Details Title: Chapter 16 Description: Marketing Final Total Flash Cards: 58 Created: 06/08/2009 18:25:21		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Marketing Flashcards
Cards in this set: 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