Term
| Which statement concerning value is NOT correct? |
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Definition
| value is related to tangible product dimensions |
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Term
| An expected retail strategy for a __________ can be augmented retail strategy for a(n) _________. |
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Definition
| Cost specialty store ; discount store |
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Term
| The highest level of a value oriented strategy is a(n) |
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Definition
| potential retail strategy |
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Term
| A retailer's focus on satisfaction of existing customer through seeking to form and maintain long-term bonds with customers is referred to as ________. |
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Definition
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Term
| Which statement concerning complaints are correct? |
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Definition
| most consumers feel complaining produces little or no positive results |
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Term
| Affinity credit cards that give consumers one airline mile for each $1 charges are and example of a ______. |
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Definition
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Term
| A retailer can encourage ethical behavior among its employees through the development and communication of a _______. |
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Definition
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Term
| A retailer can best implement a consumer's "right to safety" by ________. |
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Definition
| engaging in systematic product testing programs |
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Term
| Which of the following is a potential consumerism-related difficulty with a specialization merger? |
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Definition
| a consumers right to choose may be lessened |
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Term
| A restaurant carefully trains its employees to give them discretion to correct a service-related problem. For example, a waiter can give a guest a free appetizer if the wait for a table is more than 15 minutes. This illustrates ________. |
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Definition
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Term
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Definition
| Percieved benefits vs. price paid |
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Term
| What are the 3 levels of service (related to value)? |
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Definition
Expected
Augmented
Potential |
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Term
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Definition
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Term
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Definition
| above and beyond minimum expectation |
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Term
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Definition
highest level
Something a company does that none of it's other competitors don't offer
ex. Zane's Bicycle Shop |
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Term
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Definition
| Processes and strategies you have to keep EXISTING customers happy. (not to be confused with the total retail experience) |
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Term
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Definition
"Core Customers"
The 20% that gives you 80% of the demand |
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Term
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Definition
Empowerment is key
REfers to the identifiable, but sometimes intangible, activities undertaken by a retailer in conjunction with the goods and services it sells.
HOW CUSTOMERS PERCEIVE THEIR EXPERIENCE |
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Term
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Definition
| Maturity has the highest competition |
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Term
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Definition
| individual moral compass: what's right and wrong |
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Term
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Definition
What is good for the society at large
Giving back to employees, giving back to community, going green for the environment/ world |
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Term
| Consumerism as stated by John F. Kennedy: all ocnsumers have these 4 basic rights= |
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Definition
1. Right to be informed
2. Right to safety
3. Right to be heard
4. Right to choose
(5. right to PRIVACY)
info, safety, choice, and voice (and privacy) |
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Term
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Definition
Exclusive
Selective
Intensive |
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Term
| Exclusive Distribution Intensity |
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Definition
Luxury itmes
Lowest competition |
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Term
| Selective distribution intensity |
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Definition
| shopping goods (clothing, household appliances, etc.) |
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Term
| Intensive distribution intensity |
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Definition
convenience products (available in most amount of stores)
highest competition
most conflict b/c dealing with a lot more people |
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Term
Place in order from largest to smallest category:
relationship retailing
customer service/satisfaction
total retail experience |
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Definition
total retail experience
relationship retailing
customer service/ satisfaction |
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Term
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Definition
Customers complain to their friends, not employees
consumers don't think complaining does anything |
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Term
| Examples of consumer rights |
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Definition
| Right to choice, voice, safety (product testing,s shelving, good lighting, quick cleanup, security), information (labeling), and privacy (don't sell information) |
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Term
| Which retail institution accounts for the largest percentage of total retailers? |
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Definition
| Independent (70%- 75% but only 2% of sales) |
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Term
| A major disadvantage of independent retailing is: |
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Definition
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Term
| a major advantage of chain stores over independents is |
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Definition
| efficiencies due to economies of scale |
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Term
| independents can compete with chain organizations (in terms of image, ability to use regional and national media, and specialized personnel) through _________. |
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Definition
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Term
| Which of the following has developed because exising retail institutions were perceived by consumers as inadequately fulfilling market needs? |
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Definition
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Term
| Constrained decision making is acceptable by both franchisees and franchisors in that it generates _______. |
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Definition
| uniformity across all chain unity |
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Term
| Again, remember to take a look at the advantages/disadvantages with each type of retailer and also the trends for each one. SOME TRENDS THAT ARE COMMON TO ALL: |
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Definition
1. technology permeates all parts
2. consumers are time-starved
3. competition is increasing
4. move toward global retailing
5. increase in multi-channel retailing |
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