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Retailing Terms: Ownership, Service Level, Product Assortment, and Retail Operations, Quizzes of Principles of Marketing

Definitions for key terms related to retailing, including different types of retail ownership (independent retailers, chain stores, and franchises), levels of service (full service and self-service), product assortment (broad and narrow), and types of retail operations (department stores, specialty stores, and supermarkets).

Typology: Quizzes

2010/2011

Uploaded on 11/07/2011

hoffm1jf
hoffm1jf 🇺🇸

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TERM 1
Retailing
DEFINITION 1
all the activities directly related to the sale of goods and
services to the ultimate consumer for personal, nonbusiness
use
TERM 2
Ownership: Independent Retailers
DEFINITION 2
retailers owned by a single person or partnership and not
operated as part of a large retail institutionExample: Local
florists, ethnic food markets
TERM 3
Ownership: Chain Stores
DEFINITION 3
stores owned and operated as a group by a single
organizationExample: Gap, Starbucks
TERM 4
Ownership: Franchises
DEFINITION 4
Owned and operated by individuals but are licenced by a
larger supporting organization, such as Subway or Quiznos.
TERM 5
Level of Service
DEFINITION 5
classified along a continuum, from full service to self-
service.Full service example: Clothing stores that offer
alterations, credit, delivery, consulting, liberal return
services, layaway, gift wrapping, personal shoppingNo
services/self-service example: Factory outlets and warehouse
clubs
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TERM 1

Retailing

DEFINITION 1 all the activities directly related to the sale of goods and services to the ultimate consumer for personal, nonbusiness use TERM 2

Ownership: Independent Retailers

DEFINITION 2 retailers owned by a single person or partnership and not operated as part of a large retail institutionExample: Local florists, ethnic food markets TERM 3

Ownership: Chain Stores

DEFINITION 3 stores owned and operated as a group by a single organizationExample: Gap, Starbucks TERM 4

Ownership: Franchises

DEFINITION 4 Owned and operated by individuals but are licenced by a larger supporting organization, such as Subway or Quiznos. TERM 5

Level of Service

DEFINITION 5 classified along a continuum, from full service to self- service.Full service example: Clothing stores that offer alterations, credit, delivery, consulting, liberal return services, layaway, gift wrapping, personal shoppingNo services/self-service example: Factory outlets and warehouse clubs

TERM 6

Product Assortment

DEFINITION 6 the breadth and depth of the retailers product line (whether or not they specialize and have a concentrated product assortment, or they carry a broad assortment of products with limited depth) TERM 7

Price: Gross Margin

DEFINITION 7 the amount of money the retailer makes as a percentage of sales after the cost of goods sold is subtracted TERM 8

Types of Retail Operations: Department Store

DEFINITION 8 a store housing several departments under one roofLevel of Service=moderately high to highProduct Assortment=broadPrice=Moderate to highGross Margin=moderately high TERM 9

Types of Retail Operations: Specialty Stores

DEFINITION 9 a retail store specializing in a given type of merchandiseLevel of Service=highProduct Assortment=narrowPrice=moderate to highGross Margin=High TERM 10

Types of Retail Operations: Supermarket

DEFINITION 10 a large departmentalized, self-service retailer that specializes in food and some nonfood itemsLevel of Service= LowProduct Assortment= BroadPrice= ModerateGross Margin=Low