The following covers chapters 14-20 and should be used to help study for the final test of this quarter. Each topic is indexed by page number. Please be able to define and understand the concepts of each of the following terms.
These are important concepts for business students to understand because it will ensure a promising retailing career or general business success for wherever their marketing know-how takes the academic.
- Merchandising...384
- Merchandising philosophy...384
- Micromerchandising...386
- Cross-merchandising...387
- Centralized vs de-centralized buyiing organization...388
- Resident buying office...390
- Four types of merchandise...392
- Use of never-out list...393
- Traditional Product Life Cycle...395
- Width of assortment/depth of assortment...396+
- Manufacturer/Private/generic brands...400+
- Category management...403
- Use of want book/want slip...413
- Opportunistic buying...417
- Three merchandise sources...414
- Consumer purchase/memorandum purchase...418
- Logistics...422
- Advantages of Quick Response (QR) inverntory planning...425+
- Electronic data interchange (EDI)...427
- Three key points to consider to reduce merchandise theft...431
- Inventory shrinkage...431
- Reverse logistics...432
- Dollar control/unit control/merchandise management...438
- Gross profit vs net profit...438
- FIFO vs LIFO inventory valuation...441
- Cost method of accounting vs Retail method of accounting...440+
- Open to buy...451
- Reasons for stock shortages...443
- Perpetual inventory unit systems...454
- Stock turnover...456
- Automatic reordering system..458+
- Price Elasticity of demand...466+
- Robinson Patman Act...purpose...468
- Predatory pricing...470
- Loss leaders...470
- Bait and switch advertising...471
- Market penetration/market skimming pricing...473
- Prestige pricing...476
- Difference in initial markups and maintained markups...478
- Every day low pricing...481
- Flexible pricing...483
- Price lining...485
- Markdowns...485
- Image...505
- Positioning...505
- Atmosphere...508
- Visual merchandising...508
- Types of Store Fronts...509
- Store fronts to establish image...509
- Marquees...509
- 4 areas of Allocation of floor space...514+
- Straight (gridiron) traffic flow vs curing (free-flowing) traffic flow...516
- Sales-productivity ratio assignment of floor space based upon what? 516
- Types of Point-of-Purchase displays...519
- Eye-level display positions are best for impulse good vs. lower...519
- The store front of a Web retailer is? 520
- Experiential merchandising...523
- Co-branding...525
- Elements of promotion...530
- Advertising...530
- Advantages/disadvantages of advertising...532
- Vertical vs horizontal cooperative advertising...537
- Public relations...537
- Advantages/disadvantages of personal selling...539
- Sales promotion...540
- Order-taking salesperson vs order-getting salesperson...540
- Reach/frequency...552
- Performance measures used by retailers...573
- Gap analysis...578
- Retail audit...580
A general understanding of the following marketing terms and concepts will allow this study guide to help you summarize everything you have learned in the last six chapters and ultimately the final chapters of this semester. It is necessary to whole-hardheartedly and with motivation study and understand the material so that future careers in business marketing or administration can guide the student to the path of enlightenment and intelligence.
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