Marketing 351 final sfa: chapter 15

Retailing
All activities related to the sale of goods or services to the ultimate consumer for personal non business use.
Independent retailer
Retailer owned by a single person or partnership and is not operated as a part of a larger retail institution.
Chain store
Store that is part of a group of the same stores owned and operated by a single organization.
Franchise
Business where operator is granted a license to operate and sell a product under a larger supporting organization.
Franchisor
Originator of a trade name, product methods of operation, and the like that grants operating rights to another party to sell its products.
Franchisee
Individual or business that is granted the right to sale another party’s product.
Gross margin
Amount of money a retailer makes, as a percentage of sales after the cost of goods sold is subtracted
department stores
Store housing several departments under one roof.
Specialty store
Retail store specializing in a given type of merchandise.
Supermarket
Large departmentalized, self-service retailer that specializes in food and some non-food items.
Drug store
Retail store that stocks pharmacy related products and services as main draw.
Convenience store
Mini-supermarket, carry a limited line or high-turnover convenience goods.
Discount store
retailer that compete on basis of low prices, high turnover, and high volume.
Full-line discount store
Discount store that carries a vast depth & breadth of products with in a single product category.
Supercenter
Large retailer that stocks and sells a wide variety of merchandise involving groceries, clothing, housing goods, and other general merchandise.
Specialty discount store
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
Large discount store that specializes in a single line of merchandising and becomes dominant retailer in its category.
Warehouse club
Large, no frills retailer, that sells bulk quantities of merchandise to customers at volume discount prices in exchange for a periodic membership fee. (Sam’s Club)
Off-price retailer
Retailer that sells at prices 25% or more below traditional department store prices because it pays cash for its stock and usually does not ask for return privileges.
Factory outlet
Off price retailer that is owned and operated by a manufacturer.
Used goods retailer
Retailer turns customers into suppliers; Items purchased from one of other type of retailer can be resold to different customer.
Self service technologies(SST)
Technological interfaces that allow customers to provide themselves with the product and/or services without intervention of service employee.
Non-store retailing
Shopping without visiting the store.
Direct reatiling
Selling of products by representatives who work door-to-door, or office-to-office, or at home sales parties.
Direct marketing(DM)
Techniques used to get consumers to make a purchase from their home, or other non-retail setting.
Microtargeting
Use of direct marketing techniques that employ highly detailed data analytics in order to isolate potential customers with great precision.
Floor stock
Inventory displayed for sale to customers.
Back stock
Inventory held in reserve for potential future sale in a retailers storeroom or stockroom.
Retailing mix
Combination of 6 P’s:
Product
Promotion
Place
Price
Presentation
Personnel
Brand cannibalization
Reduction of sales for one brand as the result of the introduction of a new product or promotion of a current product by another brand.
Destination store
Store consumers purposely plan to visit before shopping.
Atmosphere
Overall impression conveyed by a stores physical layout, decor, & surroundings.
Layout
Internal design and configuration of a stores fixtures and products.
Big data analytics
Process of discovering patterns in large data sets for the purpose of extracting knowledge and understanding human behavior.
Shopper marketing
Understanding how one’s target consumers behave as shoppers in different channels and formats and leveraging their intelligence to generate sales or other positive outcomes.
Shopper analytics
Searching for and discovering meaningful patterns in shopper data for the purpose of fine-tuning, developing, or changing market offerings.
Retail channel omnifications
Reduction of multiple retail channel systems into a single, unified system for the purpose of creating efficiencies or saving cost.
Click & Collect
Practice of buying something online and then traveling to the store location to take delivery of merchandise.