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Chapter 16
Marketing Final
58
Marketing
Undergraduate 2
06/08/2009

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Term
Retailing
Definition
the process by which goods and services are sold to the consumer
Term
Retailer
Definition
adds and subtracts value from the offer through:
-their image,other
products,service,location,other policy
belong to the distribution channel
Term
Retailing is a big business
Definition
1 out of every 5 workers work in the retail industry
1.2 million retail firms
Term
The wheel-of-retailing hypothesis
Definition
new stores offer lower prices to compete over time they improve and increase prices.
Term
The evolution of Retailing
Definition
The wheel-of-retailing hypothesis
The retail life cycle
Demographics
Technology
Globalization
Term
The Retail life cycle
Definition
Introduction stage
Growth stage
Maturity stage
Decline stage
Term
Introduction stage
Definition
new way of doing business profit are low
Term
Growth stage
Definition
retailer catches on and profits and sale increases and competition increases
Term
Maturity Stage
Definition
Competition get intense and profits decline
Term
Decline stage
Definition
Businesses become obsolete a new way of doing business enters the market and begins a new cycle.
Term
Demographics
Definition
a new way to sell to diverse groups, focus on specific age segments and companies pay more attention to ethnic diversity.
Term
Technology
Definition
cart-top computers and more technology will enter the market
Term
Globalization
Definition
companies are taking notices of different conditions and concepts
Term
Classifying Stores
Definition
By What they sell-merchandise mix
Level of Service
By Selection
Term
level of Service
Definition
Self Service
Full Service
Limited Service
Term
Self Service
Definition
customers are willing to perform their own locate, compare, and select process. Lower prices are offered
Term
Full Service
Definition
the customer like waited on. Consumer are willing to pay more
Term
Limited Service
Definition
Provide some sale assistance. Shopping products
-Lay away, store credit card, Prices are middle range compared to the other two level of services.
Term
By Selection
Definition
Assortment
Breadth
Depth
Term
Assortments
Definition
selection of products
Term
Breadth
Definition
variety or the # of different product lines
-narrow-limited selection. (shoe store)
-broad- a wide range of products
Term
Depth
Definition
choices available in each product line
-shallow-selection is limited
-deep-a great deal of selection
Term
Major Forms Retailers take
Definition
Convenience stores
Super markets
Specialty stores
Discounts stores
Departments stores
Hypermarkets
Category Killers
Term
Discounts stores
Definition
Sales products at a lower price by selling higher volumes
-warehouse clubs
-Factory Outlet
Term
Warehouse clubs
Definition
offer limited selection of brand name products at deep discounts to customers who pay membership fees (SAM's CLUB)
Term
Factory Outlet
Definition
Owned and ran by the manufacturer
Term
Department Stores
Definition
sell several product lines (SEARS)
Term
Hypermarket
Definition
a huge superstar, often the size of 6 football fields. Popular in Europe and Asia. (Carrefour)
Term
Category Killers
Definition
a store that offers deep assortments in one category with knowledgeable staff (BEST BUY)
Term
Non-Store Retailing
Definition
Any method a firm uses to complete an exchange that doesn't require a customer visit to the store.
-Direct Selling
-Automatic Vending
Term
Direct Selling
Definition
-Door to Door sales
-Party plan system-Tupperware party, sex toys party etc.
-Multilevel Network-A master distributor recruits other distributors
-Illegal Pyramid- people pay to advance in a company, profiting from others that might join.
Term
Automatic vending
Definition
coin operated vending machines
IPOD vending machine
Term
Business to Consumer E-commerce
Definition
Online exchange between companies and consumers.
Term
Business to Consumer E-commerce: Benefits
Definition
Convenience, Coupons, Privacy,Easy Comparison,Variety,Less Hassle,Credit, Don't have to leave home.
Term
Business to Consumer E-commerce: Limitations
Definition
Can't try product on, Don't always get what you wanted, shipping costs, no instant gratifications, Security, returning unwanted product is hard, Quality is questionable, Cannabalize in stores sales-only moving sales to a different channel not increasing them.
Term
Virtual vs. traditional channels
Definition
Virtual channels will never completely replace traditional channels.
Term
Effects of the future of Retailing
Definition
Virtual vs. traditional channels
Continued evolution
Total entertainment experienced
Term
Continued Evolution
Definition
in order to bring customer into stores
Term
Total entertainment
Definition
Destination retailing-visiting store for total entertainment
Term
Store Image
Definition
The way a retailer is perceived in the market place
-Atmospherics
-Store designs
-color, lighting,scents,furnishing,sounds,and any other design element

all come together to create a desired setting.
Store personnel
Pricing Policy
Term
Store Layout
Definition
Arrangement of merchandise that determine traffic flow
-Grid Layout
-free flow layout
Term
Traffic flow
Definition
how shoppers move through the store
Term
Grid Layout
Definition
rows of evenly spaced parallel shelves;encourages customers to move up and down aisles
(Grocery Stores)
Term
Free- flow layout
Definition
conducive to browsing different sections of merchandise

(clothing stores)
Term
Store design
Definition
Store layout
fixture type and merchandise density
The sound of music
Color of Lighting to set the mood
Term
sound of music
Definition
relax customers to take their time and stay longer or make them wanna move more quickly
Term
Color and lighting
Definition
to set a mood
Term
Store Personnel
Definition
Promote store image and customer services make or break a sale
Term
pricing Policy
Definition
higher prices- higher quality
Term
Store Location
Definition
Business Districts
Shopping Center
free Standing Retailers
Non-Traditional
Term
Business Districts
Definition
Traditional downtown area
Term
Shopping Center
Definition
regular or strip mall- a group of stores this owned or managed by a single poperty
Term
Free Standing Retailers
Definition
Retailers located in their own building
Term
Non-traditional
Definition
Carts and Kiosks
Term
Site Selection
Definition
store trade area- the geographic zone that accounts for the majority of retailer sales.
-saturated
-under-stored
-over-stored
Term
Saturated trade area
Definition
(middle) enough stores to serve and satisfy customer needs.
Term
Under-stored
Definition
not enough stores to satisfy customer needs.
Term
Over-stored
Definition
to many retailers selling the same product
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