Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

retail managment > contemp retail managment > Flashcards

contemp retail managment Flashcards

1
Q

• How retailers add value

A

o Offer Services
o Hold inventory
o Provide assortments
o Break bulk

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

• Retailers role in the supply chain

A

Retailers are the final place where the customers get lined to the manufacturers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Vertical Integration

A

o When a comp preforms more then one set of activates in the channel

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Backward integration

A

o when the retailer also preforms distribution and manufacturing activates
♣ Jcpenny

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Forward integration

A

o manufactures undertake retailing activates… selling direct. Manufactures that are also retailers.
♣ Ralph Lauren operates its own store
♣ Large retailers engage in both wholesaling and retailing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Strategic vs tactical decisions

A

o Stratigic decisions are focusing on the long term

o Tactical is how you are implicating or doing it.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Retail stragety

A

o Need to identify the the compition

o Identifying the customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Compition

A

♣ Inratype comp: Dillards vs JCPennys

♣ Intertype Comp: Allways some kinda of overlap. Dillards vs Wal-Mart

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

General trends in retailing

A

o New types of retailers… online
o Globalization
o Growth in services retailing
o Growth in omini shopping by traditional retailers
o Increased use of technology to reduce cost, increase value delivered

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Types of retailers

A 
General Trends
Types of Retailers
Retail Mix
Assortment
Services
General Merchandising Retailers
Careers
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

retail mixes

A

o Variety- breth of merch… number of cataglories

o Assortment – depth of merch… number of skus

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Omniretailer

A

The Multichannel Retailer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

benefits of stores

A 
♣	Touching and feeling merch
♣	Personal service
♣	Risk reduction browsing
♣	Immediate gratification
♣	Cash payments
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

benefits of catalogs

A 
♣	Safety
♣	Convenience
♣	Ease of use
♣	Think about what you are doing
♣	Places away from malls
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

benefits of catalogs

A 
♣	Safety 
♣	Convenience
♣	Broad and Deep Selections
♣	Extensive and timely information 
♣	Personalization
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

benifits of multichannle

A
  • low cost
  • increassd assortment
  • current information
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

• Elements in Retail Strategy

A

o Target Market
o Retail Format
- Sustainable Competitive
Advantage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

• Criteria in selecting a target market

A

o Want it to be large and growing
o Little competition
o More profits
o Consistent with competitive advantage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

• Sources of Sustainable Completive Advantage

A 
♣	location
♣	customer loyalty
♣	customer service
♣	exclusive merch
♣	low-cost supply chain
♣	information systems
♣	buying power with vendors
♣	committed employees
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Less sustainable competitive advantage

A 
♣	Better computer’s
♣	More employees
♣	More merch
♣	Greater assortment
♣	Lower prices
♣	More advertising
♣	More promotions 
♣	Cleaner stores
21
Q

• Customer Loyalty

A

o Way to keep the customers coming back and keeping the attention on them
♣ Points
♣ Credit card

22
Q

• Branding

A

o Can create emotional attachments

o Positioning is ensuring that they think of the brand first

23
Q

• Vendor Relationships

A 
o	Low cost- efficiency through coordination
♣	Electronic data interchange
♣	Collaborative planning
o	Exclusive sale of desirable
o	Special treatment
24
Q

• Human Resources

A

o Strategies to recruit and retain employees

25
Q

• Distribution and Info System

A

o Creates better service

26
Q

• Growth Strategies

A

o Market expansion

o Market penetration

27
Q

types of locations

A
  • Unplanned locations
  • Planned locations
  • Gross leasable area
28
Q

Unplanned locations-

A

do not have centralized management that determines what stores will be in a development.

29
Q

Planned locations

A

-the shopping center and/or manager makes and enforces policies that govern store operations.

30
Q

Gross leasable area

A

Total floor area designed for the retailer’s occupancy.

31
Q

Mixed Use Developments (MXDs)

A

Combine several different uses into one complex, including shopping centers, offices, hotels, residential complexes, civic centers, and convention centers.

32
Q

o Free standing sites

A

♣ Not part of a mall or anything

33
Q

o City or town location

A

uptown westerville

34
Q

♣ Lifestyle Center

A

Usually upscale stores an expensive restaurants

35
Q

♣ Inclosed Mall

A

polaris

36
Q

o Outlet Centers

A

Destination

37
Q

o Power Center

A

♣ Huge stores

38
Q

o Mixed Use Developments

A

♣ More the norm
♣ Malls turning into this
♣ Nit just shopping

39
Q

o Theme/ Festival Centers

A

♣ In a way these are pop up shops

♣ Holidays

40
Q

Big data elements

A
  • volume
  • velocity
  • variety
41
Q

Big data volume

A

lots and lots of GBs

42
Q

big data velocity

A

how fast they can prosses it

43
Q

big data variety

A

where they are getting the data (diffrent channels)

44
Q

Data anyaliss

A

data alone has no meaning unless they are analysized

45
Q

customer service

A

The set of activities and programs undertaken by retailers to make the shopping experience more rewarding for their customers. These activities increase the value customers receive from the merchandise and service they purchase.

46
Q

Advantages of customer service

A

keep customers returninh

47
Q

customer service approaches

A
  1. Personalized Approach
    - Greater benefits to customers
    - Greater inconsistency
    Higher cost
  2. Standardized Approach
    -Lower cost
    -High consistency
    -Meets but does not exceed expectations
48
Q

Customer Relationship Management (CRM)

A

A business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty with a retailer’s most valuable customers.

retail managment (2 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions