Study sets, textbooks, questions
Upgrade to remove ads
MAT 114 exam 2
Terms in this set (25)
occurs when a market has homogenous products, many buyers and sellers, and ease of entry both buyers and sellers
rare in retailing
example: vendors at a sporting event
occurs when there is only ONE seller for a product or service.
rare in retailing
example: brand name- only buying Harley Davidson
retailers sell different products in the eyes of consumers that are substitutes for each other.
retailers may be only one selling a particular brand.
ex: Pepsi vs. Coke
must meet all:
-homogeneous products sold
-relatively few sellers
-action by one seller will be noticed and reacted to by other sellers.
occurs when individuals in one community travel usually to a larger community to shop.
-prices become too high.
-merchandise section limited.
-services too poor.
EX: two Starbucks on same block or same mall
would rather be this because it is difficult to be successful in the other.
two or more retailers of same type, compete directly for the same households.
most common type of competition.
retailers of a different type, compete directly by attempting to sell the same merchandise lines to the same households.
occurs when retailers intercept or diver customers from competing retailers.
pop up stores
temporary stores, which are relatively small in scale, set up for a short period of time, usually in conjunction with an event and in high traffic areas, to explicitly intercept shoppers.
total revenues equal total expenses and the retailer is making neither a profit nor a loss.
wheel of retailing theory
new types of retailers enter the market as low status, low margin, low price operators.
EX: outlet malls
evolution from wide assortments to specialized stores and continue repeatedly through the pattern.
over time it varies from wide to narrow assortment.
retail life cycle
four distinct stages that a retail institution progresses through:
recycled merchandise retailers
establishments that sell used and reconditioned products.
fastest growth out of any retail format over the past five years.
increasing use of this,
slight loss in profit can cause retailer to be...
retailers use this to marking techniques to seek more of the consumers share of wallet.
bold entrepreneur who is willing and able to develop a different approach to the retailing of certain products.
profits are low despite the increasing sales level.
sales and profits explode
new retailers enter the market
alter existing offerings to recreate success.
industry has over expanded, many compeitors
market share lost
postpone with changes to retail mix
lower wholesale and marketing costs =
strategies being used for private labels
develop a partnership with well known celebrities
brand an entire department or business.
Recommended textbook explanations
Calculus for the Life Sciences Plus MyMathLab with Pearson etext -- Access Card Package
Margaret L. Lial, Nathan P. Ritchey, Raymond N. Greenwell
Calculus: Early Transcendentals
Howard Anton, Irl C. Bivens, Stephen Davis
Sets with similar terms
Retailing Chapter 4: Evaluating the Competition in…
4.5 IB Business Vocab
Chapter 7.3 - Market Structures - Section 3 - Othe…
IB Business Mannagment Test- Marketing
Other sets by this creator
Law Final Exam
Real Estate Law - Module 7
Ohio Real Estate Law