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Retail Merchandising > Exam > Flashcards

Exam Flashcards

1
Q

What store do you work for?

A

Dog Den

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2
Q

What is retail merchandising?

A

The combination of strategies a business takes to encourage customers to purchase an item in a retail store

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3
Q

Types of merchandise

A

staple good, convenience good, fashion good, seasonal good

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4
Q

What is the merchandise mix?

A

Businesses must pay close attention to their target market and must obtain, develop, maintain, and continuously improve upon their merchandise mix

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5
Q

Component of merchandise mix

A

merchandise mix, product line, product items

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6
Q

Merchandise mix strategies

A

development, expansion, modification, deletion

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7
Q

What is the role of the buyer?

A

purchase products that satisfy customer needs

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8
Q

Psychological pricing examples

A

odd-even, multiple, promotional

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9
Q

Receiving process

A

receiving and checking merchandise

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10
Q

What is inventory?

A

the amount of goods stored by a business

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11
Q

What is odd-even pricing?

A

when a price ends with an odd number, customers perceive it as being a value of sale iem

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12
Q

What is multiple pricing?

A

offers the customer one price for purchasing multiple items

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13
Q

What is promotional pricing?

A

occurs when a sale is taking place within a store and attracts customers to the store

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14
Q

What are inventory methods?

A

perpetual, physical, and combined ways to collect a store’s inventory

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15
Q

What is inventory shrinkage?

A

occurs when the physical count is less than the perpetual count

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16
Q

What are needs?

A

a requirement

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17
Q

What are wants?

A

a desire to possess

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18
Q

What is the Dog Den markup?

A

35%

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19
Q

Features of a product

A

physical characteristics of the product

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20
Q

Benefits of a product

A

the advantage the customer will gain from this feature

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21
Q

Goal of the customer

A

the always make them happy

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22
Q

“PHONE”- P

A

power tone

23
Q

“PHONE”- H

A

say hello

24
Q

“PHONE”- O

A

organization

25
Q

“PHONE”- N

A

state your name

26
Q

“PHONE”- E

A

end with a question

27
Q

Example for answering the phone

A

“Hi this is the Dog Den, how can I help you?

28
Q

Largest bills on the

A

left

29
Q

Smallest bills on the

A

right

30
Q

Largest coins on the

A

left

31
Q

Smallest coins on the

A

right

32
Q

Bills should be facing the same direction?

A

yes

33
Q

What are objections?

A

concerns hesitations, doubts, or other honest reasons a customer has for not making a purchase

34
Q

How to close a sale-

A

don’t rush customer, uncover objections, help undecided customers, stop talking about product

35
Q

What is the marketing concept?

A

in order for a business to make profit, they must satisfy customers’ needs and wants

36
Q

What is a customer?

A

someone who buys the product

37
Q

What is a consumer?

A

someone who uses the product

38
Q

What is a market?

A

a group of people or companies that have a demand for a product or service and are willing to buy

39
Q

How to find your customer-

A

1) identify why a customer would want to buy your product or service
2) segment your overall market
3) research your customer

40
Q

What are demographics?

A

personal characteristics such as age, gender, location, education, occupation, income level, marital status, and house type

41
Q

What are psychographics?

A

the social and psychological characteristics of your customers which include needs, values, buying styles, culture, and interests

42
Q

What are geographics?

A

market segmentation based on where humans live based on local, regional, national, and global markets

43
Q

What are buying characteristics?

A

Segmentation based on the customer’s knowledge of products and services and the customer’s personal experience and reactions to the products and services

44
Q

Two types of data collection:

A

primary and secondary

45
Q

4 P’s of marketing mix

A

product, price, place, promotion

46
Q

What is visual merchandising?

A

the presentation of the entire store and its merchandise in ways that will attract potential customers

47
Q

What is a sales display?

A

the visual and artistic aspects of presenting a product to a select target audience

48
Q

What is advertising?

A

any form of impersonal, paid communication of ideas, goods, or services directed to a mass audience by an identified sponsor

49
Q

6 forms of advertising

A

Newspaper, magazines, direct mail, outdoor advertising, transit advertising, directory advertising

50
Q

6 types of retail stores

A

department, flagship, specialty, boutiques, chain, outlets

51
Q

What is a target market?

A

a particular group of consumers at which a product/service is aimed

52
Q

How many cameras are in the dog den?

A

6

53
Q

Why might someone prefer to use secondary data?

A

quicker, easier, cheaper, convenient

54
Q

6 dog den teams

A

marketing, fashion design, hyper hounds, web design, accounting, management

Retail Merchandising (1 decks)

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