Term
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Definition
| all the activities directly related to the sale of goods and services to the ultimate consumer for personal, nonbusiness use |
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Definition
| retailers owned by a single person or partnership and not operating as part of a larger retail institution (ex: local florists or ethnic food markets) |
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Definition
| owned and operated as a group by a single organization, tasks mainly handled by the home office (ex: GAP and starbucks) |
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Definition
| owned and operated by individuals but are licensed by a larger supporting organization (ex: Subway ) |
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Term
| How can a retail establishment be classified? (4) |
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Definition
| 1. Ownership 2. level of service 3. product assortment 4. Price |
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Definition
| amount of money the retailer makes as a percentage of sales after the cost of goods sold is subtracted |
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Definition
| store housing several departments under one roof (ex: Macy's, JC Penny) |
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Term
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Definition
| a department head who selects the merchandise for his or her department and may also be responsible for promotion and personnel |
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Definition
| a retail store specializing in a given type of merchandise (ex:children's clothing, baked goods, pet supplies) |
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Term
| Price is __________ in specialty outlets? |
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Definition
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Term
| The ___________ & ___________ determine a specialty store's popularity? |
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Definition
| Distinctive Merchandise & Physical Appearance + Caliber of Staff |
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Term
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Definition
| Large, departmentalized, self-service retailer that specializes in food and some non-food items |
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Term
| U.S. consumers spend about ______ of their disposable income in supermarkets |
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Definition
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Term
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Definition
| The tendency to offer a wide variety of nontraditional goods and services under one roof |
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Definition
| Retail store that stocks pharmacy-related products and services as it's main draw |
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Definition
| a miniature supermarket, carrying only a limited line of high-turnover convenience goods |
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Definition
| A retailer that competes on the basis of low prices, high turnover, and high volume |
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Term
| The 4 types of discount stores? |
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Definition
| 1. Full Line Discount Store 2. Specialty Discount 3. Warehouse Clubs 4. Off-Price discount retailers |
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Term
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Definition
| offer consumers very limited service and carry a much broader assortment of well-known, nationally branded "hard goods" (ex: toys, automative parts, sporting goods) |
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Term
| Full Line discount stores are sometimes called ____________? |
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Definition
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Term
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Definition
| The retailing strategy whereby retailers use moderate to low prices on large quantities of merchandise and lower levels of service to stimulate high turnover of products |
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Term
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Definition
| combine a full line of groceries and general merchandise with a wide range of services, including pharmacy, dry cleaning, photo finishing and restaurants -- all in one location |
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Term
| Specialty Discount Stores |
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Definition
| a retail store that offers a nearly complete selection of single-line merchandise and uses self-service, discount prices, high volume, and high turnover |
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Definition
| specialty discount stores that heavily dominate their narrow merchandise segment (ex: Best Buy in electronics) |
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Term
| Warehouse membership clubs |
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Definition
| limited-service merchant wholesalers that sell a limited selection of brand-name appliances, household items, and groceries on a cash-and-carry basis to members, usually small businesses and groups |
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Term
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Definition
| Retailer that sells at prices 25% or more below traditional department store prices because it pays cash for its stock and usually doesn't ask for return privileges |
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Term
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Definition
| A off-price retailer that is owned and operated by a manufacturer |
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Term
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Definition
| Shopping without visiting a store |
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Term
| The 4 major types of non-store retailing? |
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Definition
| 1. Automatic Vending 2. Direct Retailing 3. Direct Marketing 4. Electronic Marketing |
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Term
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Definition
| the use of machines to offer goods for sale |
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Term
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Definition
| the selling of products by representatives who work door-to-door, office-to-office, or at home parties |
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Definition
| Techniques used to get consumers to make a purchase from their home, office, or another non-retail setting |
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Definition
| the use of telephone to sell directly to consumers |
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Definition
| A type of shopping available to consumers with personal computers and access to the internet |
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Term
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Definition
| the originator of a trade name, product, methods of operation, and so on that grants operating right to another party to sell its product |
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Definition
| An individual or business that is granted the right to sell another party's product |
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Term
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Definition
| A combination of the six P's - Product, Place, Promotion, Price, Presentation, and personnel- to sell goods and services to the ultimate consumer |
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Definition
| the mix of products offered to the consumer by the retailer |
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Definition
| Stores that consumers purposely plan to visit |
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Term
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Definition
| the overall impression conveyed by a store's physical layout, decor, and surroundings |
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