Mkt Ch 16

Front 1

Retailing

Back 1

the final stop in the distribution channel in which organizations sell goods and services to consumers for their personal use

Front 2

wheel-of-retailing hypothesis

Back 2

a theory that explains how retail firms change, becoming more upscale as they go through their life cycle

Front 3

retail life cycle

Back 3

a theory that focuses on the various stages that retailers pass through from introduction to decline

Front 4

mergers

Back 4

when two or more separately owned retail firms combine

Front 5

downsizing

Back 5

when a firm in a mature industry closes or sells off unprofitable stores or entire divisions

Front 6

point-of-sale (POS) systems

Back 6

retail computer systems that collect sales data and are hooked directly into the store's inventory-control system

Front 7

perpetual inventory unit control system

Back 7

retail computer system that keeps a running total on sales, returns, transfers to other stores and so on

Front 8

automatic reordering system

Back 8

retail reordering system that is automatically activated when inventories reach a certain level

Front 9

shrinkage

Back 9

losses experienced by retailers due to shoplifting, employee theft, and damage to merchandise.

Front 10

retail borrowing

Back 10

consumer practice of purchasing a product with the intent to return the nondefective merchandise for a refund after it has fulfilled the purpose for which it was purchased

Front 11

merchandise mix

Back 11

the total set of all products offered for sale by a retailer, including all product lines sold to all consumer groups

Front 12

combination stores

Back 12

retailers that offer consumers food and general merchandise in the same store.

Front 13

supercenters

Back 13

large combination stores that combine economy supermarkets with other lower-priced merchandise

Front 14

merchandise assortment

Back 14

the range of products a store sells

Front 15

merchandise breadth

Back 15

the number of different product lines available

Front 16

merchandise depth

Back 16

the variety of choices available for each specific product line

Front 17

convenience stores

Back 17

neighborhood retailers that carry a limited number of frequently purchased items and cater to consumers willing to pay a premium for the ease of buying close to home

Front 18

supermarkets

Back 18

food stores that carry a wide selection of edibles and related products

Front 19

box stores

Back 19

food stores that have a limited selection of items, few brands per item, and few refrigerated items

Front 20

category killer

Back 20

a very large specialty store that carries a vast selection of products in its category

Front 21

specialty stores

Back 21

retailers that carry only a few product lines but offer good selection within the lines that they sell

Front 22

leased departments

Back 22

departments within a larger retail store that an outside firm rents

Front 23

variety stores

Back 23

stores that carry a variety of inexpensive items

Front 24

general merchandise discount stores

Back 24

retailers that offer a broad assortment of items at low prices with minimal services

Front 25

off-price retailers

Back 25

retailers that buy excess merchandise from well-known manufacturers and pass the savings on to customers

Front 26

warehouse clubs

Back 26

discount retailers that charge a modest membership fee to consumers who buy a broad assortment of food and nonfood items in bulk and in a warehouse environment

Front 27

factory outlet stores

Back 27

a discount retailer, owned by a manufacturer, that sells off defective merchandise and excess inventory

Front 28

hypermarkets

Back 28

retailers with the characteristics of both warehouse stores and supermarkets; hypermarkets are several times larger than other stores and offer virtually everything from grocery items to electronics

Front 29

nonstore retailing

Back 29

any method used to complete an exchange with a product end user that does not require customer visit to a store

Front 30

direct selling

Back 30

an interactive sales process in which a salesperson presents a product to one individual or a small group, takes orders, and delivers the merchandise

Front 31

Green River Ordinances

Back 31

community regulations that prohibit door-to-door selling unless prior permission is given by the househould

Front 32

party plan system

Back 32

a sales technique that relies heavily on people getting caught up in the "group spirit", buying things they would not normally buy if they were alone

Front 33

multilevel/network marketing

Back 33

a system in which a master distributor recruits other people to become distributors, sells the company's product to the recruits, and receives a commission on all the merchandise sold by the people recruited

Front 34

pyramid schemes

Back 34

an illegal sales technique that promises consumers or investors large profits from recruiting others to join the program rather than from any real investment or sale of goods to the public

Front 35

business-to-consumer (B2C) e-commerce

Back 35

On-line exchanges between companies and individual consumers

Front 36

experiential shoppers

Back 36

consumers who engage in online shopping because of the experiential benefits they receive

Front 37

store image

Back 37

the way the marketplace perceives a retailer relative to the competition

Front 38

atmospherics

Back 38

the use of color, lighting, scents, furnishings, and other design elements to create a desired store image

Front 39

traffic flow

Back 39

the direction in which shoppers will move through the store and which areas they will pass or avoid

Front 40

visual merchandising

Back 40

the design of all the things customers see both inside and outside the store

Front 41

storefront

Back 41

the physical exterior of a store

Front 42

marquee

Back 42

the sign that shows a store's name

Front 43

central business district (CBD)

Back 43

the traditional downtown business area found

Front 44

shopping center

Back 44

a group of commercial establishments owned and managed as a single property

Front 45

popup store

Back 45

a temporary retail space a company erects to build buzz for its products

Front 46

trade area

Back 46

a geographic zone that accounts for the majority of a store's sales and customers

Front 47

department stores

Back 47

retailers that sell a broad range of items and offer a good selection within each product line