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CTE2800 Final
final exam study guide
40
Other
Undergraduate 2
04/28/2010

Additional Other Flashcards

 


 

Cards

Term
what is retailing?
Definition

distribution of goods and services to the consumer

 

Term
How many employed?
Definition
20 million (1 in 5 Americans)
Term
Retailing is...
Definition
All of the activities involved in selling of goods and services to the final consumer
Term
How Retailers differ...
Definition
kinds of good the offer, ownership, their prices, locations, organizational, and operational characteristics
Term
types of retailers
Definition

  1. Stored: brick and mortar, traditional store front (where you can go to shop)
  2. non-stored: catalog, online, TV etc. (not a physical location
also, multichannel which is both stored and non-stored (ex: victoria's secret)

Term
Operations
Definition

distribution center

physical place for sales, the space they own and people who work there, products and services

Term
merchandising
Definition
buying and selling of goods to make profit
Term
human resources
Definition

entire aspect of company

deals with personal matters, hiring, firing, training, salaries, benefits, etc.

Term
finance/control
Definition

dealing with numbers and money matters

accounting, bookkeeping, loss prevention, debits and credits

Term
promotion
Definition

getting the name out

advertising, public relations, fashion office, visual merchandising, and display

Term
variety vs assortment
Definition

variety: (broad or narrow) number of merchandise categories

breath of merchandise (horizontally)

 

assortment: (deep or shallow) number of different items in a merchandise category (vertically)

Term
Department Manager
Definition
responsible for merchandising and operations of a department
Term
district manager
Definition
responsible for a group of stores in a geological area (ex: midwest division)
Term
regional manager
Definition
supervises a group of District Managers and reports to a Vice President
Term
store general manager
Definition
responsible for the entire store
Term
department vs. specialty store
Definition

department: broad and deep; many departments under one roof

 

specialty store: narrow and shallow; one particular type of merchandise or related merchandise

Term
Types of Retailers
Definition

§  Chain Store: many of one store

§  Supermarket: grocery store

§  Hypermarket: walmart, target

§  Warehouse: Costco, BJ’s

§  Convenience: Circle K

§  Off Price: TJ Maxx, Marshalls

§  Discount: dollar store

 

Term
Retailing Formats
Definition

§  Full-line (walmart)

§  Category killer (low price, specialty like bass pro)

§  Off-price (TJ Maxx)

§  Closeout store (Big Lots)

§  Manufacturer’s Outlet

§  Warehouse club (Costco, BJ’s)

§  Supercenter (Super Walmart, Target Greatland)

§  Weekend warrior (open part time)

§  Destination store (draw customers in like home depot)

§  Warehouse showroom (no-wait furniture)

§  Extreme value store (low-priced basic goods)

§  Megastore (huge category killer)

§  Airpert shop (specialty shops for travelers)

§  Auction/trade (ebay)

§  Vending machine

§  TV (HSN, QVC)

§  At home/parties (Tupperware parties)

Term
Pros of Retailing Career
Definition

·      Work with newest merchandise

·      Opportunities all over the world

·      Great financial rewards

·      Company paid travel if needed

·      Store discount

·      Always changing and dynamic

Term
Cons of Retailing Career
Definition

·      Long hours and weekend

·      Tough competition

·      Always changing and dynamic

Term
Characteristics of an Effective Visual Merchandiser
Definition

§  Mental flexibility

§  Option thinking

§  Pig picture thinking

§  Skill in explaining and selling ideas

§  Intellectual and creative courage

Term
Store Design
Definition

§  Primarty objective is to implement retailers strategy

§  Meet needs of target market

§  Builds sustainable competitive advantage

§  Display the store’s image

Term
Store Design Objectives
Definition

§  Implement retailers structure

§  Influence buying behavior

§  Control design and maintenance costs

§  Provide flexibility

§  Meet legal requirements

Term
What is Visual Merchandising?
Definition

§  To show and sell a product

·      By creating an image

·      Carrying out a design concept, plans by atmosphere

Term
Why do we display?
Definition
to entertain, educate and introduce/explain new products, sell by showing, establish/promote/enhance store image
Term
Impact on customer behavior
Definition
attract customers, make merchandise easy to locate, keep them in store for longer, motivate to make unplanned purchases, provide satisfying experience
Term
visual components
Definition
merchandise, fixtures and props, arrangement, message/theme, lighting, space, signage
Term
legal considerations : ADA
Definition

Americans with disabilities act

 

people need reasonable access to merchandise, protects from discrimination of any kind or at any level

Term
legal considerations: Reasonable Access
Definition

32 inch pathways

bathroom and fitting rooms fully accessible

Term
Store Layout: Grid Layout
Definition

long gondolas (repetitive)

easy to locate merchandise

allows for more merchandise to be displayed

cost efficient

(used in grocery, dscount and drug stores)

Term
store layout: Racetrak Layout
Definition

loop with major aisle

draws customers around the store

 provide different lines and encourage exploration (impulse)

Term
store layout: Free-Form Layout
Definition

fixture and aisles asymmetrical

relaxing ambiance (not cheap)

inefficient use of space

more susceptible to shoplifting

specialty and upscale department

Term
Time
Definition

most valuable resource we have

seconds, minutes, hours, days

Term
ABC Method
Definition

method of time prioritizing

live in present, plan future

(set goals)

Term
Demands
Definition

events/goals that motivate and necessitate actions

daily activities

Term
striking a balance
Definition
keep a log, take advantage of options, manage time, leave work at work, nurture yourself, fight guilt, get sleep, bolster support system, enjoy yourself
Term
benefits of work
Definition

need money

benefits (discounts, medical, etc)

self-actualization

enjoyment/passion

Term
procrastinator
Definition
puts off work/decisions
Term
parkinson's law
Definition
work expands to available time
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