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Business Econ & Marketing > Retail > Flashcards

Retail Flashcards

1
Q

Adapting the resources of the firm to the opportunities and threats of an ever-changing retail environment.

A

Strategic Planning

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2
Q

Components of Strategic Planning

A

Mission, Statement of Goals and Objectives, SWOT, Strategies

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3
Q

It is a basic description of the fundamental nature, rationale, and direction of the firm.

A

Mission Statement

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4
Q

A control mechanism by establishing a standard against which the firm can measure and evaluate its performance

A

Statement of Goals and Objectives

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5
Q

The retailer’s total sales divided by total market sales.

A

Market Share

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6
Q

Products that are out of stock and therefore unavailable to customers when they want them.

A

Stockouts

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7
Q

State the sales objectives that the retailer desires for each unit of resource input.

A

Productivity Objectives

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8
Q

Net sales divided by the total square feet of retail floor space.

A

Space productivity

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9
Q

Net sales divided by the number of full time–equivalent employees

A

Labor productivity

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10
Q

Net sales divided by the average dollar investment in inventory

A

Merchandise productivity

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11
Q

Are a carefully designed plan for achieving the
retailer’s goals and objectives.

A

Strategies

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12
Q

➢What major competitive advantage(s) do we have?
➢What are we good at?
➢What do customers perceive as our strong points?

A

Strengths

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13
Q

➢What major competitive advantage(s) do competitors
have over us?
➢What are competitors better at than we are?
➢What are our major internal weaknesses?

A

Weaknesses

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14
Q

➢What favorable environmental trends may benefit our firm?
➢What is the competition doing in our market?
➢What areas of business that are closely related to ours are undeveloped?

A

Opportunities

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15
Q

➢What unfortunate environmental trends may hurt our future performance?
➢What technology is on the horizon that may soon have an impact on our firm?

A

Threats

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16
Q

Group of customers that the retailer is seeking to serve.

A

Target Market

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17
Q

Geographic space or cyberspace where the retailer conducts business.

A

Location

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18
Q

Combination of merchandise, price, advertising and promotion, location, customer service and selling, and store layout and design.

A

Retail Mix

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19
Q

A clear statement of the tangible and/or intangible results a receives from shopping at and using the retailer’s products or services.

A

Value Proposition

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20
Q

Deals with activities directed at maximizing the efficiency of the retailer’s use of resources. It is frequently referred to as day-to-day management.

A

Operations Management

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21
Q

Occurs when the total shopping experience of the customer has been met or exceeded.

A

Customer satisfaction

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22
Q

Activities performed by the retailer that influence:
* the ease with which a potential customer can shop or learn about the store’s offering.
* the ease with which a transaction can be completed once the customer attempts to make a purchase.
* the customer’s satisfaction with the transaction.

A

Customer services

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23
Q

Occurs when a market has homogenous products and many buyers and sellers, all having perfect knowledge of the market, and ease of entry for both buyers and sellers

A

Pure competition

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24
Q

Occurs when there is only one seller for a product or service.

A

Pure monopoly

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25
Q

Occurs when the products offered are different, yet viewed as substitutable for each other and the sellers recognize that they compete with sellers of these different products.

A

Monopolistic competition

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26
Q

Relatively few sellers, or many small firms who follow the lead of a few larger firms. Offer essentially homogeneous products and any action by one
seller is expected to be noticed and reacted to by the other sellers

A

Oligopolistic competition

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27
Q

Are likely to end up selling at a similar price since everybody knows what others are doing.

A

Oligopolies

28
Q

Occurs when a household travels outside their community of residence or uses the Internet to shop in another community.

A

Outshopping

29
Q

Identifying a well-defined market segment using demographic or lifestyle variables and appealing to this segment with a clearly differentiated approach.

A

Store positioning

30
Q

Condition in a community where the number of stores in relation to households is so large that to engage in retailing is usually unprofitable or marginally profitable.

A

Overstored

31
Q

Condition in a community where the number of stores in relation to households is relatively low so that engaging in retailing is an attractive economic endeavor

A

Understored

32
Q

(True or False):

Competition is most intense in overstored markets because many retailers are achieving an
inadequate return on investment

A

True

33
Q

(True or False):

Nonprice variables are directed at enlarging the retailer’s demand by offering customers benefits beyond simply the lowest price

A

True

34
Q

Shell, Petron, Sea Oil, and Caltex are what examples of market structure

A

Oligopoly

35
Q

(True or False):

Retailers in monopolistic competition attempt to differentiate themselves with the products or services they offer.

A

True

36
Q

Channel members that take title to the goods as they move through the marketing channel.

A

Primary marketing institutions

37
Q

Channel members that do not actually take title but assist in the marketing process by specializing in the performance of certain marketing functions.

A

Facilitating marketing institutions

38
Q

Channel member is loosely aligned with the others and takes a short term orientation; is an unproductive method for marketing goods.

A

Conventional marketing channel

39
Q

Several levels are professionally managed and centrally programmed to realize the technological, managerial, and promotional economies of a long-term relationship orientation

A

Vertical marketing channels

40
Q

Either a manufacturer that has integrated vertically forward to reach the consumer or a retailer that has integrated vertically backward to create a self supply network.

A

Corporate vertical marketing channels

41
Q

Use a contract to govern the working relationship between channel members

A

Contractual vertical marketing channels

42
Q

The wholesaler brings together a group of independently owned retailers and offers them a coordinated merchandising and buying program that will provide them with economies

A

Wholesaler-sponsored voluntary groups

43
Q

Wholesale institutions, organized and owned by member retailers, that offer scale economies and services to member retailers, which allows them to compete with larger chain buying organizations.

A

Retailer-owned cooperatives

44
Q

Exist when one of the channel members takes the initiative to lead the channel by applying the principles of effective interorganizational management.

A

Administered vertical marketing channels

45
Q

Occurs when a retailer needs another supply chain member or vice versa to perform certain marketing functions.

A

Dependency

46
Q

When two members of the supply chain are dependent on each other.

A

Interdependent

47
Q

(True or False):

Interdependency is at the root of the collaboration found in today’s supply chains, and is the major cause of conflict found in supply.

A

True

48
Q

Ability of one channel member to influence
the decisions of the other channel members.

A

Power

49
Q
  • Education
  • State of Marriage
  • Divorce
  • Makeup of households
  • Changing nature of work
A

Social Trend

50
Q
  • Income growth
  • Personal savings
  • Women in the labor force
  • Widespread use of credit
A

Economic Trend

51
Q

Only one retailer in the trading area sells the products

A

Exclusive Distribution

52
Q

Moderate number of retailers in each trading area sell products

A

Selective Distribution

53
Q

All possible retailers in the trading area sell the products

A

Intensive Distribution

54
Q

What marketing channel includes administered systems, contractual systems, corporate systems, wholesaler sponsored groups, retail owned cooperatives, and franchised retail programs

A

Vertical Marketing

55
Q

Based on B’s perception that A has the ability to provide
rewards for B.

A

Reward Power

56
Q

Based on B’s perception that A has some special knowledge.

A

Expertise Power

57
Q

Based on the identification of B with A

A

Referent Power

58
Q

Based on B’s belief that A has the capability to punish or
harm B if B doesn’t do what A wants.

A

Coercive Power

59
Q

Based on A’s right to influence B, or B’s belief that B should
accept A’s influence.

A

Legitimate power

60
Q

Based on A’s ability to provide B with factual data.

A

Informational Power

61
Q

The retailer and supplier have different perceptions of reality.

A

Perceptual incongruity

62
Q

Achieving the goals of either the supplier or the retailer would hamper the performance of the other

A

Goal incompatibility

63
Q

Manufacturer sells to independent retailers and also through its own retail outlets.

A

Dual distribution

64
Q

Disagreement about which member of the marketing channel should make decisions.

A

Domain disagreements

65
Q

Branded merchandise flows through unauthorized channels

A

Gray Marketing

66
Q

Branded merchandise flows through unauthorized channels

A

Gray Marketing

67
Q

Consumer seeks product information, usage instructions, and sometimes even warranty work from a full-service store but then, armed with the brand’s model number, purchases the product from a limited service discounter or over the Internet.

A

Free-riding

Business Econ & Marketing (5 decks)

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