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RETAIL INDUSTRY EXAM 2- STUDY GUIDE QUESTIONS AND ANSWERS 2024 WITH COMPLETE SOLUTIONS.
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RETAIL INDUSTRY EXAM 2- STUDY GUIDE QUESTIONS AND ANSWERS 2024 WITH COMPLETE SOLUTIONS.
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RETAIL INDUSTRY EXAM 2- STUDYGUIDE QUESTIONS AND ANSWERS
2024 WITH COMPLETE SOLUTIONS
What bbis bba bbRetail bbStrategy bb- bbAnswer bbA bbstatement bbidentifying bb(1)the
bbretailers bbtarget bbmarket bb(2) bbthe bbformat bbthe bbretailer bbplans bbto bbuse bbto
bbsatisfy bbthe bbtarget bbmarkets bbneeds bband bb(3)the bbbases bbon bbwhich bbthe
bbretailer bbplans bbto bbbuild bba bbsustainable bbcompetitive bbadvantage.
Target bbMarket bb- bbAnswer bbthe bbmarket bbsegment(s) bbtoward bbwhich bbthe bbretailer
bbplans bbto bbfocus bbits bbresources bband bbretail bbmix
Retail bbFormat bb- bbAnswer bbdescribes bbthe bbnature bbof bbthe bbreatiler's bboperations-
its bbretail bbmix bb(type bbof bbservices bband bbmerchandise bboffered, bbpricing bbpolicy,
bbadvertising bband bbpromotion bbprograms, bbstore bbdesign bband bbvisual
bbmerchandising, bbtypical bblocations bband bbcustomer bbservices) bbthat bbwill bbbe bbused
bbto bbsatisfy bbthe bbneeds bbof bbits bbtarget bbmarket
What bbis bba bbsustainable bbcompetitive bbedge? bbAnd, bbhow bbdo bbyou bbbuild bbone? bb-
bbAnswer bbA bbsustainable bbcompetitive bbadvantage bbis bban bbadvantage bbthe bbretailer
bbhas bbover bbits bbcompetition bbthat bbis bbnot bbeasily bbcopied bbby bbcompetitors bband
bbthus bbcan bbbe bbmaintained bbover bba bblong bbperiod bbof bbtime. bb
You bbcan bbbuild bbone bbby:
Building bba bbbrand bbwith bban bbemotional bbconnection bbwith bbcustomers. bb
-Utilize bba bbdeeper bbunderstanding bbof bbyour bbcustomer bb
-Convenient bblocations bb
-Shared bbsystems bbwith bbvendors
-Exclusive bbmerchandise bb(private-label)
-knowledgeable bband bbhelpful bbsalesperson bb
-
What bbcan bba bblocal bbbusiness bbdo bbthat bbsets bbthem bbapart bbfrom bba bbnational
bbretailer? bb- bbAnswer bb
Many bbretailers bbbuild bbcustomer bbloyalty bbby bbdeveloping bbprivate bblabel bbbrands
bbaka bbstore bbbrands. bbWhat bbare bbprivate bblabel bbbrands? bb- bbAnswer bbThey bbare
bbproducts bbdeveloped bband bbmarketed bbby bba bbretailer bband bbavailable bbonly bbfrom
, bbthat bbretailer.The bbConsumer bbcan bbonly bbget bbprivate bb-label bbbrands bbfrom bbthat
bbspecific bbstore bb
*Keeps bbconsumers bbfrom bbcomparison bbshopping
Example: bbKroger bbbrands, bbor bbGreat bbvalue bbthe bbWalmart bbbrand
To bbbuild bban bbadvantage bbthat bbis bbsustainable bbover bba bblong bbperiod bbof bbtime,
bbretailers bbmust: bb- bbAnswer bbThey bbmust bbnot bbrely bbon bba bbsingle bbapproach,
bbsuch bbas bbgood bblocations. bbThey bbmust bbuse bbmultiple bbapproaches bbto bbbuild bba
bbhigh bbwall bbaround bbtheir bbposition bbas bbpossible.
Loyalty bbor bbFrequent bbShopper bbPrograms bb- bbAnswer bbCustomer bbrelationship
bbmanagement bbprograms. bbActivities bbthat bbfocus bbon bbidentifying bband bbbuilding
bbloyalty bbwith bba bbretailer's bbmore bbvalued bbcustomer bb
Typically bbinvolves bboffering bbcustomers bbrewards bbbased bbon bbhe bbamount bbof
bbservices bbor bbmerchandise bbthey bbpurchase. bb
Example: bbAirlines- bbfrequent bbflyer bbmiles. bbKrogers bbRewards bbcard bb, bbSubway
bbgiving bbtheir bbcustomers bba bbfree bbsandwich bbafter bbeach bb10 bbthey bbpurchase
Market bbPenetration bb- bbAnswer bbIs bba bbgrowth bbopportunity bbdirected bbtoward
bb*existing bbcustomers* bbusing bbthe bbretailer's bbpresent bbretailing bbformat.
Involves bbeither bbattracting bbnew bbconsumers bbfrom bbthe bbretailers bbcurrent bbtarget
bbmarket bbwho bbdont bbpatronize bbthe bbretailer
Example: bbOpening bbmore bbstores bbin bbtarget bbmarket, bbkeeping bbexisting bbstores
bbopen bbfor bblonger
Cross-selling bb- bbAnswer bbA bbmarket bbpenetration bbapproach bb- bbmeans bbsales
bbassociates bbin bbone bbdepartment bbattempt bbto bbsell bbcomplementary bbmerchandise
bbfrom bbother bbdepartments bbto bbtheir bbcustomers. bb
Example: bbCustomer bbhas bbjust bbbought bba bbBlu-Ray bbplayer, bba bbsales bbassociate
bbtries bbto bbsell bbthe bbcustomer bbspecial bbcables bbto bbimprove bbthe bbperformance bbof
bbthe bbblu-ray bbplayer
Market bbExpansion bb- bbAnswer bbInvolves bbusing bbthe bbretailers bb*existing bbretail
bbformat* bbin bbnew bbmarket bbsegments. bb
Example: bbChico's bbbuying bbout bbWhite bbHouse bbBlack bbMarket bband bbtook bbon bbthe
bbyounger bbsegment bbthat bbthey bbtarget bbtowards. bb
Also, bbChicos bbacquisition bbof bbSoma, bba bblingerie bbretailer bbthat bbtargets bbwomen
bb35-55 bbalso. bb-Same bbmarket bband bbsimilar bboperations, bbbut bbdifferent bboperations
Retail bbformat bbdevelopment bb- bbAnswer bbAn bbopportunity bbin bbwhich bba bbretailer
bbdevelops bba bbnew bbretail bbformat- bbA bbformat bbwith bba bbdifferent bbretail bbmix bbfor
bbthe bbsame bbtarget bbmarket.
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