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2011-11-20 11:44:16
Retail Management

Chapter 5: Retail Institutions by Store-Based Strategy Mix
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  1. Firm's particular combination of store location, operating procedures,
    goods/services offered, pricing tactics, store atmosphere and customer services,
    and promotional methods. (p. 124)
    strategy mix
  2. Firm that consumers view as distinctive enough to become loyal to it. Consumers
    go out of their way to shop there. (p. 124)
    destination retailer
  3. Theory stating that retail innovators often first appear as low-price operators
    with low costs and low profit margins. Over time, they upgrade the products
    carried and improve facilities and customer services. They then become
    vulnerable to new discounters with lower cost structures. (p. 124)
    wheel of retailing
  4. Occurs when a retailer adds goods and services that may be unrelated to each
    other and to the firm's original business. (p. 126)
    scrambled merchandising
  5. Theory asserting that institutions—like the goods and services they sell—pass
    through identifiable life stages: introduction (early growth), growth
    (accelerated development), maturity, and decline. (p. 127)
    retail life cycle
  6. The combinations of separately owned retail firms. (p. 129)
  7. Unprofitable stores closed or divisions sold off by retailers unhappy with
    performance. (p. 130)
  8. Well-located food-oriented retailer that is open long hours and carries a
    moderate number of items. It is small, with average to above-average prices and
    average atmosphere and services. (p. 133)
    convenience store
  9. Self-service food store with grocery, meat, and produce departments and minimum
    annual sales of $2 million. The category includes conventional supermarkets,
    food-based superstores, combination stores, box (limited-line) stores, and
    warehouse stores. (p. 133)
  10. Departmentalized food store with a wide range of food and related products;
    sales of general merchandise are rather limited. (p. 133)
    conventional supermarket
  11. Retailer that is larger and more diversified than a conventional supermarket but
    usually smaller and less diversified than a combination store. It caters to
    consumers' complete grocery needs and offers them the ability to buy fill-in
    general merchandise. (p. 134)
    food-based superstore
  12. Unites supermarket and general merchandise sales in one facility, with general
    merchandise typically accounting for 25 to 40 percent of total sales. (p. 135)
    combination store
  13. Combination store blending an economy supermarket with a discount department
    store. (p. 135)
  14. Combination store pioneered in Europe that blends an economy supermarket with a
    discount department store. It is even larger than a supercenter. (p. 135)
  15. Food-based discounter that focuses on a small selection of items, moderate hours
    of operation (compared with supermarkets), few services, and limited
    manufacturer brands. (p. 136)
    box (limited-line) store
  16. Food-based discounter offering a moderate number of food items in a no-frills
    setting. (p. 136)
    warehouse store
  17. Retailer that concentrates on selling one goods or service line. (p. 136)
    specialty store
  18. Very large specialty store featuring an enormous selection in its product
    category and relatively low prices. It draws consumers from wide geographic
    areas. (p. 137)
    category killer (power retailer)
  19. Large store with an extensive assortment (width and depth) of goods and services
    that has separate departments for purposes of buying, promotion, customer
    service, and control. (p. 138)
    department store
  20. Type of department store in which merchandise quality ranges from average to
    quite good, pricing is moderate to above average, and customer service ranges
    from medium levels of sales help, credit, delivery, and so forth to high levels
    of each. (p. 138)
    traditional department store
  21. Type of department store with a broad, low-priced product assortment; all of the
    range of products expected at department stores; centralized checkout service;
    self-service; private-brand nondurables and well-known manufacturer-brand
    durables; less fashion-sensitive merchandise; relatively inexpensive building,
    equipment, and fixtures; and less emphasis on credit. (p. 140)
    full-line discount store
  22. Outlet that handles a wide assortment of inexpensive and popularly priced goods
    and services, such as apparel and accessories, costume jewelry, notions and
    small wares, candy, toys, and other items in the price range. (p. 140)
    variety store
  23. Features brand-name apparel and accessories, footwear, linens, fabrics,
    cosmetics, and/or housewares and sells them at everyday low prices in an
    efficient, limited-service environment. (p. 141)
    off-price chain
  24. Manufacturer-owned store selling its closeouts, discontinued merchandise,
    irregulars, canceled orders, and, sometimes, in-season, first-quality
    merchandise. (p. 141)
    factory outlet
  25. Appeals to price-conscious consumers, who must be members to shop. (p. 142)
    membership (warehouse) club
  26. Location where many vendors offer a range of products at discount prices in
    plain surroundings. Many flea markets are located in nontraditional sites not
    normally associated with retailing. (p. 143)
    flea market