Study Guide Retail Management Essay

1440 words - 6 pages

Chapter 1
* Retailing : is business involves selling goods and services to consumers for their personal, family or household use
* Retailing can be tangible and intangible , as services
* Retailing does not always involve a store; it can be web, via mail, phones, manufactures, importers, nonprofit, wholesalers.
* Retail impact economy; functions in Distribution and relationship with firms selling goods and services to retailers for their resale.

* Durable goods store: meaning store like last longer such as: motor vehicle, parts dealer, furniture, home furnishings, electronic, appliances and hardware store.

* Nondurable goods and services: general merchandise ...view middle of the document...

This combines exclusive and intensive, allowing the supplier to earn a high profit.

* 3 characteristic of affecting retailing

1. Impulse purchase
2. Popularity of stores
3. Small average than manufacturer

* Retail Strategy: it is a overall plan guiding a retail firm. Influences the firms business activities and market forces such as completion and economy

* Retailing Concept :
1. Customer Orientation : Retailers determine needs of its customer to satisfy
2. Coordinated effort : retailers make plans activities to max efficiency
3. Value driven : retailer offer good value to customer , like discount
4. Goal Orientation: retailer set goals and then uses its strategy to attain them.

* Total retail experience: elements in a retail offering that encourages or inhibit consumers. Example; prices display, brand etc.
* Customer Service: intangible services taken by the retailer in conjunction with the basic goods and services it sells.

* Relationship Retailing : Whereby they seek to establish and maintained long term bonds with customer , to make every transaction a possible long term customer
Focus on total retail experience , customer service

CHAPTER 2

* Value is embodied by a series of activities and process, such as value chain ; values from concumers
* Value is the perception the shopper has of a value chain.
* Price –oriented : shoppers want low prices ,
* Service –Oriented shoppers pay more for superior customer service
* Status –Oriented shoppers will pay a lot to patronize prestigious stores.
* Value chain : total bundle of benefit offers to consumers through a channel of distribution
* Example : shopping location parking prices etc.
Value oriented retail Strategy:
1. Expected retail strategy; the minimum value chain elements given a customer. Example women expected store cleanliness.
2. Augmented retail strategy Extra elements in a value chain that differentiate one retailer from another.
* Example exclusive brands, store cleanliness loyalty programs, special services.
3. Potential retail strategy: value chain elements not yet perfected by a competing firms in the retailer. Example potential value chain, unlimited customer service.

* Relationship retailing there are four factors: customer base, customer service, customer satisfaction and loyalty.

* Core customers: Consumers with whom retailers seek to nurture long relationship. They should be singled out in a firm’s data base.

* CuSTOMER SERVICE

* EXPECTED CUSTOMER SERVICE : expected service that customer want to receive from retailers
* Augmented customer service: services, activities to enhance the shopping experience.

* Employment empowerment: employees has the discretion to do what they believe is the best for customer satisfaction.
* Revolving credit account: charge items and is billed monthly on the basis of...

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