Chapter 9 Human Resource Management in Retail
32 Questions
1 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What plays a vital role in a retailer’s performance?

  • Pricing strategy
  • Quality of products
  • Management of human resources (correct)
  • Store location

    • How do retailers build a sustainable competitive advantage?

  • By developing and managing their human resources (correct)
  • By increasing store size
  • Through effective advertising
  • By reducing product prices

    • What do retail employees undertake and how are they organized?

  • Operations management and supply chain, organized by department
  • Customer service and sales, organized by customer demographics
  • Selecting merchandise and providing information, organized by product category (correct)
  • Financial planning and marketing, organized by region

    • How does a retailer coordinate employees’ activities?

    <p>Through employee training programs</p> Signup and view all the answers

    What are the human resource management programs for building a committed workforce?

    <p>Implementing flexible work schedules</p> Signup and view all the answers

    How do retailers manage diversity among their employees?

    <p>Through diversity training and inclusive policies</p> Signup and view all the answers

    What is the formula for calculating employee productivity?

    <p>Sales / Number of Employees</p> Signup and view all the answers

    What does employee engagement refer to?

    <p>An emotional commitment by an employee to the organization and its goals</p> Signup and view all the answers

    What is a common challenge in retailing related to human resource management?

    <p>High turnover rates and diverse employee backgrounds</p> Signup and view all the answers

    What is the purpose of utilizing diverse employee groups according to the text?

    <p>To recruit, train, manage, and retain mature, minority, and handicapped workers</p> Signup and view all the answers

    How should the design of the organizational structure match the firm's retail strategy?

    <p>It should target price-sensitive customers</p> Signup and view all the answers

    What tasks are identified as strategic management tasks in retail?

    <p>Developing private-label merchandise</p> Signup and view all the answers

    What is one of the challenges related to international human resource issues mentioned in the text?

    <p>Differences in work values, economic systems, and labor laws</p> Signup and view all the answers

    How can retailers control expenses to be profitable according to the text?

    <p>By controlling expenses</p> Signup and view all the answers

    What is the main objective of human resource management mentioned in the text?

    <p>Increasing customer satisfaction</p> Signup and view all the answers

    What is a potential advantage mentioned in the text that is difficult for competitors to duplicate?

    <p>Increasing customer satisfaction</p> Signup and view all the answers

    What is the primary focus of Customer Relationship Management (CRM)?

    <p>Identifying and building loyalty with a retailer’s most valuable customers</p> Signup and view all the answers

    Why do retailers aim to increase their share of wallet from customers?

    <p>To capture a larger portion of the customers’ purchases</p> Signup and view all the answers

    What is the definition of customer lifetime value (CLV)?

    <p>The projected revenue a customer will generate over their lifespan as a customer</p> Signup and view all the answers

    How do retailers determine their best customers?

    <p>By analyzing the purchasing patterns and behavior of all customers</p> Signup and view all the answers

    What is the main strategy for building customer loyalty?

    <p>Providing personalized merchandise, services, and promotions to best customers</p> Signup and view all the answers

    How can retailers alleviate the privacy concerns of their customers?

    <p>By implementing transparent data collection and usage policies</p> Signup and view all the answers

    Which process turns customer data into customer loyalty through activities such as collecting customer data and implementing CRM programs?

    <p>The CRM process</p> Signup and view all the answers

    What type of information do retail-based retailers use to identify customers, as mentioned in the text?

    <p>Psychographic and demographic data</p> Signup and view all the answers

    What is a concern related to customer privacy?

    <p>Limited choice/consent options</p> Signup and view all the answers

    What is the main drawback of offering price discounts to achieve customer loyalty, as stated in the text?

    <p>Encouraging customers to always look for the best deal</p> Signup and view all the answers

    What does the CRM process aim to achieve through the collection and analysis of customer data?

    <p>Customer loyalty</p> Signup and view all the answers

    What approach do store-based retailers use to collect identifying information about customers, as mentioned in the text?

    <p>Measuring human characteristics using biometrics</p> Signup and view all the answers

    What is one of the key features of protecting customer privacy mentioned in the text?

    <p>'Privacy by design' approach</p> Signup and view all the answers

    What is the purpose of offering private label credit cards by store-based retailers?

    <p>To identify and reward loyal customers</p> Signup and view all the answers

    What is one of the aspects of collecting customer data according to the text?

    <p>Customer's responses to marketing activities</p> Signup and view all the answers

    What is the main drawback of retail strategies like offering price discounts in achieving customer loyalty, as mentioned in the text?

    <p>Encouraging customers to always look for the best deal</p> Signup and view all the answers

    Study Notes

    Human Resource Management in Retail

    • Effective human resource management plays a vital role in a retailer's performance
    • Retailers build a sustainable competitive advantage by investing in their employees
    • Retail employees undertake various tasks, including sales, customer service, and inventory management, and are organized into different departments and teams
    • Retailers coordinate employees' activities through communication, training, and performance management

    Organizational Structure and Strategic Management

    • The design of the organizational structure should match the firm's retail strategy
    • Strategic management tasks in retail include setting goals, allocating resources, and implementing strategies
    • One of the challenges related to international human resource issues is managing a diverse workforce across different countries and cultures

    Employee Productivity and Engagement

    • Employee productivity is calculated using the formula: Output / Input
    • Employee engagement refers to the emotional and intellectual commitment of employees to their work and organization
    • Common challenges in retailing related to human resource management include low employee engagement and high turnover rates

    Diversity and Employee Development

    • Retailers manage diversity among their employees through training, development, and fostering an inclusive work environment
    • Human resource management programs for building a committed workforce include training, development, and performance management
    • Utilizing diverse employee groups can bring new ideas, perspectives, and skills to the organization, leading to innovation and competitive advantage

    Customer Relationship Management (CRM)

    • The primary focus of CRM is to build long-term relationships with customers and increase customer loyalty
    • Retailers aim to increase their share of wallet from customers by offering personalized services and products
    • Customer lifetime value (CLV) is the total value of a customer's purchases over their lifetime
    • Retailers determine their best customers by analyzing customer data and behavior

    Customer Loyalty and Privacy

    • The main strategy for building customer loyalty is through personalized marketing, offers, and services
    • Retailers alleviate the privacy concerns of their customers by being transparent about data collection and use
    • Customer data is turned into customer loyalty through CRM programs that collect, analyze, and use customer data to offer personalized services and offers
    • Retailers use various types of information, such as loyalty cards, email, and social media, to identify customers
    • Concerns related to customer privacy include data protection and misuse
    • Offering price discounts to achieve customer loyalty can be a drawback, as it can be expensive and may not lead to long-term loyalty
    • CRM aims to achieve customer loyalty through the collection and analysis of customer data
    • Store-based retailers use various approaches, such as loyalty cards and email, to collect identifying information about customers
    • Protecting customer privacy is key, and retailers should ensure that customer data is secure and used responsibly
    • Offering private label credit cards can help retailers collect customer data and build loyalty
    • Collecting customer data is an important aspect of CRM, and retailers should do so in a responsible and transparent manner

    Studying That Suits You

    Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

    Quiz Team

    Description

    Test your knowledge of how human resource management impacts a retailer’s performance and the development of sustainable competitive advantage. Explore the activities undertaken by retail employees and how they are organized.

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser