Introduction to Retailing and Value Orientations

Vocabulary flashcards covering key retail definitions, classifications, store types, service characteristics, ownership structures, and external factors from the lecture.

NAP Codes

Six-digit classification codes used to categorize businesses and retailers into specific genres and classifications for credit, taxation, marketing, and accounting purposes.

Variety

The breadth of different product lines or categories carried by a retailer.

Assortment

The depth or number of different individual items carried within a specific product line by a retailer.

SKU (Stock Keeping Unit)

A unique product code or UPC barcode assigned to each distinct product in a store to track inventory and prices.

Conventional Supermarket

A food retailer around 40,000 square feet that offers 30,000 to 40,000 items, modest service levels, pleasant ambiance, and operates on roughly 20% margins.

Limited-Service Supermarket

A small-footprint food retailer that carries a reduced number of items and limited selection, such as Aldi or local neighborhood stores.

Department Store

A large retail store typically located as an anchor in regional shopping malls that sells general shopping goods arranged in distinct product departments.

Category Specialist

A retailer that carries a narrow variety of product lines but offers an extremely deep assortment within those specific categories, also known as a category killer.

Perishability (of Services)

A unique characteristic of services stating that unused service capacity or unfulfilled appointment times cannot be stored or saved for future sales.

Heterogeneous Service

The characteristic of services where each service delivery is unique and variable depending on who provides it, their state of mind, and the context.

Own-Good Service

A type of service performed directly on a customer's personal property or physical body, such as automotive repair or a haircut.

Single Store Establishment

An independent, owner-operated business, commonly referred to as a mom-and-pop store, that relies on the manager's personal capabilities and direct customer service.

Retail Chain

A company operating multiple retail locations under a single corporate ownership structure.

Franchising

A business model where an independent operator (franchisee) pays to use the branding, supply chains, operating models, and marketing of a parent company (franchisor).

CD-STEP

An acronym for external macro-environmental factors that impact businesses: Culture, Demographics, Social changes, Technological changes, Economic changes, and Political changes.