Term | Definition the set of business activies that adds value to the products and services sold to consumers for their personal or family use. Retailers=links manufacturers to consumers | |
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Term | Definition a set of firms that make and deliver goods and services to consumers. | |
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Term | Definition engage in buying, taking title to, often storing, and physically handling goods in large quantities and then reselling the goods (in smaller quantities) to other businesses or retailers. Ex: nike sells directly to consumers they are performing both production nd retail business activities. | |
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Term | Definition a firm performs more than one set of activities in the channel, as occurs when a retailer engages in wholesaling activities by operating its own distribution centers to supply its stores. | |
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Term | Definition when a retailer erforms some wholesaling and manufacturing activities such as operating warehouses or designing private-label merchandise | |
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Term | Definition when a manufacturer undertakes retailing and wholesaling activities such as Ralph Lauren operating its own retail firms. | |
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Term retailers create value by... | | Definition - providing an assortment of products and services
- breaking bulk
- holding inventory
- providing services
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Term corporate social responsibility (CSR) | | Definition corporation voluntarily taking responsibility for the impact of its activities on its employees, its customers, the community, and the environment. | |
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Term technology part of inventory management systems enables: | | Definition make sure desired merchandise is available and minimize the retailers inventory investment | |
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Term | Definition set of decisions retailers make to satisfy customer needs and influence their perchase decisions. Elements include types of merchandise/services offered, merchandise pricing, advertising/promotional programs, store design, merchandise display, assistance to customers provided by salespeople, and convenience of store location | |
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Term Four elements of retail mix that classify retailers: | | Definition - type of merchandise/services offered
- the variety and assortment of merchandise
- level of customer service
- price of merchandise
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Term | Definition North American Industry Classification system--US, Canada, Mexico; to collect data on business activity in each country. | |
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Term | Definition the number of merchandise categories a retailer offers | |
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Term | Definition is the number of different items offered in a category. | |
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Term | Definition Each different item of merchandise is called a stock-keeping unit | |
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Term | Definition fresh-merchandise categories are the areas around the outer walls of a supermarket. | |
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Term | Definition the practice of purchasing from factories that pay workers a living wage, considerably more than the prevailing minimum wage, and offer other benefits such as onsite medical treatment. | |
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Term | Definition focuses on reducing the carbon footprint caused by the transportation of food throughout the world. | |
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Term | Definition large limited-service stores | |
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Term General Merchandise Retailers | | Definition - department stores>upscale high-fashion; traditional; and value-oriented
- discount stores
- specialty stores
- category specialists
- home improvement centers
- drugstores
- off-price stores
- extreme value retailing
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Term | Definition |
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Term | Definition large stores 185,000 sq ft; that combine a supermarket with a full-line discount store. ex Wal-Mart | |
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Term | Definition are large 100,000-300,000 sq ft combination food and general merchandise stores | |
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Term | Definition retailers that offer a limited and irregular assortment of food and general merchandise with little service at low prices for ultimate consumers and small businesses. Costco, sams | |
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Term | Definition provide a limited variety and assortment of merchandise at a convenient location in 3000-5000 sq ft stores with speedy check out | |
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Term | Definition are retailer that carry a broad variety and deep assortment, offer customer services, organize their stores into distinct departments for displaying merchandise | |
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Term Full-line discount stores | | Definition retailers that offer a broad variety of merchandise, limited service, and low prices. private labels and national brands. WalMart; Kmart | |
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Term | Definition concentrate on a limited number of complementary merchandise categories and provide a high level of service | |
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Term | Definition specialty stores that concentrate on health and personal grroming merchandise, prescription pharmaceuticals ofen represent 70 percent of drugstore sales. | |
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Term | Definition are big-box stores that offer a narrow but deep assortment of merchandise, self-service approach staples | |
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Term | Definition are small discount stores that offer a limited merchandise assortment at very low prices; broad variety but shallow assortment Dollar general | |
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Term | Definition closeout retailers--offer an inconsistent assortment of brand-name merchandise at a significant discount off the manufacturers suggested retail price (MSRP) marshalls, tjmaxx...end of season merchandise that wil not be used in following seasons. Irregulars are merchansise that has minor mistakes in construction | |
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Term | Definition off-price retailers owned by manufacturers or retailers...aka factory outlets. | |
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Term Four difference of the offereing provided by services | | Definition - intangibility
- simultaneous production and consumption
- perishability
- inconsistency of the offering to consumers
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Term major classifications of retail ownership are | | Definition |
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Term Independent, Single-store establishments | | Definition to compete, join a wholesale-sponsored voluntary cooperative group which is an organization operated by a wholesaler offering a merchandising program to small, independent retailers on a voluntary basis. Retail chains: a company that operates multiple retail units under common ownership and usually centralized decision making for defining and implementing its strategy
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Term | Definition the way a retailer sells and delivers merchandise and service to its customers. Most common is store but includes nonstore channels such as Internet (<10%), catalogs (1.3%), direct mail | |
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Term benefits of store channels | | Definition |
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Term | Definition |
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Term | Definition - broader and deeper assortment
- more timely information for evaluating merchandise
- personalization-live chats
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Term perceived risks in electronic shopping | | Definition - security of credit card transaction on the Internet
- potential privacy violations
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Term benefits of multichannel retailing | | Definition 1. electronic channel gives retailers an opportunit to overcome the limitations of their primary existing channel 2. increases customer satisfaction and loyalty 3. enables retailers to obtain valuable insights into their customers shopping behavior 4. economically enter new markets 5. provides the bases for building a strategic advantage | |
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Term overcoming the limitations of an existing format | | Definition increased assortment low-cost, consistent execution: ex-associates learn regulars styles/habits current information increase customer satisfaction/loyalty **by providing multichannel offerings, retailers can increase their share of customers' wallets-the percentage of purchases made from a specific retailer. | |
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Term building a strategic advantage with multichannel retailing | | Definition -property information about customer purchase history and shopping behavior -unique "how-to" knowledge about coordinating
-operational activites across channels | |
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Term | Definition occurs when a manufacturer sells directly to consumers, bypassing retailers; risk losing support from retailers they bypass. | |
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Term struggles with multichannel | | Definition providing integrated shopping experience/brand image, marketing activities, information systems differ, centralized customer data base, pricing, channel mitigation- collecting info about products on their channels and then buying the product from a competitor; can reduce by 1. offer uniquely relevant info based on proprietary data the retailer has collected about customers; 2. promote private label merchandise that can be purchased only from the retailer | |
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Term | Definition Utilitarian need-shopping to accomplish a specific task; need adequate information and effortless shopping hedonic need-shopping for pleasure. needs desire, excitement, stimulation, status, power, adventure. | |
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Term | Definition the pattern of buying both a premium and low-priced merchandise or patronizing both expensive, status-oriented retailers and price-oriented retailers | |
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Term the amount of informatin search | | Definition -characteristics of the individual consumer -the value the customer feels they can gain form searching v the cost of searching -aspect of the market and buying situation in which the purchase is made | |
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Term multiattribute attitude model | | Definition based on the notion that customers see a retailer, a product, or a channel as a collection of attributes/characteristics | |
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Term to attract customers, retailers need to do market research in the following areas | | Definition - alternative retailers that customers consider
- characteristics or benefits that customers consider when evaluating and choosing a retailer
- customers ratings of earch retailers performance on the characteristics
- the importance weights that customers attach to the characteristics
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Term | Definition the set of alternatives the customer evaluates when making a choice of a retailer to patronize. Four methods to ensure they pick you: -
increase beliefs about the store's performance -
decrease the performance beliefs for competing stores in the consideration set -
increase customers importance weights -
add a new benefit | |
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Term | Definition purchase decision process in which customers devote considerable time/effort to analyzing their alternativies; a lot of risk, important need, little knowledge Retailers offer money back guarrentees | |
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Term | Definition purchase involving a moderate amnt of effort/time; impulse buying or unplanned buying...encouraged by retailers using POP or POS displays | |
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Term | Definition purchase decision process involving little or no conscious effort..brand loyalty | |
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Term social factors influencing buying process | | Definition |
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Term | Definition |
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Term market segmentation must be | | Definition actionable
identifiable substantial reachable | |
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Term | Definition geographically demographically geodemographically Lifestyle/psychographics -VALS buying situations benefit segmentation composite segmentation-uses multiple variables | |
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