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- Develops the assortment plan by selecting the suppliers, selects the
- merchandise to be purchased, as well as negotiates the terms of the purchase.
- Analyze sales results, performance, create new financial plans, and new
- merchandise plans.
- The process of having the right product, at the right place, and at the
- right time. While meeting the company’s financial goals.
Customer Relationship Management
- Business philosophy and a set of strategies, programs and systems that
- focuses on identifying and building loyalty with a retailer’s most valued
- Set of activities and programs undertaken by retailers to make the
- shopping experience more rewarding for their customer.
- Sell at high price to customers who aren’t price sensitive, and low
- price to those customers who are looking for value.
Everyday Low Price (EDLP)
guaranteed, same price everyday.
Cost Oriented Pricing
- A pricing method for pricing for determining the retail price by adding
- a fixed percentage to the cost of the merchandise.
Demand Oriented Pricing
A pricing method of setting prices based on what the customer would expect or be willing to pay.
Competition Oriented Pricing
- A pricing method in which a retailer uses competitors’ prices, rather
- than demand or cost considerations, as guides.
The practice of offering two or more different products or services for sale at one price.
Multiple Unit Pricing
- Practice of offering two or more similar products or services for sale
- at one price.
- Documents that entitle the holder to a reduced price or X cents off the
- actual price of a product.
- Money returned to the buyer in the form of cash based on a portion of
- the purchase price.
- A pricing strategy in which certain items are priced lower than normal to
- increase the traffic flow of customers or to increase the sale of complementary
Ratio of what customer perceives they receive vs. what that it costs.
Permanent Price Reduction
Temporary price adjustment for a limited period of time.
- Charge different prices for same product to different individual.
Horizontal Price Fixing
Two retailers collaborate to set retail price that cuts out all other competition, so they can control that market. (Illegal)
Bait and Switch
When a customer is baited with a special offer, and when they get to the store it doesn’t exist, and switched unto a higher price product. (illegal)
- A dominant retailer prices products to put others out of business.
A method of setting retail prices in which retailers simply double the cost of the merchandise to obtain the original retail selling price.
Using a predetermined mark up percentage to calculate the retail price.
Competitive Retail Pricing
Based on your competitors price.
Maintained Markup (MMU)
Average retail price markup.
1st Degree of Variable Pricing
Customer Negotiates the price.
2nd Degree of Variable Pricing
Customer has to do something to get a better price.
2 or more items purchased, complimentary, used together that are purchased together.
Multi Unit Pricing
Buying more than 1 of the same item to get a special price.
3rd Degree of Variable Pricing
Zone pricing- Market Pricing- Prices assigned to location or target market in order to be competitive.
Products sold exclusively by one retailer only.
Products sold at multiple retailers.
Contracts between the owner of the of the name or company (licensor) and a manufacturer (licensee) to manufacture products using the name or image.
Collaboration between a designer/company and retailer to carry products exclusively made for the retailer.
The retailers must be offered the same price – list price.
Resale Price Maintenance
Manufacturer cannot dictate the retail price.
“Gifts” that are personal and are given in trade for doing business.
"Fines” on manufacturer for not following the rules.
Retailer forces vendor to buy back another vendor’s product to get an order. vise-versa.
Products that are purchased that have not been authorized by the owner of the of the name or company.
Grey Market/Overload Goods
Products that are produced for distribution in a specific country at lower costs and intended to be sold in that area.
Vendor forces the retailer to only buy their products.
Legal & Ethical Issues:
Terms & Conditions of Purchase, Resale Price Maintenance, Commercial Bribery, Charge Beds, Buyback- Stock lift, lift out, Counterfeit, Grey Market/Overload Goods, Exclusive Agreement
Name, symbol, icon that identifies the brand or business concept.
art, graphics, movies, and books.
protection on inventions.
Taxes on imported products.
World Trade Organization
Goal was to eliminate Quotas, Teriffs, & Taxes.
North American Trade Agreement (NAFTA)
No taxes or limits of imports from US, Canada, or Mexico
When retailers consider sources across the globe.
the charge for exchanging currency of one country for currency of another.
Foreign Trade Zone
An area within a country where imported goods can be stored or processed without being subject to import duty.
Goal is to establish and create opportunities for mutual growth.
Fee paid by a vendor for space in a retail store.
Exploration and facilitate traffic flow.
Parallel & Perpendicular Lines. Grocery Store
Lighting, Sound/Music, Scent/Aroma
Productivity, Inventory Turnover, Impact on Store, Display Consideration
Demand/Destination, Impulse, Adjacent, Special Merchandise
Used to map out where the merchandise is to be places. Store Layout.
Fixturing, Product layout, Doors, Displays.
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