Term
| Retail Management Decision Process |
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Definition
| World of Retailing- Retailing Strategy- Merchandise/ Store Management |
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Term
| How does retailing differ around the world? |
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Definition
Us/ Europe more retailers, bigger stores
India China- more wholesalers/ worse infrastructure |
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Term
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Definition
Forward- Apple store selling to customers
Backward- Apple making own parts |
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Term
| How do retailers add value |
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Definition
Provide Assortments
Break Bulk
Hold Inventory
Customer Service |
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Term
| How do food retailers differ? |
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Definition
| They have lower gross margins and are more aggressive in penetrating markets |
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Term
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Definition
New Types of Retailers
Increased Concentration
Globalization
Growth in Multi- Channel Retailing
More Technology |
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Term
| Types of Channels and benefits |
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Definition
Store- able to touch merchandise, customer service
Catalog- safe, convenient
Online- large assortment, safe |
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Term
| Elements of the retail mix |
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Definition
Price
Customer Service
Merchandise
Store Design/Display
Communication Mix
Location |
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Term
| Source of Competitive Advantage |
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Definition
Attractive Location
Strong Brand Image
Strong Customer Relationships
Customer Service
Merchandise Assortment
Vendor Relationships
Efficient Distribution/ Info Systems |
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Term
| Perceptual Maps what are they |
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Definition
| Charted 1-5 based on surveys about two attributes they tell you how you are positioned compared to competitors |
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Term
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Definition
Market Penetration- Existing Target Market/ Retail Format
Market Expansion- New Target Market, existing format
Format Development- existing market, new format
Diversification- new market/ format
Looks like a genetics chart |
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Term
| Goals of Strategic Profit Model |
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Definition
| How to achieve goals on ROA based on profit margins and asset turnover |
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Term
| Retailer's Income Statement |
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Definition
| Sales- COGS= Gross Profit Margin- SGA Expenses= Operating Income- Taxes= After Tax income |
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Term
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Definition
The amount of Profit you get per asset value.
From Income Statement- Net Profit Margin after tax
From Balance Sheet- Total Assets |
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Term
| Performance Metrics for Levels of Organization |
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Definition
Corporate-ROA, Asset Turnover, Sales per Square foot,
Merchandise- Inventory Turnover
Store- Sales per Square Foot, Inventory Shrinkage |
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Term
Difference between Discount and Luxury for
Gross Margin
Expense to sales
Profit Margin before Tax
Asset Turnover
ROA |
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Definition
Gross Margin- Luxury
Expense to Sales- Luxury
Profit Margin before Tax- Luxury
Asset Turnover- Discount
ROA- Discount |
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Term
| Why is Location important |
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Definition
| Long Term Investment and sustainable competitive advantage |
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Term
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Definition
Unplanned Areas
Free Standing Sites- what it sounds like
Urban Locations
Shopping Centers
Neighborhood Center- Chipotle CP
Power Center- Kohl's EC
Enclosed Malls
Lifestyle Centers- similar stuff sold
Outlet Centers
Theme/ Festival Centers |
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Term
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Definition
| A set of Business Activities that adds value to the products and services sold to consumer for personal or family use |
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Term
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Definition
| The sum of all experiences a customer has with a good or service over the duration of their relationship with that supplier |
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Term
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Definition
| A key tenant to a shopping area that attracts customers |
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Term
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Definition
| A retailer provides a mix of unrelated products |
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Term
| Inter vs. Intra Competition |
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Definition
Inter- Competition from firms in other types of business
Intra- Competition vs. similar types of business |
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Term
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Definition
| A plan for dealing with external opportunities and threats |
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Term
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Definition
| The nature of the retail's operations or the retail mix |
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Term
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Definition
| A brand that is owned by a retailer |
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Term
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Definition
| How many different kind of products you have |
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Term
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Definition
| How much of variety of a particular product you have |
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