Financial Strategy
What is comparable store sales growth?
can also be called same store sales. Compares year over year sales for each retail store and can be used to assess overall performance at a corporate level. Often used to make decisions to open or close specific doors.
What is the first step in recruiting employees?
recruiting
What types of problems can result from too many stock outs?
lack of customer faith in business, switching to other retailers
What type of stores would likely be found in a Power Shopping Center
Lowe's/Office Depot/ Michaels
Who is responsible for making sure that customer service standards are being met by an individual retailer?
Store manager
How can a store calculate inventory shrinkage?
merchandise received vs merchandise sold
What is one way to address low transaction rates?
sales training for associates
What is the main goal of a CRM system?
What is an example of a trade area?
The area of business that a store draws from
How can a retailer offer personalization?
Amazon - purchasing suggestions
What is the standard measure for productivity on the sales floor?
sales per sq foot
What is an often overlooked line of defense against shoplifting
Engaged employees
What is an RFID device?
Tag that transmits information about products throughout the shipping process in order to track and locate product
Retail analytics help improve retail in what way?
providing stats and data through customer data to help guide retail decisions
Would getting the lead out be a good example of customer service? Why?
getting the lead out is to remove the bottom tier of customers (low spend or frequent returns).
Fewer stock outs and tailored assortments
What are the best ways to reduce employee turnover?
Fostering mutual commitment
What is an example of a tiered reward system?
A reward system that allows different exclusives based on the spend level of it's customers
What type of store layout can most encourage impluse buying and why?
Racetrack
What is a communications gap?
Poor communications between depts that result in disappointing customers. For example: Best buy offered a black friday deal in time for xmas delivery but the product did not arrive in time and best buy did not communicate the news on social media.
What are some of the best ways for a retailer to increase wallet share from it's best customers?
Promotions
Frequent shopper programs
personalization
special services
How can a retailer address and reduce delivery gap?
Empower employees at every level to understand how to act in the best interest of the retailer and the customer to provide highest level of service
What is an example of a reverse supply chain?
Sending merchandise back from a retailer to the vendor.
What is shopper yield?
a metric of conversion and ATV
What is a good example of procedural fairness?
Making sure that the customer feels they have been treated fairly in response to a complaint.