Exam I review - Merchandise Offering Variety (breadth of...

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5/11/09 1 2--1 Merchandise Offering Variety (breadth of merchandise) The number of merchandise categories Assortment (depth of merchandise) Stockbyte/Punchstock Images Jack Star/PhotoLink/Getty Images C Squared Studios/Getty Images Royalty-Free/CORBIS Royalty-Free/CORBIS Royalty-Free/CORBIS Royalty-Free/CORBIS
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5/11/09 2 2--2 Food Retailers Mom and Pop Stores Convenience Stores Supermarkets General Merchandise Retailers Department Stores Specialty Stores Discount Stores Category Specialists Off-Price Retailers Warehouse Clubs Types of Retailers
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5/11/09 3 2--3 Limited Assortment Supermarkets Save-A-Lot’s limited assortment format means that stores carry the most frequently purchased grocery items in the most popular size and variety The company carries high quality exclusive brands – many produced by the same manufacturers of leading name brands – and an assortment of nationally branded items. This allows Save-A-Lot to offer savings of up to 40% compared to Used by permission of Save-A- Lot
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5/11/09 4 2--4 Types of General Merchandise Retailers Department Stores Specialty Stores Category Specialists Home Improvement Centers Discount Stores Drugstores Off-Price retailers
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5/11/09 5 2--5 Three Tiers of Department Stores First Tier : upscale, high fashion chains with exclusive designer merchandise and excellent customer service. Example: Nordstrom, Neiman Marcus, Bloomingdales, Saks Second Tier : Retailers sell more modestly priced merchandise with less customer service: Example: Macy’s Third Tier : Value oriented caters to more price conscious customer Example: JCPenney, Sears, Kohl’s Rob Melnychuk/Getty Images
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5/11/09 6 2--6 Category Specialists Deep and Narrow Assortments Destination Stores Low Price and Service Wholesaling to Business Customers and Retailing to Consumers Incredible Growth Ryan McVay/Getty Images
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5/11/09 7 4-7 Sources of Information External Consumer reports Advertising Internal Past experiences Memory Digital Vision / Getty Images The McGraw-Hill Companies, Inc./John Flournoy, photographer
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5/11/09 8 4-8 Evaluating Scores Sum of Importance Weights X Performance Beliefs = Overall Evaluation of Alternatives 4X10 = 40 10X3 = 30 + 5X9 = 45 + 9X4 = 36 +
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5/11/09 9 4-9 Types of Purchase Decisions Extended Problem Solving -High financial or Social Risk Limited Problem Solving -Some Prior Buying Experience Habitual Decision Making Adam Crowley/Getty Images Janis Christie/Getty Images Greg Kuchik/Getty Images
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5/11/09 10 4-10 Extended Problem Solving Consumers devote time and effort analyzing alternatives Financial risks – purchasing expensive products or services Physical risks – purchases that will affect consumer’s health and safety
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5/11/09 11 4-11 What Retailers Need to do for Customers Engaged in Extended Problem Solving Provide a Lot of Information -Use Salespeople rather than advertising to communicate with customers Reduce the Risks -Offer Guarantees -Return Privileges © Royalty-Free/CORBIS
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This note was uploaded on 03/20/2008 for the course RET 261 taught by Professor Claire during the Spring '08 term at Michigan State University.

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Exam I review - Merchandise Offering Variety (breadth of...

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