Term
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Definition
| final stop in distribution channel in which organiations sell goods and services to consumer for personal use |
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Term
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Definition
4.5 trillion
1 of 10 us workers employeed in retailing |
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Term
| Wheel of Retailing [image] |
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Definition
| Entry Phasse: Company can compete because they offer low prices, little service Trading up phase: begin to make improvements, they offer service and improve appearance: begin to slowly raise their prices Vulnerability phase: everything is improved, but prices also incease: Leaves room for new retailer to enter the market |
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Term
retail life cycle
[image] |
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Definition
| Same stages seen in product life cycle Start with introduction: unique approach to doing business. Profits are low. Growth Stage: retailer is accepted. Sales increase, competition is also accepted Maturity: intense competition. Profits decline. Decline: unprofitable stores are closed, new approach to doing business emerges |
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Term
| 4 factors motivate retail innovation |
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Definition
changing economy
demographic and cultural changes
technology
globalizaion |
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Term
| 3 demographic/cultural adjustments |
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Definition
more convenient for working class
targetng more minorities
considering other cultures |
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Term
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Definition
| temporary retail space to build buzz |
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Term
| 3 classification methods of retail stores |
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Definition
what they sell-merch mix
level of service
merchandise selection |
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Term
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Definition
self-service
full service-trained assistants help with every step
limited service-offer basic service like credit and rturn (more so without help) |
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Term
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Definition
| range or products carried |
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Term
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Definition
| variety within a particular category |
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Term
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Definition
convenience store
supermarket
box store
specialty store
category killer
leased department
variety store
discount store
off price retailer
warehouse club
factory outlet store
department store
hypermarket |
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Definition
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Term
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Definition
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Term
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Definition
| aldi (items displayed in open boxes |
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Term
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Definition
| few product lines ex. Big N Tall |
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Term
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Definition
| deep assortment in partilcular category often knowledgeable (best buy or lowes) |
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Definition
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Definition
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Definition
| broad assortment low price wal mart |
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Definition
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Term
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Definition
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Term
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Definition
| owned and operated by manufacturer |
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Term
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Definition
| sell broad range of items in compartmentalized fashion |
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Term
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Definition
| combo of warehouse and super market (popular in Europe |
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Term
| 3 types of nonstore retail |
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Definition
direct selling
-door to door
-parties and networks
-multilevel networks
automatic vending
b2c e commerce |
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Term
Elements of store image
[image] |
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Definition
| Store image reflects the way the market sees the reatailer: All of the following are used to create a consistent image Atmospherics: use of design elements to create a desired store image, lighting, scents, sounds, décor, color choice: mcd’s red yellow and speed. Traffic Flow: Way shoppers move through the store; is impacted by the layout. Grid layout: looks like a grid, encourages consumers to move up and down the asiles Free Flow layout: Confuse customer into browsing. No set traffic flow Visual Merchendising: Design of all things that consumers see inside and outside of the store |
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Term
| facotrs to consider in site selection |
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Definition
age profile
community life (economy)
degree of competition
traffic flow |
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Term
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Definition
understored-too few
saturated-high traffic
overstored-too may |
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Term
| Perpetual inventory unit control system |
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Definition
| keeps a running total on sles, returns, transfers to other stores |
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