Week 3 Flashcards
Elements of Retail mix
- Merchandise Assortment
- Store Design and Display
- Communication Mix
- Customer Service
- Pricing
- Location
is the different types of product lines and products that the retailer offers for sale.
Merchandise Assortment
Decisions regarding to the assortment of products include its width and depth.
Merchandise Assortment
is another important consideration for a retailer.
Store Design and Display
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.
Communication Mix
This could be through advertising, social
media, product packaging, direct marketing, websites, events, exhibitions
Communication Mix
Besides typical customer services, modern retailers may offer such services as home delivery, credit, and conversation.
customer services
A retailer can use service mix as a key tool
of non-price competition for differentiating him from others.
Customer Service
A retailer’s __________ plays an important role in positioning.
price policy
In formulating price policies, retailers must consider their target market, product, service
assortment, and competition. (T or F)
TRUE
Although all retailers would like to charge high markups and achieve high volume, they are rarely ______________.
achievable simultaneously
is the key to its ability to attract customers and succeed in business.
retailer’s location
The costs of building or leasing store premises have a significant bearing on the retailer’s profits.
Location
Management develops a retail mix that satisfies the needs of its **target market ** better than its competitors. (T or F)
TRUE
*Over $3.4 trillion in annual U.S. sales
*Employs 27% of population
*Management training & entrepreneurial opportunities
Economic Significance of Retailing (in US)
Retailing is a High Tech Industry
- Selling Merchandise over the Internet
- Analyze POS data to tailor assortments to stores
- Point-of-sale data 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.
- Globalization of Retailing occurs in our modern day.
Misconceptions About Careers in Retailing
- Don’t need college
- Low Pay
- Long Hours
- Boring
- Dead-end Job
- No benefits
- Everyone is part-time
- Unstable environment
Most entry level jobs are in store management
or buying, but retailers doesn’t have staff specialists (T or F)
false (also have)
Types of Jobs in Retailing
- Accounting and Finance
- Real Estate
- Human Resource Management
- Supply Chain Management
- Advertising
- Public Affairs
