Intro to Retailing
What is a Retailer?
This term is defined as a business that sells products and/or services to consumers for their personal or family use.
What is a category specialist?
This type of retailer is often called a "category killer" and is defined as retailers who dominate a category of products making it difficult for other retailers to compete.
What is Automated retailing?
RedBox, the DVD and game rental distributer, is located in drug stores mainly via a machine that can dispense the dvds and allow the customer to return via the machine, is an example of this type of retailing channel.
What is Sustainable Competitive Advantage?
This is defined as an advantage over the competition that is not easily duplicated and can be maintained over a long time.
What is cost of goods sold? (COGs)
This is defined as the amount paid for the merchandise by the retailer
What is vertical integration?
This term is defined as a firm that owns more than one activity across the distribution channel.
What is a department store?
This General Merchandise retailer carries a broad variety and deep assortment, offers customer services, and is organized into distinct sections for displaying merchandise
What is online/ Internet channel?
This retail channel has the ability to economically provide the most product information for the consumer purchasing products.
What is Target Market?
Another term for market segment(s), this term is defined as an audience toward which the retailer plans to focus its resources and retail mix
What is the income statement?
The information used to analyze a firm's profit path comes from this statement.
WHat is Corporate Social Responsibility ?
The voluntary actions taken by a company to address the ethical, social, and environmental impacts of its business operations, in addition to the concerns of its stakeholders
What is power Perimeter?
This term is defined as the areas around the outside walls of a supermarket that have fresh merchandise categories.
What is OmniChannel Retailing?
This form of multichannel retailing is defined as Coordinated multichannel retail offering that ensures a seamless customer experience across all the retailer’s channels.
What is Market Penetration?
This is a growth opportunity/Strategy directed toward existing customers using the retailer's present retailing format. They can achieve this by doing cross selling in the store.
What is Top Down Planning and Bottom Up Planning?
These are 2 types of planning strategies in chapter 6, financial strategy, where Management filters down the strategy/goals and the other where operational managers, buyers, and teams have input in the strategy planning/goals.
What is Intratype competition and Intertype competition?
Answer in this order: In retail strategy, these two types of competition exists where one competitor has the same customer profile, retail mix, and format as you while the other type of competition is created through scrambled merchandising.
What is intangibility ?
This is a characteristic of service that makes services difficult to evaluate/ be evaluated.
What is In store Retailing?
The following strengths explain this type of retail channel:
•Touch and smell of products
•Personal service
•Risk reduction
•Immediate gratification
•Entertainment and social experience
What is a Strategic Alliance?
This International Market Strategy is characterized by a partnership between independent firms.
What is Financial, Societal, and Personal objectives/goals?
These are the 3 objectives/ goals of retailers.
What is Providing assortment, Breaking Bulk, Holding Inventory, and Offering services?
These are 4 main ways retailers add Value.
What is breadth and Depth?
Answering in the order presented here, this term is another name for Assortment (# of skus within a merchandise category); and this term is another name for Variety (# of categories).
What is mobile channel or m-commerce?
This channel is characterized by the below:
•Customers access retail sites from anywhere
•Location sensitive
•Biggest disadvantage is smaller viewing screen
•Some retailers design distinct websites and apps for different devices
What is direct investment, joint ventures, strategic alliance, and franchising?
These are 4 International Market Entry Strategies.
What is Quick Ratio or Acid ratio?
This is a Ratio used to assess a retailer's financial strength that removes inventory in it's calculation because inventory is not a short-term asset.