no slide title - umasspeople.umass.edu/debevec/mktg491r/jeopardretailexam1pdf.pdfby store employees...
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RetailingCustomer
ServiceStrategicPlanning Wild Card Financial
Strategy
Retailing institution that purchases brand name merchandise on an opportunistic basis, sells it well
below the manufacturers suggested retail price, and seeks to attract
department store shoppers (R100)
What are off-price chains?
A function performed by retailers and wholesalers in which they
receive large quantities of merchandise and sell them in smaller
quantities (R200)
What is breaking bulk?
The set of business activities that adds value to the products and
services sold to consumers for their personal use (R300)
What is retailing?
Competition between retailers that sell similar merchandise using
different format, such as discount and department stores (R400)
What is intertype competition?
The number of SKUs within a merchandise category – the depth of
merchandise (R500)
What is assortment?
A conceptual model that indicates what retailers need to do to provide
high quality customer service (CS100)
What is the Gap Model of Service Quality?
The difference between the actual service provided to customers and
the service promised in the retailer’s promotion program (CS200)
What is the communications gap?
The difference between the retailer’s service standards and the actual service provided to customers
(CS300)
What is the delivery gap?
The difference between customers expectations and the retailer’s
perception of customer expectations (CS400)
What is the knowledge gap?
Professional shopper who shops a store to assess the service provided
by store employees (CS500)
What is a mystery shopper?
When a retailer grows their business by using a new format to attract new
segments (SP 100)
What is diversification?
Retail strategy that focuses on increasing sales to present customers
using the present retailing format (SP 200)
What is market penetration?
A distinct competency of a retailer relative to its competitors that can be
maintained over a considerable period of time (SP 300)
What is a sustainable competitive advantage?
When sales associates in one department attempt to sell
complementary merchandise in another department to their
customers (SP 400)
What is cross-selling?
Diversification by retailers involving investments in wholesaling or
manufacturing merchandise; An example is Zale’s designing jewelry
as well as selling it (SP 500)
What is vertical integration?
New types of retailers enter a market as low price, low status merchants
(WC 100)
What is the Wheel of Retailing?
When retailers mutually adapt in the face of competition from others; an example is a discount department
store (WC 200)
What is the dialectic process?
Seeking a long-term relationship with customers rather than viewing each sale as a new encounter (WC
300)
What is relationship retailing?
Type of distribution in which a retailer is required by a manufacturer
to carry only its products and no competing vendor’s products (WC
400)
What is exclusive distribution?
The combination of factors used by a retailer to satisfy customer needs and
influence their purchase decision; includes merchandise offered,
service, pricing, advertising, store design and location (WC 500)
What is the Retail Mix?
A model used to plan a retailer’s financial strategy based on margin
management, asset management, and financial leverage (FS 100)
What is the Strategic Profit Model?
Net profit margin X Asset turnover; Net profits after taxes divided by
total assets (FS 200)
What is Return on Assets?
Return on Assets X Leverage Ratio (FS 300)
What is return on net worth (RONW)?
Net sales divided by average inventory (FS 400)
What is inventory turnover?
How much profit each dollar of sales generates (FS 500)
What is Net Profit Margin?