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Retailing > Exam 2 > Flashcards

Exam 2 Flashcards

1
Q

an emotional commitment by an employee to the organization and its goals

employees care about their work and their company

A

employee engagement

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2
Q
  • low profits

- high costs

A

financial performance problems

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3
Q
  • decreased motivation and effort
  • poor customer service
  • lower job satisfaction
  • greater turnover
A

employee response

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4
Q

-layoffs
-freeze on hiring and promotion
-reduced training
-salary freeze
greater use of part-time employees and more outsourcing

A

retailers response

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5
Q
  • Control expenses to be profitable
  • Retailers often hire people with little or no experience
  • A modest investment in hiring more staff may result in a significant increase in sales
A

expense control

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6
Q
  • Employee needs vary depending on the time of day, day of week, time of year, and promotion schedule
  • To minimize costs, retailers should complement their full-time employees with part-time workers
  • Part-time employees are less expensive than comparable full-time employees
A

part time employees

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7
Q

of employees leaving their job during the year / # of positions

A

employee turn over

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8
Q

Marketing programs that attract “best and brightest” potential employees

EX: Starbucks – “Love What You Do”
Southwest – “Free to Actually Enjoy What You Are Doing”

A

employment marketing(branding)

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9
Q

Recruit “the right people”

Simply seeking the best and the brightest may not always be the most effective approach

A

selective hiring

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10
Q

The set of values, traditions, and customs of a firm that guides employee behavior
Behavior enforced by social pressure

A

organization culture

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11
Q

Indicate what employees should do

Behavior enforced by managers

A

policies and supervision

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12
Q

Human resource management activity designed to realize the benefits of a diverse workforce, which includes but is not limited to skin color, nationality, gender, sexual orientation, and people with disabilities.

A

managing diversity

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13
Q

Groups of minority employees that exchange information and provide emotional and career support

A

support group and mentoring

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14
Q

Identifies the activities to be performed by specific employees, and determines the lines of authority and responsibility in the firm

A

organizational structure

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15
Q

satisfied when purchases accomplish a specific task.

A

utilitarian needs

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16
Q

satisfied when purchases accomplish a need for entertainment, emotional, and recreational experience.

A

hedonic needs

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17
Q

the set of alternatives the customer evaluates when making a choice of what retailer to patronize.

  • Increase beliefs about performance
  • Change customers’ importance weights
  • Add a new benefit
A

consideration set

18
Q

Retail Market Segment- a group of customers who are attracted to the same retail mix because they have similar needs.

A

maket segmentation

19
Q

refers to how people live, how they spend their time and money, what activities they pursue, and their attitudes and opinions about the world in which they live.

A

Lifestyle, or psychographics

20
Q

can influence customers with the same demographics or lifestyle

A

buy situations

21
Q

segmentation groups customers seeking similar benefits.

A

benefit

22
Q

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

A

unplanned locations

23
Q

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

A

planned locations

24
Q

`Total floor area designed for the retailer’s occupancy.

A

gross leasable area

25
Q

Minimize the customer’s effort to get the product or service by locating store close to where customers are located

A

connivence shopping

26
Q

Customers have a good idea of what type of product they want, but don’t have a strong preference for brand, model or retailer.
Competing retailers locate near one another

A

comparison shopping

27
Q

Customers know what they want
Designer labels
Convenient location matters less

A

specialty shopping

28
Q

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

A

Customer relationship management

29
Q

Committed to purchasing merchandise and services from a retailer.
Won’t go to a competitor even if they offer something better

A

customer loyalty

30
Q

trust the retailer and don’t keep track of specific things the retailer has given them versus what they have given the retailer

A

communal

31
Q

Trade money for value, keep track of exchanges.

A

exchange

32
Q

Collecting customer data
Analyzing the customer data and identifying target customers
Developing CRM programs
Implementing CRM programs

A

CRM process

33
Q

The expected contribution from the customer to the retailer’s profits over his or her entire relationship with the retailer

A

Estimating Lifetime Value (LTV)

34
Q

Data analysis focusing upon the composition of the customer’s market basket – what items are bought during a single shopping occasion?

A

market basket analysis

35
Q

Recency: how recently customers have made a purchase
Frequency: how frequently they make purchases
Monetary: how much they have bought

A

RFM Analysis

36
Q

converting iron and gold customers into platinum customers

A

customer alchemy

37
Q

as a way to achieve customer alchemy
Involves offering and selling more products and services to existing customers and increasing the retailer’s share of wallet with these customers

A

add-on selling

38
Q

computer-to-computer exchange of business documents between retailers and vendors

A

electronic data interchange

39
Q

The aspect of supply chain that refers to the planning, implementation, and control of the efficient flow and storage of goods, services, and related information from the point of origin to the point of consumption to meet customers’ requirements.

A

logistics

40
Q

The process of moving returned goods from their customer destination for the purpose of capturing value or proper disposal.

A

reverse logistics

41
Q

consumer direct fulfillment, is a system in which retailers receive orders from customers and relay these orders to vendors and then the vendors ship the merchandise ordered directly to the customer.

A

drop shopping

42
Q

used for years by companies that sell bulky products such as lumber, iron, and petroleum, as well as catalog and mail-order companies

A

drop shipping

Retailing (1 decks)

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