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MGMT232
chapter 11
24
Management
Undergraduate 3
11/01/2010

Additional Management Flashcards

 


 

Cards

Term
retailing
Definition
all activities involved in selling goods or services directly to final consumers for their personal, nonbusiness use
Term
retailer
Definition
a business whose sales come primarily from retailing
Term
speciality store
Definition
a retail store that carries a narrow product line with a deep assortment within that line
Term
department store
Definition
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
Term
supermarket
Definition
a larte, low-cost, low-margin, high-volume, self-service store that carries a wide variety of grocery and household products
Term
convenience store
Definition
a small store, located near a residential area, that is open long hours seven days a week and carries a limited line of high-tunrover convenience goods
Term
superstore
Definition
a store much larger than a regular supermarket that offers a large assortment of routinely purchased food products, nonfood items, and services
Term
category killer
Definition
a giant specialty store that carries a very deep assortment of a particular line and is staffed by knowledgeable employees
Term
service retailer
Definition
a retailer whose product line is actually a service, including hotels, airlines, banks, colleges, and many others
Term
discount store
Definition
a retail operation that sells standard merchandise at lower prices by accepting lower margins and selling at higher volume
Term
off-price retailer
Definition
a retailer that buys at less-than-regular wholesale prices and sells at less than retail. examples are factory outlets, independents, and warehouse clubs
Term
independent off-price retailer
Definition
an off-price retailer that is either independently owned and run or is a division of a larger retail corporation
Term
factory outlet
Definition
an off-price retailing operation that is owned and operated by a manufacturer and that normally carries the manufacturer's surplus, discounted, or irregular goods
Term
warehouse club
Definition
an off-price retailer that sells a limited selection of brand name grocery name grocery items, appliances, clothing, and a hodgepodge of other goods at deep discounts to members who pay annual membership fees
Term
chain stores
Definition
two or more outlets that are commonly owned and controlled
Term
franchise
Definition
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
Term
shopping center
Definition
a group of retail businesses built on a site that is planned, developed, owned and managed as a unit
Term
wheel-of-retailing concept
Definition
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
Term
wholesaling
Definition
all activities involved in selling goods and services to those buying for resale or business use
Term
wholesaler
Definition
a firm engaged primarily in wholesaling activities
Term
merchant wholesaler
Definition
an independently owned wholesaler business that takes title to the merchandise it handles
Term
broker
Definition
a wholesaler who does not take title to goods and whose function is to bring buyers and sellers together and assist in negotiation
Term
agent
Definition
a wholesaler who represents buyers or sellers on a relatively permanent basis performs only a few functions, and does not take title to goods
Term
manufacturers' sales branches and offices
Definition
wholesaling by sellers or buyers themselves rather than through independent wholesalers
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