Chapter 15: Retailing Flashcards Preview

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Flashcards in Chapter 15: Retailing Deck (45)
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1

Retail

All the activities directly related to the sale of goods and services to the ultimate consumer for personal, nonbusiness use.

2

Retailer

The market intermediary that sells goods and services to the final consumer.

3

Independent retailers

Retailers owned by a single person or partnership and not operated as a part of a larger retail institution.

4

Chain stores

Stores owned and operated as a group by a single organization. This includes franchises which combine independent retailer operations with chain store operations.

5

Gross margin

The amount of money the retailer makes as a percentage of sales after the cost of goods sold is subtracted.

6

Department store

A store housing several departments under one roof.

7

Specialty store

A retail store specializing in a given type of merchandise.

8

Supermarkets

Large, departmentalized, self-service retailers that specialize in food and some nonfood items.

9

Scrambled merchandising

The tendency to offer a wide variety of nontraditional goods and services as their main draw.

10

Drugstores

Retail stores that stock pharmacy-related products and services as their main draw.

11

Convenience store

A miniature supermarket, carrying only a limited line of high-turnover convenience goods.

12

Discount store

A retailer that competes on the basis of low prices, high turnover, and high volume.

13

Full-line discount stores

Retailers that offer consumers very limited service and carry a broad assortment of well-known, nationally branded hard goods.

14

Mass merchandising

A retailing strategy using moderate to low prices on large quantities of merchandise and lower levels of service to stimulate high turnover of products.

15

Supercentres

Retail stores that combine groceries and general merchandise goods with a wide range of services.

16

Specialty discount stores

Retail stores that offer a nearly complete selection of single-line merchandise and use self-service, discount prices, high volume, and high turnover.

17

Category killers

Specialty discount stores that heavily dominate their narrow merchandise segment.

18

Warehouse membership clubs

Limited-service merchant wholesalers that sell a limited selection of brand-name appliances, household items, and groceries to members, small businesses, and groups.

19

Off-price retailer

A retailer that sells brand-name merchandise at considerable discounts.

20

Factory outlet

An off-price realtor that is owned and operated by a manufacturer.

21

Nonstore retailing

Provides shopping without visiting a store.

22

Automatic vending

The use of machines to offer goods for sale.

23

Self-service technologies (SST)

Technological interfaces that allow customers to provide themselves with products and/or services without the intervention of a service employee, like a pay at the pump gasoline station.

24

Direct retailing

The selling of products by representatives who work door-to-door, office-to-office, or at in-home parties.

25

Direct marketing (direct response marketing)

Techniques used to get consumers to make a purchase from their home, office, or another non-retail setting.

26

Direct mail

A printed form of direct-response communication that is delivered directly to consumers' homes.

27

Telemarketing

The use of telecommunications to sell a product or service; involves both outbound (unsolicited) and inbound (consumer orders being placed) calls.

28

Shop-at-home television network

A specialized form of direct-response marketing whereby television shows display merchandise, with the retail price, to home viewers.

29

Online retailing (e-tailing)

A type of shopping available to consumers with personal computers and access to the Internet.

30

Omni channel retailing

An approach that combines the advantages of the physical store experience with the information-rich experience of online shopping, providing the consumer with a seamless experience through all available shopping channels.