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| Marketing 15 & 16 | |
| Chapter 15 | |
| Retailing | The final stop in the distribution channel by which goods and services are sold to consumers for their personal use |
| Wheel-of-retailing Hypotheses | A theory that explains how retail firms change, becoming more upscale as they go through the life cycle |
| Retail life cycle | A process that focuses on the various retail life cycle stages from introduction to decline |
| Point-of-sale (POS) systems | Retail computer systems that collect sales data and are hooked directly into the store's inventory control system |
| Merchandize Mix | The total set of all products offered for sale by a firm, including all product lines sold to all consumer groups |
| Scrambled Merchandising | A merchandising strategy that are not directly related to each other |
| Inventory Turnover | The average number of times a year a retailer expects to sell its inventory |
| Merchandise assortment | The range of products sold |
| Merchandise breadth | The number of different product lines available |
| Merchandise depth | The variety of choices available for each specific product |
| Convenience stores | Neighborhood retailers that carry a limited number of frequently purchased items, and cater to consumers willing to pay a premium for the ease of buying close to home |
| Supermarkets | Food stores that carry a wide selection of edibles and related products |
| Specialty stores | Retailers that carry only a few product lines but offer good selection within the lines that they sell |
| General merchandise discount stores | Retailers that offer a broad assortment of items at low prices with minimal service |
| Off-price retailers | Retailers that buy excess merchandise from well-know manufacturers and pass the savings on to customers |
| Warehouse clubs | Discount retailers that charge a modest membership fee to consumers that buy a broad assortment of food and non-food items in bulk and in a warehouse environment |
| Factory outlet store | A discount retailer, owned by a manufacturer, which sells off defective merchandise and excess inventory |
| Department stores | Retailers that sell a broad range of items and offer a good selection within each product line |
| Hypermarkets | Retailers with the characteristics of both warehouse stores and supermarkets; hypermarkets are several times larger than other stores and offer virtually everything from grocery items to electronics |
| Store image | The way a retailer is perceived in the marketplace relative to the competition |
| Atmospherics | The use of color, lighting, scents, furnishings, and other design elements to create a desired store image |
| traffic flow | The direction in which shoppers will move through a store and what areas they will pass or avoid |
| Everyday low-pricing (EDLP) strategy | A strategy that involves setting prices between the regular price and the deeply discounted price offered by stores that compete on price only |
| Stock-outs | An inventory problem that results when desired items are no longer available |
| Trade area | a geographic zone that accounts for the majority of a store's sales and customers |
| Nonstore retailing | Any method used to complete an exchange with a product end user that does not require a customer visit to a store |
| Direct marketing | Exposing a consumer to information about a good or service through a non-personal medium and convincing the customer to respond with an order |
| Catalog | A collection of products offered for sale in book form, usually consisting of product descriptions accompanied by photos of the items |
| Direct mail | A brochure or pamphlet offering a specific product or service at one point in time |
| Direct selling | An interactive sales process in which a salesperson represents a product to one individual or a small group, takes orders, and delivers the merchandise |
| Party plan system | A sales technique that relies heavily on people getting caught up in the "group spirit," buying things they would not normally buy if alone |
| Multilevel network | A system in which a master distributor recruits other people to become distributors, sells the company's products to the recruits, and receives a commission of all the merchandise sold by the people recruited |
| Pyramid schemes | An illegal sales technique in which the initial distributors profit by selling merchandise to other distributors, with the result that consumers buy very little product |
| Telemarketing | A sales technique in which direct selling is conducted over the telephone |
| Direct response TV | A half-hour or hour commercial that resembles a talk show but is actually intended to sell something [duh…infomercial??] |
| Chapter 15 | |
| Promotion | The coordination of a marketer's communications efforts to influence attitudes or behavior |
| Promotion mix | The major elements of marketer-controlled communications including advertising, sales promotions, publicity and public relations, and personal selling |
| Advertising | Non-personal communication from an identified sponsor using the mass media |
| Promotion plan | A framework that outlines the strategies for developing, implementing, and controlling the firm's promotional activities |
| Push strategy | The company tires to move its products through the channel by convincing channel members to offer them |
| Pull strategy | The company tries to move its products through the channel by building desire for the products among consumers, convincing retailers to respond to this demand by stocking these items |
| top-down budgeting techniques | Allocation of the promotion budget based on the Total amount to be devoted to marketing communications |
| Percentage-of-sales method | A method for promotion budgeting in which the promotion budget is based on a certain percentage of either last year's sales or on estimates for the present year's sales |
| bottom-up techniques | Allocation of the promotion budget based on identifying promotional goals and allocating enough money to accomplish them |
| Objective-task method | A promotion budgeting method in which an organization first defines the specific communication goals it hopes to achieve and then tries to calculate what kind of promotional efforts it will take to meet these goals |
| Communications model | The elements necessary for meaning to be transferred from a sender to a receiver |
| Encoding | The process of translating an idea into a form of communication that will convey meaning |
| Source | An organization or individual that sends a message |
| Message | The communication in physical form that goes from a sender to a receiver |
| AIDA model | The communications goals of attention, interest, desire, and action |
| Medium | A communications vehicle through which a message is transmitted to target audience |
| Receiver | The organization or individual that intercepts and interprets the message |
| Decoding | The process by which a receiver assigns meaning to the message |
| Noise | Anything that interferes with effective communication |
| Feedback | Receivers' reaction to the message |
| Interactive marketing | A promotional practice in which customization marketing communication elicit a measurable response from individual receivers |
| Transactional data | An ongoing record of individuals or organizations that buy a product |
| Database marketing | The creation of an ongoing relationship with a set of customers who have an identifiable interest in a product or service and whose responses to promotional efforts become part of future communications attempts |
| Integrated marketing communications (IMC) | A strategic business process that marketers use to plan, develop, execute, and evaluate coordinated, measurable, persuasive brand communication programs over time with targeted audiences |
| Contract Management | a communication strategy that provides communications exposures where and when the targeted customer is most likely to receive them |