Session:18 Retailing and Wholesaling
Key Terms
Principles of Marketing | Leadership Development – Micro-Learning Session
Rice University 2020 | Michael Laverty, Colorado State University Global Chris Littel, North Carolina State University| https://openstax.org/details/books/principles-marketing
- automatic vending
- the use of an electronic device that dispenses a product
- cash-and-carry wholesalers
- wholesalers that offer a limited line of fast-moving goods that they sell to retailers for cash
- category killers
- large superstores, most often chains stores, that are bigger, cheaper, and more convenient than competitors
- category management
- grouping similar products into categories based on customer usage
- central business district (CBD)
- the commercial and business center of a given city or town
- convenience store
- a small retail business that stocks a limited range of everyday items such as groceries, snacks, soft drinks, tobacco, toiletries, and lottery tickets
- department stores
- larger retailers that have separated areas—or departments—for similar product lines
- digital wallets
- software-based systems that allow for secure transactions
- direct mail
- solicited or unsolicited advertising of products and services to prospective customers through the mail
- direct selling
- a marketing strategy that involves selling products and services directly to the consumer in a non-retail setting
- discount store
- retailer that sells a broad range of products at lower prices than competitors
- drop shippers
- a wholesaler business model where retailers use suppliers to ship products directly to the end consumer
- factory outlets
- retailers that offer overstocked merchandise at discounted prices
- false or misleading advertising
- an unethical marketing practice by which consumers are given false or misleading information about a product or service
- freestanding retail locations
- store retailers that are not attached to any other retailer or establishment
- full-service wholesalers
- wholesalers that offer retailers the most complete range of services, such as buying, selling, storage, transportation, sorting, and financing
- general-merchandise (full-line) wholesalers
- wholesalers that offer an extensive list of merchandise for sale
- gross margin
- net sales minus the cost of goods sold
- intermediaries
- companies that act as liaisons between the buyer and seller
- keystone pricing
- a pricing strategy that doubles the price from the wholesaler or manufacturer
- limited-service wholesalers
- wholesalers that offer a limited range of services to retailers to increase value
- maintained markup
- the actual markup on the merchandise that is sold to the consumer
- manufacturer’s agents
- independent contractors who act as salespeople for multiple manufacturers to sell similar (but not competing) products to retailers
- markdown
- a price decrease for a product that is at the end of its life cycle or season
- markup
- the amount added to the cost retailers purchase goods for
- merchandise
- the goods that are being offered for sale by a retailer
- merchant wholesalers
- wholesalers that engage in buying, storing, and physically handling products in large quantities and selling those products in smaller quantities to retailers
- non-store retailers
- retailers that operate outside of traditional brick-and-mortar locations
- off-price retailers
- retailers that provide high-quality goods at lower prices
- omnichannel marketing
- utilization of multiple distribution channels
- omnichannel strategy
- manufacturer strategy that uses multiple distribution channels to distribute a product
- online retailing
- a business model that allows consumers to search and purchase products remotely over the Internet
- original markup
- the markup a business has decided upon at the onset of the offering, which includes planned sales and overhead
- product traceability
- the ability to track all processes for a product from the procurement of raw materials to production, consumption, and disposal
- rack jobbers
- wholesalers (or manufacturers) that agree with retailers to display and sell a product in a retail store
- regional shopping centers
- commonly referred to as “malls”; collection of stores that offer general merchandise or fashion-oriented offerings
- retailing
- the process of selling goods and services to consumers
- social commerce
- a blend of e-commerce and social media
- specialty stores
- retailers that focus on selling a single type of product or a single product line
- specialty wholesalers
- wholesalers that focus on a limited line of products but carry the line in some depth
- store retailer
- a traditional brick-and-mortar establishment where products are displayed for customers to purchase
- strip malls
- classified by an attached row of retail stores offering both products and services
- supermarket
- retailer that mostly focuses on a product mix of grocery items but also carries household and personal items and offers limited services
- superstores
- very large retailers that have characteristics of both supermarkets and department stores
- telemarketing
- the attempted sale, or marketing, of goods and services to potential customers via telephone
- television home shopping
- a business practice in which products or services are sold via television
- truck jobbers
- wholesalers that make calls to retailers carrying goods on a truck
- warehouse clubs
- retailers that sell goods in bulk at discounted prices
- wholesaling
- the business of buying goods in bulk at a discount from a manufacturer or other distribution channel member and selling them retailers for a higher price