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MKTG 250 Ch. 16 & 18
Vocab Review
| Term | Definition |
|---|---|
| Retailing | consists of all activities involved in selling, renting, and providing products and services to ultimate consumers for personal, family, or household use. |
| Forms of ownership | distinguishes retail outlets based on whether independent retailers, corporate chains, or contractual systems own the outlet. |
| Independent Retailers | Account for 3 million retail stores in the U.S. |
| Corporate Chains | Multiple outlets under common ownership. |
| Contractual Systems | Independent stores work together to act as a chain. Ex.) Franchises |
| Levels of service | is the degree of service provided to the customer from three types of retailers: self-, limited-, and full-service. |
| Self-service | Customers perform functions. Ex.) Redbox movies |
| Limited-service | Provide some services. Ex.) Walmart & Target |
| Full-service | Provide full service to customers. Ex.) Nordstrom |
| Merchandise Line | describes how many different types of products a store carries and in what assortment. |
| Depth of product line | means that the store carries a large assortment of each product item. |
| Breadth of product line | describes the variety of different product items a store carries. |
| Scrambled merchandising | consists of offering several unrelated product lines in a single store. |
| Hypermarket | a form of scrambled merchandising, which consists of a large store that offers everything in a single outlet, eliminating the need for consumers to shop at more than one location. |
| Intertype competition | Consists of competition between very dissimilar types of retail outlets that results from a scrambled merchandising policy. |
| Central business district | The oldest retail setting, usually located in the community’s downtown area. |
| Regional shopping center | Are retail locations that consist 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 and often 20 to 40 smaller outlets, serving a population of consumers who are within a 10- to 20-minute drive. |
| Strip mall | A retail location that consists of a cluster of neighborhood stores to serve people who are within a 5- to 10- minute drive. |
| Power center | A retail location that consists of a huge shopping strip with multiple anchor (or national) stores. |
| Retailing mix | Consists of the activities related to managing the store and the merchandise in the store, which includes retail pricing, store location, retail communication, and merchandise. |
| Off-price retailing | Consists of selling brand name merchandise at lower than regular prices. |
| Multichannel retailers | Retailers that utilize and integrate a combination of traditional store formats and non-store formats such as catalogs, TV 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. |
| Promotional mix | The combination of one or more communication tools used to: (1) inform prospective buyers about the benefits of the product, (2) persuade them to try it, and (3) remind them later about the benefits they enjoyed by using the product. |
| Integrated marketing communications (IMC) | the concept of designing marketing communications programs that coordinate all promotional activities – advertising, personal selling, sales promotion, public relations, and direct marketing – to provide a consistent message across all audiences. |
| Five elements of promotion mix | Advertising, personal selling, public relations, sales promotion, direct marketing. |
| Advertising | Any paid form of nonpersonal communication about an organization, product, service, or idea by an identified sponsor. |
| Public relations | A form of communication management that seeks to influence the feelings, opinions, or beliefs held by customers, prospective customers, stockholders, suppliers, employees, and other public about a company and its products or services. |
| Personal selling | Consists of the two-way flow of communication between a buyer and seller, often in a face-to-face encounter, designed to influence a person or group’s. |
| Sales promotion | A short-term inducement of value offered to arouse interest in buying a product or service. |
| Direct marketing | A promotion alternative that uses direct communication with consumers to generate a response in the form of an order, a request for further information, or a visit to a retail outlet. |
| Push strategy | Involves directing the promotional mix to channel members to gain their cooperation in ordering and stocking the product. |
| Pull strategy | Involves directing the promotional mix at ultimate consumers to encourage them to ask the retailer for a product. |
| Hierarchy of effects | the sequence of stages a prospective buyer goes through from initial awareness of a product to eventual action that includes awareness, interest, evaluation, trial, and adoption. |
| Direct orders | The result of a direct marketing offer that contains all the information necessary for a prospective buyer to make a decision to purchase and complete the transaction. |
| Lead generation | The result of a direct marketing offer designed to generate interest in a product or service and a request for additional information. |
| Traffic generation | is the outcome of a direct marketing offer designed to motivate people to visit a business. |
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dom23uriarte
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