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Consists of the final activities and steps needed to either place a product in the hands of the consumer or to provide a service to the consumer
What is retailing?
A merchandising method in which all stores in a retail chain stock the same merchandise
What is a standard stock list?
Retailing career path that involves responsibility for selecting, training, and evaluating personnel, as well as in-store promotions, displays, customer service, building maintenance, and security.
What is store management?
Retailer that carries such a large amount of merchandise in a single category at such good prices that it makes it impossible for customers to walk out without purchasing what they need, thus “killing” the competition.
What is a category killer?
Retailers that operate out of a physical and geographic based building or store
What are brick and mortar retailers?
Retailers that produce financial results substantially superior to the industry average.
What is a high-performance retailer?
Retailing career path whereby one uses quantitative tools to develop appropriate buying plans for the store's merchandise lines.
What is buying?
Merchandising method in which each store in a retail chain is given the flexibility to adjust its merchandise mix to local tastes and demands.
What is an optional stock list?
When the customer gets needed information in the stores and then orders it online for a lower price and to avoid paying state sales tax
What is channel surfing?
Refers to the number of times per year, on average, that a retailer sells its inventory
What is inventory turnover?
The ability to generate and recognize novel ideas and solutions
What is creativity?
When a retailer develops its own brand name and contracts with a manufacturer to produce the product with the retailer's brand, or designer lines, where a known designer develops a line exclusively for the retailer
What is private-label branding?
Exists when a retailer handles many different and unrelated items
What is scrambled merchandising?
The difference between net sales and cost of goods sold.
What is gross margin?
The ability to make rapid decisions and to render judgments, take action, and commit oneself to a course of action until completion
What is decisiveness?
The institution in the marketing channel that is able to plan for and get other channel institutions to engage in activities they might not otherwise engage in
What is a channel advisor/channel captain?
A retailer's sales as a percentage of total market sales for the merchandise line or service category under consideration
What is market share?
Expenses that a retailer incurs in running the business other than the cost of the merchandise.
What are operating expenses?
The ability to generate action rather than wait to be told what to do
What is initiative?
Operates on a high gross margin percentage and a high rate of inventory turnover
What is a high-margin, high-turnover retailer?