Prelims 2

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Retail Institutions

Back 1

Is a basic format or structure of a business.

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Independent Ownership

Back 2

owns only one outlet. easy of entry is caused by low capital requirements, simple licensing provisions, and low investment per worker

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Chain ownership

Back 3

Operates multiple retail units under common ownership, that utilize centralized purchasing and decision making.

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Franchising

Back 4

Involves a contractual arrangement between a franchisor and a retail franchisee, which allows the franchisee to conduct a given form of business under an established name and accoridng to a given patter of business.

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Leased Departments

Back 5

is a department in a retail store - usually a department, discount, or a specialty store - that is rented to an outside party

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Vertical Marketing System

Back 6

A vertical marketing system consists of all the levels of independently owned businesses along a channel of distribution

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Independent vertical marketing system

Back 7

Consist of three levels of independently owned businesses: manufacturers, wholesales and retailers.

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Patrtially integrated vertical marketing system

Back 8

Two independently owned businesses along a channel perform all production and distribution functions.

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Fully integrated vertical marketing system

Back 9

A single firm performs all production and distribution functions without the aid of any other firms.

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Dual vertical marketing system

Back 10

Whereby they are involved in more than one type of system.

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Channel control

Back 11

Occurs when one member of the channel is able to dominate the decisions made in the channel

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Consumer cooperative

Back 12

A consumer cooperative is a retail firm that is owned by its customers.

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Retail Strategy Mix

Back 13

Is composed if store location, operating procedures, goods/services offered, pricing tactics, customer services, and promotional methods.

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The wheel of retailing

Back 14

According to this theory, retail innovations often first appear as low-price operators with low profit-margin requirements. Then, they upgrade offerings, facilities, and services, and raise prices. At this point, new retailers enter the low-price market.

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Scrambled merchandising

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This occurs when a retailer adds goods and services that are unrelated to each other and to the firms original business.

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The retail life cycle

Back 16

Innovation

Accelerated development

Maturity

Decline

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Convenience store

Back 17

Is usually a food-oriented store that is well located, is open long hours, and carries a moderate number of items.

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Conventional supermarket

Back 18

Which is a self-service food, store with grocery, meat, and produce departments. It is a departmentalized food store that emphasizes a wide range of products with sales of general merchandise to a minimum

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Food-based superstore

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Which is larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store.

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Combination store

Back 20

Combines supermarket and general merchandise in one facility, with general merchandise accounting for 25% to 40% of total store sales.

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Box (limited line) store

Back 21

Is food-based discounter that focuses on a small selection of items, moderate hours of operation, few services, and limited national brands.

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Warehouse store

Back 22

Is a discounter that offers a moderate number of food items in a no-fill setting

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Specialty store

Back 23

Concentrates on selling one goods or service line

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Variety store

Back 24

Handles a wide assortment of inexpensive and popularly priced goods and services.

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Traditional department store

Back 25

Is a large retail business unit that handles an extensive assortment of goods and services and is organized into separate departments for purposes of buying, promotion, service and control

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Full-line discount store

Back 26

Has relatively broad merchandise, centralized checkout service, private-brand nondurable goods and manufacturer-grand durable goods, hard goods accounting for 10% of merchandise sold, and less emphasis on credit sales.

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Retail catalog showroom

Back 27

Is an operation in which the customer select items from a catalog and shops at a warehouse-style setting

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Off-price chain

Back 28

Features brand name and sells them at everyday low prices in an efficient limited-service environment

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Factory outlet

Back 29

Is a manufacturer-owned store that sells the manufacturer's closeouts, canceled orders, discontinued merchandise and irregulars, and, sometimes, in-season, first-quality merchandise.

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Membership club

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Appeals to price-conscious consumers who are required to be members in order to be able to shop there.

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Flea market

Back 31

Has many retail vendors that offers a range of goods at discount prices at sites not normally associated with retailing

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Vending machines

Back 32

Involves coin or card operated dispensing of goods and services

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Direct selling

Back 33

Which includes both personal contact with customers in their homes and telephone solicitations that are initiated by the retailer

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Direct marketing

Back 34

Which is a form of retailing in which a customer is first exposed to a good or service through a nonpersonal medium and then orders products by mail, telephone, or computer.

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Service retailing

Back 35

involves market transactions between companies or individuals and final consumers where the consumers do not purchase or acquire ownership of tangible goods

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Goods retailing

Back 36

Focuses on the sale of tangible/physical products

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Rented goods

Back 37

Services in which consumers lease and use goods for specific period of time

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Owned-goods

Back 38

Services, in which goods owned by the consumers are repaired, improved and maintained

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Nongoods

Back 39

Services where the retailer offers personal services requiring use of his/her or an employee's time in return for a fee.