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retail managment > FInal > Flashcards

FInal Flashcards

1
Q

Retail strategy

A

-Target Market
- Retail Format
- Sustainable Competitive
Advantage

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2
Q

Employee compensation plan/ incentive compensation plan

A

Types
-Straight salary compensation
-Incentive compensation plans Examples- Straight commission
Quota bonus plan

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3
Q

Sustainable Competitive Advantage (elements of)

A 
Location
Customer loyalty
Customer service 
Exclusive merchandise 
Low-cost supply chain management
Information systems
Buying power with vendors
Committed employees
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4
Q

Retail market strategy

A

A group of consumers with similar needs and a group of retailers that satisfy those needs using a similar retail channel and format.

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5
Q

Organizational chart

A

idk what the fuck she means

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6
Q

Corporate Mission Statement

A

Maintains morale?

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7
Q

Target Market

A

the market segment(s) toward which the retailer plans to focus its resources and retail mix

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8
Q

Customer Loyalty

A

More than simply liking one retailer over another.

Customers will be reluctant to patronize competitive retailers.

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9
Q

Positioning

A

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.

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10
Q

Retail Mix

A
  • location
  • custy service
  • display
  • merch
  • communiction
  • pricing
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11
Q

Market Penetration

A

Attract customers from target market – Walgreens “on every corner”

Get current customer to visit store more often or buy on each visit

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12
Q

Growth Strategy

A

Market Penetration

Market Expansion

Retail Format Development

Diversification
Related vs. Unrelated

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13
Q

Loyalty Programs

A

Creating an emotional attachment with customers through loyalty programs

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14
Q

Data warehouse

A

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

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15
Q

Vertical Integration

A
  • Vertical integration into wholesaling or manufacturing
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16
Q

Cross- selling

A

sales associates in one department sell complimentary merchandise from other departments

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17
Q

Supply Chain

A

i honestly dont know what the fuck she wants us to know here

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18
Q

Supply Chain Management

A

Efficient and effectively manage the flow of merchandise from the vendors to the retailer’s customers.

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19
Q

Benefits of Supply Chain Management

A
  • 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
20
Q

Advanced Shipping Notice (ASN)

A

is a document that provides detailed information about a pending delivery.

21
Q

Pull Supply Strategy

A

Orders for merchandise are
generated at the store level
on the basis of
POS sales data

22
Q

Push Supply Strategy

A

Merchandise is allocated
to stores
on the basis of
forecasted demand

23
Q

RFID Radio Frequency Identification Tags

A
  • allows an object or a person to be identified at a distance using radio waves.
  • Reduces warehouse and distribution labor costs
24
Q

UPC (Universal Product Code)

A

ok if you dont know this i cant help you… also there is nothing in notes bout this shit

25
Q

EDI (Electronic Data Exchange)

A

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

26
Q

Reverse Logistics

A

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

27
Q

Logistics

A

nothing in power point SUPPRISEEEE

28
Q

Receiving

A

Activities Performed by Distribution Centers

- Receiving and checking merchandise

29
Q

Cross Docking

A

Activities Performed by Distribution Centers

-Storing or cross docking merchandise

30
Q

Drop shipping

A

hahahaha i dont fucking know
google says…. move (goods) from the manufacturer directly to the retailer without going through the usual distribution channels.

31
Q

Freight Fowrarders

A

Outsourcing Logistics

32
Q

CPFR Collaborative planning, forecasting, & replenishment

A

approaches for coordinating supply chain activities to reduce the level of inventory in the chain and reduce the number of stock-outs

33
Q

VMI Vendor Managed Inventory

A

approaches for coordinating supply chain activities to reduce the level of inventory in the chain and reduce the number of stock-outs

34
Q

Fast Fashion Institute of Tech

A

LITERALLY SHE IS ON DRUGS

35
Q

Job Analysis and Job Description

A

ok well i just hope you know this girlie

36
Q

Job application , References

A

ok well i just hope you know this girlie

37
Q

Title VII of the Civil Rights Act

A

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.

38
Q

Employee socialization

A

i literally have no idea

39
Q

Autocratic vs. democratic leadership

A

Autocratic leaders make all the decisions themselves

Democratic leaders take an active role in the decision-making process but they involve others.

40
Q

Inventory Shrinkage

A

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

41
Q

POS (Point of Sale)

A

again if you dont know this just idk this isnt the school for you

42
Q

Butt-brush effect

A

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.

43
Q

Grid vs Racetrack Layout (loop), vs. Free form

A

grid - target
racetrack- nordstoms
free form - aspen / free people

44
Q

End Caps

A

again if you dont know this just idk this isnt the school for you

45
Q

Sales per Square Foot

End Caps

A

literally what it says

retail managment (2 decks)

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