RetailMGMT Exam 1

RetailMGMT Exam 1 - RetailManagement ExamIStudyGuide...

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Retail Management Exam I Study Guide 13/02/2012 12:24:00 What are the retailer’s two major functions Manufacturer and Retail o  Break the bulk and create assortment o limit the number of transactions What is value from the channel perspective Series of activities and processes that provides a certain value for the  customer What is value from the consumers’ perspective Shopper’s perspective of values chain View of all benefits from a purchase versus a price aid Retail Value Chain Represents the total bundle of benefits offered to consumers through a  channel of distribution What are the three aspects of value-oriented retail strategy Expected     o chain elements a given customer segment (e.g., young women)  expects from a type of retailer (e.g., a mid-priced apparel retailer) store cleanliness, convenient hours, well-informed employees,  timely service, popular products in stock, parking, and return  privileges.  If applied poorly, expected elements cause customer  dissatisfaction and relate to why shoppers avoid certain  retailers.
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Augmented     o Elements in a value chain which differentiate one retailer from another Exclusive brands, superior salespeople, loyalty programs,  deliveries, personal shoppers Potential     o Comprised of elements not yet perfected by competing firms return privileges, full-scale product customization, instant  fulfillment of rain checks through in-store orders accompanied  by free delivery, and in-mall trams to make it easier for shoppers  to move through enormous regional shopping centers What are the pitfalls to avoid in planning a value-oriented retail strategy Planning value with just a price perspective Providing value-enhanced services for which the customers do not want or 
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This note was uploaded on 02/16/2012 for the course MKTG 436 taught by Professor Staff during the Spring '11 term at S.F. State.

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RetailMGMT Exam 1 - RetailManagement ExamIStudyGuide...

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