Marketing Test 3 Study Guide Andy MacLeod Chapter 15 Retailing Retailing All the activities directly related to the sale of goods and services to the ultimate consumer for personal nonbusiness use Can be classified according to ownership level of service product assortment and price Independent Retailers Retailers owned by a single person or partnership and not operated as part of a larger retail institution Chain Stores Stores owned and operated as a group by a single organization Franchise The right to operate a business or to sell a product Gross Margin The amount of money the retailer makes as a percentage of sales after the cost of goods sold is subtracted Department Stores A store housing several departments under one roof Buyer A department head who selects the merchandise for his or her department and may also be responsible for promotion and personnel Specialty Stores A retail store specializing in a given type of merchandise Supermarkets A large departmentalized self service retailer that specializes in food and some non food items Scrambled Merchandising The tendency to offer a wide variety of nontraditional goods and services under one roof Drugstore A retail store that stocks pharmacy related products and services Convenience Store A miniature supermarket carrying only a limited line of Discount Store A retailer that competes on the basis of low prices high as its main draw high turnover convenience goods turnover and high volume Mass Merchandising A retailing strategy using moderate to low prices on large quantities of merchandise and lower levels of service to stimulate high turnover of products hard goods Full Line Discount Store A retailer that offers consumers a very limited service and carries a broad assortment of well known nationally branded Supercenters A retail store that combines groceries and general merchandise goods with a wide range of services Specialty Discount Store A retail store that offers a nearly complete selection of single line merchandise and uses self service discount prices high volume and high turnover Category Killers Specialty discount stores that heavily dominate their narrow merchandise segment Warehouse Membership Clubs Limited service merchant wholesalers that sell a limited selection of brand name appliances household items and groceries on a cash and carry basis to members Off Price Retailer A retailer that sells at prices 25 percent or more below traditional department store prices because it pays cash for its store and usually doesn t ask for return privileges Factory Outlet An off price retailer that is owned and operated by a manufacturer Nonstore Retailing Shopping without visiting a store Automatic Vending The use of machines to offer goods for sale Direct Retailing The selling of products by representatives who work door to door office to office or at home party sales Direct Marketing Techniques used to get consumers to make a purchase from their home office or other nonretail setting Telemarketing The use of telephones to sell directly to consumers Online Retailing A type of shopping available to consumers with personal computers and access to the internet Franchisor The originator of a trade name product methods of operation and so on that grants operating rights to another party to sell its product Franchisee An individual or business that is granted the right to sell another party s product Retailing Mix A combination of the six P s product place promotion price presentation and personnel to sell goods and services to the ideal customer Product Offering The mix of products offered to the consumer by the retailer also called the product assortment or merchandise mix Destination Stores Stores that consumers purposely plan to visit Atmosphere The overall impression conveyed by a store s physical layout d cor and surroundings Chapter 16 Integrated Marketing Communication Promotion Communication by marketers that informs persuades and reminds potential buyers of a product in order to influence an opinion or elicit a response Promotional Strategy A plan for the optimal use of the elements of promotion advertising public relations personal selling and sales promotion to the competition Competitive Advantage The unique set of features of a company and its products that are perceived by the target market as significant and superior Promotional Mix The combination of the promotional tools including advertising public relations personal selling and sales promotion used to reach the target market and fulfill the organizations overall goals Advertising Impersonal one way mass communication about a product or organization that is paid for by a marketer Public Relations The marketing function that evaluates public attitudes indentifies areas within the organization the public may be interested in and executes a program of action to earn public understanding and acceptance Publicity Public information about a company product service or issue appearing in the mass media as news item Sales Promotion Marketing activities other than personal selling advertising and public relations that stimulate consumer buying and dealer effectiveness Personal Selling A purchase situation involving a personal paid for communication between two people in an attempt to influence each other Communication The process by which meanings are exchanged or shared through a common set of symbols Interpersonal Communication Direct face to face communication between two or more people audiences Mass Communication The communication of a concept or message to large Corporate Blog Sponsored by a company or one of its brands and maintained by one or more of the company s employees Consumer Generated Blog Independent and not associated with the marketing efforts of any particular company or brand AIDA Concept A model that outlines the process for achieving promotional goals in terms of stages of consumer involvement within the message the acronym stands for attention interest desire and action Push Strategy A marketing strategy that uses aggressive personal selling and trade advertising to convince a wholesaler or retailer to carry and sell particular merchandise obtain product distribution Pull Strategy A marketing strategy that stimulates consumer demand to Light Advertising pre introduction publicity promotional messages for a product or service to assure the consistency of messages at every contact point where a company meets the consumer Integrated Marketing
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