The strategies, programs and systems that focus on identifying and building loyalty
What is CRM (Customer Relationship Management)?
100
This city boasts one of the most expensive retail locations - costing retailers $1,500-$2,000 per square foot ANNUALLY!
What is New York City (Fifth Ave)
100
The expected contribution from customers to the retailer's profits over their entire relationship with the retailer.
What is Customer Lifetime Value (CLV)?
100
The first step in merchandise management planning.
What is develop a forecast for category sales?
100
The process by which a retailer attempts to offer the right quantity of the right merchandise in the right place at the right time.
What is merchandise management?
200
CRM uses targeted promotions and services to increase their share of THIS...
What is the customer's wallet? Share of wallet
200
This men's specialty store chain sold the rights to the Polo brand name to Ralph Lauren.
What is Brooks Brothers?
200
This segment of the Customer Pyramid is most loyal, are not overly concerned with merchandise price and place more value on customer service.
What is the Platinum segment?
200
The length of time (in advance) buyers typically need to place orders and commit to buying specific quantities before the merchandise is made available in stores for sale.
What is 3-6 months?
200
It's the name given to a selected vendor who works with the retailer to develop a better understanding of shopping behavior, create assortments that satisfy customer needs and improve profitability of the merchandise category.
What is a category captain?
300
This customer trait is characterized by consumers resisting activites of competitors and having an emotional connection with a retailer.
What is loyalty?
300
One of the world's oldest pairs of Levi's jeans, made in the 1880's, was recently re-acquired by Levi's during an eBay auction for $46,532. This is how much the jeans were originally sold for.
What is $1.00?
300
These customers actually make a negative contribution to the firm's income by demanding a lot of attention and not buying much from the retailer.
What is the Lead segment?
300
It's a high-tech way that fashion buyers conduct market research in order to forecast sales of the newest trends.
What is visiting social media sites, blogging, etc?
300
The number of each SKU in the assortment plan that the buyer wants to have available for purchase in each store.
What is the model stock plan?
400
This is the first step of the CRM process and contains transactions, customer contacts, customer preferences, descriptive info and responses to marketing activities.
What is construct the customer database?
400
This retailer designed the first Super Bowl Trophy, which was renamed the Vince Lombardi Super Bowl Trophy in 1970.
What is Tiffany's?
400
This analysis identifies the best prospects based on how recently they purchased, how frequently they purchase and how much they've bought.
What is RFM Analysis? (Recency-Frequency-Monetary)
400
When it comes to forecasting sales, examples of these kinds of 'factors' include opening and closing of stores, the price set for the merchandise in the category, and special promotions.
What are controllable factors?
400
The level of inventory needed to ensure merchandise is available in case a retailer runs out of stock before the next order arrives.
What is backup stock?
500
This type of retail analytics focuses on examining the composition of the basket, or bundle of products purchased by a household during a single shopping occasion.
What is market basket analysis?
500
This retail store rips, mends, sands, frays, patches and washes their pieces, often by hand - to give them their unique 'character and soul.'
What is Lucky Brand Jeans?
500
One of the four strategies used for Customer Retention, this one is used to encourage repeat purchase behavior and retailer loyalty.
What are Frequent Shopper Programs?
500
A temperature increase of 18 degrees generally triples sales of this type of grocery product, while it decreases the demand for lettuce by 50%.
What is BBQ meat?
500
This system is used to keep track of the actual merchandise flows - what the present inventory is, when purchased merchandise is scheduled for delivery, and how much has been sold to customers.