Strategy & The Supplier
The term for a collaborative, long-term relationship where both the buyer and vendor work toward mutual goals.
What is "Partnership"
The difference between the cost of the product and its initial retail price.
What is "margin or profit"
The term describing the unique SKU's offered within a specific category at a retailer. The buyer would determine this.
What is "assortment"
The presentation of a store and its merchandise in ways that will attract the attention of potential customers.
What is "Visual Merchandising"
The year that the University of Arkansas was founded.
What is "1871"
This retail format offers a broad variety but shallow assortment
What is a "Club Channel Retailer"
This describes a pricing strategy where the retailer focuses not on promotions or discounts but rather on having competitive prices all the time
What is "EDLP or Everyday Low Price"
This specific inventory level triggers a new purchase order to prevent stockouts.
What is "reorder point"
High-traffic areas at the end of aisles used to feature promotional or high-margin items.
What are "end caps" or "features"
What is the "Cardinal"
The term for when a retailer creates a new market for a product where few or no other competitors exist
What is "Blue Ocean Strategy"
Reductions in the selling price to move slow-selling or end-of-season merchandise.
What is a "markdown"
This internal relationship is crucial to ensure that the buyer's vision is executed properly on the sales floor by the employees working in the stores.
What is "buyer/operator relationship"
A visual map or diagram that shows exactly where every SKU should be placed on a shelf.
The current Dean of the Walton College of Business
Who is "Brent Williams"
In negotiating, BATNA stands for what?
Retailers use this formula to account for inventory "lost" due to theft, damage, or bookkeeping errors.
What is "shrink"
The practice of shipping goods directly from the vendor to the consumer, bypassing the retailer's warehouse.
What is "drop shipping"
A buyer must consider this data that includes age, gender, income, and education level of the target shopper for their store.
What are "demographics" or "customer insights"
The Arkansas football team last won a National Championship in this year.
What is "1964"
The term describing the benefit relative to their competition for Walmart having physical retail locations within 10 miles of 90% of the United States population
What is "competitive advantage"
If an item costs $50 and the retailer wants a 50% margin, this is the final retail price.
What is $100
This retailer carries the best coffee assortment in terms of value and having a cooler coffee buyer than other retailers
What is "Sam's Club"
This describes the act of offering a lower retail price for a limited, specific timeframe.
What is a "price promotion"
Located on the University seal, our motto in Latin is "Veritate duce progredi" which can be translated to this phrase.
What is "To Advance with Truth as our Leader"