marketing ch 14
Terms
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- mail order wholesaler
- limited-function merchant wholesaler who distributes physical or online catalogs as opposed to sending sales reps to contact retail, business, and institutional customers
- independent retailers
- friendly, personalized service
- trade fair
- periodic show at which manufacturers in a particular industry display their wares for visiting retail and wholesale buyers
- location/distribution strategy
- depends on type of merchandise, retailer's financial resources, characteristics of target market, and site availability
- retail convergence
- a situation in which similar merchandise is available from multiple retail outlets, resulting in the blurring of distinctions between type of retailer and merchandise offered
- sales branch
- carries inventory and processes orders for customers from available stock
- neighborhood shopping center
- group of smaller stores, such as a drugstore, dry cleaner, a card and gift shop, maybe a hair-styling salon
- chain stores
- groups of retail outlets that operate under central ownership and management and handle the same product lines
- general merchandise retailers
- carry a wide variety of product lines that are all stocked in some depth, distinguish themselves from limited-line and specialty retailers by the large number of product lines they carry
- customer service strategy
- specify which services the firm will offer and whether it will charge customers for these services; depends on store size, type location, media assortment, services offered by competitors, customer expectations, and financial resources
- high end retailing strategy
- high prices, excellent facilities and services, upscale consumers
- rack jobber
- full-function merchant wholesaler who markets specialized lines of merchandise to retailers
- stockkeeping unit
- offering within a product line such as a specific size of liquid detergent
- convenience retailers
- focus their marketing appeals on accessible locations, long store hours, rapid checkout service, and adequate parking facilities
- markdown
- amount by which a retailer reduces the original selling price of a product
- drop shipper
- accepts orders from customers and forwards these orders to producers, which then ship the desired products directly to customers
- cash and carry wholesaler
- performs most wholesaling functions except for financing and delivery
- manufacturer's representative
- agent wholesaling intermediary who represents manufacturers of related but noncompeting products and who receives a commission on each sale
- power center
- near a regional/superregional mall, brings together huge specialty stores, such as Home Depot and Toys R Us, as stand-alone stores in a single trading area
- medium retailing strategy
- moderate prices, improved facilities, broader base of value and service conscious consumers
- markup
- amount that a retailer adds to the cost of a product to determine its selling price
- target market
- depends on size, profit potential, and level of competition
- specialty retailers
- combine carefully defined product lines, services, and reputations in attempts to convince consumers to expend considerable effor to shop at their stores
- limited line store
- customers find a large assortment of products within one product line or a few related lines
- commission merchants
- take possession when producers ship goods to central market for sale
- community shopping center
- 10-30 retail stores, with a branch of local department stores or some other large store as the primary tenant
- planned shopping center
- group of retail stores planned, coordinated, and marketed as a unit
- category management
- category manager oversees and entire product line for both vendors and retailers and is responsible for the profitability of the product group
- functions of wholesaling intermediaries
- creating utility, providing services, lowering costs by limited contacts
- brokers
- agent wholesaling intermediary who does not take title or possession of goods in the course of its primary function, which is to bring together buyers and sellers
- promotional strategy
- communicates info about store: location, merchandise, selection, hours of operation, prices
- sales office
- servces as a regional office for a manufacturer's sales personnel
- category killer
- offer huge selections and low prices in single product lines
- scrambled merchandise
- retailing practice of combining dissimilar product lines to boost sales volume
- selling agent
- exerts full authority over pricing decisions and promotional outlays, and it often provides financial assistance for the manufacturer
- slotting allowances
- nonrefundable fees grocery retailers receive from manufacturers to secure shelf space for new products
- lifestyle center
- shopping, movies, stages for concerts, fountains, benches, restaurants
- merchandise mart
- provides space for permanent showrooms and exhibits, which manufacturers rent to market their goods
- low end retailing strategy
- low prices, limited facilities and services, price-sensitive consumers
- specialty stores
- only handle part of a single product line, but stock this portion in considerable depth and variety
- wholesaling intermediaries
- comprehensive team that describe wholesalers as well as agents and brokers
- store atmospherics
- physical characteristics and amenities that attract customers and satisfy their shopping needs; exterior/interior decor
- regional shopping center
- major department stores and 200 smaller stores
- truck wholesaler
- truck jobber; markets perishable food items such as bread, tobacco, potato chips, candy and dairy products
- merchant wholesaler
- takes title to the goods it handles
- merchandise strategy
- guides decisions regarding the items it will offer (product lines, specific items within lines, depth/width)
- pricing strategy
- reflects a retailer's marketing objectives and policies, plays a role in consumer perception of retailer