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Retail Management

Stern: Chapter 5 (Unfinished)

QuestionAnswer
Retail Strategy A statement identifying the retailer's target market, the format and resources the retailer plans to use, and the bases on which the retailer plans to build a sustainable competitive advantage.
Retail Format Describes the nature of the retailer's operations (its retail mix; type of merchandise, services offered, pricing policy, advertising, etc).
Sustainable Competitive Advantage An advantage the retailer has over its competition that is not easily copied by other competitors and thus can be maintained over a long period of time.
Retail Market Group of consumers with similar needs and a group of retailers that satisfy those needs using a similar retail channels and format.
Customer Loyalty Means that customers are committed to buying merchandise and services from a particular retailer.
Positioning The design and implementation of a retail mix to create an image of the retailer in the customer's mind relative to its competitors.
Perceptual Map Frequently used to represent the customer's image and preferences for retailers.
Private Label Brands Products developed and marketed by a retailer and available only from that retailer.
Customer Relationship Management (CRM) programs Activities that focus on identifying and building loyalty with a retailer's most valued customers.
Retail Community Group of consumers who have a shared involvement with a retailer.
Market Penetration Growth Opportunity A growth opportunity directed toward existing customers using the retailer's present retailing format.
Cross-selling Sales associates in one department attempt to sell complementary merchandise from other departments to their customers.
Market Expansion Growth Opportunity Involves using the retailer's existing retail format in new market segments.
Retail Format Development Growth Opportunity An opportunity in which a retailer develops a new retail format for the same target market.
Diversification Growth Opportunity One in which a retailer introduces a new retail format directed toward a market segment that's not currently served by the retailer.
Related Diversification Growth Opportunity The retailer's present target market and retail format shares something in common with the new opportunity.
Unrelated Diversification Growth Opportunity Has little commonality between the retailer's present business and the new growth opportunity.
Vertical Integration Describes diversification be retailers into wholesaling or manufacturing.
Unorganized Retailing Includes the small independent retailers. (owner operated general stores, convenience stores, handcarts, etc.)
Entry Strategies Direct investment, Joint venture, Strategic alliance, and franchising.
Direct Investment Occurs when a retail firm invests in and owns a retail operation in a foreign country. Requires highest amount of investment as well as presenting the highest risk.
Joint Venture Formed when the entering retailer pools its resources with a local retailer to form a new company in which ownership, control, and profits are shared. Reduces the entrant's risks.
Strategic Alliance Collaborative relationship between independent firms.
Franchising Offers the lowest risk and requires the least investment, but also has the lowest potential return on investment.
Mission Statement Broad description of a retailer's objectives and the scope of activities it plans to undertake.
SWOT Analysis Involves an analysis of the retailer's internal environment (strengths and weaknesses) and external environment (opportunities and threats).
Barriers to Entry Conditions in a retail market that make it difficult for other firms to enter the market.
Scale Economies Cost advantages due to the retailer's size.
Created by: KAzetapi
 

 



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