MA225VC-3

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Author:
jlpasquale
ID:
118075
Filename:
MA225VC-3
Updated:
2011-11-20 11:16:31
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Retail Management
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Chapter 3: Strategic Planning in Retailing
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  1. Overall plan guiding a retail firm. It influences the firm's business activities
    and its response to market forces, such as competition and the economy. (pp.12,
    58)
    retail strategy
  2. Candid evaluation of the opportunities and threats facing a prospective or
    existing retailer. (p. 58)
    situation analysis
  3. Marketplace openings that exist because other retailers have not yet capitalized
    on them. (p. 58)
    opportunities
  4. Environmental and marketplace factors that can adversely affect retailers if
    they do not react to them (and sometimes, even if they do). (p. 58)
    threats
  5. Retailer's commitment to a type of business and a distinctive marketplace role.
    It is reflected in the attitude to consumers, employees, suppliers, competitors,
    government, and others. (p. 59)
    organizational mission
  6. Unincorporated retail firm owned by one person. (p. 61)
    sole proprietorship
  7. Unincorporated retail firm owned by two or more persons, each with a financial
    interest. (p. 61)
    partnership
  8. Retail firm that is formally incorporated under state law. It is a legal entity
    apart from individual officers (or stockholders). (p. 61)
    corporation
  9. Retail firm's line of business. (p. 63)
    goods/service category
  10. Long-term and short-term performance targets that a retailer hopes to attain.
    Goals can involve sales, profit, satisfaction of publics, and image. (p. 66)
    objectives
  11. Represents how a given retailer is perceived by consumers and others. (p. 68)
    image
  12. Enables a retailer to devise its strategy in a way that projects an image
    relative to its retail category and its competitors, and elicits consumer
    responses to that image. (p. 68)
    positioning
  13. Positioning approach whereby retailers offer a discount or value-oriented image,
    a wide and/or deep merchandise selection, and large store facilities. (p. 68)
    mass merchandising
  14. Enables retailers to identify customer segments and deploy unique strategies to
    address the desires of those segments. (p. 68)
    niche retailing
  15. Denotes the decline of middle-ofthe-market retailing due to the popularity of
    both mass merchandising and niche retailing. (p. 68)
    bifurcated retailing
  16. Customer group that a retailer seeks to attract and satisfy. (p. 71)
    target market
  17. Selling goods and services to a broad spectrum of consumers. (p. 71)
    mass marketing
  18. Selling goods and services to one specific group. (p. 71)
    concentrated marketing
  19. Aims at two or more distinct consumer groups, with different retailing
    approaches for each group. (p. 71)
    differentiated marketing
  20. Distinct competencies of a retailer relative to competitors. (p. 71)
    competitive advantages
  21. Aspects of business that the retailer can directly affect (such as hours of
    operation and sales personnel). (p. 73)
    controllable variables
  22. Aspects of business to which the retailer must adapt (such as competition, the
    economy, and laws). (p. 73)
    uncontrollable variables
  23. Actions that encompass a retailer's daily and short-term operations. (p. 77)
    tactics
  24. Phase in the evaluation of a firm's strategy and tactics in which a semiannual or
    annual review of the retailer takes place. (p. 78)
    control
  25. Signals or cues as to the success or failure of part of a retail strategy. (p.
    78)
    feedback

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