retailer that carries many different types of merchandise broad variety and

Retailer that carries many different types of

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retailer that carries many different types of merchandise (broad variety) and lots of items within each type (deep assortment) (Macy’s); offers some customer services; and is organized into separate departments to display its merchandise Full line discount stores retailers that offer low prices, limited service, and a broad variety of merchandise (Walmart – 2/3) Specialty store a type of retailer that concentrates on a limited number of complementary merchandise categories in a relatively small store; sales experience (deep, narrow assortment) Drugstore a specialty store that concentrates on health and personal grooming merchandise, pharmacy – 70% (Walgreens) Category specialist a retailer that offers a narrow variety but a deep assortment of merchandise Big box retailer discount stores that offer a narrow by deep assortment of merchandise (category killer) Category killer a specialist that offers an extensive assortment in a particular category, so overwhelming the category that other retailers have difficulty competing, usually self-service (exploit buying power to negotiate lower prices) Extreme value retailer general merchandise discount store found in lower-income urban or rural areas (Dollar General) Off-price retailer type of retailer that offers an inconsistent assortment of merchandise at relatively low prices (20-60% off) (TJMAxx) Service retailer a firm that primarily sells services rather than merchandise; growing part of retail industry (airline, bank, hospital)
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developing a retail strategy (using the four P’s) Private label brands (store brands) brands developed and marketed by a retailer and available only from that retailer Exclusive brand developed by national brand vendor and retailer and sold only by that retailer (limited market for manufacturer, retailer shares profits with national vendor (not with private-label) Mobile commerce (M-commerce) communicating with or selling to consumers through wireless handheld devices such as cell phones Cooperative (co-op) advertising an agreement between a manufacturer and retailer in which the manufacturer agrees to defray some advertising costs Share of wallet the percentage of the customer’s purchases made from a particular retailer managing an omnichannel strategy (examining the circumstances in which sellers may prefer to adopt a particular strategy Omnichannel (multichannel) strategy selling in more than one channel (stores, Internet, catalog) *Effective Omnichannel Retailing – Integrated CRM, Brand Image, Pricing, Supply Chain *Benefits of Stores – browsing, use all five sense , personal service (complicated item), cash/credit payment, entertainment/social experience, immediate gratification, risk reduction; *Benefits of Internet/ Omnichannel – deeper/broader selection, personalization (customer service and offering), expand market presence Online chat instant messaging or voice conversation with an online sales representative 17. Integrated marketing communications (IMC)
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