Z94.5 - Distribution & Marketing

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REFERENCE GROUPS. The groups of people with whom a person identifies.

REORDER POINT. The inventory level that signals the need to place a new order.

RESALE PRICE MAINTENANCE. Control by a supplier of the selling prices of his branded goods at subsequent stages of distribution by means of contractual agreement under fair trade laws or other legal devices.

RESEARCH DESIGN. An all-encompassing plan used to conduct a market research project.

RESIDENT BUYER. An agent who specializes in buying, on a fee or commission basis, chiefly for retailers.  Comment.  The term as defined above, is limited to agents residing in the market cities who charge their retail principals fees for buying assistance rendered, but there are resident buying offices that are owned by out-of-town stores and some that are owned cooperatively by a group of stores.  The former are called private offices and the latter associated offices.  Neither of them should be confused with the central buying office of the typical chain, where the buying function is performed by the office directly, not acting as a specialized assistant to store buyers.  Resident Buyers should also be distinguished from apparel merchandise brokers who represent competing manufacturers in the garment trades and have as customers out-of-town smaller stores in search of fashion merchandise.  These brokers are paid by the manufacturers to whom they bring additional business, on a percentage of sales basis.

RETAILER. A merchant, or occasionally an agent, whose main business is selling directly to the ultimate consumer.  Comment.  The retailer is to be distinguished by the nature of his sales rather than by the way he procures the goods in which he deals.  The size of the units in which he sells is an incidental rather than a primary element in his character.  His essential distinguishing mark is the fact that his typical sale is made to the ultimate consumer.

RETURN ON INVESTMENT (ROI). A figure used to measure selling success, which is derived by multiplying the rate of profit (net profit/sales) by turnover (sales/investment).

RESPONSE FUNCTION. A mathematical equation that measures the changes in sales as a result of changes in various marketing variables such as price, advertising and sale promotions

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