Chapter 14 Marketing Retail Vocab

retailing
all the activities directly related to the sale of goods and services to the ultimate consumer for personal nonbusiness use
retailer
a channel intermediary that sells mainly to consumers
independent retailer
a retailer owned by a single person or partnership and not operated as part of a larger retail institution
chain store
a store that is part of a group of the same stores owned and operated by a single organization
franchise
a relationship in which the business rights to operate and sell a product are granted by the franchisor to franchisee
franchisor
the originator of a trade name, product, method of operations, and the like that grants operation rights to another party to sell its product
franchisee
an individual or business that is granted the right to sell another parts product
gross margin
the amount of money the retailer makes as a percentage of sales after the cost of goods sold is subtracted
supermarket
a large departmentalized self-service retailer that specializes in food and some non-food items
drugstore
a retail store that stocks pharmacy related products and services as its main draw
convenience store
a miniature supermarket carrying only a limited line of high-turnover convince goods
discount stores
a retailer that stocks and sells a wide variety of merchandise including groceries clothing, household goods, and other general merchandise
full-line discount stores
a discount store that carries a vast depth and breadth of product within a single product category
supercenter
a large retailer that stocks and sells a wide variety of merchandise including groceries, clothing, household goods, and other general merchandise
specialty discount store
a retail store that offers a nearly complete selection of single line merchandise and uses self service discount prices high volume and high turnover
category killer
a large discount store that specialized in a single line of merchandise and becomes the dominant retailer in its category
warehouse club
a large no-frills retailer that sells bulk quantities of merchandise to customers at volume discount prices in exchange for a periodic membership fee
off-price retailer
a retailer that sells at prices 25% of more below department store prices bc it pays cash for its stock and usually doesn’t ask for return privileges
factory outlet
an off price retailer that is owned and operated by a manufactured
used goods retailer
a retailer whereby items purchased from one of the other types of retailers are resold to different customers
restaurants
a retailer that provides both tangible products (food and drink) and valuable services (food prep & presentation)
nonstore retailing
shopping without visiting a store
automatic vending
the use of machines to offer goods for sale
self service technologies
technological interfaces that allow customers to provide themselves with product and services without the intervention of a service employee
direct retailing
the selling of products by representatives who work door to door, office to office, or at home sales parties
direct marketing
techniques used to get consumers to make a purchase from their home, office, or other nonretail setting
telemarketing
the use of the telephone to sell directly to consumers
direct mail
the delivery of advertising or marketing material to recipients of postal or electronic mail
microtargeting
the use of the direct marketing techniques that employ highly detailed data analytics in order isolate potential customers with great precision
shop-at home television networks
a special form of direct response marketing whereby TV shows display merchandise with the retail price to home viewers
online retailing (e-tailing)
a type of shopping availble to consumers with personal computers and access to the Internet
floor stock
inventory displayed for sale to customers
back stock
inventory held in reserve for potential future sale in a retailers storeroom or stock room
retailing mix
a combinations of the 6 p’s
product, promotion, place, price, presentation, and personnel- to sell goods and services to ultimate consumer
brand cannibalization
the reduction of sales for or one brand as the result of the introduction of a new product or promotion of a current product by another brand
destination store
a store that consumers purposely plan to visit prior to shopping
atmosphere
the overall impression conveyed by a stores physical layout décor and surroundings
layout
the internal design and configuration of a stores fixtures and products
big data analytics
the process of discovering patterns in large data sets for the purpose of extracting knowledge and understanding human behavior
beacon
a device that sends out connecting signals to customers smartphones and tablets in order to bring them into a retail store or improve their shopping experience
shopper marketing
understanding how ones target consumers behave as shoppers in different channels and formats and leveraging this intelligence to generate sales or other positive outcomes
shopper analytics
searching for and discovering meaningful patterns in shopper data for the purpose of finetuning, developing, or changing market offerings
retail channel omnification
the reduction of multiple retail channel systems into a single unified system for the purpose of creating efficiencies or saving costs
click and collect
the practice of buying something online and then traveling to a physical store location to take delivery of the merchandise