Retail Management

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Retail Management
2011-02-27 15:11:34
Retail management

Test 1 - Retail Management - Williams
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  1. T or F

    Retailing does not have to involve a store.
  2. T or F

    Retailing does not have to include a "retailer".
  3. About ___ million(1/6) people are employed by traditional retailers.
    25 million
  4. In 2007, the after-tax profits of the 10 largest U.S. retailers averaged ___% of sales.
  5. Often acts as the contact between manufacturers, wholesalers, and the consumer.
  6. When retailers collect an assortment of goods and services from various sources, buy them in large quantity, and sell in small amounts.
    Sorting Process
  7. Retailers sell to consumers through multiple retail formats.
    Multi-channel Retailing
  8. Suppliers make agreements with one or a few retailers designating the latter as the only companies in specified geographic areas to carry certain brands or products.
    Exclusive Distribution
  9. Suppliers sell through as many retailers as possible.
    Intensive Distribution
  10. Suppliers sell through a moderate number of retailers
    Selective Distribution
  11. The average amount of sales transactions for retailers is much _____ for manufacturers.
  12. T or F

    In-store displays, attractive store layouts, and well organized stores, catalogs, and websites are important.
  13. T or F

    Most retail customers must be drawn to a store location.
  14. The overall plan guiding a retail firm.
    Retail Strategy
  15. Consists of these elements:

    a. Customer Orientation
    b. Coordinated effort
    c. Value-driven
    d. Goal Orientation
    Retailing Concept
  16. Includes all the elements in a retail offering that encourage or inhibit consumers during their contact with a retailer.
    Total Retail Experience
  17. The identifiable, but sometimes intangible, activities undetaken by a retailer in conjuction with the basic goods and services it sells.
    Customer Service
  18. The process whereby retailers seek to establish and maintain long-term bonds with customers.
    Relationship Retailing
  19. T or F

    Value is represented by a series of activities and processes - a value chain - that provides a certain value for the consumer.
  20. T or F

    Value is the perception the shopper has of a value chain. The customer's view of all the benefits from a purchase.
  21. T or F

    Customers must always believe they get their money's worth.
  22. T or F

    Retailers must work to ensure that customers perceive the level of value provided in the manner intended.
  23. Represents the minimum value chain elements a given customer segment expects from a type of retailer.
    Expected Retail Strategy
  24. Includes the extra elements in a value chain that differentiate one retailer from another.
    Augmented Retail Strategy
  25. Comprises value chain elements not yet perfected by a competing firm in the retailer's industry category.
    Potential Retail Strategy
  26. A retailer's best customers, the ones with whom it is worth nuturing relationships.
    The Customer Base
  27. This kind of firm is more apt to rely on core customers.
    Mature Firm
  28. This kind of firm faces the dual tasks of attracting customers and building a loyal following.
    A New Firm
  29. The service level that customers want to receive from any retailer.
    Expected Customer Service
  30. The activities that enhance the shopping experience and give retailers a competitive advantage.
    Augmented Customer Service
  31. Workers have discretion to do what they believe is necessary to satisfy the customer.
    Employee Empowerment
  32. Occurs when the value and customer service provided through a retailing experience meet or exceed consumer expectations.
    Customer Satisfaction
  33. T or F

    Unfortunately, most consumers do not complain when not happy, they just shop elsewhere.
  34. Reward a retailers best customers, those with whom it wants long-lasting relationships.
    Consumer Loyalty Programs (Frequent Shoppers)
  35. __________ Programs have these elements in common:

    1. rewards are useful and appealing
    2. they honor shopping behavior
    3. a data base keeps score
    4. have features unique to particular retailers
    5. communications with customers are personalized
    Good Programs
  36. Members jointly represent a value delivery system. All parties that develop, produce, deliver, and sell goods and services.
    Distribution Channel