Marketing - Full Final Exam Review Sheet

Marketing - Full Final Exam Review Sheet - AEM 240 Final...

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3. Outlet now has: Still higher prices Still higher margins Still higher status 2. Outlet now has: Higher prices Higher margins Higher status Passage of Time enters retailing environment with characteristics of outlet in box 1 1. Outlet has: Low prices Low margins Low status AEM 240 Final Review Sheet Chapters 14, 15 and 16. Chapter 14 Retailing- All activities involved in selling, renting, and providing goods and services to ultimate consumers for personal, family or household use. 4 Consumer utilities offered by retailing - Time (finding what you want even out of season), place (location), form (production or altercation of a product), possession (easier means to attain product). Forms of ownership 1. Independent retailer —one of the most common forms of retail ownership. Small, individually owned retailers. 2. Corporate chains —involves multiple outlets under common ownership. 3. Contractual systems —involve independently owned stores banding together to act like a chain. Ex. The local grocery stores all buying meat from the same distributer to make lower prices. Levels of Service 1. Self-service —requires that the customer performs many functions and little is provided by the outlet. Ex. Delta’s self-service check-in. 2. Limited Service— provide some services, like credit and merchandise return, but not other, like clothing alterations. Ex. Wal-mart, Kmart, etc. 3. Full-service— include most specialty stores and department stores, provide many services to their customers. All rely on better service to sell more distinctive, higher-margin goods. Types of Merchandise line 1. Depth of line - Stores that carry a considerable assortment (DEPTH) of a related line of items. a. Limited-line store. 2. Breadth of line- stores that carry a broad product line, with limited depth. a. General merchandise stores.
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Scrambled merchandising - offering several unrelated product lines in a single retail store—a growing trend, like grocery stores selling movies, etc. Types of nonstore retailing 1. Automatic Vending-- $21 billion in sales last year 2. Direct mail and catalogs— 3. Television Home Shopping-- $4.8 billion in sales 4. Online retailing-- $225 billion in sales 5. Telemarketing-- $500 billion 6. Direct Selling-- $16 billion. Retailing mix- the goods and services, physical distribution, and communications tactics chosen by a store. Retail pricing strategies 1. Original markup maintained markup 2. Markdowns when the product does not sell at the original price. 3. Everyday low pricing- consistent low prices, rather than having markdowns. 4. Everyday fair pricing is down by retailers that might not have the lowest prices, but try to create value for customers through its service and the total buying experience. 5. Off-price retailing —selling brand-name merchandise at lower than regular prices.
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