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Stack #2967426
Retail Strategy
| Question | Answer |
|---|---|
| business activities that add value to the products and services sold to consumers for their personal or family use | retailing |
| business that sells products and/or services to consumers for their personal or family use | retailers |
| set of firms that make and deliver goods and services to consumers | SUPPLY CHAIN |
| design and make products and sell them to retailers or wholesalers | manufacturer |
| 1. engage in buying, taking title to, often storing, and physically handling goods in large quantities and then reselling the goods | wholesaler |
| 1. types of integration: 3 | vertical, horizontal, and backwards |
| integration: firm performs more than one set of activities in the channel (retailer engage in wholesaling activities and operates its own distribution centers to supply stores) | vertical |
| integration: when retailer performs some wholesaling and manufacturing activities | backwards |
| integration: when manufacturer undertakes retailing and wholesaling activities | horizontal |
| 1. 4 ways retailers create value: | variety, bulk, inventory, services |
| 1. activity where a retailer offers products in smaller quantities tailored to individual consumers’ and households’ consumption patterns | breaking bulk |
| : important activity performed by retailers that allow products to be available when consumers want them | holding inventory |
| 1. Responsibility: involves an organization taking responsibility for the impact of its activities on its employees, customers, the community, and the environment. | corporate social |
| 1. Why is retail important? 2 reasons | economic and globalization |
| 1. Retail Strategy is an overall plan for guiding a retail firm that influences: a. Firm’s activities b. Firm’s response to forces | business and market |
| major shifts in retailing | mergers, diversifications, down sizing, multichannel, blurring |
| 1. Critical environmental factors of retailing: a. : technological, social, ethical/legal/political b. : competitors and customers | a. macroenviornment b. microenviornment |
| merchandise: when retailers offer merchandise not typically associated with their type of store, such as clothing in a drug store. Increase intertype competition. | intratype , intertype |
| 1. Elements in the retail mix: | service, location, merchandise, pricing, design and display |
| 1. of retailing: cyclical theory of retail evolution whose premise is that retailing institutions evolve from low-price/service to high-price/service operations | wheel |
| a. : low status and price, minimal service, poor facilities, limited product offerings | innovation |
| a. : elaborate facilities, excellent service, higher rent locations, fashion orientations, higher prices, more products | traditional |
| a. : top heaviness, conservatism, declining ROI | mature |
| a. : low/growing sales, negative to break even profits, concept innovation, no competition | introduction |
| a. : rapid growing sales, high yield profits, special need, limited competition | growth |
| high/leveling off sales, high/declining profits, broad market position, extensive/over-saturation competition | maturity |
| : dropping sales, low to break even profits, niche position, intensive competition | decline |
| 1. classification scheme between the U.S., Canada, and Mexico to collect data on business activity in each country | north american industry classification |
| number of merchandise categories a retailer offers | variety |
| number of different items offered in a merchandise category | assortment |
| 1. variety is referred to as of merchandise and assortment is referred to as of merchandise | breadth and depth |
| 1. supermarket- large, self-service retail food offering groceries, meat, and produce, as well as some nonfood items such as health and beauty aids | conventional |
| area around outer walls of supermarket that include dairy, bakery, meat, florist, produce, deli, and coffee bar | power perimeter |
| practice of purchasing from factories that pay workers a living wage, considerably more than minimum wage | fair trade |
| 1. movement: focuses on reducing the carbon footprint caused by the transportation of food throughout the world | lacavore |
| large stores that combine a supermarket with a full-line discount store (Walmart, Target, Kmart) | supercenters |
| large stores with items ranging from groceries, hardware, and sports equipment, to furniture and appliances to computers and electronics | hypermarkets |
| offer limited and irregular assortment of food and general merchandise with little service at low prices for ultimate consumers and small businesses (SAMs, Costco) | warehouse clubs |
| stores: limited variety and assortment of merchandise at a suitable location | convinience |
| retailers that carry a broad variety and deep assortment, offer customer services, and organize their stores into distinct departments for displaying merchandise | department store |
| 1. offer broad variety of merchandise, limited service, and low prices. Offer both private labels and national brands. | discount store |
| concentrate on a limited number of complementary merchandise categories and provide high level of service | specialty store |
| specialty stores that focus on health and personal grooming merchandise | drugstores |
| : big box stores that offer a narrow but deep assortment of merchandise | category specialists |
| retailers: small discount stores that offer a limited merchandising assortment at very low prices | extreme value |
| retailers: (close-out retailers) offer an inconsistent assortment of brand-name merchandise at a significant discount (TJMaxx, Homegoods) | off price |
| end-of-season merchandise that will not be used in following seasons | closeouts |
| 1. merchandise that has minor mistakes in construction | irregulars |
| stores: off-price retailers owned by manufacturers or retailers (Polo, Columbia, Kate Spade, Coach) | outlet |
| outlets: outlet store owned by the manufacturer (Saks Fifth Avenue’s Off 5th) | factory outlet |
| retailers: primarily sell services rather than merchandise, are a large and growing part of retail industry | service |
| 1. To compete against corporate chains, some independent retailers join a wholesale cooperative group, which is an organization operated by a wholesale offering a merchandising program to small, independent retailers | voluntary |
| company that operates multiple retail units under common ownership and usually has centralized decision making for defining and implementing its strategy | retail chain |
| contractual agreement between a franchisor and franchisee that allows operation at a retail outlet using a name and format developed and formatted by the franchisor | franchising |
| 1. Retail : the way a retailer sells and delivers merchandise and services to its customers | channel |
| 1. retailing: channel in which offering of products and services for sale is communicated to customers online. (online, electronic, e-tailing) | internet |
| 1. channel: non-store retail channel in which retail offering is communicated to customers through something mailed to customer | catalog |
| retail channel in which salespeople interact with customers face-to-face in a convenient location, either at home or at work | direct selling |
| salespeople encourage customers to act as a host and invite friends or coworkers to a “party” | party plan system |
| a. independent business people serve as master distributors, recruiting other people to become distributors | multilevel system |
| 1. scheme: develops when the firm and its program are designed to sell merchandise and services to other distributors rather than to end users. Done by multilevel direct selling firms and is illegal. | pyramid |
| 1. Home shopping: channel which customers watch a program that demonstrates merchandise and then place orders | television |
| programs that are typically 30-60 minutes long that mix entertainment with product demonstrations then solicit orders by telephone | informercials |
| 1. advertising: consists of on to two minute advertisements on television and radio that describe products and provide opportunities for consumers to order them (HSN, ShopNBC) | direct response |
| retailing: channel in which merchandise or services are stored in a machine and dispensed to customers when they deposit change or use a credit card | automated |
| also known as automated retailing machine, typically placed at convenient, high-traffic locations, such as workplaces or university campuses | vending machine |
| 1. : purchase of products and services through mobile devices | m commerce |
Created by:
sanchezdaniel