Term
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Definition
| All activities involved in selling, renting, and providing goods and services to ultimate consumers for personal, family, or household use. |
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Term
| 3 general forms of ownership |
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Definition
Independent retailer
Corporate chain
Contractual Systems |
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Term
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Definition
| Independent business owned by an individual |
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Term
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Definition
| Multiple outlets under common ownership |
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Term
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Definition
| independently stores that band together to act like a chain |
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Term
| Level of Service Can be separated by |
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Definition
Self Service
Limited Service
Full Service |
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Term
| Type of Merchandise Line can be broken into 2 Categories |
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Definition
Depth of line
breadth of line |
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Term
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Definition
| Offer several unrelated product lines in a single store. |
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Term
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Definition
| Using the telephone to interact with and sell directly to consumers |
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Term
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Definition
Activities related to managing the store and the merchandise in the store, which includes retail pricing, store location, retail communication, and merchandising. |
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Term
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Definition
| How much should be added to the cost the retailer paid for the product to reach the final selling price. |
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Term
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Definition
| Difference between retailer cost and initial selling price. |
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Term
| Maintained Markup ( gross margin) |
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Definition
Difference between the final selling preice and retailer cost |
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Term
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Definition
| the product does not sell at original price and an adjustment is necessary |
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Term
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Definition
| Use a combination of traditional store formats and nonstore formats such as catalogs, television, and online retailing. |
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Term
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Definition
| An approach to managing the assortment of merchandise which maximizes sales and profits. |
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Term
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Definition
| Concept that describes how new forms of retail outlets enter the market |
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Term
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Definition
| The process of growth and decline that retail outlets, like products, experience over time. |
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Term
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Definition
independently owned firms that take title to the merchandise they handle |
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Term
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Definition
| Work for several producers and carry noncompetitive, complementary merchandise in an exclusive territory. |
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Term
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Definition
| Independent firms or individuals whose main function is to bring buyers and sellers together to make sales. |
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Term
| Manufacturer’s Branch Office |
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Definition
| Carries a producer’s inventory and performs the functions of a full-service wholesaler. |
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Term
| Manufacturer’s Sales Office |
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Definition
| Does not carry inventory, typically performs only a sales function and serves as an alternative to agents and brokers. |
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