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WKU Marketing 220, Craig Martin exam 4 Essay

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Retailing
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All transactions in which the buyer intends to consume the product through personal, family, or household use
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Retailer
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organization that purchases products for the purpose of reselling them to ultimate consumers
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General Merchandise Retailer
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A retail establishment that offers a variety of product lines that are stocked in considerable depth.
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Department Stores
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Large retail organizations characterized by a wide product mix and organized into separate departments to facilitate marketing efforts and internal managment.
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Discount Store
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Self service general merchandise store offering brand name and private brand products at low prices.
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Convenience store
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a small self service store that is open long hours and carries a narrow assortment of products, usually convenience items
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Supermarkets
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Large self service stores that carry a complete line of food products, along with some non food products
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Superstores
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Giant retail outlets that carry food and nonfood products found in supermarkets, as well as most routinely purchased consumer products
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Hypermarkets
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Stores that combine supermarkets and discount store shopping in one location
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Warehouse clubs
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Large-scale members-only establishments that combine features of cash and carry wholesaling with discount retailing
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Warehouse Showrooms
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Retail facilities in large, low-cost buildings with large on-premise inventories and minimal service
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Traditional specialty retailers
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Stores that carry a narrow product mix with deep product lines also called limited-line retailers, or single-line retailers
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Category killers
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A very large specialty store that concentrates on a major product category and competes on the basis of low prices and product availability
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off-price retailers
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stores that buy manufacturers seconds, overruns, returns, and off-season merchandise for resale to consumer at deep discounts
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Neighborhood Shopping centers
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A type of shopping center usually consisting of several small convenience and specialty stores
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Community Shopping Center
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A type of shopping center with one or two department stores, some specialty stores, and convenience stores
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Regional Shopping center
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large department stores, widest product mixes, and deepest product lines of all shopping centers
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Super Regional Shopping Center
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widest and deepest product mixes that attract customers from many miles away
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Lifestyle Shopping center
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A type of shopping center that is typically open air and features upscale specialty dining ,and entertainment stores
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Power shopping Center
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A type of shopping center that combines off price stores with category killers
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Retail Positioning
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Identifying an unserved market or underserved market segment and serving it through a strategy that distinguishes the retailer from other competitors in the minds of consumers in that segment.
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Atmospherics
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The physical elements in a store’s design that appeal to consumers emotions and encourage buying
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Direct Marketing
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The use of the telephone, internet, and non personal media to introduce products to consumers, who can then purchase them via telephone, internet, or mail.
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Category Management
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a retail strategy of managing groups of similar, often substitutable products produced by different manufacturers
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non store retailing
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The selling of products outside confines of a retail facility
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Catalog Marketing
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a type of marketing in which an organization provides a catalog from which a consumer make selection and place orders by mail, phone, or internet
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Direct-response Marketing
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A type of marketing in which a retailer advertises a product and then makes it available via phone or mail.
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Telemarketing
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The performance of marketing-related activities by phone
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Television home shopping
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A form of selling in which products are presented to television viewers
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online retailing
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Retailing that makes products available by computer
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direct selling
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Marketing products to ultimate consumers through face-to-face sales at the consumers home or workplace
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Automatic Vending
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The use of machines to dispense products
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Franchising
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An arrangement in which a supplier (Franchiser) grants a dealer (Franchise) the right to sell products in exchange for some type of consideration
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Wholesaling
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Transactions in which products are bought for resale, for making other products, or for general business operations
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Wholesaler
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An individual or organization that sells products that are bought for resale, for making other products, or for general business operations
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Merchant wholesaler
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Independently owned businessmen that takes title to goods, assume ownership risks , and buy resell products to other wholesalers, business customers, or retailers
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Full-service wholesalers
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merchant wholesalers that perform the widest range of wholesaling functions
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general merchandise wholesalers
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Full-service wholesalers with a wide product mix but limited depth within the product lines
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Limited-line wholesalers
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full-service wholesalers that carry only few product lines but many products within those lines
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specialty-line wholesalers
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Full Service wholesalers that carry only a single product line or a few items within a product line
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rack jobbers
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Full-service specialty line wholesalers that own and maintain display racks in store
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limited-service wholesaler
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Merchant wholesalers that provide some services and specialize in a few functions
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Cash and Carry wholesalers
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wholesalers whose customers furnish cash and supply transportation
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truck wholesalers
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limited service wholesalers that transport products directly to customers for inspection
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drop shippers
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LSW that take title to the good and negotiate sales but never actually take possession of the product
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Agents
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middlemen that represent buyers or sellers on a permanent basis
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Brokers
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bring buyers and sellers together temporary
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manufacturers agents
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independent intermedaries that rep two or more sellers and usually offer customers complete product lines
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Selling Agents
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Intermediaries that market a whole product line or a manufacturers entire output
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Price
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the value paid for a product
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Barter
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trading products
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price competition
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emphasizing price as an issue and matching or beating competitors’ prices
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nonprice competition
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Emphasizing factors other than price to distinguish a product from competing brands
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break-even point
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when cost equals revenue
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internal reference price
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A price developed in the buyer’s mind through experience with the product
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External Reference price
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a comparison price provided by others
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Value conscious
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concerned about price and quality of a product
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price conscious
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striving to pay low prices
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prestige sensitive
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Drawn to products that signify prominence and status
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price discrimination
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employing price differentials that injure competition by giving one or more buyers a competitive advantage
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trade (functional) discount
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A reduction off the list price a producer gives to an intermediary for performing certain functions
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Pricing objectives
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Goals that a firm wants to achieve through price
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Cost based pricing
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adding a dollar amount or percentage to the cost of the product, not based on economics
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Cost-plus pricing
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adding a dollar or percentage amount to the sellers cost
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demand based pricing
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pricing based on the level of demand for that product
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Competition Based pricing
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pricing influenced primarily by competitors price
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differential pricing
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charging different prices to different buyers for the same quality and quantity of product
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secondary market pricing
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Setting one price for the primary market, and a different price for another market
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periodic discounting
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temp reduction of prices on a patterned or systematic basis
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Random discounting
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temp reduction of price on an unsystematic basis
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Price skimming
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charging the highest possible price that buyers who most desire the product will pay
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penetration pricing
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setting prices below those of competing brands to gain market share quickly
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product line pricing
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establishing and adjusting prices of multiple products within a product line
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Captive pricing
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Pricing the basic product in a product line low, while pricing related items higher
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premium pricing
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pricing the highest quality or most versatile products higher then other models in the same product line
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bait pricing
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pricing an item low in a product line with the intention of selling higher priced items in that line
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price lining
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Setting a limited number of prices for selected groups
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psychological pricing
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pricing that attempts to influence a customers perception of the price to make a product price more attractive
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Reference pricing
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pricing a product at a moderate level and displaying next to a more expensive model or brande
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bundle pricing
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packaging together two or more complimentary products and selling them at a singe price
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Multiple unit pricing
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packaging two or more identical units and selling them together
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EDLP
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everyday low prices – pricing product low consistently
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odd-even pricing
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ending the price with certain numbers to influence buyers perception of the price or product
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Customary pricing
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pricing on a basis of tradition
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prestige pricing
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setting prices at an artifically high level to convey prestige or a quality image
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professional pricing
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fees set by people with great skill or experience in a particular field
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Price leaders
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products priced near or even below cost
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Special-event pricing
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Advertised sales or price cuts linked to a holiday, season, or event
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Comparison discounting
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Setting a price at a specific level and comparing it with a higher price