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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

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