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CS Ch 1
| Term | Definition |
|---|---|
| Retailer | Receives, stores, displays, and presents the products to customers |
| Manufacturer | Produces the products |
| Retailing | The method by which consumers acquire products and services. |
| Distribution channel | The chain of businesses through which a good or service passes until it reaches the end consumer. |
| Wholesaler | Buys large quantities of products and resells them. |
| Wholesale clubs | Stores that sell products in bulk directly to consumers, and typically require a membership |
| Specialty stores | Focuses on one specific type of product; high customer service |
| Off-price store | Stores that offer an assortment of brand-name merchandise at a significant discount off the manufacturer’s price |
| Convenience stores | These general merchandise stores are easily accessible, small in size, with quick shopping and easy checkout |
| Department stores | These stores offer good service and a broad variety and assortment of products of mid-to-high quality |
| Off-price store | Offer brand-name merchandise at a discount. The merchandise typically consists of excess inventory, closeouts, and irregulars |
| Direct selling | Salespeople contact customers directly in a convenient location, often at a customer’s home; demonstrate product benefits; take orders; and deliver the products or perform the services |
| Discount stores | These retailers offer a broad variety of merchandise, limited service, and low prices |
| Supercenters | A gigantic retail facility that carries and enormous range of products, from apparel to groceries to automotive supplies, all under one roof |
| Innovative customer | The buyer who wants to be the first to purchase and own the latest merchandise. |
| Comparison shopper | The customer who spends time searching for the best price or deal on the item she is looking to purchase. |
| Impulse buyer | The person who makes quick purchase decisions |
| follower | This customer usually waits to see what the latest trends will be and is reluctant to try new products until friends have done so and reported to them. |
| diverse shopper | This buyer is hard to predict or to understand. He shops in many different places and is not obviously influenced by any one retail element. |
| Recreational shopper | This customer shops for fun, and therefore shopping does not necessarily means always making a purchase |
| 1st step in the decision making process | need recognition |
| 2nd step in the decision making process | information search |
| 3rd step in the decision making process | evaluation of alternatives |
| 4th step in the decision making process | purchase |
| 5th step in the decision making process | post purchase evaluation |
| pure play | retailers who started online and continue that format |
| independent establishment | 95% of all retail companies are this |
| franchise | a store licensed by a successful store giving the licensee the right to duplicate the business (use their name and sell their products) |
Created by:
hlabbie
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