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Chapter 11 - Study Guide

Terms in this set (27)

Retailing
all the activities involved in selling goods or services directly to final consumers for their personal, nonbusiness use.
Retailer
a business whose sales come primarily from retailing.
Shopper marketing
using point-of-sale promotions and advertising to extend brand equity to "the last mile" and encourage favorable in-store purchase decisions.
Specialty store
a retail store that carries a narrow product line with a deep assortment within that line.
Department store
a retail store that carries a wide variety of product lines, each operated as a separate department managed by specialist buyers or merchandisers.
Supermarket
a large, low-cost, low-margin, high-volume, self-service store that carries a wide variety of grocery and household products.
Convenience store
a small store, located near a residential area, that is open long hours seven days a week and carries a limited line of high-turnover convenience goods.
Superstore
a store much larger than a regular supermarket that offers a large assortment of routinely purchased food products, non-food items, and services.
Category killer
a giant specialty store that carries a very deep assortment of a particular line.
Service retailer
a retailer whose product line is actually a service, examples include hotels, airlines, banks, colleges, and many others.
Discount store
a retail operation that sells standard merchandise at lower prices by accepting lower margins and selling at higher volume.
Off-price retailer
a retailer that buys at less-than-regular wholesale prices and sells at less than retail.
Independent off-price retailer
an off-price retailer that is either independently owned and run or is a division of a larger retail corporation.
Factory outlet
an off-price retailing operation that is owned and operated by a manufacturer and normally carries the manufacturer's surplus, discounted, or irregular goods.
Warehouse club
an off-price retailer that sells a limited selection of brand name grocery items, appliances, clothing, and other goods at deep discounts to members who pay annual membership fees.
Corporate chains
two or more outlets that are commonly owned and controlled.
Voluntary chains
wholesaler-sponsored group of independent retailers engaged in group buying and merchandising.
Retailer cooperative
group of independent retailers who jointly establish a central buying organization and conduct joint promotion efforts.
Franchise
a contractual association between a manufacturer, wholesaler, or service organization (a franchisor) and independent businesspeople (franchisees) who buy the right to own and operate one or more units in the franchise system.
Shopping center
a group of retail businesses built on a site that is planned, developed, owned, and managed as a unit.
Wheel-of-retailing concept
a concept that suggests new types of retailers usually begin as low-margin, low-price, low-status operations but later evolve into higher-priced, higher-service operations, eventually becoming like the conventional retailers they replaced.
Wholesaling
all the activities involved in selling goods and services to those buying for resale or business use.
Wholesaler
a firm engaged primarily in wholesaling activities.
Merchant wholesaler
an independently owned wholesale business that takes title to the merchandise it handles.
Broker
a wholesaler who does not take title to goods and whose function is to bring buying and sellers together and assist in negotiation.
Agent
a wholesaler who represents buyers or sellers on a relatively permanent basis, performs only a few functions, and does not take title to goods.
Manufacturers' sales branches and offices
wholesaling by sellers or buyers themselves rather than through independent wholesalers.
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