32 Questions
What plays a vital role in a retailer’s performance?
Management of human resources
How do retailers build a sustainable competitive advantage?
By developing and managing their human resources
What do retail employees undertake and how are they organized?
Selecting merchandise and providing information, organized by product category
How does a retailer coordinate employees’ activities?
Through employee training programs
What are the human resource management programs for building a committed workforce?
Implementing flexible work schedules
How do retailers manage diversity among their employees?
Through diversity training and inclusive policies
What is the formula for calculating employee productivity?
Sales / Number of Employees
What does employee engagement refer to?
An emotional commitment by an employee to the organization and its goals
What is a common challenge in retailing related to human resource management?
High turnover rates and diverse employee backgrounds
What is the purpose of utilizing diverse employee groups according to the text?
To recruit, train, manage, and retain mature, minority, and handicapped workers
How should the design of the organizational structure match the firm's retail strategy?
It should target price-sensitive customers
What tasks are identified as strategic management tasks in retail?
Developing private-label merchandise
What is one of the challenges related to international human resource issues mentioned in the text?
Differences in work values, economic systems, and labor laws
How can retailers control expenses to be profitable according to the text?
By controlling expenses
What is the main objective of human resource management mentioned in the text?
Increasing customer satisfaction
What is a potential advantage mentioned in the text that is difficult for competitors to duplicate?
Increasing customer satisfaction
What is the primary focus of Customer Relationship Management (CRM)?
Identifying and building loyalty with a retailer’s most valuable customers
Why do retailers aim to increase their share of wallet from customers?
To capture a larger portion of the customers’ purchases
What is the definition of customer lifetime value (CLV)?
The projected revenue a customer will generate over their lifespan as a customer
How do retailers determine their best customers?
By analyzing the purchasing patterns and behavior of all customers
What is the main strategy for building customer loyalty?
Providing personalized merchandise, services, and promotions to best customers
How can retailers alleviate the privacy concerns of their customers?
By implementing transparent data collection and usage policies
Which process turns customer data into customer loyalty through activities such as collecting customer data and implementing CRM programs?
The CRM process
What type of information do retail-based retailers use to identify customers, as mentioned in the text?
Psychographic and demographic data
What is a concern related to customer privacy?
Limited choice/consent options
What is the main drawback of offering price discounts to achieve customer loyalty, as stated in the text?
Encouraging customers to always look for the best deal
What does the CRM process aim to achieve through the collection and analysis of customer data?
Customer loyalty
What approach do store-based retailers use to collect identifying information about customers, as mentioned in the text?
Measuring human characteristics using biometrics
What is one of the key features of protecting customer privacy mentioned in the text?
'Privacy by design' approach
What is the purpose of offering private label credit cards by store-based retailers?
To identify and reward loyal customers
What is one of the aspects of collecting customer data according to the text?
Customer's responses to marketing activities
What is the main drawback of retail strategies like offering price discounts in achieving customer loyalty, as mentioned in the text?
Encouraging customers to always look for the best deal
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.
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