Exam Flashcards
What store do you work for?
Dog Den
What is retail merchandising?
The combination of strategies a business takes to encourage customers to purchase an item in a retail store
Types of merchandise
staple good, convenience good, fashion good, seasonal good
What is the merchandise mix?
Businesses must pay close attention to their target market and must obtain, develop, maintain, and continuously improve upon their merchandise mix
Component of merchandise mix
merchandise mix, product line, product items
Merchandise mix strategies
development, expansion, modification, deletion
What is the role of the buyer?
purchase products that satisfy customer needs
Psychological pricing examples
odd-even, multiple, promotional
Receiving process
receiving and checking merchandise
What is inventory?
the amount of goods stored by a business
What is odd-even pricing?
when a price ends with an odd number, customers perceive it as being a value of sale iem
What is multiple pricing?
offers the customer one price for purchasing multiple items
What is promotional pricing?
occurs when a sale is taking place within a store and attracts customers to the store
What are inventory methods?
perpetual, physical, and combined ways to collect a store’s inventory
What is inventory shrinkage?
occurs when the physical count is less than the perpetual count
What are needs?
a requirement
What are wants?
a desire to possess
What is the Dog Den markup?
35%
Features of a product
physical characteristics of the product
Benefits of a product
the advantage the customer will gain from this feature
Goal of the customer
the always make them happy
“PHONE”- P
power tone
“PHONE”- H
say hello
“PHONE”- O
organization
“PHONE”- N
state your name
“PHONE”- E
end with a question
Example for answering the phone
“Hi this is the Dog Den, how can I help you?
Largest bills on the
left
Smallest bills on the
right
Largest coins on the
left
Smallest coins on the
right
Bills should be facing the same direction?
yes
What are objections?
concerns hesitations, doubts, or other honest reasons a customer has for not making a purchase
How to close a sale-
don’t rush customer, uncover objections, help undecided customers, stop talking about product
What is the marketing concept?
in order for a business to make profit, they must satisfy customers’ needs and wants
What is a customer?
someone who buys the product
What is a consumer?
someone who uses the product
What is a market?
a group of people or companies that have a demand for a product or service and are willing to buy
How to find your customer-
1) identify why a customer would want to buy your product or service
2) segment your overall market
3) research your customer
What are demographics?
personal characteristics such as age, gender, location, education, occupation, income level, marital status, and house type
What are psychographics?
the social and psychological characteristics of your customers which include needs, values, buying styles, culture, and interests
What are geographics?
market segmentation based on where humans live based on local, regional, national, and global markets
What are buying characteristics?
Segmentation based on the customer’s knowledge of products and services and the customer’s personal experience and reactions to the products and services
Two types of data collection:
primary and secondary
4 P’s of marketing mix
product, price, place, promotion
What is visual merchandising?
the presentation of the entire store and its merchandise in ways that will attract potential customers
What is a sales display?
the visual and artistic aspects of presenting a product to a select target audience
What is advertising?
any form of impersonal, paid communication of ideas, goods, or services directed to a mass audience by an identified sponsor
6 forms of advertising
Newspaper, magazines, direct mail, outdoor advertising, transit advertising, directory advertising
6 types of retail stores
department, flagship, specialty, boutiques, chain, outlets
What is a target market?
a particular group of consumers at which a product/service is aimed
How many cameras are in the dog den?
6
Why might someone prefer to use secondary data?
quicker, easier, cheaper, convenient
6 dog den teams
marketing, fashion design, hyper hounds, web design, accounting, management
