Upgrade to remove ads
Only $35.99/year

MKT 240 - Chapter 11

Terms in this set (17)

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 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, 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
a combination of department store and supermarket
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 (a franchisor) and independent businesspeople (franchisees) 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.
Sets with similar terms