a retailer’s ______________ is the key to its ability to attract customers.
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Q.
A retailer’s ______________ is the key to its ability to attract customers.
A. location B. promotion system C. pricing system D. store personnel Answer» A. location View all MCQs in: Retail Management
Discussion
Related Multiple Choice Questions
A retailer’s ______________ is the key to its ability to attract customers.
If a retailer is offering the same products and quantities to different customers at different prices, the retailer has what kind of pricing policy?
If a retailer is offering the same products and quantities to different customers at different prices, the retailer has what kind of pricing policy?
With the help of-------a retailer pays an outsider party to undertake one or more of its operating functions
A retailer's commitment to a type of business and to a distinctive role in the marketplace is its:
With the help of-------a retailer pays an outsider party to undertake one or more of its operating functions
A retail firm owned by its customers in which members contribute money to open their own store, vote on its policies, elect a group to manage it, and receive dividends is called a
Maintaining standard of a Store can attract..........
The process by which a retailer attempts to offer the right quantity of the right merchandise in the right place at the right time and meet the company's financial goalsis known as
The major componenet of solid waste that a retailer generates in the environment
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CH 17 Flashcards
Study with Quizlet and memorize flashcards containing terms like It is primarily the retailer's responsibility to make sure customers' expectations are fulfilled., Retailers who advertise that they sell at wholesale prices are wholesalers., Today, large retailers dictate to their suppliers what should be made. and more.
CH 17
It is primarily the retailer's responsibility to make sure customers' expectations are fulfilled.
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TRUE
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Terms in this set (124)
It is primarily the retailer's responsibility to make sure customers' expectations are fulfilled.
TRUE
Retailers who advertise that they sell at wholesale prices are wholesalers.
FALSE
Today, large retailers dictate to their suppliers what should be made.
TRUE
Many retailers and some manufacturers are exploring the use of an omnichannel or multichannel strategy in which they sell in more than one channel, for example, the Internet and stores.
TRUE
Convenience for the customer is seldom a factor for manufacturers when choosing a retail partner.
FALSE
The larger and more sophisticated the channel member, the more likely that it will use supply chain intermediaries.
FALSE
Manufacturers might use selective distribution by allowing only a few selected retail customers in a territory to sell its products.
TRUE
Consumer packaged-goods companies such as Procter & Gamble, Pepsi, and Kraft typically seek an exclusive distribution strategy.
FALSE
Supercenters are stores that combine a supermarket with a full-line discount store.
TRUE
Category specialists are also known as category killers.
TRUE
Dollar General and Family Dollar are examples of full-price discount retailers.
FALSE
Off-price retailers specialize in having a consistent line of merchandise available at discount prices.
FALSE
One of retailers' most fundamental activities is providing the right mix of merchandise and services that satisfies the needs of the target market.
TRUE
The only consumer advantages to shopping in a brick-and-mortar store are browsing and the ability to touch and feel the products.
FALSE
Unlike buying products on the Internet, stores don't offer consumers immediate gratification
FALSE
One significant potential benefit of the Internet channel is its ability to enable retailers to provide personalized offerings and services for each customer.
TRUE
Effective omnichannel operations require an integrated CRM (customer relationship management) system with a centralized customer data warehouse.
TRUE
Choosing the right retailing partners and knowing where target customers expect to find products are key to a manufacturer's success.
TRUE
When retailers extend their services to the Internet and become omnichannel retailers, they are able to satisfy a broader range of customers' needs and wants.
TRUE
Omnichannel retailers are able to simply charge the same prices across all channels.
FALSE
Where does retailing fall in the supply chain?
at the end
Retailing is the primary activity in all of the following situations except
transporting pallets of Daisy brand dairy products.
Natalie represents a manufacturer who makes unique, high-end hats. When making a recommendation about potential retail partners, what should be Natalie's first consideration?
How likely is it for certain retailers to carry this product?
Retailing is defined as the set of business activities that
adds value to products and services sold to final consumers.
Which of the following is not one of the typical outlets used by retailers?
business-to-business requests for proposals (RFPs)
The key factor distinguishing retailers from other members of the supply chain is that
they sell to customers for their personal use.
Wholesalers sell to all of the following except
consumers
Which of the following is not one of the broad factors manufacturers must consider when establishing a strategy for getting their products into the hands of the ultimate customer?
lowering production costs
Aaron has designed innovative accessories for hard-core bicycling enthusiasts. He knows where and how he will make them, and he needs to turn his attention to the getting the products to the customers. As he chooses retail partners, which of the following is least important in this process?
encouraging new bicycling enthusiasts
In the past, __________ controlled supply chains.
manufacturers
Today, __________ dominate supply chains.
large retailers
Today, retailers like Walmart, Home Depot, and Kroger dictate to their suppliers all of the following except
which competitors they should collaborate with.
Knowing what customers expect is essential. Retailers need to know which manufacturers their customers prefer, while manufacturers need to know
where their target customers expect to find their products.
Generally, the larger and more sophisticated the channel member, the less likely that it will
use supply chain intermediaries.
John used to work for a large, well-known retailer. He left that company to work for a much smaller company, and in doing so, he discovered that the channel functions were handled very differently in the smaller firm. Looking back at his experience, he noticed that larger firms
perform many different channel functions themselves.
Distribution intensity is commonly divided into three levels:
intensive, exclusive, and selective.
Retailer Marketing Decisions
With the changes in the marketing environment, consumer preferences, and technology advancement, retailers are looking for new marketing strategies to operate
Retailer Marketing Decisions
With the changes in the marketing environment, consumer preferences, and technology advancement, retailers are looking for new marketing strategies to operate profitably. Retailers face major marketing decisions about their target markets and positioning, product assortment and services, price, promotion, and place.
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Retailer marketing decisions are;
Target Market and Positioning Decision
Product Assortment and Services Decision
Price Decision Promotion Decision Place Decision
Target Market and Positioning Decision
Retailers must begin with defining their target markets. Well defined target markets enable the retailers to decide how they will position themselves in these markets. A retailer should seek answers to some important questions.
Should the retail store concentrate on up strata, mid strata, or down strata shoppers?
Do target shoppers desire variety, depth of assortment, convenience, or low prices?
To make appropriate and consistent decisions about product assortment, services, pricing, advertising, store decor, and any other decisions to support their positions, retailers must first precisely define and accurately profile their markets.
Product Assortment and Services Decision
Retailers must make decisions on three important product variables- product assortment, services mix, and store atmosphere.
Product assortment
The retailers’ product assortment decisions must aim at matching target shoppers’ expectations. Decisions regarding product assortment include its width and depth.
Thus, a restaurant can offer a narrow and shallow assortment (small lunch counter), a narrow and deep assortment (delicatessens), a wide and shallow assortment (cafeteria), or a wide and deep assortment (large restaurant).
Another element of the product assortment is the quality of the goods. The customer considers not only the range of choice but also the quality of the products.
To compete with the competitors having similar product assortment and quality level, the retailer must find other ways to differentiate itself from them. It can pursue any of several product-differentiation strategies.
It can offer products that no other competitor carries. It may use its own private brands or may sell national brands on which it holds exclusive distribution right.
The retailer can feature blockbuster merchandising events- Bloomingdale’s is known for running spectacular shows featuring goods from a certain country, such as India or China.
Or the retailer can offer surprise merchandise, as when Loehmann offers surprise assortments of seconds, overstocks, and closeouts.
Finally, the retailer can differentiate itself by offering a highly targeted product assortment – Lane Bryant carries goods for larger women13.
Service mix
Retailers must also decide on a service mix to ensure maximum customer satisfaction.
Besides typical customer services, modern retailers may offer such services as home delivery, credit, and conversation. A retailer can use service mix as a key tool of nonprice competition for differentiating him from others.
Stores Atmosphere
The store’s atmosphere is another important consideration for a retailer. The store’s physical layout and atmosphere should be properly planned to suit the target market and induce customers to buy.
For example, a restaurant should be quiet, cozy, and clean. Modern retailers are increasingly working to create a shopping environment that matches their target markets.
Price Decision
A retailer’s price policy plays an important role in positioning. In formulating price policies, retailers must consider their target market, product, service assortment, and competition.
Although all retailers would like to charge high markups and achieve high volume, they are rarely achievable simultaneously.
Most retailers, such as specialty stores, seek high markups on lower volume. Retailers like mass merchandisers and discount stores seek low markups on higher volume.
Retailers also must pay attention to pricing tactics. Most retailers will put a low price on items to serve as “traffic builders” or “loss leaders.” On some occasions, they run storewide sales.
On others, they plan markdowns on slower-moving merchandise.
For example, shoe retailers may expect to sell 50 percent of their shoes at the normal markup, 25 percent at a 40 percent markup, and the remaining 25 percent at cost.
Promotion Decision
Retailers use advertising, personal selling, sales promotion, and public relations as promotion tools. They advertise in print media (newspapers, magazines) and electronic media (radio, television). Advertising can be supplemented by circulars and direct-mail pieces.
Salespeople are trained properly to carry out personal selling jobs. Sales promotions may include in-store demonstrations, displays, and visiting celebrities.
Retailers also perform public relations activities. These include press conferences and speeches, store opening, newsletters, and public service activities.
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