Marketing

Front 1

The variety of different items a store carries.

Back 1

Breadth of product line  

Front 2

An approach that assigns a manager with the responsibility for selecting all products that consumers in a market segment might view as substitutes for each other, with the objective of maximizing sales and profits in the category.

Back 2

Category management 

Front 3

The oldest retail setting, the community’s downtown area.

Back 3

Central business district

Front 4

A retail location that typically has one primary store (usually a department store branch) and 20 to 40 smaller outlets, serving a population of consumers who are within a 10- to 20-minute drive.

Back 4

Community shopping centre

Front 5

The store carries a large assortment of each item.

Back 5

Depth of product line

Front 6

Distinguishes retail outlets based on whether individuals, corporate chains, or contractual systems own the outlet.

Back 6

Form of ownership

Front 7

A large store (more than 200,000 square feet) offering consumers everything in a single outlet.

Back 7

Hypermarket

Front 8

Utilizing a seamless combination of traditional store formats and nonstore formats, such as catalogues, television, electronic kiosks, and online retailing.

Back 8

Integrated multichannel retailing

Front 9

 Competition between very dissimilar types of retail outlets.

Back 9

Intertype competition

Front 10

The degree of service provided to the customer by self-, limited-, and full-service retailers.

Back 10

Level of service  

Front 11

Lifestyle centre 

Back 11

 An open-air cluster of specialty retailers, along with theatres, restaurants, fountains, play areas, and green spaces.

Front 12

Merchandise line 

Back 12

 The number of different types of products a store carries and in what assortment.

Front 13

Off-price retailing 

Back 13

 Selling brand name merchandise at lower than regular prices.

Front 14

Power centre 

Back 14

 A huge shopping strip with multiple anchor (or national) stores, a convenient location and a supermarket.

Front 15

Regional shopping centre 

Back 15

 Consists of 50 to 150 stores that typically attract customers who live within an 8- to 16-km range, often containing two or three anchor stores.

Front 16

Retail life cycle 

Back 16

 The process of growth and decline that retail outlets, like products, experience.

Front 17

Retail positioning matrix 

Back 17

 Positions retail outlets on two dimensions

Front 18

Retailing 

Back 18

 All activities involved in selling, renting and providing goods and services to ultimate consumers for personal, family or household use.

Front 19

Retailing mix 

Back 19

 Activities related to managing the store and the merchandise in the store – including retail pricing, store location, retail communication, and merchandise.

Front 20

Scrambled merchandising 

Back 20

 Offering several unrelated product lines in a single retail store.

Front 21

Shrinkage

Back 21

  Breakage and theft of merchandise by customers and employees.

Front 22

Strip location 

Back 22

 A cluster of stores serving people who live within a 5- to 10minute drive.

Front 23

Telemarketing 

Back 23

 Using the telephone to interact with and sell directly to consumers.

Front 24

Wheel of retailing 

Back 24

 A concept that describes how new retail outlets enter the market as low-status, low-margin stores and gradually add embellishments that raise their prices and status. They now face a new low-status low-margin operator, and the cycle starts to repeat itself.

Front 25

Account management policies 

Back 25

 Policies that specify who salespeople should contact, what kinds of selling and customer service activities should be engaged in and how these activities should be carried out.

Front 26

Adaptive selling 

Back 26

 A need-satisfaction sales presentation that involves adjusting the presentation to fit the selling situation.

Front 27

Consultative selling 

Back 27

 Focuses on problem definition where the salesperson serves as an expert on problem recognition and resolution.

Front 28

Emotional intelligence  

Back 28

The ability to understand one’s own emotions and the emotions of people with whom one interacts on a daily basis.

Front 29

Formula selling presentation 

Back 29

 Providing information in an accurate, thorough and step-by-step manner to inform the prospect.

Front 30

Major account management 

Back 30

 The practice of using team selling to focus on important customers so as to build mutually beneficial long-term, cooperative relationships. Also called key account management.

Front 31

Missionary salespeople 

Back 31

 Sales support personnel who do not directly solicit orders but rather concentrate on performing promotional activities and introducing new products.

Front 32

Need-satisfaction presentation 

Back 32

 A selling format that emphasizes probing and listening by the salesperson to identify needs and interests of perspective buyers.

Front 33

Order getter 

Back 33

 A salesperson who sells in a conventional sense and identifies prospective customers, provides customers with information, persuades customers to buy, closes sales and follows up on customer’s use of product or service.

Front 34

Order taker 

Back 34

 Processes routine orders or reorders for products that are already sold by the company.

Front 35

Partnership selling 

Back 35

 The practice whereby buyers and sellers combine their expertise and resources to create customized solutions, commit to joint planning, share customer, competitive and company information to their mutual benefit, and ultimately share the customer.

Front 36

Personal selling 

Back 36

 The two-way flow of communication between a buyer and seller designed to influence a person or group’s purchase decisions.

Front 37

Relationship selling 

Back 37

 The practice of building ties to customers based on a salesperson’s attention and commitment to customer needs over time.

Front 38

Sales engineer 

Back 38

 A salesperson who specializes in identifying, analyzing and solving customer problems and who brings know-how and technical expertise to the selling situations, but does not actually sell goods and services.

Front 39

Sales management 

Back 39

 Planning the selling program, implementing and controlling the personal selling efforts of the firm.

Front 40

Sales plan 

Back 40

 A statement describing what is to be achieved and where and how the selling effort of salespeople is to be deployed.

Front 41

Sales quota 

Back 41

 Contains specific goals assigned to a salesperson, sales team, or sales district for a stated time period.

Front 42

Salesforce automation (SFA) 

Back 42

 The use of technology to make the sales function more effective and efficient.

Front 43

Stimulus-response presentation 

Back 43

 A selling format that assumes the prospect will buy if given the appropriate stimulus by a salesperson.

Front 44

Team selling 

Back 44

 Using an entire team of professionals in selling to and servicing major customers.

Front 45

Workload method

Back 45

  A formula-based method for determining the size of a salesforce that integrates the number of customers served, call frequency, call length and available selling time to arrive at a salesforce size.