Podcast
Questions and Answers
What is primarily characterized by an inconsistent assortment of brand-name goods at discounted prices?
What is primarily characterized by an inconsistent assortment of brand-name goods at discounted prices?
Which concept involves engaging customers through dialogue within social media channels?
Which concept involves engaging customers through dialogue within social media channels?
What refers to the seamless and synchronized customer experience across all sales channels?
What refers to the seamless and synchronized customer experience across all sales channels?
Which of the following is NOT a step in the customer decision-making process?
Which of the following is NOT a step in the customer decision-making process?
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What type of needs focuses on a practical and functional approach to purchases?
What type of needs focuses on a practical and functional approach to purchases?
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What is the primary focus of retail value added?
What is the primary focus of retail value added?
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Which type of retail competition occurs between similar retailers?
Which type of retail competition occurs between similar retailers?
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What defines vertical integration in the retail context?
What defines vertical integration in the retail context?
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Which of the following is NOT a component of the retail mix?
Which of the following is NOT a component of the retail mix?
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Which retail format typically offers a broad variety of products at lower service levels?
Which retail format typically offers a broad variety of products at lower service levels?
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What does backward integration refer to in retailing?
What does backward integration refer to in retailing?
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Which factor is NOT part of the macroenvironment affecting retail?
Which factor is NOT part of the macroenvironment affecting retail?
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What best describes convenience stores?
What best describes convenience stores?
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What is the primary distinction of m-commerce in retailing?
What is the primary distinction of m-commerce in retailing?
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Which of the following best describes showrooming?
Which of the following best describes showrooming?
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In the context of customer needs, what does hedonic need refer to?
In the context of customer needs, what does hedonic need refer to?
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Which of the following accurately describes the channels through which retailers deliver products?
Which of the following accurately describes the channels through which retailers deliver products?
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What is a key characteristic of omnichannel retailing?
What is a key characteristic of omnichannel retailing?
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What is the primary role of a retailer in the supply chain?
What is the primary role of a retailer in the supply chain?
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Which of the following is NOT part of the five rights of retail?
Which of the following is NOT part of the five rights of retail?
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What defines forward integration in the retail context?
What defines forward integration in the retail context?
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Which of the following factors is classified as part of the macroenvironment?
Which of the following factors is classified as part of the macroenvironment?
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In a retail context, what does the term 'scrambled' refer to?
In a retail context, what does the term 'scrambled' refer to?
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Which retail format is characterized by a limited assortment, low service, and low prices?
Which retail format is characterized by a limited assortment, low service, and low prices?
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What is a key feature of extreme value retailers?
What is a key feature of extreme value retailers?
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Which element of the retail mix pertains to the design and layout of a store?
Which element of the retail mix pertains to the design and layout of a store?
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Flashcards
Off-Price Retailers
Off-Price Retailers
Retailers that sell brand-name goods at discounted prices.
Digital Retailing
Digital Retailing
Online business activities to create and deliver value to customers.
Omnichannel
Omnichannel
A synchronized customer experience across all sales channels.
M-commerce
M-commerce
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Customer Decision-Making Process
Customer Decision-Making Process
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Retail Definition
Retail Definition
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Wholesale Definition
Wholesale Definition
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Supply Chain
Supply Chain
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Five Rights of Retail
Five Rights of Retail
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Vertical Integration
Vertical Integration
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Intratype Competition
Intratype Competition
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Retail Mix (6 Ps)
Retail Mix (6 Ps)
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Supercenters/Hypermarkets
Supercenters/Hypermarkets
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Social Retailing
Social Retailing
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Showrooming
Showrooming
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Customer Needs
Customer Needs
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Channels
Channels
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Media
Media
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Backward Integration
Backward Integration
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Forward Integration
Forward Integration
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Macroenvironment Factors
Macroenvironment Factors
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Microenvironment Factors
Microenvironment Factors
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Retail Strategy
Retail Strategy
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Scrambled Merchandising
Scrambled Merchandising
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Extreme Value Retailers
Extreme Value Retailers
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Study Notes
Retail Fundamentals
- Retail is the process of adding value to products sold directly to consumers.
- Retailers sell products/services directly to consumers.
- Wholesale involves selling products in bulk to businesses for resale.
- The supply chain encompasses companies involved in manufacturing and delivering goods to consumers.
- The Five Rights of Retail are: Correct product, price, quantity, time, and place.
- Retail Value Added includes assortment, breaking bulk, inventory holding, and services (layaway, credit, etc.).
- Vertical Integration implies control of multiple activities in a retail channel.
- Backward Integration involves a retailer taking control of distribution and/or manufacturing.
- Forward Integration occurs when a manufacturer enters the retail sector.
Retail Environment
- Macroenvironment factors include demographics, economics, political/legal, social/cultural, and technological aspects.
- Microenvironment factors include suppliers, resellers, public, competitors, and customers.
- Competition Types include:
- Intratype: Competition between similar retailers (e.g., Walmart vs. Target).
- Intertype: Competition between different types of retailers (e.g., Target vs. boutique).
- Scrambled: Retailers expanding into unrelated product lines (e.g., appliance store selling home décor).
Retail Strategy and Mix
- Retail Strategy focuses on targeting markets, managing product/service mix, and creating competitive advantages.
- Retail Mix (6 Ps):
- Personnel: Customer service.
- Presentation: Store design and displays.
- Product: Assortment (breadth and depth).
- Promotion: Communications and pricing strategies.
- Pricing: Strategies for setting prices
- Place: Store location.
Retail Formats
- Retail Formats include Supercenters/Hypermarkets (large format, full-line discount stores with supermarkets), Warehouse Clubs (limited assortment, low service, low prices), Convenience Stores (small, quick purchases), Online Grocery (online ordering, delivery options), General Merchandise Retailers (diverse product lines), Department Stores (broad and (partially) deep assortment, services), Full-Line Discount Stores (broad variety, lower service, low prices), Specialty Stores (higher depth, narrower breadth; focusing on specific segments), Category Specialists/Killers (focus on a narrow set of product categories), Outlet Stores (manufacturer or retailer outlets selling leftover or discounted merchandise), Extreme Value Retailers (low-cost locations, limited service, low prices), and Off-Price Retailers (inconsistent assortment of brand-name goods at discounted prices).
Digital and Social Retailing
- Digital Retailing involves online activities to create value for customers.
- Social Retailing engages customers via social media interactions.
- Channels include store, online, catalog, and social media.
- Media types are owned, paid, and earned communication approaches.
- Omnichannel provides a seamless customer experience across all channels.
- M-commerce is mobile-based retail transactions.
- Showrooming is trying products in-store and buying online.
Consumer Behavior
- The consumer decision-making process includes need recognition, information search, evaluation, purchase, and post-purchase evaluation.
- Consumer needs are categorized as utilitarian (practical) and hedonic (experiential).
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Description
Test your knowledge on the fundamental concepts of retailing, including the roles of retailers and wholesalers, supply chain dynamics, and the five rights of retail. This quiz will cover both macro and micro environmental factors affecting the retail industry.
