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Overall plan guiding a retail firm. It influences the firm's business activities
and its response to market forces, such as competition and the economy. (pp.12,
58)
retail strategy
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Candid evaluation of the opportunities and threats facing a prospective or
existing retailer. (p. 58)
situation analysis
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Marketplace openings that exist because other retailers have not yet capitalized
on them. (p. 58)
opportunities
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Environmental and marketplace factors that can adversely affect retailers if
they do not react to them (and sometimes, even if they do). (p. 58)
threats
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Retailer's commitment to a type of business and a distinctive marketplace role.
It is reflected in the attitude to consumers, employees, suppliers, competitors,
government, and others. (p. 59)
organizational mission
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Unincorporated retail firm owned by one person. (p. 61)
sole proprietorship
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Unincorporated retail firm owned by two or more persons, each with a financial
interest. (p. 61)
partnership
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Retail firm that is formally incorporated under state law. It is a legal entity
apart from individual officers (or stockholders). (p. 61)
corporation
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Retail firm's line of business. (p. 63)
goods/service category
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Long-term and short-term performance targets that a retailer hopes to attain.
Goals can involve sales, profit, satisfaction of publics, and image. (p. 66)
objectives
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Represents how a given retailer is perceived by consumers and others. (p. 68)
image
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Enables a retailer to devise its strategy in a way that projects an image
relative to its retail category and its competitors, and elicits consumer
responses to that image. (p. 68)
positioning
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Positioning approach whereby retailers offer a discount or value-oriented image,
a wide and/or deep merchandise selection, and large store facilities. (p. 68)
mass merchandising
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Enables retailers to identify customer segments and deploy unique strategies to
address the desires of those segments. (p. 68)
niche retailing
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Denotes the decline of middle-ofthe-market retailing due to the popularity of
both mass merchandising and niche retailing. (p. 68)
bifurcated retailing
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Customer group that a retailer seeks to attract and satisfy. (p. 71)
target market
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Selling goods and services to a broad spectrum of consumers. (p. 71)
mass marketing
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Selling goods and services to one specific group. (p. 71)
concentrated marketing
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Aims at two or more distinct consumer groups, with different retailing
approaches for each group. (p. 71)
differentiated marketing
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Distinct competencies of a retailer relative to competitors. (p. 71)
competitive advantages
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Aspects of business that the retailer can directly affect (such as hours of
operation and sales personnel). (p. 73)
controllable variables
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Aspects of business to which the retailer must adapt (such as competition, the
economy, and laws). (p. 73)
uncontrollable variables
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Actions that encompass a retailer's daily and short-term operations. (p. 77)
tactics
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Phase in the evaluation of a firm's strategy and tactics in which a semiannual or
annual review of the retailer takes place. (p. 78)
control
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Signals or cues as to the success or failure of part of a retail strategy. (p.
78)
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