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| a form of vertical integration in which a retailer owns some or all of its suppliers |
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| a function performed by retailers or wholesalers in which they receive large quantities of merchandise and sell them in smaller quantities |
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| corporate social responsibility |
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| voluntary actions taken by a company to address the ethical, social, and environmental impacts of its business operations and the concerns of its stakeholders |
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| a system or code of conduct based on universal moral duties and obligations that indicate how one should behave |
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| a form of vertical integration in which a manufacturer owns wholesalers or retailers |
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| competition between retailers that sell similar merchandise using different formats, such as discount and department stores |
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| competition between the same type of retailers (e.g. kroger vs safeway) |
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| a business that sells products and services to consumers for their personal or family use |
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| a set of business activities that adds value to the products and services sold to consumers for their personal or family use |
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| the combination of factors used by a retailer to satisfy customer needs and influence their purchase decisions; includes merchandise and services offered, pricing, advertising, and promotions, store design and location, and visual merchandising |
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| a statement the indicates (1) the target market toward which a retailer plans to commit its resources, (2) the nature of the retail offering that the retailer plans to use to satisfy the needs of the target market, and (3) the bases upon which the retailer will attempt to build a sustainable competitive advantage over competitors |
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| an offering of merchandise not typically associated with the store type, such as clothing in a drugstore |
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| a set of firms that make and deliver a given set of goods and services to the ultimate consumer |
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| the number of different merchandise categories within a store or department |
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| an example of diversification by retailers involving investments by retailers in wholesaling or manufacturing merchandise |
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| by a concern that is primarily engaged in buying, taking title to, usually storing, and physically handling goods in large quantities, and reselling the goods, usually in smaller quantities, to retailers or industrial/business use. |
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| Functions which add value |
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Definition
| providing assortment(one-stop shopping), breaking bulk(consumer purchases in quantity desired), holding inventory(convenience), offering services |
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| dialect process, retail accordion, wheel of retailing |
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| price sensitive shoppers will trade price for service, price sensitive shoppers are normally not loyal and will switch for low prices, new institutions often are able to enter the market with lower prices, as retailers trade up they open the field for new innovators |
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| benefits of breaking bulk |
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Definition
| it provides cost efficiencies for manufacturers, it gives consumers the chance to purchase items in the smaller quantities, one of the value-creating functions provided by a retailer, it provides cost efficiencies for manufacturers that can package and ship merchandise in larger quantities |
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| the number of SKUs within a merchandise category. also called depth of merchandise |
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| the number of different merchandise categories within a store or department |
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| nonstore retail format in which the retail offering is communicated to a customer through a catalog |
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| a discount retailer that offers a narrow but deep assortment of merchandise in a category and thus dominates the category form the customers' perspective. also called a category specialist |
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| a discount retailer that offers a narrow but deep assortment of merchandise in a category and thus dominates the category form the customers' perspective. also called a category killer |
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| off-price retailer that sells a broad but inconsistent assortment of general merchandise as well as apparel and soft home goods, obtained through retail liquidations and bankruptcy proceedings |
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| (1) an offer at a reduced price to sell a group of slow moving or incomplete stock; (2) an incomplete assortment, the remainder of a line of merchandise that is to be discontinued and so is offered at a low price to ensure immediate sale. |
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| a store that provides a limited variety and assortment of merchandise at a convenient location in a 2,000-3,000 sq ft store with speedy check out |
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| a self service food store that offers groceries, meat, and produce with limited sales of nonfood items, such as health and beauty aids and general merchandise |
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| a retailer that carries a wide variety and deep assortment, offers considerable customer services, and is organized into separate departments for displaying merchandise |
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| the number of SKUs within a merchandise category, also called assortment |
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| a nonstore retailer that communicates directly with customers using mail brochures and pamphlets to sell a specific product or service to customers at one point in time |
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| direct response advertising |
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| advertisements on TV and radio that describe products and provide an opportunity for customers to order them |
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| independent distributor, contacts a customer directly in a convenient location, demonstrates merchandise benefits, takes an order, and delivers the merchandise to the customer |
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