FInal Flashcards
Retail strategy
-Target Market
- Retail Format
- Sustainable Competitive
Advantage
Employee compensation plan/ incentive compensation plan
Types
-Straight salary compensation
-Incentive compensation plans Examples- Straight commission
Quota bonus plan
Sustainable Competitive Advantage (elements of)
Location Customer loyalty Customer service Exclusive merchandise Low-cost supply chain management Information systems Buying power with vendors Committed employees
Retail market strategy
A group of consumers with similar needs and a group of retailers that satisfy those needs using a similar retail channel and format.
Organizational chart
idk what the fuck she means
Corporate Mission Statement
Maintains morale?
Target Market
the market segment(s) toward which the retailer plans to focus its resources and retail mix
Customer Loyalty
More than simply liking one retailer over another.
Customers will be reluctant to patronize competitive retailers.
Positioning
The design and implementation of a retail mix to create in the customer’s mind an image of the retailer relative to its competitors. Also called brand building.
Retail Mix
- location
- custy service
- display
- merch
- communiction
- pricing
Market Penetration
Attract customers from target market – Walgreens “on every corner”
Get current customer to visit store more often or buy on each visit
Growth Strategy
Market Penetration
Market Expansion
Retail Format Development
Diversification
Related vs. Unrelated
Loyalty Programs
Creating an emotional attachment with customers through loyalty programs
Data warehouse
Data warehousing is the coordinated and periodic copying of data from various sources, both inside and outside the enterprise, into an environment ready for analytical and informational processing
Vertical Integration
- Vertical integration into wholesaling or manufacturing
Cross- selling
sales associates in one department sell complimentary merchandise from other departments
Supply Chain
i honestly dont know what the fuck she wants us to know here
Supply Chain Management
Efficient and effectively manage the flow of merchandise from the vendors to the retailer’s customers.
Benefits of Supply Chain Management
- Opportunity to increase sales by making sure the right merchandise is in the right place at the right time
- Strategic advantage-difficult to duplicate
- Improved product availability
- Higher return on investment
- Opportunity to reduce costs
Advanced Shipping Notice (ASN)
is a document that provides detailed information about a pending delivery.
Pull Supply Strategy
Orders for merchandise are
generated at the store level
on the basis of
POS sales data
Push Supply Strategy
Merchandise is allocated
to stores
on the basis of
forecasted demand
RFID Radio Frequency Identification Tags
- allows an object or a person to be identified at a distance using radio waves.
- Reduces warehouse and distribution labor costs
UPC (Universal Product Code)
ok if you dont know this i cant help you… also there is nothing in notes bout this shit
EDI (Electronic Data Exchange)
is the computer-to-computer exchange of business documents between retailers and vendors
Reverse Logistics
The process of moving returned goods from their customer destination for the purpose of capturing value or proper disposal.
Logistics
nothing in power point SUPPRISEEEE
Receiving
Activities Performed by Distribution Centers
- Receiving and checking merchandise
Cross Docking
Activities Performed by Distribution Centers
-Storing or cross docking merchandise
Drop shipping
hahahaha i dont fucking know
google says…. move (goods) from the manufacturer directly to the retailer without going through the usual distribution channels.
Freight Fowrarders
Outsourcing Logistics
CPFR Collaborative planning, forecasting, & replenishment
approaches for coordinating supply chain activities to reduce the level of inventory in the chain and reduce the number of stock-outs
VMI Vendor Managed Inventory
approaches for coordinating supply chain activities to reduce the level of inventory in the chain and reduce the number of stock-outs
Fast Fashion Institute of Tech
LITERALLY SHE IS ON DRUGS
Job Analysis and Job Description
ok well i just hope you know this girlie
Job application , References
ok well i just hope you know this girlie
Title VII of the Civil Rights Act
federal law that prohibits employers from discriminating against employees on the basis of sex, race, color, national origin, and religion. It generally applies to employers with 15 or more employees, including federal, state, and local governments.
Employee socialization
i literally have no idea
Autocratic vs. democratic leadership
Autocratic leaders make all the decisions themselves
Democratic leaders take an active role in the decision-making process but they involve others.
Inventory Shrinkage
Shrinkage is the difference between the recorded value of inventory (at retail prices) and the value of the actual inventory (at retail prices) in stores and distribution centers divided by retail sales during the period
POS (Point of Sale)
again if you dont know this just idk this isnt the school for you
Butt-brush effect
ARE YOU FUCKING KIDDING ME….. IF THIS IS NOT THE DEFINTION OF HER CLASS IDK WHAT IS
Underhill’s “butt-brush effect” theorizes that female shoppers are far less likely to make a purchase if they are “brushed” from behind, whether by staff, other shoppers or by merchandise.
Grid vs Racetrack Layout (loop), vs. Free form
grid - target
racetrack- nordstoms
free form - aspen / free people
End Caps
again if you dont know this just idk this isnt the school for you
Sales per Square Foot
End Caps
literally what it says
