to customers
69
earned media
any content or discussion of a retailer, created by others, and published its owned media channels, on some third-party site or page
70
e-commerce purchase funnel
the flow of customers on digital media, from their initial visit, to product views, to placing merchandise in their digital shopping carts to purchase
71
geotargeted advertising
this form of advertising uses location information gathered from mobile devices to send targeted information or notifications to customers
72
influencer marketing
a paid media strategy that uses seeds (ex, opinion leaders, often popular on social media) to deliver retailer messages to a targeted audience
73
keyword analysis
retailers can determine whether the keywords thar shoppers use to describe their needs and desires when they enter a request into a search engine match the keywords that the retail websites features
74
mircoblog
a short version of a blog, such as twitter
75
digital retailing
online, social, and mobile business efforts that leverage digital assets to create, capture, communicate, and deliver value to customers
76
owned media
media exposures that are controlled and paid for by the firm, such as its ecommerce websites, blogs, social media pages, email marketing messages, or mobile apps
77
paid media
media that the firm has paid to obtain, such as conventional television or print advertising, advertisements push through social media, or paid endorsements by celebrities or influencers
78
pay-per click
in a contract with a search engine that uses this standard, the firm pays for each time a customer clicks on its listed ad
79
push notifications
messages sent automatically to app users, regardless of whether or not they have the app open
80
responsive website design
this design approach includes programming to ensure that all the retailer's web pages adjust automatically to appear attractively on any device users might use to access them, such as smartphones and tablets with smaller screens
81
search engine ads
paid marketing efforts that ensure the companies' ads appear near the top of the list of results produced by a search engine when a user searches for a particular term
82
search engine marketing (SEM)
methods that marketers use to improve the visibility of their websites
83
search engine optimization
designing website content to improve the positioning of the site on search results pages
84
seeds
influential actors who can encourage additional sales of a product or service because they recommend it
85
sentiment analysis
assessments that monitor social media to determine how customers view the firm
86
social media
various forms of electronic communication that users can employ to create online communications in which they share ideas and information, their interpersonal messages, and other content (ex. videos)
87
automated retailing
a retail channel that stores merchandise or services in a machine, then dispense them to customers who provide or a credit card
88
boundaryless retailing
when consumers can purchase anything they want, in any channel and at any time, including online, offline, or through virtual means
89
catalog channel
a nonstore retailer that communicates directly with consumers using catalogs sent through the mail
90
channel migration
a customer practice in which customers search for information from a retailer's channel, then purchase in a different channel maintained by a competitor
91
cross-channel retailing
a type of marketing channel in which consumers use multiple channels to make purchases, such as when they receive an email coupon, download it onto their smartphone, and then go to a store to redeem the coupon and buy the product
92
direct selling
a retail format in which a salesperson, frequently an independent distributor, contacts a customer directly in a convenient location (either at a customer's home or at work) demonstrates merchandise benefits, take an order, and delivers the merchandise to the customer
93
internet retailing
a retail format in which retailers communicate with customers and offer products and services for sale over the Internet
94
live chat
technology that enables online customers to access an instant messaging or voice conversation with a sales representative in real time
95
m-commerce
internet channels accessed through tablets, smartphones, or other handheld devices, also known as mobile marking, mobile commerce, or mobile retailing
96
mobile commerce
internet channels accessed through tablets, smartphones, or other handheld devices, also known as mobile marking, m- commerce, or mobile retailing
97
mobile retailing
internet channels accessed through tablets, smartphones, or other handheld devices, also known as mobile marking, mobile commerce, or m-commerce
98
multichannel retailing
selling merchandise or services through more than one channel
99
omnichannel retailing
coordinated multichannel retail offering that ensures a seamless customer experience across all the retailer's channels
100
retail channel
the means by which a retailer sells and delivers merchandise to customers
101
showrooming
a practice in which consumers visit stores to interact with a physical product and receive sales assistance, then purchase it through a less expensive channel, such as online
102
vending machine
a nonstore format in which merchandise or services are stored in a machine and dispensed to customers when they deposit cash or use a credit card
103
single channel-retailing
selling merchandise or services through only one channel
104
social retailing
conducting purchase transactions through a social media site; called s-retailing

Retailing (1 decks)

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