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MKT Chapter 16
key terms
47
Marketing
Undergraduate 2
05/01/2014

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Term
retailing
Definition
the final stop in the distribution channel in which organizations sell food and services to consumers for their personal use.
Term
wheel of retailing hypothesis
Definition
a theory that explains how retail firms change, becoming more upscale as they go through their life cycle.
Term
retail life cycle
Definition
a theory that focuses on the various stages that a retailer passes through from introduction to decline.
Term
mergers
Definition
when two or more separately owned retail firms combine.
Term
downsizing
Definition
when a firm in a mature industry closes or sells off unprofitable stores or entire divisions.
Term
POS systems
Definition
retail computer system that collect sales data and are hooked directly into the store's inventory control system.
Term
perpetual inventory unit control system
Definition
retail computer system that keeps a running total on sales, returns, transfers to other stores and so on.
Term
automatic reordering system
Definition
retail reordering system that is automatically activated when inventories reach a certain level.
Term
shrinkage
Definition
losses experienced by retailers due to shoplifting, employee theft, and damage to merchandise.
Term
retail borrowing
Definition
consumer practice of purchasing a product with the intent to return the non defective merchandise for a refund after it has fulfilled the purpose for which it was purchased.
Term
merchandise mix
Definition
the total set of all products offered for sale by a retailer, including all product lines sold to all consumer groups.
Term
combination stores
Definition
retailers that offer consumers food and general merchandise in the same store.
Term
supercenters
Definition
large combination stores that combine economy supermarkets with lower priced merchandise.
Term
merchandise assortment
Definition
the range of products a store sells.
Term
merchandise breadth
Definition
the number of different product lines available.
Term
merchandise depth
Definition
the variety of choices available for each specific product line.
Term
convenience stores
Definition
neighborhood retailers that carry a limited number of frequently purchased items and cater to consumers willingness to pay a premium for the ease of buying close to home.
Term
supermarkets
Definition
food stores that carry a wide selection of edibles and related products.
Term
box stores
Definition
food stores that have a limited selection of items, few brands per item, and few refrigerated items.
Term
category killer
Definition
a very large specialty store that carries a vast selection of products in its category.
Term
specialty stores
Definition
retailers that carry only a few product lines but offer good selection within the lines that they sell.
Term
leased departments
Definition
departments within a larger retail store that an outside firm rents.
Term
variety stores
Definition
stores that carry a variety of inexpensive items.
Term
general merchandise discount store
Definition
retailers that offer a broad assortment of items at low prices with minimal service.
Term
off price retailers
Definition
retailers that buy excess merchandise from well known manufacturers and pass the saving on to customers.
Term
warehouse clubs
Definition
discount retailers that charge a modest membership fee to customers who buy a broad assortment of food and nonfood items in bulk and in a warehouse environment.
Term
factory outlet store
Definition
a discount retailer owned by a manufacturer that sells off defective merchandise and excess inventory.
Term
department stores
Definition
retailers that sell a broad range of items and offer a good selection within each product line.
Term
hypermarkets
Definition
retailers with the characteristics of both warehouse stores and supermarkets; several times larger that other stores and offer virtually everything from grocery items to electronics.
Term
non store retailing
Definition
any method used to complete and exchange with a product end user that does not require a customer visit to a store.
Term
direct selling
Definition
an interactive sales process in which a salesperson presents a product to one individual or a small group, takes orders, and delivers the merchandise.
Term
green river ordinances
Definition
community regulations that prohibit door to door selling unless prior permission is given by the household.
Term
party plan system
Definition
a sales technique that relies heavily on people getting caught up in the group spirit, buying things they would not normally buy if they were alone.
Term
multilevel or network marketing
Definition
a system in which a mater distributor recruits other people to become distributors, sells the company's product to the recruits, and receives a commission on all merchandise sold by the people recruited.
Term
pyramid schemes
Definition
an illegal sales technique that promises consumers or investors large profits from recruiting others to join the program rather than from any real investment or sale of good to the public.
Term
B2C e-commerce
Definition
online exchanges between companies and individual consumers.
Term
experiential shoppers
Definition
consumers who engage in online shopping because of the experiential benefits they receive.
Term
store image
Definition
the way the marketplace perceives a retailer relative to the competition.
Term
atmospherics
Definition
the use of color, lighting, scents, furnishings, and other design elements to create a desired store image.
Term
traffic flow
Definition
the direction in which shoppers will move through the store and which areas they will pass or avoid.
Term
visual merchandising
Definition
the design of all the things customers see both inside and outside the store
Term
storefront
Definition
the physical exterior of a store
Term
marquee
Definition
the sign that shows a store's name.
Term
central business district
Definition
the traditional downtown business area found in a town or city
Term
shopping center
Definition
a group of commercial establishments owned and managed as a single property.
Term
popup store
Definition
a temporary retail space a company erects to build buzz for its products
Term
trade area
Definition
a geographic zone that accounts for the majority of a store's sales and customers.
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