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1.2 Define Retail

What is Retailing?

TermDefinition
Retail A business that sells products and/or services to consumers
Retailing The method by which consumers acquire products and services
Manufacturer Produces the products
Wholesaler Buys large quantities of products directly from the manufacturer
Retailer Receives, stores,displays, and sells the product to customers
Convenience Stores Provide customers a convenient shopping experience
Department Stores General Merchandise. Offer good services and a broad variety and assortment of products of mid-to-high quality.
Direct Selling Sales people contact customers directly in a convenient location, often the customer's home, demonstrate the product; take orders; and deliver the products or perform the services
Discount Stores Offer broad variety of merchandise, limited service, and low prices
Off-Price Retailers Offer brand-name merchandise at a discount
Closeout Stores Offer an assortment of brand-name merchandise at a significant discount off the manufacture's price
Outlet Stores Off-price stores that are owned by the manufacturer or retailer
Pure Play Started online and continue to all their business that way
Specialty Stores Deep but narrow assortments with a high level of customer service.
Super centers Combine a supermarket and a department store, resulting in a gigantic retail facility that carries an enormous range of products, from apparel to groceries to automotive supplies, all under one roof.
Super Markets Sell a wide variety of goods including food, alcohol, and medicine
Thrift Stores Sell secondhand clothes and other household goods, typically to raise funds for a charitable institution. Products are usually donated by individuals and businesses rather than purchased from a wholesaler or manufacturer
Whole Sale Clubs Some wholesalers started selling products directly to consumers. This places them in the unique role of both wholesaler and retailer
Independent Establishment single store or small, regional chain. Often able to tailor offerings to meet the demand of local consumers.
Corporate Chain Company that operates multiple stores under common ownership and usually has centralized decision-making. Generally more capable of negotiating lower prices from wholesalers and manufacturers given their size.
Franchises license granted to another party to market a company’s goods or services in a particular territory. Ex: KFC, Sonic, Pizza Hut, Fantastic Sam’s
Brick-and-Mortar describes the presence of a physical storefront and face-to-face customer experiences
E-commerce buying and selling through the internet via electronic devices such as a computer, smart phone, or tablet.
Multichannel retail operations offering customer transactions through multiple connected channels, including some or all the following: brick-and-mortar stores, online store sites, mobile apps, and telephone.
Omnichannel focus on creating a seamless customer experience through any and all shopping channels: mobile, tablet, computer, brick-and-mortar stores, television, radio, direct mail, and catalog.
Innovative Customers Wants to be the first to purchase the latest fashion or technology
Comparison Shopper Spends time checking out products through advertisements, visiting different stores, or searching the internet for the best price or deal
Impulse Buyer Makes quick purchase decisions
Follower Usually waits to see what the latest trends will be
Diverse Shopper Hard to predict or understand
Recreational Shopper Shops for fun. Often not looking for anything in particular
Need Recognition The customer's recognition that some product or service may solve an identified problem
Information Search Determining which goods and services will help solve the identified problem or fulfill and identified problem
Evaluation of Alternatives Having enough information to select from alternatives, the customer will mentally rank the alternatives based on his established criteria and decide which product to purchase
Purchase The customer now decides where to buy the selected item
Post-Purchase Evaluation The customer will review how he/she felt about the process and product
Created by: cbourque1999