Podcast
Questions and Answers
The United States has the lowest retail density globally.
The United States has the lowest retail density globally.
False
Large retail firms in the United States often rely on wholesaling for their distribution needs.
Large retail firms in the United States often rely on wholesaling for their distribution needs.
False
Corporate social responsibility involves only the environmental impacts of a company's business operations.
Corporate social responsibility involves only the environmental impacts of a company's business operations.
False
The retail industry is a significant contributor to employment in the US, with over 24 million people employed in 2005.
The retail industry is a significant contributor to employment in the US, with over 24 million people employed in 2005.
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The US retail market is characterized by a lack of large retail firms.
The US retail market is characterized by a lack of large retail firms.
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A retailer's customer service activities include only store hours and parking.
A retailer's customer service activities include only store hours and parking.
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A customer respect checklist is used to evaluate employee relations.
A customer respect checklist is used to evaluate employee relations.
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Target's strategy focuses on a growth-oriented objective.
Target's strategy focuses on a growth-oriented objective.
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Innovation is not a component of Target's strategy.
Innovation is not a component of Target's strategy.
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Retail strategy decision variables do not include pricing.
Retail strategy decision variables do not include pricing.
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A retailer's goal is not to appeal to a prime market.
A retailer's goal is not to appeal to a prime market.
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Retailing functions include only Finance and Purchase.
Retailing functions include only Finance and Purchase.
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Sam Walton, the founder of Wal-Mart, is not a retail entrepreneur.
Sam Walton, the founder of Wal-Mart, is not a retail entrepreneur.
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A retail strategy should not identify the target market.
A retail strategy should not identify the target market.
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All retail entrepreneurs are listed on the Forbes 400 Richest Americans.
All retail entrepreneurs are listed on the Forbes 400 Richest Americans.
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Intratype competition refers to competition among firms in different types of businesses but which sell the same product.
Intratype competition refers to competition among firms in different types of businesses but which sell the same product.
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Retailers do not need to identify the competition in their retail strategy.
Retailers do not need to identify the competition in their retail strategy.
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Study Notes
Employment in Retailing
- The retail industry employed over 24 million people in 2005, making it one of the largest sectors for job growth in the US.
Global Player and Social Responsibility
- As a global player, retailers have a significant impact on the environment, society, and ethics.
- Corporate social responsibility involves voluntary actions taken by a company to address these impacts, beyond the concerns of its stakeholders.
Retailing and Distribution Channels in the US
- The US has the greatest retail density and concentration of large retail firms.
- These large firms operate their own warehouses, eliminating the need for wholesaling.
- This results in a very efficient distribution system.
Target's Retail Strategy
- Identification of customers through demographic and lifestyle trends.
- Growth-oriented objectives, appealing to a prime market, and a distinctive company image.
- Focus on strong customer service, multiple points of contact, and employee relations.
- Emphasis on innovation, commitment to technology, and community involvement.
- Continuous monitoring of performance.
Retail Concept and Customer Orientation
- The retail concept involves a customer-oriented approach, coordinating efforts to provide value to customers.
- Goal-oriented strategies focus on customer satisfaction and loyalty.
Retail Strategy Decision Variables
- Customer service involves activities such as store hours, parking, shopper-friendliness, credit acceptance, and salespeople.
- Store design and display, merchandise assortment, pricing, location, and communication mix are key decision variables.
Customer Respect Checklist
- Trusting customers and standing behind products sold.
- Keeping commitments to customers and valuing their time.
- Communicating respectfully and treating all customers with respect.
- Thanking customers for their business and respecting employees.
Opportunities in Retailing
- Management opportunities require a wide range of skills and interests, including finance, purchase, accounting, and supply management.
- Entrepreneurial opportunities exist for people who want to start their own business, with examples of successful retailing entrepreneurs like Sam Walton, Jeff Bezos, and Ingvar Kamprad.
Career Opportunities in Retailing
- Starting one's own business, with examples of retail entrepreneurs on the Forbes 400 Richest Americans list.
Retail Strategy Special Characteristics
- Small average sale and impulse purchases affect retailers' strategies.
- Popularity of stores and long-term comparative advantage are key considerations.
- Identifying target markets, product and service mix, and competition are essential for a successful retail strategy.
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Description
This quiz covers the retail industry, including its impact on employment, social responsibility, and its global presence. It also touches on the structure of retailing and distribution channels around the world, with a focus on the US and China. Test your knowledge of this vital sector!
