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Chapter 1

Vocabulary for Chapter 1

TermDefinition
Retail a business that sells products and/or services to consumers.
Retailing the method by which consumers acquire products and services.
Manufacturer Produces the products
Wholesaler Buys large quantities of products directly from the manufacturer, breaks them into smaller units, and sells the smaller units to retailers.
Retailer Receives, stores, displays and sells the product to customers. Selects the merchandise and assembles it according to the needs of its community, store, or location. keeps products in good condition, displays merchandise, shows customers how to use the go
Convenience Stores Provide customers a convenient shopping experience Easily accessible Small in size, quick shopping, easy checkout
Department Stores General merchandisers Offer good services and a broad variety and assortment of products of mid-to high quality.
Direct Selling Salespeople contact customers directly in a convenient location, often the customer’s home, demonstrate the product; take orders; and deliver the products or perform the services.
Discount Stores Offer broad variety of merchandise, limited service, and low prices.
Off-Price Retailers Offer brand-name merchandise at a discount. Merchandise typically consist of excess inventory, closeouts, and irregulars. Inventory is inconsistent
Closeout Stores Offer an assortment of brand-name merchandise at a significant discount off the manufacturers' price Buy from manufacturers and retailers at roughly one-fourth the original price
Outlet Stores Off-price stores that are owned by the manufacturer or retailer
Pure Play Started online and continue to all their business that way
Specialty Stores Deep but narrow assortments with a high level of customer service.
Supercenters Combine a supermarket and a department store, resulting in a gigantic retail facility that carries an enormous range of products, from apparel to groceries to automotive supplies, all under one roof.
Thrift Stores Sell secondhand clothes and other household goods, typically to raise funds for a charitable institution. Products are usually donated by individuals and businesses rather than purchased from a wholesaler or manufacturer.
Supermarkets Sell a wide variety of goods including food, alcohol, and medicine
Wholesale Clubs Some wholesalers started selling products directly to consumers. This places them in the unique role of both wholesaler and retailer
Independent establishment establishment—single store or small, regional chain. Often able to tailor offerings to meet the demand of local consumers.
Corporate Chain Company that operates multiple stores under common ownership and usually has centralized decision-making. Generally more capable of negotiating lower prices from wholesalers and manufacturers given their size.
Franchises license granted to another party to market a company’s goods or services in a particular territory. Ex: KFC, Sonic, Pizza Hut, Fantastic Sam’s
Brick-and-Mortar describes the presence of a physical storefront and face-to-face customer experiences
E-commerce buying and selling through the internet via electronic devices such as a computer, smart phone, or tablet.
Multichannel retail operations offering customer transactions through multiple connected channels, including some or all the following: brick-and-mortar stores, online store sites, mobile apps, and telephone.
omnichannel focus on creating a seamless customer experience through any and all shopping channels: mobile, tablet, computer, brick-and-mortar stores, television, radio, direct mail, and catalog.
Created by: Angela Bell
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