Test 2 Vocab PDF

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All the vocabulary from the book for test 2. Fold paper to put terms on one side and definitions on the other...

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Alicia Rinaldi 1

trade area freestanding site outparcels

central business district urban decay main street

inner city shopping center convenience shopping center neighborhood shopping center community shopping center strip shopping center power center

shopping mall regional malls super-regional malls lifestyle center

mixed use development outlet centers pop-up stores

Test 2 Vocab the geographic area that encompasses most of the customers who would patronize a specific retail site retail locations for an individual, isolated store unconnected to other stores freestanding stores that are not connected to other stores in a shopping center but are located on the premises of a shopping center (parking area) the traditional downtown financial and business area in a city or town the process of a previously functioning city/part of a city falling into despair the traditional downtown shopping area in smaller towns and secondary shopping areas in large cities and their suburbs a low-income residential area within a large city a group of retail and other commercial establishments that are planned, developed, owned, and managed as a single property attached rows of open-air stores, with onsite parking usually located in front of the stores same as convenience shopping center

same as convenience shopping center

same as convenience shopping center shopping centers that consist primarily of collections of bigbox retail stores, off-price stores, warehouse clubs, and category specialists enclosed, climate controlled, lighted shopping centers with retail stores on one or both sides of an enclosed walkway shopping mall that is less than 800k square feet shopping mall that is more than 800k square feet shopping centers with an open-air configuration of specialty stores, entertainment, and restaurants, with design ambience and amenities such as fountains and street furniture combine several different uses into one complex including retail, office, residential, hotel, recreation, or other functions shopping centers that contain mostly manufacturers’ and retailers’ outlet stores stores in temporary locations that focus on new products or

Alicia Rinaldi 2

store-within-astore merchandise kiosks urban sprawl zoning

building codes

metropolitan statistical area micropolitan statistical area traffic flow accessibility natural barriers artificial barriers congestion visibility cumulative attraction trade area primary trading area secondary trading area tertiary trading area fringe census census blocks block group geographic information system percentage lease fixed rate lease

a limited group of products an agreement in which a retailer rents a part of the retail space in a store operated by another independent retailer small selling spaces, typically located in the walkways of enclosed malls, airports, college campuses, or office building lobbies the increased expansion of residential shopping center development in suburban and rural areas outside of their respective urban centers regulates land uses in specific areas to prevent any interface with existing uses by residents or businesses, as well as encourage the preservation of a community’s sense of identity legal restrictions that specify the type of building, signs, size, and type of parking lot that can be used at a particular location a core urban area, population of 50k+, has a high degree of economic/social integration w/community somewhat removed from large cities but are responsible for substantial production capabilities the number of vehicles and pedestrians that pass by the ease with which customers can get into/out of site made by nature; rivers/mountains man-made barriers; railroad tracks, highways, parks an excess level of traffic that results in customer delays customers’ ability to see the store from the street a cluster of similar & complementary retailing activities will have greater drawing power than isolated stores a contiguous geographic area that accounts for the majority of a store’s sales and customers the geographic area from which the shopping center derives 50-70% of its customers the geographic area of secondary importance; 20-30% of the site’s customers outmost area; includes remaining customers that shop at the site but come from widely dispersed areas same as tertiary trading area demographic info taken every 10 yrs from every house each contain residences of about 40 people smallest unit of analysis; adjacent blocks that contain 3004,000 people a system of hardware and software used to store, retrieve, map, and analyze geographic data the rent is based on a percentage of sales a retailer pays a fixed amount per month over the life of the lease

Alicia Rinaldi 3

productivity turnover engagement organization structure specialization buyer CEO SVP

merchandising planner centralization decentralization organization culture empowerment flextime job sharing glass ceiling

illegal discrimination protected class labor relations laws health and safety laws sexual harassment distributive justice

sales generated per full time employee the number of employees who voluntarily left their job during the year divided by the number of positions an emotional commitment by an employee to the organization and its goals identifies the activities to be performed by specific employees and determines the lines of authority & responsibility in the firm store retailers cannot do this much, because of the limited number of employees the merchandise manager; may handle advertising and merchandising selection chief executive officer; responsible for overseeing the entire organization senior vice president of merchandising; works with buyers and planners to develop and coordinate the management of the retailer’s merchandise offering responsible for allocating merchandise and tailoring the assortment of several categories the authority for retailing decisions is delegated to corporate managers the authority for decisions is assigned to lower levels in the organization the set of values, traditions, and customs of a firm that guides employee behavior a process in which managers share power and decisionmaking authority with employees a job scheduling system that enables employees to choose the times they work two employees voluntarily are responsible for a game that was previously held by one person an invisible barrier that makes it difficult for minorities and women to be promoted beyond a certain level

the actions of a company or its managers that result in members of a protected class being treated unfairly and differently from others a group of individuals who share a common characteristic as defined by the law. describe the process by which unions can be formed and the ways in which companies must deal with them the employer is obligated to provide each employee with an environment that is free of hazards that are likely to cause death or serious injury unwelcome sexual advances, requests for sexual favors, and other inappropriate verbal or physical conduct arises when the outcomes received are viewed as fair with respect to the outcomes received by others

Alicia Rinaldi 4

procedural justice supply chain management stockout rain check universal product code POS terminal advance shipping notice electronic data interchange security policy

logistics cross-docked

break pack area pull supply chain push supply chain reverse logistics drop-shipping

consumer direct fullfillment vendor managed inventory reorder point collaborative planning

based on the fairness of the process used to determine the outcome a set of activities and techniques firms employ to efficiently and effectively manage the flow of merch from the vendors to the customers when an SKU that a customer wants is not available the ability to come back after a stockout and still pay the sale price when the store receives a new shipment a black and white UPC bar code containing a 13 digit code that indicates the manufacturer, a description, info about packaging, and promos point-of-sale; the point which captures the UPC information that is used to monitor and analyze sales and decide when to reorder a document that tells the distribution center what specifically is being shipped and when it’ll be delivered the computer-to-computer exchange of business documents using a standardized format the set of rules that apply to activities involving computer and communication resources that belong to an organization the aspects of a supply chain management that refers to the planning the flow of information from the point of origin to the point of consumption when items are unloaded from the inbound truck and placed on a conveyor system that routes them across the loading dock to the truck going to the store items go to this area to be put into cartons with other merch going to a store a supply chain in which requests for merchandise are generated at the store level on the basis of sales data captured by POS terminals merchandise is allocated to stores on the basis of forecasted demand the process of capturing value from/properly disposing of merchandise returned by customers/stores a system in which retailers receive orders from customers and relay these orders to vendors, who ship it directly to the customer same as drop shipping

an approach for improving supply chain efficiency in which the vendor is responsible for maintaining the retailer’s inventory levels a level of inventory at which more merchandise is ordered the sharing of forecasts and related business information and collaborative planning between retailers and vendors

Alicia Rinaldi 5

forecasting & replenishment radio frequency identification customer relationship management share of wallet customer loyalty customer database frequent shopper program loyalty program biometrics

cookies opt in

opt out customer lifetime value RFM analysis

retail analytics

data mining

market basket analysis 80/20 rule 1-to-1 retailing retail brand community

to improve supply chain efficiency a technology that allows an object/person to be identified at a distance by means of radio waves a business philosophy and set of strategies, programs, and systems that focuses on identifying and building relationships with a retailer’s valued customers the percentage of the customers’ purchases made from the retailer customers are committed to purchasing merchandise & services from the retailer and will resist the activities of competitors attempting to attract their patronage contains all the data the firm has collected about its customers; foundation for other CRM activities programs that identify and provide rewards to customers who patronize a retailer same as frequent shopper program measuring human characteristics such as a person’s hand geometry, fingerprints, iris, or voice small files stored on a customer’s computer that identify customers when they return to a website European perspective—customers own their personal information so retailers must get consumers to agree to share it US—personal information is viewed as being in the public domain & retailers can use it unless someone tells them not to the expected contribution from the customer to the retailer’s profits over their entire relationship with the retailer recency, frequency, money; a method used in catalog and internet channels to determine customer segments that a retailer should target for a promotion applications of statistical techniques and models that seek to improve retail decisions through analyses of customer data an information processing method that relies on search techniques to discover new insights into the buying patterns of customers using large bases the data mining tools determine which products appear in the market basket that a customer purchases during a single shopping trip 80% of the sales/profits come from 20% of the customers developing retail programs for small groups or individual customers a group of customers who are bound together by their loyalty to a retailer and the retailer’s activities

Alicia Rinaldi 6

add-on selling

merchandise management merchandise group department classification stock keeping unit merchandise category category management category captain staple merchandise basic merchandise continuous replenishment fashion merchandise seasonal merchandise in-depth interview focus group assortment plan variety breadth assortment depth backup stock buffer stock safety stock

a way to achieve customer alchemy; offering and selling products and services to existing customers to increase the retailer’s share of wallet with these customers the process by which a retailer attempts to offer the appropriate quantity of the right merchandise in the right place at the right time the highest classification level of the merch classification scheme (ex women’s apparel, men’s, children’s) second highest classification level; managed by divisional merchandise managers third level; categorizes merch and organizes merch activities the smallest unit available for inventory control assortment of items that customers see as substitutes for one another assigns one buyer/category manager to oversee all merchandising activities for the entire category the vendor who some retailers might choose to help them manage a particular category; works with retailer on a variety of tasks in continuous demand over an extended time period same as staple merchandise continuously monitoring merchandise sales and generating replacement orders, often automatically when levels get low in demand for a relatively short period of time items whose sales fluctuate dramatically depending on the time of the year an unstructured personal interview in which the interviewer uses extensive probing to get individual residents to talk in detail about a subject small group of respondents interviewed by a moderator using a loosely structured format the set of SKUs that a retailer will offer in a merchandise category in each of its stores and from its website the number of different merchandising subcategories offered same as variety the number of SKUs within a subcategory same as assortment the number of units in the model stock plan determines product availability same as backup stock same as backup stock

Alicia Rinaldi 7

product availability level of support service level cycle stock base stock lead time

fill rate order point open-to-buy sell-through analysis markdown money ABC analysis

the percentage of the demand for a particular SKU that is satisfied product availability same as level of support inventory for which the level goes up and sown due to the replenishment process same as cycle stock the amount of time between recognition that an order needs to be placed and the point at which the merchandise arrives in the store & is ready for sale the % of SKUs received complete on a particular order the amount of inventory below which the quantity available shouldn’t go or the item will be out of stock before the next order arrives system that keeps track of the actual merchandise flows compares actual and panned sales to determine whether more merchandise is needed to satisfy demand or whether price reductions are required funds that a vendor gives a retailer to cover lost gross margin dollars that result from markdowns identifies the performance of individual SKUs in the assortment plan, to determine which SKUs should be in the plan and how much backup stock is provided...