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Retail Management > midterm > Flashcards

midterm Flashcards

1
Q

retail

A

the set of business activities that adds value to products and services sold to consumers for their personal or family use

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2
Q

breaking bulk

A
  • reduce production costs
  • important to both manufacturers and consumers
  • allows manufacturers to efficiently make and ship merchandise in larger quantities
  • consumers purchase merchandise in smaller more useful quantities
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3
Q

holding inventory

A

products will be available when consumers want them

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4
Q

vertical integration

A

a firm performs more than one set of activities in the channel

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5
Q

backward integration

A

arises when a retailer performs some wholesaling and manufacturing activities

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6
Q

forward integration

A

occurs when a manufacturer undertakes retailing and wholesaling activities

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7
Q

corporate social responsibility (CRS)

A

an organization voluntarily engaging in business practices that meet or exceed the ethical and legal expectations of society, customers, employees

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8
Q

intratype competition

A

competition between the same type of retailers

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9
Q

scrambled merchandise

A

when retailers offer merchandise not typically associated with their type of store

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10
Q

retail strategy

A

identifies
1- target market
2- merch and services offered to satisfy customer needs
3- how to achieve long term advantages over its competition

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11
Q

NAICS

A

collect data on business activity in each country

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12
Q

variety (breadth of merchandise)

A

number of merchandise categories a retailer offers

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13
Q

assortment (depth of merchandise)

A

number of different items offered in a merchandise category

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14
Q

conventional supermarket

A

a large, self-service retail food store offering groceries, meat, and produce, as well as some nonfood items

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15
Q

limited assortment supermarkets or extreme value food retailers

A

only stock one or two of brands and sizes

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16
Q

supercenters

A

large stores that combine a supermarket with a full-line discount store

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17
Q

warehouse clubs

A

retailers that offer a limited and irregular assortment of food and general merchandise with little service at low prices (costco)

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18
Q

convenience stores

A

provide a limited variety and assortment of merchandise at a convenient location

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19
Q

department stores

A

retailers that carry a broad variety and deep assortment, offer customer services, and organize their stores into distinct departments for displaying merchandise (macys, nordstroms)

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20
Q

specialty stores

A

concentrate on a limited number of complementary merchandise categories and provide a high level of service

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21
Q

extreme value retailers (dollar stores)

A

small discount stores that offer a broad variety but shallow assortment of household goods, health and beauty, groceries

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22
Q

off price retailers

A

offer an inconsistent assortment of brand-name merchandise at a significant discount

23
Q

internet retailing

A
  • the fastest growing channel

- involves retailers interacting with consumers via the internet

24
Q

electronic channel

A

accessing internet through computer

25
Q

mobile retailing

A

accessing internet through smartphone

26
Q

catalog channel

A
  • nonstore retailing through catalog mailed to consumers
  • about half consumers shop through catalogs
  • starting to be thought of as a waste
  • safety and convenience
  • easier to browse than websites
27
Q

direct selling

A
  • like mary k
  • face to face in home or work
  • costly
  • party plan system
  • multilevel system–illegal pyramid schemes
28
Q

automated retailing (vending machines)

A
  • merchandise or services are stored in a machine and dispensed to customers when they deposit cash or credit card
  • at convenient, high-traffic locations
29
Q

store channel benefits

A
  • touching and feeling products
  • personal service
  • risk reduction
  • immediate gratification
  • entertainment and social experience
  • browsing
  • cash payment
30
Q

benefits of internet channel

A
  • offer greater selection of products
  • more info
  • more personalized info on products and services
  • improve shopping experience across all channels
  • deeper and broader selection
31
Q

buying process

A

1- recognize needs
2- seek info on how to satisfy need
3- then evaluate
4- postpurchase evaluation

32
Q

hedonic needs

A

shopping for pleasure

33
Q

utilitarian needs

A

shopping for work

34
Q

conversion rate

A

the percentage of customers who enter a store or access a website and then buy a product from that same store or website

35
Q

habitual decision making

A

purchase decision involving little or no conscious effort

36
Q

social factors influencing the buying process

A
  • economy
  • family
  • reference groups
  • culture
37
Q

retail strategy

A

1- identifying the retailers target market
2- the resources the retailer plans to use to satisfy target markets needs
3- competitive advantage

38
Q

CRM

A

activities that focus on identifying and building loyalty with a retailer’s most valued customers

39
Q

freestanding sites

A

retail locations for an individual, isolated store unconnected to other stores

40
Q

outparcels

A

freestanding stores that are not connected to other stores

  • located on the premises of a shopping center
  • in a parking area
41
Q

central business district

A

the traditional downtown financial and business area in a city or town

  • draws many people and employees during business hours
  • shopping flow on evening and weekends is slow
42
Q

main street

A

refers to the traditional downtown shopping area in smaller towns and secondary shopping areas in large cities and their suburbs

43
Q

power centers

A

target, costco, lowes

-collection of big box retail stores

44
Q

specialty shopping

A

know what they want and will not accept a substitute

45
Q

convenience shopping

A

minimizing effort to get product or service they want

  • insensitive to price
  • indifferent about brands
46
Q

comparison shopping

A
  • general idea about product they want

- no well developed preference

47
Q

platinum segment

A

composed of the customer with the top percent of CLVs

  • most profitable and loyal
  • not overly concerned about prices
  • more value on service than price
  • buy a lot of merchandise
48
Q

gold segment

A

buy a significant amount but not as loyal

49
Q

iron segment

A
  • purchase modest amount

- loyalty not substantial enough for special treatment

50
Q

lead segment

A

demand a lot of attention but do not buy much from the retailer

51
Q

knowledge gap

A

reflects the difference between customers expectations and retailers perception of those expectations
-can close gap by developing a better understanding of customer expectations

52
Q

standards gap

A

difference between the retailers knowledge of customers perception and expectations and the service standards it sets
-close gap by appropriate service standards and measuring service performance

53
Q

delivery gap

A

difference between the retailers service standards and the actual service provided
-can close gap by exceeding or meeting service standards

54
Q

communication gap

A

difference between the actual service provided and the service that was promised
-can close gap by more realistic service

Retail Management (2 decks)

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