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41 terms

Marketing Chapter 15

Marketing Test #2 Chapter 15
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Retailing
all the activities directly related to the sale of goods and services to the ultimate consumer for personal, nonbusiness use.
Retail Classifications
Ownership, Level of Service, Product Assortment, & Price
Types of Ownership
Independents, Chains & Franchises
Independent Retailers
retailers owned by a single person or partnership and not operated as part of a larger retail institution.
Chain Stores
stores owned and operated as a group by a single organization.
Franchise
the right to operate a business or to sell a product
Gross Margin
the amount of money the retailer makes as a percentage of sales after the cost of goods sold is subtracted.
Types of Retail Operations
Department Stores, Specialty Store, Supermarkets, Drugstores, Convenience Store, Discount Store, & Restaurants.
Department Store
a store housing several departments under one roof.
Buyer
a department head who selects the merchandise for his or her department and may also be responsible for promotion and personnel.
Specialty Store
a retail store specializing in a given type of merchandise.
Supermarket
a large, departmentalized, self-service retailer that specializes in food and some nonfood items.
Scrambled Merchandising
the tendency to offer a wide variety of nontraditional good and services under one roof.
Drugstore
a retail store that stocks pharmacy-related products and services as its main draw.
Convenience Store
a miniature supermarket, carrying only a limited line of high-turnover convenience goods.
Discount Store
a retailer that competes on the basis of low prices, high turnover, and high volume.
Full-Line Discount Store
a retailer that offers and carries a broad assortment of well-known, nationally branded "hard goods".
Mass Merchandising
a retailing strategy using moderate to low prices on large quantities of merchandise and lower levels of service to stimulate high turnover of products.
Supercenter
a retail store that combines groceries and general merchandise goods with a wide range of services.
Specialty Discount Store
a retail store that offers a nearly complete selection of single-line merchandise and uses self-service, discount prices, high volume, and high turnover.
Category Killers
Specialty discount stores that heavily dominate their narrow merchandise segment.
Warehouse Membership Clubs
limited-service merchant wholesalers that sell a limited selection of brand name appliances, household items, and groceries on a cash-and-carry basis to members, usually small businesses and groups.
Off-Price Retailer
a retailer that sells at prices 25 percent or more below traditional department store prices because it pays cash for its stock and usually doesn't ask for return privileges.
Restaurants
straddle the line between retailing establishments and service establishments.
Types of Nonstore Retailing
Automatic Vending, Direct Retailing, Direct/Direct Response Marketing, & Electronic Marketing
Nonstore Retailing
shopping without visiting a store
Automatic Vending
the use of machines to offer goods for sale
Direct Retailing
the selling of products by representatives who work door-to-door, office-to-office, or at home sales.
Direct/Direct Response Marketing
techniques used to get consumers to make a purchase from their home, office, or other nonretail setting.
Telemarketing
the use of telephone to sell directly to consumers
Types of Direct/Direct Response Marketing
Telemarketing, Direct Mail & Catalogs / Mail Order
Types of Electronic Marketing
On-line & Shop at home networks
Online Retailing
a type of shopping available to consumers with personal computers and access to the internet.
Franchising
continuing relationship in which franchiser grants to a franchisee the business rights to operate or sell a product.
Franchisor
the originator of a trade name, product, methods of operation, and so on that grants operating rights to another party to sell its product.
Franchisee
an individual or business that is granted the right to sell another party's product.
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Retail Target Market
Markets often defined by demographics, geographics, and psychographics.
Retailing Mix
a combination of the 6 P's. Product, Place, Promotion, Price, Presentation, and Personnel. To sell goods and services to the ultimate consumer.
Product Offering
the mix of products offered to the consumer by the retailer; also called the product assortment or merchandise mix.
Destination Stores
stores that consumers purposely plan to visit.
Atmosphere
the overall impression conveyed by a store's physical layout, decor, and surroundings.