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Chapter 16 MKTG 250
| Question | Answer |
|---|---|
| Retailing | physical stores or online business. All activities involved in selling, renting, and providing products and services to ultimate consumers for personal, family, or household use. place possession form time |
| fast fashion | trendy clothing at very low prices - downfall of the mall, Gen Z will determine if physical stores survive |
| Value of retailing | biggest business in US are retailers |
| What do sales look like | 1 cars 2 non store retailing |
| Form of ownership | Distinguishes retail outlets based on whether independent retailers, corporate chains, or contractual systems own the outlet. |
| Level of service | Describes the degree of service provided to the customer from three types of retailers: self-, limited-, and full-service. |
| Merchandise Line | Describes how many different types of products a store carries and in what assortment. |
| Independent retailers | locally owned and operated, downtown areas of town, OWNED BY INDIVIDUALS - these are dying. can have more than one location and own more than one business - very unique |
| Corporate chains | stores in malls, Dillards, JCPenney's, Bath and Body works. - owned by corporate office who dictates and makes all decisions. SIMILAR POLICIES ACROSS LOCATIONS, buy in bulk/similar goods |
| Contractual System | contract with independent owners. each location has a contract with the home office and they follow the protocol. INDEPENDT WITH CONTRACT |
| Self-service | self-service is not self-checkout. it is vending machine/ATM. - REDBOX |
| Limited service | self-checkout with someone on staff to help you. or people at the mall checking you out at the end. - WALMART/TARGET |
| Full service | helping client from beginning to end and follow-up after purchase, dealership-walking through process, service agreements. sit down restaurants. David's Bridal/Men's Warehouse - NORDSTROMS |
| Depth of product line | The store carries a large assortment of each product item. Specialty store- jewelry store |
| Breadth of product line | The variety of different product items a store carries. - Walmart. lots of products under one roof. (General merchandising stores) |
| Category killers | dominate small stores and cause them to close/go out of business |
| Figure 16-4 | Explains depth vs breadth |
| Product item | something with a bar code |
| Scrambled merchandising | Offering several unrelated product lines in a single store. |
| Hypermarket | A form of scrambled merchandising, which consists of a large store (more than 200,000 square feet) that offers everything in a single outlet, eliminating the need for consumers to shop at more than one location. |
| Supercenter | Walmart/target with full size grocery store |
| Intertype competition | Competition between very dissimilar types of retail outlets that results from a scrambled merchandising policy. ex: Varsity Donuts vs Walmart; Florist vs. Dillions |
| Nonstore retialing | Selling products without a store. - vending machines, online stores, home shopping, direct selling - Mary Kay with sales reps. you cant buy these items without a rep |
| retailing positioning matrix | A matrix that positions retail outlets on two dimensions: breadth of product line and value added, such as location, product reliability, or prestige. |
| Retailing mix | The activities related to managing the store and the merchandise in the store, which include retail pricing, store location, retail communication, and merchandise. |
| Off-price retailing | Selling brand-name merchandise at lower than regular prices. like TJMax, Sams Club |
| Store locations | Central Business district, regional shopping center, community shopping center, strip mall, power center |
| Central Business District | The oldest retail setting, usually located in the community’s downtown area. |
| Regional shopping centers | A retail location consisting of 50 to 150 stores that typically attract customers who live or work within a 5- to 10-mile range, often containing two or three anchor stores. |
| community shopping center | A retail location that typically has one primary store (usually a department store branch) and often 20 to 40 smaller outlets, serving a population of consumers who are within a 10- to 20-minute drive. (share a parking lot) |
| Strip mall | A retail location consisting of a cluster of neighborhood stores to serve people who are within a 5- to 10-minute drive. |
| Power center | A retail location consisting of a huge shopping strip with multiple anchor (or national) stores. |
| Multichannel retailers | Retailers that utilize and integrate a combination of traditional store formats and nonstore formats such as catalogs, television home shopping, and online retailing. |
| Shopper marketing | The use of displays, coupons, product samples, and other brand communications to influence shopping behavior in a store. |
| Category management | An approach to managing the assortment of merchandise in which a manager is assigned the responsibility for selecting all products that consumers in a market segment might view as substitutes for each other, with the objective of maximizing sales and profits in the category. |
Created by:
agk236