Term
| Describe the "Big Middle" |
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Definition
| Part of the market in which the most successful retailers compete because the biggest potential customer base resides there; new retailers start out with an innovative format or products, offer a low price advantage, or both |
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Term
| Describe the 'Wheel of Retailing" |
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Definition
| Retailers enter with low prices, low margins, and low status. Over time, they add more and more service and other improvements and thus, are able to raise prices, earn higher margins and achieve higher status with consumers |
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Term
| How can you use the four P's to create value in retailing? |
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Definition
1. Product: offering an assortment of goods, developing private label brands
2. Price: must be aligned with the other elements of the retail mix
3. Promotion: gift cards, promoting and showcasing what the store has to offer
4. Place: convenient locations |
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Term
| Name (2) types of retailers |
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Definition
1. Food retailers
2. General merchandise retailers |
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Term
| Name (6) types of general merchandise stores |
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Definition
1. Discount stores
2. Specialty stores
3. Category specialists
4. Department stores
5. Drugstores
6. Off-price retailers |
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Term
| Name the (4) defining characteristics of direct marketing (non-store retailing) |
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Definition
1. Targeted
2. Motivates an action
3. Measurable
4. Can provide information for the marketing database |
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Term
| Name (4) types of Non-store retailing (direct marketing) |
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Definition
1. Direct mail
2. Catalogue
3. Direct response T.V.
4. Kiosk |
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Term
| Name (3) types of e-retailers |
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Definition
1. Internet niche: offers specific items to interested customers around the world
2. Large internet-only: eg. amazon.com
3. Traditional retailers with internet offerings: retailers that have opened internet stores |
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