Term
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Definition
| Adapting the resources of a firm to the opportunities and threats of an ever-changing retail environment |
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Term
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Definition
| Basic description of a firm's fundamental nature, rationale, and direction |
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Term
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Definition
| A retailer's total sales divided by total market sales or the proportion of total sales in a particular geographic or product market that the retailer has been able to capture; sales as a percentage of total market sales for the merchandise line or service category under consideration |
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Term
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Definition
| Ratio of net profit (profit after taxes) to net sales |
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Term
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Definition
| Retailer's annual net sales divided by total assets; ratio tells the retail analyst how productively the firm's assets are being used |
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Term
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Definition
| Annual net profit divided by total assets; depicts net profit return the retailer achieved on all assets invested regardless of whether the assets were financed by creditors or by the firm's owners |
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Term
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Definition
| Total assets divided by net worth or owner's equity; ratio shows the extent to which a retailer is using debt in its total capital structure |
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Term
| Return on Net Worth (RONW) |
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Definition
| Net profit divided by net worth or owner's equity; usually used to measure owner's performance |
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Term
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Definition
| Situation in which products are not available for customers when they want them |
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Term
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Definition
| Objectives that state how much output the retailer desires for each unit of resource input |
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Term
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Definition
| A retailers concern with broader issues in our society; five most frequently cited are employment objectives, payment of taxes, consumer choice, equity, and being a benefactor |
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Term
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Definition
| Relate to personal goals of employees, managers, or owners of a retail establishment; generally, three types of personal objectives: self-gratification, status and respect, and power and authority |
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Term
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Definition
| Carefully designed plan that shows how a retailer will achieve its goals and objectives |
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Term
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Definition
| Groups or groups of customers that the retailer seeks to serve; the segment of the market that the retailer decides to pursue through its marketing efforts |
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Term
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Definition
| Space in which business is transacted: a traditional store in a physical space, a person's home in relation to a print catalog or television shopping or a virtual store in cyberspace |
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Term
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Definition
| Combination of goals and tactics used by a retailer to appeal to its target market and thereby meet its financial objectives; includes merchandise, price, advertising and promotion, location, customer services and selling, and store layout and design |
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Term
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Definition
| A clear statement of the tangible and intangible results a customer receives from using a retailer's products or services; the promised benefits a retailer offers in relation to the cost the consumer incurs |
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Term
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Definition
| Concerned with maximizing a retailer's use of resources and how the retailer converts these resources into sales and profits |
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Term
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Definition
| Understanding, anticipating, and reacting to changing customer needs in order to maximize the revenue from a fixed capacity of available services |
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Term
| Revenue Per Available Seat Mile (RASM) |
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Definition
| Strategy used by airlines to maximize revenue; usually effected by overbooking |
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