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Retailing Exam 4
Chapters 16-18 of Retailing Mgt. by Levy/Weitz
| Question | Answer |
|---|---|
| A method for setting merchandise prices for the purpose of driving competition from the marketplace. | Predatory Pricing |
| An agreement between retailers in direct competition with each other to charge the same prices. | Horizontal Price Fixing |
| Enticing a customer into a store through advertising products at very low prices then talking the customer into switching to a higher price item. | Bait & Switch |
| Charging different prices in different stores, markets or zones. | Variable Pricing |
| Offering two or more different products or services for sale at one price. (i.e. Value Meal) | Price Bundling |
| Charging customers different prices on the basis of their eagerness to pay. (i.e. eBay) | 1st Degree Price Discrimination |
| Charging different prices to different people on the basis of the nature of the offering. (Rebates, coupons, multi-unit pricint, bundling) | 2nd Degree Price Discrimination |
| A measure of the result a price change has on consumer demand. | Price Elasticity |
| Includes markdowns, discounts to employees & customers and shoplifing. | Reductions |
| A method of setting prices where the retailer simply doubles the cost of the merchandise to obtain the retail selling price. | Keystone Markup |
| The retail selling price initially placed on the merchandise less the cost of goods sold. | Initial Markup |
| Retail price x (1 - initial markup) = | Cost |
| Using paid, unpaid, personal and impersonal strategies to get consumers to your store. (Advertising, personal salespeople, publicity, promotions etc...) | Communication Program |
| Paid, personal communication (Most expensive form of communication) | Salespeople |
| Portraying the same message over all elements of the communication program. | Integrated Marketing |
| Paid, impersonal communication (Newspaper, TV, magazine, billboard ads etc...) | Advertising |
| The associations consumers have about a brand that are usually organized around a meaningful theme. (Just Do It - Nike) | Brand Image |
| Highest level of brand awareness. Developed through constant exposure through mass media. | Top-of-mind Awareness |
| Customers visiting a store and buying only merchandise sold at big discounts. | Cherry Picking |
| Non-paid, impersonal communication (usually a news story) | Publicity |
| This communication budget is set as a percentage of the forecasted sales of the coming year. | Percentage of Sales Method |
| Paid, impersonal communication activities that offer extra value and incentives to buy during a specific period. (Labor Day Sale) | Sales Promotion |
| A measurement that divides an ad's cost by its reach. | CPM (Cost Per Thousand) |
| Observing and identifying essential activies performed by an employee. | Job Analysis |
| Activities store managers undertake to make sure employees are satisfied and work well together. | Group Maintenance Behaviors |
| A leader who seeks information and opinions from emloyees. | Democratic Leader |
| A leader who makes all decisions on their own and then tells them to employees. | Autocratic Leader |
| A leader who can get people to put their own personal needs aside for the sake of the group. | Transformational Leader |
| A list of activities the employee needs to perform and performance expectations. | Job Description |
| The steps taken to transform new employees into effective, committed members of the business. | Socialization Training |
| Communicating to prospective employees the attractive and unattractive aspects of the job. | Job Preview |
| Where new employees learn basic skills and knowledge they will need to do their job. | Structured Training Program |
| A law which prohibits discrimination on the basis of race, national origin, sex or religion. | Title VII of Civil Rights Act |
| A law which makes it illegal to discriminate in hiring and firing people over the age of 40 years. | Age Discrimination & Employment Act |
| A security device placed on merchandise that deters shoplifters from stealing the merchandise. | EAS System |
| Rewards employees get internally or personally from doing their job well. | Intrinsic Reward |
| Rewards provided by either the employee's manager or business. (i.e. money, recognition) | Extrinsic Reward |
| Law which opens job opportunitites for the disabled by requiring employers to provide accomodating working conditions. | American's with Disabilities Act |
| Signs whose visual content is delivered through a centrally managaed network of flat panel screens or television monitors. | Digital Signage |
| Offering a small number of set price points or categories. | Price Lining |
| A commonly used measurement for space productivity. | Sales per Square Foot |
| Store Layout: Arranges fixtures and aisles in a spacious, asymmetric pattern. (Also called Boutique) | Free-form Layout |
| Store Layout: Provides a major aisle that loops around the store to different departments. | Racetrack Layout |
| Store Layout: Parallel aisles with merchandise on shelves on both sides of the aisles. | Grid Layout |
| A diagram that illustrates how and where specific merchandise should be placed on shelves or displays. | Planograms |
| The most important piece of real estate in the store where customers can purchase merchandise. | Point of Sale Area |
| The type of display which can attract and draw the customer into the store. | Window Displays |
| A highly visible display located at the end of an aisle. | End Caps |
| A space used to display seasonal or holiday merchandise that is being featured. | Promotional Areas |
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jjonsson
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