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| Term | Definition |
|---|---|
| Retailing | -the set of business activities that adds value to the products and services sold to consumers for their personal or family use |
| Retailer | -a business that sells products and/or services to consumers for their personal or family use |
| Wholesaler | -engage in buying, taking title to, often storing, and physically handling goods in large quantities and then reselling the goods (usually in smaller quantities) to retailers or other businesses |
| Supply chain | -a set of firms that make and deliver goods and services to consumers |
| Vertical integration | -means that a firm perform more than one set of activities in the channel, as occurs when a retailer engages in wholesaling activities by operating its own distribution centers to supply its stores |
| Forward integration | -occurs when a manufacturer undertakes retailing and wholesaling activities, such as Ralph Lauren |
| Backward integration | -arises when a retailer performs some wholesaling and manufacturing activities such as operating warehouses or designing private-label merchandise |
| Breaking bulk | -offer products in smaller quantities tailored to individual consumers and household consumption patterns |
| Holding inventory | -products will be available when consumers want them |
| Corporate social responsibility | -involves and organization voluntarily taking responsibility for the impact of its activities on its employees, its customers, the community, and the environment |
| Intratype competition | -the competition between the same type of retailers |
| Scrambled merchandising | -when retailers offer merchandise not typically associated with their type of store |
| Intertype competition | -competition between retailers that sell similar merchandise using different types of stores |
| Ethics | -the principles of governing individuals and companies that establish appropriate behavior and indicate what is right and wrong |
| North American Industry Classification System (NAICS) | -classification of retail firms into a hierarchal set of six-digit codes based on the types of products and services they produce and sell -First two digits indicate the firm’s business sector -Remaining four digits identify various subsectors |
| Variety | -the number of merchandise categories a retailer offers -referred to as the breadth of merchandise |
| Assortment | -the number of different items offered in a merchandise category -referred to as the depth of merchandise |
| Stock-keeping unit (SKU) | -each different item of merchandise |
| Conventional Supermarket | -: a large, self-service retail food store offering groceries, meat, and produce, as well as some nonfood items, such as health and beauty aids and general merchandise |
| Limited Assortment Supermarkets | -supermarket offering a limited number of SKUS |
| Trends in Supermarket Retailers | -fresh merchandise -healthy organic merchandise -ethnic merchandise -improving the shopping experience |
| "power perimeter" | -fresh-merchandise categories are the areas around the outer walls of a supermarket |
| Fresh supermarkets | -are smaller and more convenient than traditional supermarkets and have less space devoted to packaged goods |
| Fair trade | -the practice of purchasing from factories that pay workers a living wage, considerably more than the prevailing minimum wage, and offer other benefits such as onsite medical treatment |
| Locavore movement | -focuses on reducing the carbon footprint caused by the transportation of food throughout the world |
| Supercenters | -large stores that combine a supermarket with a full-line discount store -provide a one stop shopping experience |
| Hypermarkets | -large, combination food and general merchandise |
| Big box stores | -large, limited service retailers |
| warehouse clubs | -retailers that offer a limited irregular assortment of food and general merchandise with little service at low prices for ultimate consumers and small businesses |
| Convenience stores | -o Provide a limited variety and assortment of merchandise at a convenient location in 3,000 to 5,000 square foot stores with speedy checkout |
| Department stores | -o Retailers that carry a broad variety and deep assortment, offer customer services, and organize their stores into distinct departments for displaying merchandise |
| Full-line discount stores | -Retailers that offer a broad variety of merchandise, limited service, and low prices -Ex: Target, Wal-mart |
| Specialty stores | -Concentrate on a limited number of complementary merchandise categories and provide a high level of service |
| Drugstores | -Specialty stores that concentrate on health and personal grooming merchandise |
| Category specialists | -Are big-box stores that offer a narrow but deep assortment of merchandise -Are known as category killers because by offering a complete assortment for a category it can kill a category of merchandise for other retailers |
| Extreme-value retailers | -Small discount stores that offer a limited assortment at very low prices |
| Off price retailers | -Offer an inconsistent assortment of brand-name merchandise at a significant discount off the manufacturers suggested retail price (MSRP) |
| Closeouts | -end-of-season merchandise that will not be used in the following seasons |
| Irregulars | -merchandise that has minor mistakes in construction |
| Outlet stores | -off-price retailers owned by manufacturers or retailers |
| Service retailers | -firms that primarily sell services rather than merchandise |
| Differences between service and merchandise retailers | -Intangibility -Inconsistency -Simultaneous production and consumption -Perishability |
| Wholesale-sponsored voluntary cooperative group | - an organization operated by a wholesaler offering a merchandising program to small, independent retailers on a voluntary basis |
| Retail chain | -a company that operates multiple retail units under common ownership and usually has centralized decision making for defining and implementing its strategy |
| Multilevel network | -a retail format in which people serve as master distributers, recruiting other people to become distributers in their network |
| Pyramid scheme | -develops when the firm and its program are designed to sell merchandise and services to other distributers rather than to end users |
| Channel migration | -consumers collecting information about products on their channels and then buying a product from a competitor |
| Employee productivity | -output generated by employee activities. One measure of employee productivity is the retailer’s sales or profit divided by its employees costs |
| Employee turnover | -the number of employees occupying a set of positions during a period (usually a year) divided by the number of positions |
| Balancing the Human Resource Triad | -o The full potential of a retailer’s human resources is realized when three elements of the HR triad work together – HR Professionals, store managers, and employees |
| Centralization | -occurs when the authority for retailing decisions is delegated to corporate managers, rather than to geographically dispersed managers |
| Decentralization | -occurs when the authority for retail decisions is assigned lower levels in the organization |
| Equal Employment Opportunity | -Protect employees from unfair discrimination in the workplace |
| Job Analysis | -identifies essential activities and is used to determine the qualifications of potential employees |
| Job Description | -includes (1) activities the employee needs to perform and (2) the performance expectations expressed in quantitative terms |
| Equal Employment Opportunity Commission (EEOC): | -a federal commission that was established for the purpose of taking legal action against employers that violate Title VII of the Civil Rights Act which prohibits discrimination in company personnel practices |
| Discrimination (disparate treatment) | -when an apparently neutral rule has an unjustified discriminatory effect |
| Autocratic leader | -make all decisions on their own and then announce them to employees |
| Democratic leader | -seeks information and opinions from employees and bases his or her decisions on this information |
| Transformational leader | -get people to transcend their personal needs for the sake of the group or organization |
| Extrinsic rewards | -rewards provided by either the employee’s manager or the firm, such as compensation, promotion, and recognition |
| A la carte plan | -give effective employees a choice of rewards for their good performance |
| Job enrichment | -the redesign of a job to include a greater range of tasks and responsibilities |
| Intrinsic rewards | -rewards employees get personally from doing their job well |
| straight compensation salary | -salespeople or managers receive a fixed amount of compensation for each hour or week they work |
| incentive compensation plans | -reward employees on the basis of their productivity |
| straight commission | -salespersons income is based entirely on commission |
| drawing account | -salespeople receive a weekly check based on their estimated annual income, and commissions earned are credited against the weekly payments |
| quota | -a target level used to motivate and evaluate performance |
| quota bonus plan | -provides sales associates with a bonus when their performance exceeds their quota |
| Fair Labor Standards Act | -set minimum wages, maximum hours, child labor standards, and overtime-pay provisions |
| Equal Pay Act | -prohibits unequal pay for men and women who perform equal work or work of comparable worth |
| Labor scheduling | -determining the number of employees assigned to each area of the store |
| Keys to Success in Global Retailing | -global sustainable competitive advantage -adaptibility -global culture -financial resources |
Created by:
alkoons