UF Marketing Exam Ch. 16 – Flashcards
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Retailing
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Includes all the activities involved in selling , renting, and providing products and services to ultimate consumers for personal, family, or household use.
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Form of ownership
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distinguishes retail outlets based on whether independent retailers, corporate chains, or contractual systems own the outlet.
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Level of service
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the degree of service provided to the customer from three types of retailers: self-, limited-, and full-service
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Merchandise line
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describes how many different types of products a store carries and in what assortment
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Depth of product line
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the store carries a large assorment of each item, such as a shoe store that offers running shoes, dress shoes and childrens shoes
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Breadth of product line
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refers to the variety of different items a store carries
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Scrambled merchandising
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carrying any product lines they think they can sell profitably , Offering several unrelated product lines in a single store
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Hypermarket
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a form of scrambled merchandising, which consists of a large store (more than 200,000 square feet) that offers consumers everything in a single outlet, eliminating the need to shop at more than one location
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Intertype competition
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competition between very dissimilar types of retail outlets
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Telemarketing
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Involves using the telephone to interact with and sell directly to customers
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Retail positioning matrix
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is a matrix developed by the MAC group, Inc, a management firm. This matrix positions retail outlets on two dimensions: breadth of product line and value added.
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Retailing mix
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Activities related to managing the store and the merchandise in the store - including retail pricing, store location, retail communication, and merchandise
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Off-price retailing
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selling brand-name merchandise at lower than regular prices
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Central business district
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The oldest retail setting, the community's downtown area. Was the major shopping area until regional outflow to suburbs. Often viewed as less convenient by consumers due to lack of parking, higher crime rates, and exposure to the weather.
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Regional shopping centers
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Consist of 50 to 150 stores that typically attract customers who live or work within a 5- to 10-mile range, often containing two or three anchor stores, which are well-known national or regional stores.
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Community shopping center
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a retail location that typically has one primary store (usually a department store branch) and often 20 to 40 smaller outlets, serving a population of consumers who are within a 10- to 20- minute drive.
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Strip mall
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A cluster of stores serving within 5-10 minute drive to customers. Gas stations, hardware, laundry, grocery and pharmacies are commonly found in a strip mall. The composition of these stores is unplanned.
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Power center
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a huge shopping strip with multiple anchor (or national) stores. Variation of the strip mall.
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Shopper marketing
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the use of displays, coupons, product samples, and other brand communications to influence shopping behavior in a store. Can also influence behavior in an online shopping environment.
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Category management
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An approach to managing the assortment of merchandise in which a manager is assigned the responsibility for selecting all products that consumers in a market segment might view as substitutes for each other, with the objective of maximizing sales and profits in the category.
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Wheel of retailing
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a concept that describes how new forms of retail outlets enter the market. States that new types of retailer usually begin as low-margin, low-price, low-status operations, but later evolve into higher-priced, higher-service operations, eventually becoming like the conventional retailers they replaced.
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Retail life cycle
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the process of growth and decline that retail outlets, like products, experience. Consists of the early growth, accelerated development, maturity, and decline stages.
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Multichannel retail
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retailers that utilize and integrate a combination of traditional store formats and nonstore formats such as catalogs, television, and online retailing
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Merchant wholesalers
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Independently owned firms that take title to the merchandise they handle
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Manufacturer's agents
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agents who work for several producers and carry noncompetitive, complementary merchandise in an exclusive territory
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Brokers
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Independent firms or individuals whose principal function is to bring buyers and sellers together to make sales.
