17 terms

Chapter 11

STUDY
PLAY
Retailing
all activities involved in selling goods or services directly to final consumers for their personal, nonbusiness use
Specialty Store
a retail store that carries a narrow product line with a deep assortment within that line
Department Store
a retail organization that carries a wide variety of product lines, each line is operated as a separate department managed by specialists 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, nonfood items, and services
Category Killer
a giant specialty store that carries a very deep assortment of a particular line and is staffed by knowledgeable employees
Hypermarket
combines supermarket and department store, carries an enormous range of products from groceries to merchandise
Off Price Retailer
a retailer that buys at less than regular wholesale prices and sells at less than retail. Examples are factory outlets, independents, and warehouse clubs
Factory Outlet
an off price retailing operation that is owned and operated by a manufacturer and that normally carries the manufacturers surplus, discontinued, or irregular goods
Warehouse Club
an off price retailer that sells a limited selection of brand name grocery items, appliances, clothing, and a hodgepodge of other goods at deep discounts to members who pay annual membership fees
Chain Store
two or more outlets that are commonly owned and controlled
Franchise
a contractual association between a manufacturer, wholesaler, or service organization and independent businesspeople who buy the right to own and operate one or more units in the franchise system.
Wheel of Retailing
a concept that states that 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 activities involved in selling goods and services to those buying for resale or business use
Broker
a wholesaler who does not take title to goods and whose function is to bring buyers 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