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Definition
| Business activiteies involved in selling goods and services to consumers for their personal family or household use. |
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| all the business and people involved in the physical movement and transfer of ownership of goods and services from prodeucer to consumer. (manufacturer> Wholsaler> Retailer) |
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a retailer sells to consumers through multiple retail formats
(i.e. retail stores, mail- order catalogs, website, toll-free #'s, QVC, and HSN) |
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Definition
When a supplier makes an agreement with one or a few retailers that designate the latter as the only ones in a specific area to carry certain brands or products. e
ex: Ralph Lauren- purple Label
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Term
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Definition
| occur when consumers buy products and/or brands they had not planned to before entering a store, reading a catalog, seeing a tv shopping show, the web and so forth. |
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| Total Retail Selling Experience |
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Definition
| Includes all elements in a retail offering that encourage or inhibit customers during their contact with a retailer. |
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Definition
-occurs when a retailer adds goods + services that may be unrelated to eachother and from the firms original business
-reasons its popular
1. increases revenue
2.fast selling
3. more impulse items added
4. greater competition |
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Definition
involves a contractual arrangement between a retail franchisee, which allows the franchisee to conduct business under an established name + pattern of business. they pay a fee and a monthly percentage of gross sales in exchange for the exclusive rights to sell goods and services.
-the largest is the auto industry. |
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Definition
| retailers seek to establish and maintian long term bonds with the customers rather than transaction selling. |
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Term
Product Life Cycle Curve
(retail life cycle) |
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Definition
retail institutions pass through identifiable life stages.
-introduction
-growth
-maturity
-decline |
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Definition
-low capital required
-aquisition of well known name
-operating/management schools taught
-cooperative making management possible
-exclusive rights
-less costly per unit
franchisor
-national or global presence possible
-money obtained at delivery
-royalties represent revenue stream |
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Term
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Definition
a retailer advises a strategy that projects an image on the public
(i.e upscale, mid priced)
image- represents how a given retailer is percieved by consumers and others. |
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Term
| Independent Retailer Advantages |
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Definition
- a retailer who owns one unit
-there are 2.2 million independent U.S. retailers
-35% of retail stores
-ease of entry- low capital requirements
-flexibility
-personal style
-entrepreneural drive |
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| Independent Retailer Disadvantages |
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Definition
-lower bargaining power (similar orders)
-difficult to buy and maintain inventories
-limited advertising due to cost
-lack of technology that larger companies have
-over independence on the owner
-limited amount of time for long range planning |
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| Type of retailer with the largest percentage of retail franchise |
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Definition
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Term
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Definition
-growth oriented objectives
-focus
-appeal to prime market
-distant company image
-strong customer service
-innovation
-employee relations
-multiple points of contact
-commitment to technology
-constantly monitoring performance
-community involvement |
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Term
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Definition
| consumer orientation- looks at the the attributes and needs of customers and trys to satisfy. |
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| Value Driven Retail Strategy |
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Definition
| well known brands at lower prices |
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Definition
| sets goals and uses their strategies to reach them. |
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Definition
| unprofitable stores are closed or divisions are sold off like starbucks this past year |
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Definition
| the use of two or more marketing channels for distributing the same product to the same market target. |
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Term
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Definition
a retailers commitment to a type of business and to a distinctive role in the market place.
??? need to answer:
-service or consumer needs
-will the store lead or follow
-market-scope: national or local |
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Definition
sells scrambled merchandise
(think of the local bodega) |
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| Disadvantages To a Partnership |
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Definition
-limited flexibility, consisitent strategies must be obtained
-investments are higher due to multiple leasers in larger shopping centers
-manegerial control is complex
-personnel in large chains often have limited independence, layers and uniozed employees |
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Definition
| A retail firm that is formally incorporated under state law. It is a legal entity apart from individual officers (or stockholders). |
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Definition
| an unicorporated retail firm owned by one person |
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Term
| Strategic approach to studying retail stresses... |
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Definition
| situation analysis, objectives, identification of a customer market, broad strategy, specific activities, control, and feedback. Without a well-conceived strategy, a retailer may stumble and/or be unable to cope with environmental factors. |
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Definition
| Features brand-name apparel and accessories, footwear, linens, fabrics, cosmetics, and/or housewares and sells them at everyday low prices in an efficient, limited-service environment. |
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Term
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Definition
| A theory stating that retail innovators often first appear as low-price operators with a low-cost structure and low profit-margin requirements. Over time, these innovators upgrade the products they carry and improve their facilities and customer services. They then become vulnerable to new discounters with lower cost structures. |
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Term
| Vertical Marketing System |
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Definition
| Consists of all the levels of independently owned businesses along a channel of distribution. Goods and services are normally distributed through one of three types of systems: independent, partially integrated, and fully integrated. |
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Term
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Definition
| A retail firm owned by its customer members. A group of consumers invests in the company, receives stock certificates, elects officers, manages operations, and shares the profits or savings that accrue. |
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Term
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Definition
| Identifiable, but sometimes intangible activities undertaken by a retailer in conjunction with the basic goods and services it sells. |
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Term
| How does a franchisor make money? |
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Definition
Usually a franchisor charges a flat amount called the franchise fee for the rights to operate a franchise. The fee is in addition to the costs to open the business in the franchisee’s chosen location. In addition, franchisors receive ongoing fees on sales or revenues that vary greatly but typically are in the 6% to 10% range. Most also collect
an advertising fee to support advertising and other promotional efforts. These too vary but usually range from 2% to 4% of revenues. |
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Term
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Definition
| In negotiating, capacity of one party to dominate the other due to its influence, power, size, or status, or through a combination of different persuasion tactics. |
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