MA225VC-3

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)

Candid evaluation of the opportunities and threats facing a prospective or
existing retailer. (p. 58)

Marketplace openings that exist because other retailers have not yet capitalized
on them. (p. 58)

Environmental and marketplace factors that can adversely affect retailers if
they do not react to them (and sometimes, even if they do). (p. 58)

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)

Unincorporated retail firm owned by one person. (p. 61)

Unincorporated retail firm owned by two or more persons, each with a financial
interest. (p. 61)

Retail firm that is formally incorporated under state law. It is a legal entity
apart from individual officers (or stockholders). (p. 61)

Retail firm's line of business. (p. 63)

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)

Represents how a given retailer is perceived by consumers and others. (p. 68)

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 approach whereby retailers offer a discount or value-oriented image,
a wide and/or deep merchandise selection, and large store facilities. (p. 68)

Enables retailers to identify customer segments and deploy unique strategies to
address the desires of those segments. (p. 68)

Denotes the decline of middle-ofthe-market retailing due to the popularity of
both mass merchandising and niche retailing. (p. 68)

Customer group that a retailer seeks to attract and satisfy. (p. 71)

Selling goods and services to a broad spectrum of consumers. (p. 71)

Selling goods and services to one specific group. (p. 71)

Aims at two or more distinct consumer groups, with different retailing
approaches for each group. (p. 71)

Distinct competencies of a retailer relative to competitors. (p. 71)

Aspects of business that the retailer can directly affect (such as hours of
operation and sales personnel). (p. 73)

Aspects of business to which the retailer must adapt (such as competition, the
economy, and laws). (p. 73)

Actions that encompass a retailer's daily and short-term operations. (p. 77)

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)

Signals or cues as to the success or failure of part of a retail strategy. (p.
78)