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Definition
| the process by which goods and services are sold to the consumer |
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Definition
adds and subtracts value from the offer through:
-their image,other
products,service,location,other policy
belong to the distribution channel |
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| Retailing is a big business |
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Definition
1 out of every 5 workers work in the retail industry
1.2 million retail firms |
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| The wheel-of-retailing hypothesis |
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Definition
| new stores offer lower prices to compete over time they improve and increase prices. |
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| The evolution of Retailing |
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Definition
The wheel-of-retailing hypothesis
The retail life cycle
Demographics
Technology
Globalization |
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Definition
Introduction stage
Growth stage
Maturity stage
Decline stage |
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Definition
| new way of doing business profit are low |
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Definition
| retailer catches on and profits and sale increases and competition increases |
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Definition
| Competition get intense and profits decline |
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| Businesses become obsolete a new way of doing business enters the market and begins a new cycle. |
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| a new way to sell to diverse groups, focus on specific age segments and companies pay more attention to ethnic diversity. |
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| cart-top computers and more technology will enter the market |
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| companies are taking notices of different conditions and concepts |
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By What they sell-merchandise mix
Level of Service
By Selection |
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Definition
Self Service
Full Service
Limited Service |
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Definition
| customers are willing to perform their own locate, compare, and select process. Lower prices are offered |
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Term
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Definition
| the customer like waited on. Consumer are willing to pay more |
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Definition
Provide some sale assistance. Shopping products
-Lay away, store credit card, Prices are middle range compared to the other two level of services. |
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Definition
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variety or the # of different product lines
-narrow-limited selection. (shoe store)
-broad- a wide range of products |
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Term
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Definition
choices available in each product line
-shallow-selection is limited
-deep-a great deal of selection |
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Term
| Major Forms Retailers take |
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Definition
Convenience stores
Super markets
Specialty stores
Discounts stores
Departments stores
Hypermarkets
Category Killers |
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Term
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Definition
Sales products at a lower price by selling higher volumes
-warehouse clubs
-Factory Outlet |
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Term
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Definition
| offer limited selection of brand name products at deep discounts to customers who pay membership fees (SAM's CLUB) |
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Definition
| Owned and ran by the manufacturer |
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Definition
| sell several product lines (SEARS) |
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| a huge superstar, often the size of 6 football fields. Popular in Europe and Asia. (Carrefour) |
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Definition
| a store that offers deep assortments in one category with knowledgeable staff (BEST BUY) |
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Definition
Any method a firm uses to complete an exchange that doesn't require a customer visit to the store.
-Direct Selling
-Automatic Vending |
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Definition
-Door to Door sales
-Party plan system-Tupperware party, sex toys party etc.
-Multilevel Network-A master distributor recruits other distributors
-Illegal Pyramid- people pay to advance in a company, profiting from others that might join. |
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Definition
coin operated vending machines
IPOD vending machine |
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| Business to Consumer E-commerce |
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Definition
| Online exchange between companies and consumers. |
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Term
| Business to Consumer E-commerce: Benefits |
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Definition
| Convenience, Coupons, Privacy,Easy Comparison,Variety,Less Hassle,Credit, Don't have to leave home. |
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Term
| Business to Consumer E-commerce: Limitations |
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Definition
| Can't try product on, Don't always get what you wanted, shipping costs, no instant gratifications, Security, returning unwanted product is hard, Quality is questionable, Cannabalize in stores sales-only moving sales to a different channel not increasing them. |
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Term
| Virtual vs. traditional channels |
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Definition
| Virtual channels will never completely replace traditional channels. |
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| Effects of the future of Retailing |
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Definition
Virtual vs. traditional channels
Continued evolution
Total entertainment experienced |
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Term
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Definition
| in order to bring customer into stores |
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Term
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Definition
| Destination retailing-visiting store for total entertainment |
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Definition
The way a retailer is perceived in the market place
-Atmospherics
-Store designs
-color, lighting,scents,furnishing,sounds,and any other design element
all come together to create a desired setting.
Store personnel
Pricing Policy |
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Definition
Arrangement of merchandise that determine traffic flow
-Grid Layout
-free flow layout |
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Definition
| how shoppers move through the store |
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Definition
rows of evenly spaced parallel shelves;encourages customers to move up and down aisles
(Grocery Stores) |
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Definition
conducive to browsing different sections of merchandise
(clothing stores) |
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Definition
Store layout
fixture type and merchandise density
The sound of music
Color of Lighting to set the mood |
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Definition
| relax customers to take their time and stay longer or make them wanna move more quickly |
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| Promote store image and customer services make or break a sale |
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Definition
| higher prices- higher quality |
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Term
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Definition
Business Districts
Shopping Center
free Standing Retailers
Non-Traditional |
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Term
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Definition
| Traditional downtown area |
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Definition
| regular or strip mall- a group of stores this owned or managed by a single poperty |
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| Retailers located in their own building |
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store trade area- the geographic zone that accounts for the majority of retailer sales.
-saturated
-under-stored
-over-stored |
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Definition
| (middle) enough stores to serve and satisfy customer needs. |
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Definition
| not enough stores to satisfy customer needs. |
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| to many retailers selling the same product |
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