Multi attribute attitude model A model of customer decision making based on the notion that customers see a retailer or a product as a collection of attributes or characteristics. The model can also be used for evaluating a retailer, product, or vendor. The model uses a weighted average score based on the importance of various […]
demographic segmentation A method of segmenting a retail market that groups consumers on the basis of easily measured, objective characteristics such as age, gender, income and education. fashion Category of merchandise that typically lasts several seasons, and sales can vary dramatically from one season to the next. functional needs The needs satisfied by a product
Multi-channel retailer Retailer that sells merchandise or services through more than one channel. share of wallet The percentage of total purchases made by a customer in a store. Shopping bots Computer programs that simply search for and provide a listing of all Internet sites selling a product category or brand with the price of the
Retail chain A firm that consists of multiple retail units under common ownership and usually has some centralization of decision making in defining and implementing its strategy. Services retailer Organization that offers consumers’ services rather than merchandise. Examples include banks, hospital, health spas, doctors, legal clinics, entertainment firms, and universities. SKU (stock keeping unit) The
Conventional supermarket A self-service food store that offers groceries, meat, and produce with limited sales of nonfood items, such as health and beauty aids and general merchandise. Department store A retailer that carries a wide variety and deep assortment, offers considerable customer services, and is organized into separate departments for displaying merchandise. direct-mail retailers A
Scrambled merchandising The offering of merchandise not typically associated with the store type, such as clothing in a drugstore. variety The numbers of different merchandise categories within a store or department. vertical integration An example of diversification by retailers involving investments by retailers in wholesaling or manufacturing merchandise.
Breaking bulk A function performed by retailers or wholesalers in which they receive large quantities of merchandise and sell them in smaller quantities. Intertype competition Competition between retailers that sell similar merchandise using different formats, such as discount and department stores. Intra-type competition Competition between the same types of retailers (e.g., Kroger versus Safeway). retail