Mrkt 3001 - Ch 14

Front 1

Retailing

Back 1

consists of all activities involved in selling, renting, and providing goods and services to ultimate consumers for personal, family, or household use

Front 2

Scrambled merchandising

Back 2

consists of offering several unrelated product lines in a single store

Front 3

Telemarketing

Back 3

consists of using the telephone to interact with and sell directly to consumers

Front 4

retailing mix

Back 4

consists of the activities related to managing the store and the merchandise in the store, which includes retail pricing, store location, retail communication, and merchandise

Front 5

Multichannel retailers

Back 5

retailers that utilize and integrate a combination of traditional store formats and nonstore formats such as catalogs, television, and online retailing

Front 6

Category management

Back 6

an approach to managing merchandise in which a manager is assigned 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

Front 7

wheel of retailing

Back 7

concept that describes how new forms of retail outlets enter the market

Front 8

retail life cycle

Back 8

the process of growth and decline that retail outlets experience. consists of the early growth, accelerated development, maturity, and decline stages

Front 9

Merchant wholesalers

Back 9

independently owned firms that take title to the merchandise they handle

Front 10

Manufacturer's agents

Back 10

agents who work for several producers and carry noncompetitive, complementary merchandise in an exclusive territory

Front 11

Brokers

Back 11

independent firms or individuals whose principal function is to bring buyers and sellers together to make sales

Front 12

consumer marketing at retail (CMAR)

Back 12

advanced form of category management where retailers conduct research, analyze the data to identify shopper problems, translate data into retailing mix actions, execute friendly in store programs, and monitor performance of merchandise

Front 13

1) self service

2) limited service

3) Full service

Back 13

3 levels of service

Front 14

1) General Merchandise wholesalers (full line)

2) specialty merchandise wholesalers (limited line)

Back 14

what are full service merchant wholesalers classified into?

Front 15

1) rack jobbers
2) cash and carry
3) drop shippers
4) truck jobbers

Back 15

4 major types of limited service merchant wholesalers

Front 16

rack jobbers

Back 16

wholesalers who display merchandise, perform all channel functions and sell on consignment to retailers

Front 17

cash and carry

Back 17

wholesalers who take title to merchandise but sell only to buyers who call on them, pay cash and find their own transportation

Front 18

drop shippers (desk jobbers)

Back 18

wholesalers that own the merchandise they sell but don't physically handle, stock, or deliver it

Front 19

truck jobbers

Back 19

small wholesalers that have a small warehouse from which they stock their trucks for distributions to retailers; usually handle limited assortments of perishable items that are sold for cash directly from trucks in their original packages

Front 20

manafacturing branch office

Back 20

office that carries a producer's inventory and performs the functions of a full service wholesaler

Front 21

manafacturing sales office

Back 21

does not carry inventory, typically performs only a sales function, and serves as an alternative to agents and brokers

Front 22

form of ownerships

Back 22

distinguishes retail outlets based on whether individuals, corporate chain, contractual systems own the outlets

Front 23

limited-line stores

Back 23

term for stores that carry a considerable assortment of a related line of items

Front 24

Merchandise line

Back 24

describes how many different types of products a store carries and in what assortment.

Front 25

1) independent retailer
2) corporate chain
3) contractual systems

Back 25

name the 3 types of ( form of ownerships)

Front 26

shrinkage

Back 26

breakage and theft of merchandise by customers and employees

Front 27

direct selling

Back 27

involves direct sales of goods and services to consumers through personal interaction and demonstrations in the home or office

Front 28

1) automatic vending
2) direct mail
3) catalogs
4) television home shopping
5) online retailing
6) telemarketing

Back 28

name the types of nonstore retailing

Front 29

category killers

(ex: Best buy)

Back 29

specialty outlets that focus on one type of product, such as electronics, at very competitive prices.

Front 30

everyday low pricing

Back 30

a strategy that has consistently low prices and eliminates most markdowns

Front 31

everyday fair pricing

Back 31

a stagegy that may not offer the lowest price but tries to create value for customers through service and the total buying experience.

Front 32

Benchmark or Signpost Items

Back 32

items used by consumers as an index of overall price level of the store

Front 33

Off-Price Retailing

Back 33

Selling brand-name merchandise at lower than regular prices.

Front 34

Markup

Back 34

Amount or Percent added to the retailer's cost to reach the selling price.

Front 35

Original Markup

Back 35

Difference between the retailer cost and initial selling price.

Front 36

Maintained Markup

or

gross margin

Back 36

The difference between the final selling price and retailer cost

Front 37

Markdown

Back 37

Discounting a product

Front 38

Markdown timing dilemma

Back 38

Take a markdown as soon as sales fall off to free up space and cash.

Delay markdowns to discourage bargain hunters and to maintain an image of quality.

Front 39

General merchandise
(or full-line)

Back 39

Carry a broad assortment of merchandise, with limited depth.

Perform all channel functions.

Front 40

Specialty merchandise (or limited-line)

Back 40

Relatively narrow range of products
o Extensive assortment within lines carried.
o Perform all channel functions.

Front 41

Selling agents

Back 41

Represent a single producer

- Are responsible for the entire marketing function of that producer

Front 42

level of service

Back 42

used to describe the degree of service provided to the customer

Front 43

Central business district

Back 43

is the oldest retail setting, the community�s downtown area. Downtown shopping areas are seen to be inconvenient because of lack of parking, high crime rate, and exposure to weather.

Front 44

Regional shopping centers

Back 44

consist of 50 to 150 stores that typically attract customers who live or work within a 5- to 10-mile range. At these centers there is typically a large anchor department store that will attract consumers.

Front 45

Strip location

Back 45

is a cluster of stores to serve people who are within a 5- to 10- minute drive. Gas station, hardware, laundry, grocery, and pharmacy outlets are commonly found

Front 46

power center

Back 46

a huge shopping strip with multiple anchor (or national stores)

Front 47

1) measure the effectiveness of a store or retail format
2) measures related to products
3) financial measures

Back 47

What are the three kinds of metrics

Front 48

functional qualities

Back 48

refers to the mix of elements like prices, store layout, and breadth and depth of merchandise lines

Front 49

psychological attributes

Back 49

are intangibles such as a sense of belonging, excitement, style, or warmth.

Front 50

Total sales
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selling area in sq. feet

Back 50

sales per square foot (formula)

Front 51

(store sales in yr2) - (store sales in yr1)
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store sales in yr 1

Back 51

same store growth rate