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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
