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RETAIL INDUSTRY FINAL EXAM WITH 100- SURE ANSWERS.
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RETAIL INDUSTRY FINAL EXAM WITH 100- SURE ANSWERS.
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EUNICERETAIL INDUSTRY FINAL EXAM WITH 100% SURE ANSWERS
Terms in this set (166)
the process by which a retailer attempts to offer the right quantity of the right
definition and concept of "merchandise
merchandise in the right place at the right time and meet the company's financial
management
goals.
The vendor who works with the retailer to develop a better understanding of
definition and concept of "category
shopping behavior, create assortments that satisfy consumer needs, and improve the
captain"
profitability of the merchandise category.
also known as manufacturer's brands, are products designed, produced and marked
definition and concept of "national brands."
by a vendor and sold to many different retailers.
imitates the manufacturer's brand in appearance and packaging, generally are
definition and concept of "copycat brands.
perceived as lower-quality and are offered at lower prices.
Less expensive to make
Offer better markup
advantages of private-label merchandise
Exclusive
for a retailer
Cannot be compared on price
May be targeted to niches
Provide another opportunity for buyers to see the latest products and styles and
concept of "trade shows" (page 348).
interact with vendors.
costs associated with global sourcing Tariffs or duties: taxes collected by a government on imports
decisions, including tariffs and quality
control, market
timing, and other managerial issues
associated with global sourcing
legal and ethical issue of "counterfeit goods made and sold without the permission of the owner or a trademark or
merchandise" (review the "Counterfeit copyright.
Merchandise"
section on pages 362 and 363).
definition and concept of "brand equity" The value that a brand image offers retailers is referred to as brand equity.
the highest level of awareness, occurs when consumers mention a specific brand
concept of "top-of-mind awareness." name first when they are asked about the type of retailer, or merchandise category,
or a type of service.
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, what a retailer needs to do to build brand Create a high level of brand awareness , (2) develop favorable associations with the
equity of its private-label merchandise brand name, and (3) consistently reinforce the image of the brand.
(review the
"Building Brand Equity" section on pages
402 through 405).
Consists of a set associations that are usually organized around some meaningful
definition and concept of "brand image"
themes.
concept of "integrated marketing A program that integrates all the communication elements to deliver a
communication program" as a method of comprehensive, consistent message to all customers over time, across all elements
delivering a of their retail mix, and across all delivery channels.
consistent message (page 403).
Is based on the economic principle that firms should increase communication
definition and concept of "marginal
expenditures as long as each additional dollar spent generates more than a dollar of
analysis"
additional contribution.
why it is important for stores to be reduces cost.
designed with flexibility in mind
concept of the "racetrack layout" (page also known as a loop, is a store layout that provides a major aisle that loops around
475). the store to guide customer traffic around different departments within the store.
concept of the "promotional aisle or area" A space used to display merchandise that is being promoted.
a diagram that shows how and where specific SKU's should be placed on retail
definition and concept of "planogram"
shelves or displays to increase customer purchases.
"tonnage merchandising A display technique in which large quantities of merchandise are displayed together.
definition and concept of "atmospherics." refer to the design of an environment by stimulation of the five senses.
challenges in providing consistent high- intangibility
quality customer service (pages 500 and
501).
When the customer's perception of the service delivered by a retailer fails to meet
concept of the "service gap
the customer's expectations a service gap results.
A knowledge gap reflects the difference between customers' expectations and the
concept of the "knowledge gap"
retailer's perception of those customer expectations and perceptions.
Pertains to the difference between the retailer's knowledge of customers'
perceptions and expectations and the service standards it sets. By setting
concept of the "standards gap."
appropriate service standards and measuring service performance, retailers can
close this gap.
is the difference between the retailer's service standards and the actual service it
concept of the "delivery gap" provides to customers. This gap can be reduced by getting employees to meet or
exceed service standards through training and/or appropriate incentives.
Distributive fairness is A customer's perception of the benefits recieved compared
definitions and concepts of "distributive
with his or her costs in terms of inconvenience or monetary loss.
fairness" and "procedural fairness" (pages
520 and
Procedural Fairness is the percieved fairness of the process used to resolve
521).
complaints.
how retailers can minimize the time it takes store employees who are self sufficient.
to get a question answered or problem
resolved
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