Marketing 351 final sfa: chapter 15 – Flashcards
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Retailing
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All activities related to the sale of goods or services to the ultimate consumer for personal non business use.
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Independent retailer
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Retailer owned by a single person or partnership and is not operated as a part of a larger retail institution.
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Chain store
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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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Business where operator is granted a license to operate and sell a product under a larger supporting organization.
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Franchisor
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Originator of a trade name, product methods of operation, and the like that grants operating rights to another party to sell its products.
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Franchisee
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Individual or business that is granted the right to sale another party's product.
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Gross margin
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Amount of money a retailer makes, as a percentage of sales after the cost of goods sold is subtracted
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department stores
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Store housing several departments under one roof.
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Specialty store
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Retail store specializing in a given type of merchandise.
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Supermarket
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Large departmentalized, self-service retailer that specializes in food and some non-food items.
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Drug store
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Retail store that stocks pharmacy related products and services as main draw.
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Convenience store
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Mini-supermarket, carry a limited line or high-turnover convenience goods.
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Discount store
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retailer that compete on basis of low prices, high turnover, and high volume.
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Full-line discount store
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Discount store that carries a vast depth & breadth of products with in a single product category.
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Supercenter
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Large retailer that stocks and sells a wide variety of merchandise involving groceries, clothing, housing goods, and other general merchandise.
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Specialty discount store
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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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Large discount store that specializes in a single line of merchandising and becomes dominant retailer in its category.
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Warehouse club
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Large, no frills retailer, that sells bulk quantities of merchandise to customers at volume discount prices in exchange for a periodic membership fee. (Sam's Club)
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Off-price retailer
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Retailer that sells at prices 25% or more below traditional department store prices because it pays cash for its stock and usually does not ask for return privileges.
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Factory outlet
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Off price retailer that is owned and operated by a manufacturer.
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Used goods retailer
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Retailer turns customers into suppliers; Items purchased from one of other type of retailer can be resold to different customer.
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Self service technologies(SST)
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Technological interfaces that allow customers to provide themselves with the product and/or services without intervention of service employee.
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Non-store retailing
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Shopping without visiting the store.
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Direct reatiling
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Selling of products by representatives who work door-to-door, or office-to-office, or at home sales parties.
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Direct marketing(DM)
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Techniques used to get consumers to make a purchase from their home, or other non-retail setting.
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Microtargeting
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Use of direct marketing techniques that employ highly detailed data analytics in order to isolate potential customers with great precision.
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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 stockroom.
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Retailing mix
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Combination of 6 P's: Product Promotion Place Price Presentation Personnel
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Brand cannibalization
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Reduction of sales for 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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Store consumers purposely plan to visit before shopping.
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Atmosphere
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Overall impression conveyed by a stores physical layout, decor, & surroundings.
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Layout
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Internal design and configuration of a stores fixtures and products.
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Big data analytics
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Process of discovering patterns in large data sets for the purpose of extracting knowledge and understanding human behavior.
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Shopper marketing
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Understanding how one's target consumers behave as shoppers in different channels and formats and leveraging their 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 fine-tuning, developing, or changing market offerings.
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Retail channel omnifications
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Reduction of multiple retail channel systems into a single, unified system for the purpose of creating efficiencies or saving cost.
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Click & Collect
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Practice of buying something online and then traveling to the store location to take delivery of merchandise.
