week 3 Flashcards
Introduction to the World of Retailing
is the different types of
product lines and products
that the retailer offers for
sale. Decisions regarding to
the assortment of products
include its width and depth.
Merchandise
Assortment
is another important
consideration for a retailer.
The store’s physical layout
and atmosphere should be
properly planned to suit the
target market and induce
customers to buy.
Store Design
and Display
all the tools you use to
communicate with your
customers or potential
customers. This could be
through advertising, social
media, product packaging,
direct marketing, websites,
events, exhibitions
communication mix
what are the 6 retail mix?
merchandise assortment
store design and display
communication mix
customer service
pricing
location
Besides typical customer
services, modern retailers
may offer such services as
home delivery, credit, and
conversation.
customer service
conversation. A retailer can
use service mix as a key tool
of non-price competition for
differentiating him from
others.
customer service
A retailer’s price policy plays an
important role in positioning.
Pricing
In formulating price policies,
retailers must consider their
target market, product, service
assortment, and competition.
Pricing
Although all retailers would like to
charge high markups and achieve
high volume, they are rarely
achievable simultaneously.
Pricing
A retailer’s _______ is the key
to its ability to attract
customers and succeed in
business.
location
The costs of
building or leasing store
premises have a significant
bearing on the retailer’s profits.
location
management develops a __________ that satisfies the _________ of its ____________ better than its competitors.
- retail mix
- needs
- target market
Economic Significance of Retailing (in US)
*Over $_________ in annual U.S. sales
3.4 trillion
Economic Significance of Retailing (in US)
*Employs ______% of population
27
Economic Significance of Retailing (in US)
*_________________ training & __________________ opportunities
Management
entrepreneurial
Retailing is a High-Tech industry.
Selling ____________ over the Internet
Merchandise
Retailing is a High-Tech industry.
* Selling Merchandise over the ________.
Internet
Retailing is a High-Tech industry.
* Analyze ___________ to tailor assortments to stores
POS data
Retailing is a High-Tech Industry
- ____________________ is data that is collected from transactions made at a point of sale, such as a retail store. This data can include information about the products that were purchased, the date and time of the transaction, and
the location of the point of sale.
Point-of-sale data.
Retailing is a High-Tech Industry
* Globalization of Retailing occurs in our _____________.
modern day.
Retail Management Decision Process
- Types of retailers
choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management
A
Retail Management Decision Process
- Financial Strategy
choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management
B
Retail Management Decision Process
*Planning merchandise assortments
choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management
C
Retail Management Decision Process
*Managing the store
choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management
D
Retail Management Decision Process
*Store layout, design, and visual merchandising
choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management
D
Retail Management Decision Process
*Customer service
choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management
D
Retail Management Decision Process
*buying systems
choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management
C
Retail Management Decision Process
*Buying merchandise
choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management
C
Retail Management Decision Process
*Pricing
choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management
C
Retail Management Decision Process
- Retail Communication Mix
choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management
C
Retail Management Decision Process
*Retail marketing strategy
choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management
B
Retail Management Decision Process
- Retail locations
choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management
B
Retail Management Decision Process
*Site location
choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management
B
Retail Management Decision Process
- Organization structure and human resource management
choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management
B
Retail Management Decision Process
*Information systems and Supply Chain management
choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management
B
Retail Management Decision Process
*Customer Relationship Management
choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management
B
Retail Management Decision Process
- Customer buying behavior
choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management
A
Retail Management Decision Process
- Multichannel retailing
choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management
A
Retail Management Decision Process
- Introduction to the world of retailing
choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management
A
Misconceptions About Careers in Retailing (8)
- Don’t need college
- Low Pay
- Long Hours
- Boring
- Dead-end Job
- No benefits
- Everyone is part-time
- Unstable environment
Types of Jobs in Retailing (6)
Most entry level jobs are in store management
or buying, but retailers also have staff specialists:
- Accounting and Finance
- Real Estate
- Human Resource Management
- Supply Chain Management
- Advertising
- Public Affairs
