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Retail Operations > Lectures > Flashcards

Lectures Flashcards

1
Q

What are the purposes of retail?

A 
Break up bulk
Manufactorers don’t have to hold a lot of inventory
Variety in products in the assortment
Lower consumer search costs
Retailer offers services
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2
Q

Defining characters of retail chain

A 
Highly regulated 
Low productivity
Thin product margins 
Massive globalisation
Rapid influx of techonlogy
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3
Q

Which two types of suppy chains are there?

A

Forward and reverse supply chains

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4
Q

How is the share of people called who use the product of a retailer?

A

Online penetration

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5
Q

What are the four different forms of retail?

A

Singe channel, multi channel, cross channel, omnichannel

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6
Q

What is the difference between cross channel and omnichannel

A

With omnichannel, everything is done right, people can for example order online via qr in store

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7
Q

What does ROPIS stand for?

A

Reserve online pick up in store

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8
Q

What are the omnichannel fulfillment possibilities?

A

Click and collect
Ship to store
Ship from store
Drop shipping

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9
Q

What is ship to store?

A

Long tail products are shipped to store when ordered for click and collect

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10
Q

What does kpi stand for

A

Key performance indicators

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11
Q

What are the two strategies to acheive succes?

A

Differentiation and cost leadership

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12
Q

What is the line called in the cost efficiency/ service orientation what companies can compete?

A

Efficient frontier

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13
Q

What are three forms of layouts in stores?

A

Racetrack
Free form
Grid

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14
Q

When is the best time to use directly from supplier to store?

A

Difficult to handle products
Make to order products
Truckload volumes

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15
Q

What store to think about with cost leadership?

A

Lidl

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16
Q

What are examples of physical distribution channels?

A

Directly from supplier to store,
Warehousing
Cross docking

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17
Q

Is the inventory of warehousing coupled of decoupled?

A

Decoupled

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18
Q

What are the two forms of cross docking?

A

Pick to zero

Pre sorted

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19
Q

What items can you cross dock?

A

Predictable demand items
High holding cost items
Known lead time items

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20
Q

What cost goes up when value of products go up?

A

Inventory holding costs

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21
Q

What are the key performance indicators realated to warehouse assesment?

A

Productivity
Quality
Flexibility
Costs

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22
Q

What are the 5s?

A 
Sort 
Straighten
Shine/ sweep
Standardise
Sustain
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23
Q

What are store assortment dimentions?

A

Breath and debt

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24
Q

What are advantages of larger assortments for consumers?

A 
Shopping fun
Freedom of choosing
Learning the category
Drawing consumers to the website
Increase chance of finding ideal product
Variety seeking
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25
Q

Disadvantages of larger assortments for consumers are?

A

Lower choice precision, harder to find ideal product
Lower satisfaction with decision
Lower satisfaction with the chosen product
More procrastination

26
Q

What are the two stages in which assortments have a role?

A

Attraction stage

Conversion stage

27
Q

Why would you sell some products only online?

A

Long tail products, designed for online, offline space limitations

28
Q

Why would you sell some products only offline?

A

Exclusivity, products need explaination, operational constraints

29
Q

What can’t you sell everything online?

A

Choice overload, variable costs, space in distribution channel, need high sale concentration to improve trading position

30
Q

What do you put in store when offering more online?

A

High earners, expertise needed products, overcome limitations digital world, inspire customers, tech customers about products

31
Q

what is facing distribution?

A

Number of identical products facing the consumer

32
Q

What is space to movement?

A

Assign more space to well selling SKUs

33
Q

What is external categorization?

A

Grouping products implied by the assortment layout

34
Q

What is internal categorization?

A

The way the consumer organizes the products in their head

35
Q

What is congruency?

A

Degree of fit between the external an internal categorization

36
Q

What is the difference when a supply network is not time sensetive?

A

The regional distribution centre can be skipped and stores can be supplied directly from national dc

37
Q

What is the best option for fast movers, woth low variability?

A

Decentral warehouse/ crossdock

38
Q

What are the four stages in the customer journey?

A

Pre purchase
Purchase and fulfillment
Post fulfillment
Overall evalution

39
Q

What are the functions of pre purchase?

A

Inspire and aspire
Sensopathic experiences
Provide advice
Curation

40
Q

What is curation?

A

Presenting an assortment in a logical way

41
Q

What are the funtions of purchase and fulfillment?

A

Store as a pickup point

Store as a ditribution centre

42
Q

What are the functions of post-fulfillment?

A

Store as a repair shop
Store for returns handling
Buy online return in store (BORIS)

43
Q

Overall evalution functions

A

Store as a stage - like the playground

Store can be a community centre

44
Q

What is the HALO effect?

A

More online sales in the neighbourhood with a store

45
Q

What are cons of opening a store?

A

Down selling, people buy a cheaper product

46
Q

How to close stores without losing consumers?

A

Before closure: collect consumer data
During closure: targeted marketing
After closure: learn from closure

47
Q

What are 4 ways to stay revelant is digital transformation?

A

Omnichannel, visibility, convenience, experience

48
Q

What are the three components of sustainable retail?

A

Governace, environment, social

49
Q

What are the different aspects of leniency?

A 
Time leniency
Monetary leniency
Effort leniency
Scope leniency
Exchange leniency
50
Q

What is scope leniency?

A

How much of your order do you have to return?

51
Q

What is exchange leniency?

A

What is the return for the products? Money , coupon

52
Q

What are two types of Direct to Customer?

A

Online born brand that sell via their own online channel

Established brands who mainly sold via retailers also sell trough their own channels

53
Q

Why do digital native brand struggle to make profit with dtc?

A

Problems with costumer retentions and high costumer costs

54
Q

What are benefits to brands with subscription models?

A

Lock-in of consumers
Predictabke demand
Steadsy stream of income
Possibility to upsell or cross sell

55
Q

What sort of data analytics is needed for omnichannel retail?

A

Decision driver data analytics

56
Q

What are the five stages of retail analytics?

A 
Descriptive analytics
Diagnostic analytics
Predictive analytics
Prescriptive analytics
Autonomous analytics
57
Q

What is the level most companies in the world achieve in analytics?

A

Descritive analytics - dashboards

58
Q

What are the 6 categories of barrier and enablers of using data?

A 
Culture
Organisation
People
Processes
Systems 
Data
59
Q

New retail is characterized by:

A 
Digital supply chains 
Digital payments
Platforms that collect lots of data
In-store apps
Superapps
60
Q

What is needed for this mew retail

A

Superior analytics

61
Q

What is the dual role of technology?

A

Gather data

Work with this data

62
Q

New business models will centre on what things?

A

Sustainability
Efficiency
Expertise
Experiences

Retail Operations (1 decks)

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