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28 Cards in this Set

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1
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Retailing
All activities involved in selling goods or services directly to final consumers for their personal, nonbusiness use.
Retailers
businesses whose sales come primarily from retailing
Nonstore retailing
selling to final consumers through direct mail, catalogs, telephone, internet, tv home shopping shows, etc.
Category Killers
Giant specialty store that carries a very deep assortment of a particular line and is staffed by knowledgeable employees
Discount Stores
Sells standard merchandise at lower prices by accepting lower margins and selling higher volume.
Off Price Retailers
Buy at less than regular wholesale prices and sell at less than retail prices
Factory Outlets
Off price retailing operations that are owned and operated by a manufacturer that normally carries the manufacturer’s surplus, discontinued, or irregular goods
Independent off-price retailers
Either are owned and run by entrepreneurs or are divisions of larger retail corporations
Warehouse clubs
(ex. Sam’s Club, Costco) are off price retailers that sell a limited selection of brand name items and a hodgepodge of other goods at deep discounts to members who pay annual membership fees.
Chain Stores
Two or more outlets that are owned and controlled in common, have central buying and merchandising and sell similar lines of merchandise.
Voluntary Chain
a wholesaler-sponsored group of independent retailers that engages in group buying and common merchandising ex. Independent Grocers Alliance
Retailer cooperative
a group of independent retailers that bands together to set up a jointly owned, central wholesale operation and conducts joint merchandising and promotion efforts. Ex. Ace hardware
Franchises
A contractual association between a manufacturer, wholesaler, or service organization (franchiser) and independent business people (franchisees) who buy the right to own and operate one or more units of the franchise system. Es. McDonalds, Subway, Jiffy Lube, 7-Eleven
Merchandising conglomerates
Corporations that combine several different retailing forms under central ownership. Ex. Target Corporation which operates Marshall Fields, Target, Mervyns and Target.direct
Shopping center
Group of retail businesses planned, developed, owned and managed as a unit.
Wheel-of-retailing concept
A concept of retailing that states that new types of retailers usually begin as low-margin, low-price, low status operations but later evolve into higher-priced, higher-service operations, eventually becoming like the conventional retailers they replaced.
Retail Convergence
Merging of consumers, products, prices and retailers
Wholesaling
All activities involved in selling goods and services to those buying for resale or business use.
Wholesalers
Those firms engaged primarily in wholesaling activity
Selling and promoting
Wholesalers’ sales forces help manufacturers reach many small customers at a low cost. The wholesaler has more contacts and is often more trusted by the buyer than the distant manufacturer
Buying and assortment building
Wholesalers can select items and build assortments needed by their customers, thereby saving the consumers much work.
Bulk-breaking
Wholesalers save their customers money by buying in carload lots and breaking bulk (breaking large lots into small quantities).
Warehousing
Wholesalers hold inventories, thereby reducing the inventory costs and risks of suppliers and customers
Merchant wholesalers
independently owned business that takes title to the merchandise it handles
Broker
a wholesaler who does not take title to goods and whose function is to bring buyers and sellers together and assist in negotiations
Agents
represent buyers or sellers on a more permanent basis
Manufacturers’ sales branches and offices
wholesaling by sellers or buyers themselves rather than through independent wholesalers.