Chapter 14 Marketing Retail Vocab – Flashcards
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retailing
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all the activities directly related to the sale of goods and services to the ultimate consumer for personal nonbusiness use
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retailer
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a channel intermediary that sells mainly to consumers
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independent retailer
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a retailer owned by a single person or partnership and not operated as part of a larger retail institution
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chain store
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a store that is part of a group of the same stores owned and operated by a single organization
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franchise
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a relationship in which the business rights to operate and sell a product are granted by the franchisor to franchisee
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franchisor
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the originator of a trade name, product, method of operations, and the like that grants operation rights to another party to sell its product
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franchisee
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an individual or business that is granted the right to sell another parts product
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gross margin
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the amount of money the retailer makes as a percentage of sales after the cost of goods sold is subtracted
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supermarket
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a large departmentalized self-service retailer that specializes in food and some non-food items
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drugstore
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a retail store that stocks pharmacy related products and services as its main draw
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convenience store
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a miniature supermarket carrying only a limited line of high-turnover convince goods
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discount stores
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a retailer that stocks and sells a wide variety of merchandise including groceries clothing, household goods, and other general merchandise
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full-line discount stores
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a discount store that carries a vast depth and breadth of product within a single product category
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supercenter
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a large retailer that stocks and sells a wide variety of merchandise including groceries, clothing, household goods, and other general merchandise
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specialty discount store
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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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category killer
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a large discount store that specialized in a single line of merchandise and becomes the dominant retailer in its category
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warehouse club
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a large no-frills retailer that sells bulk quantities of merchandise to customers at volume discount prices in exchange for a periodic membership fee
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off-price retailer
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a retailer that sells at prices 25% of more below department store prices bc it pays cash for its stock and usually doesn't ask for return privileges
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factory outlet
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an off price retailer that is owned and operated by a manufactured
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used goods retailer
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a retailer whereby items purchased from one of the other types of retailers are resold to different customers
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restaurants
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a retailer that provides both tangible products (food and drink) and valuable services (food prep & presentation)
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nonstore retailing
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shopping without visiting a store
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automatic vending
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the use of machines to offer goods for sale
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self service technologies
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technological interfaces that allow customers to provide themselves with product and services without the intervention of a service employee
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direct retailing
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the selling of products by representatives who work door to door, office to office, or at home sales parties
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direct marketing
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techniques used to get consumers to make a purchase from their home, office, or other nonretail setting
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telemarketing
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the use of the telephone to sell directly to consumers
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direct mail
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the delivery of advertising or marketing material to recipients of postal or electronic mail
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microtargeting
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the use of the direct marketing techniques that employ highly detailed data analytics in order isolate potential customers with great precision
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shop-at home television networks
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a special form of direct response marketing whereby TV shows display merchandise with the retail price to home viewers
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online retailing (e-tailing)
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a type of shopping availble to consumers with personal computers and access to the Internet
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floor stock
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inventory displayed for sale to customers
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back stock
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inventory held in reserve for potential future sale in a retailers storeroom or stock room
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retailing mix
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a combinations of the 6 p's product, promotion, place, price, presentation, and personnel- to sell goods and services to ultimate consumer
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brand cannibalization
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the reduction of sales for or one brand as the result of the introduction of a new product or promotion of a current product by another brand
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destination store
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a store that consumers purposely plan to visit prior to shopping
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atmosphere
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the overall impression conveyed by a stores physical layout décor and surroundings
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layout
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the internal design and configuration of a stores fixtures and products
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big data analytics
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the process of discovering patterns in large data sets for the purpose of extracting knowledge and understanding human behavior
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beacon
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a device that sends out connecting signals to customers smartphones and tablets in order to bring them into a retail store or improve their shopping experience
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shopper marketing
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understanding how ones target consumers behave as shoppers in different channels and formats and leveraging this intelligence to generate sales or other positive outcomes
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shopper analytics
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searching for and discovering meaningful patterns in shopper data for the purpose of finetuning, developing, or changing market offerings
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retail channel omnification
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the reduction of multiple retail channel systems into a single unified system for the purpose of creating efficiencies or saving costs
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click and collect
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the practice of buying something online and then traveling to a physical store location to take delivery of the merchandise
