Chapter 12 Flashcards
Define retailing
the service business of selling products to final customers
5 steps of retailing
- planning the types and quantities of goods to sell
- buying the goods from suppliers (vendors)
- receiving the goods
- arranging the goods for sale
- selling goods to consumers
define merchandising
planning, buying, and selling of apparel and accessories
define financial control
the function that deals with supervising the budget and overseeing spending
define store operations
this function is concerned with physically managing and maintaining the store
define human resources
deals with hiring, training, scheduling, and rewarding employees
define promotion
this function involves advertising, display, public relations, publicity, and special events
general vs specialized merchandisers
general- market all types of goods in multiple price ranges to satisfy the many needs of a broad range of customers
specialized- offer limited lines of related products targeted to more defined customers
define department stores
large-scale general merchandisers offering many types of items grouped into separate departments
define branch stores
usually smaller retail units owned and operated by a parent store and located in the suburbs
define flagship store
the main store that is located in a central district
define chain store
a group of stores owned by a central office
define discount stores
retail establishments that sell merchandise at lower than market-level prices
what are factory outlets
manufacturer owned and operated discount stores
Wholesale warehouse clubs
specialize in bulk sales of a limited selection of nationally branded staple merchandise
