Chapter 1- Retail Management class

retailing
Business activities involved in selling goods and services to consumers for their personal, family, or household use.
Channel of distribution
All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer.
Multi-channel retailing
A distribution approach whereby a retailer sells to consumers through multiple retail mats (points of contact)
Sorting process
Involves the retailer’s collecting an assortment of goods and services from various sources, buying them in large quantity, and offering to sell them in small quantities to consumers
Exclusive distribution
Takes place when suppliers enter agreements with one or few retailers to designate the latter as the only firms in specified geographic areas to carry certain brands or product lines
Intensive distribution
Takes place suppliers sell through as many retailers as possible. This often maximizes suppliers’ sales and lets retailers offer brands and product versions
Selective distribution
Takes place when suppliers sell through a moderate number of retailers. This lets suppliers have higher slaes than in exclusive distribution and lets retailers carry some competing brands.
Retail strategy
Overall plan guiding a retail firm. It influences the firm’s business activities and it’s response to market forces, such as competition and the economy.
Retail concept
An approach to business that is customer-oriented, coordinate, value-driven, and goal-oriented.
Total retail experience
All the elements in a retail offering that encourage or inhibit consumers during their contact with a retailer.
Customer service
Identifiable, but sometimes intangible, activities undertaken by a retailer in conjunction with the basic goods and services.
Relationship retailing
Exists when retailers seek to establish and maintain long-term bonds with customers, rsther than act as if each sales transaction is a completely new encounter with them