Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
24 Cards in this Set
- Front
- Back
|
retailing
|
all activities involved in selling, renting, and providing goods and services to ultimate consumers for personal, family or household use
|
|
|
Form of Ownership
|
1.independent: business owned by an individual
2.corporate chain: multiple outlets under common ownership; ie - Apple computers 3.Contractual: independently owned stores that band together to act like a chain - franchises, KFC |
|
|
Level of Service
|
1.self service: convenience stores
2.limited service: clothing stores 3.full service: car dealerships |
|
|
Breadth of Line
|
store carries a variety of many product classes but not many choices within each class; ie – CVS
- scrambled merchandising: offering several unrelated product lines in a single retail store |
|
|
Depth of Line
|
store carries many different varieties in one product class; ie – Foot locker has many different types of sneakers
-specialty outlets -category killers: specialty discount outlets on one type of product |
|
|
Nonstore Retailing
|
-automatic vending machines
-direct mail and catalogs -TV home shopping -Online retailing -Telemarketing: using telephone to sell directly to consumers -Direct selling |
|
|
telemarketing
|
using the telephone to interact with and sell directly to consumers
|
|
|
Retailing mix
|
all of the activities related to managing the store and the merchandise in the store; includes retail pricing, store location, retail communication, and merchandise
|
|
|
Retail Pricing:
markup markdown ELP EFR off-price retailing |
markup: how much should be added to the cost the retailer paid for a product to reach the final selling price
origincal markup: the difference between retailer cost and initial selling price maintained markup: the difference between the final selling price and the retailer cost; also called the gross margin markdown: when the product does not sell at the original price and an adjectment is necessary ELP: everyday low pricing like Walmart, HomeDepot EFR: everyday fair pricing: retailers who don't offer the lowest price but try to create value for customers through its service and the total buying experience off-price retailing: selling brand-name merchandise at lower then regular prices |
|
|
Benchmark/ signpost items
|
items used by consumers to gain an overall impression of the store's prices; ie - like a can of coke
|
|
|
shrinkage
|
breakage and theft of merchandise by customers and employees
|
|
|
Store Location
|
central business ditrict: community's downtown area
regional shopping areas: 50-150 stores that typically attract customers who live within a 5-10 mile range strip location: clusters of stores power center: a huge shopping strip with mulitple anchor stores multichannel retailers: using a combination of traditional store formats and nonstore formats such as catalogs, television, and online retailing; ie - Barnes and Noble.com and their outlet store |
|
|
Retail Communication
|
the stores atmosphere or ambiance; sales are affected by layout, color, lighting, and music
|
|
|
Merchandise
|
managing the breadth and depth of the product line
|
|
|
category management
|
an approach to managing the assortment of merchandise which maximizes sales and profits; manager has responsibility for selecting all products that consumers might view as substitutes for one another
|
|
|
CMAR
|
consumer marketing at retail: an advanced form of category management where retailers conduct research, analyze, make retailing mix actions, monitor performance
|
|
|
wheel of retailing
|
concept that describes how new forms of retail outlets enter the market
--> 1. outlet starts with low prices, margins, and status 2. outlet has higher prices, margin, status 3. outlet has still higher ... 4. new form of outlet enters retailing environment with box characteristics |
|
|
retail life cycle
|
like products, retail outlets have a growth cycle
early growth - value retail centers - online retailers - single brand stores Accelerated development - single price stores - factory outlet stores - warehouse clubs Maturity - fast food outlets - convenience stores - supermarkets - department stores Decline - catalog retailers - business-district retailers - general store |
|
|
Merchant Wholesalers
|
independently owned firms who own the merchandise they handle
|
|
|
Full-service wholesalers
|
1. General merchandise: carry a broad assoirtment of merchandise and perform all channel functions; hardware, drug, and clothes industry
2. specialty merchandise (limited line) - offer a relatively narrw rande of products but have an extensive assortment within the product lines carried; found in health foods, automative parts, seafood |
|
|
Limited-service wholesalers
|
rack jobbers: furnish the racks or shelves that display merchandise and sell on consignment to retailers
cash and carry wholesalers: sell only to buyers who call on them, pay cash for merchandise, and furnish their own transportation for merchandise Drop shippers/ desk jobbers: do not physically handle, stock or deliver just have merchandise shipped directly from producer to a buyer; used for bulky products like coal, lumber, and chemicals truck jobbers: small wholesalers that have a small warehouse where they stock trucks for distribution to retailers; for fast-moving, perishable items |
|
|
Manufacturers agents
|
work for several producers and carry noncompetitive, complementary merchandise in an exclusive territory; typically responsible for the transactional function, specifically selling; ie - used in automotive, footware
|
|
|
selling agents
|
represent a single producer and are responsible for the entire marketing function of that producer; used by small producers in the textile, apparel, food..
|
|
|
brokers
|
main function is to bring buyers and sellers together to make sales
|
