Exam 1 – MAR 4221 – Study Guide

Exam 1 – MAR 4221 – Study...

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Exam 1 – MAR 4221 – Study Guide Chapter 1 Retailing – encompasses the business activities involved in selling goods and services to consumers for their personal, family, or household use. It includes every sale to the final consumer. Channel of Distribution – all the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer Sorting Process – Involves the retailer’s collecting an assortment of goods and services from various sources, buying them in large quantity, and offering to sell them in small quantities to consumers. Multi-Channel Retailing – a retailer sells to consumers through multiple retail formats. Websites Physical stores Exclusive Distribution – supplies make agreements with one or few retailers that designate the latter as the only ones in specified geographic area to carry certain brands or products. Selective Distribution – suppliers sells through a moderate number of retailers. Intensive Distribution – suppliers sell through as many retailers as possible. Retail Strategy – an overall plan for guiding a retail firm; influences the firm’s business activities; influences firm’s response to market forces Total Retail Experience – all of the elements in a retail offering that encourage or inhibit consumers during their contact with a retailer. Customer Service – activities undertaken by a retailer in conjunction with the basic goods and services it sells
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Store hours Parking Shopper-friendliness Credit acceptance Salespeople Chapter 2 Value Chain – represents the total bundle of benefits offered to consumers through a channel of distribution: store location and parking, retailer ambiance, customer service, brands/products carried, product quality, retailer’s in-stock position, shipping, prices, image, and other elements. Expected Customer Service – service level that customers want to receive from any retailer such as basic employee courtesy. Augmented Customer Service – includes the activities that enhance the shopping experience and give retailers a competitive advantage. Consumer Loyalty – reward a retailer’s best customer, those with whom it wants long- lasting relationships. Good Retailing Service Retailing: Rented-goods services – consumers lease and use goods for specified periods of time. (ex: Netflix) Owned-goods services – goods owned by consumers are repaired, improved, or maintained. Non-goods services – intangible personal services are offered to consumers who experience the services rather than posses them. (ex: personal trainer) Ethics – involves activities that are truth worthy, fair, honest, and respectful for each retailer constituency. Social Responsibility – occurs when a retailer acts in society’s best interests – as well as
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Exam 1 – MAR 4221 – Study...

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