Store Retailing Quiz

Retail Management

• Retail is the final stage of any distribution channel.
• Retailing involves the sale of goods and services to ultimate consumers.
• Categories of retailing:
  • Store-based retailing (e.g., department stores, supermarkets)
  • Non-store-based retailing (e.g., online retailing, direct selling)

Types of Retail Customers

• Impulse customers: buy products on impulse, without prior planning
• Raw materials: not a type of customer, but rather a category of goods (e.g., cotton, wood)

Electronic Retailing

• Electronic retailing: permits touch and feel (e.g., online shopping with product reviews)
• Electronic Shelf Label: a technological method used to prevent shoplifting at retail store exits

Bar Code and Consumer Psychology

• Bar code: a series of parallel vertical lines that can be read by bar code scanners
• Consumer psychology: the study of human responses to product and service-related information and experiences

Customer Loyalty and CRM

• Customer loyalty: customers committed to shopping at retailer's locations
• CRM (Customer Relationship Management): emphasizes building relationships with customers

Private Labeling and Organized Retail

• Private labeling: retailers sell products under their own brand name
• Organized retail: retailing through a well-organized and structured approach
• Significance of organized retail: provides a better shopping experience, improves efficiency, and increases customer loyalty

Non-Store-Based Retail Formats

• Examples: online retailing, direct selling, mail order, teleshopping
• Non-store-based retail formats offer convenience, flexibility, and a wider range of products

E-Tailing

• E-tailing: online retailing, selling products through the internet
• Advantages: convenience, flexibility, global reach, cost-effective
• Limitations: lack of personal touch, security concerns, limited product experience

Factors Influencing Retail Shoppers

• Demographic factors (e.g., age, income, occupation)
• Psychographic factors (e.g., lifestyle, values, attitudes)
• Environmental factors (e.g., store ambiance, location)
• Marketing mix factors (e.g., product, price, promotion, place)

Customer Retention Approaches

• Four customer retention approaches:
  • Financial incentives (e.g., loyalty programs, discounts)
  • Social bonding (e.g., personalized service, loyalty programs)
  • Structural ties (e.g., membership programs, loyalty cards)
  • Cognitive loyalty (e.g., building trust, relationships)

Retail Strategy

• Steps in developing retail strategy:
  1. Define target market
  2. Analyze competitors
  3. Determine retail mix (e.g., product, price, promotion, place)
  4. Implement and monitor strategy

Changing Profile of Retail Shoppers

• Changing demographics (e.g., aging population, increasing diversity)
• Increasing importance of convenience, flexibility, and experience
• Growing demand for sustainable and socially responsible products

Private Label Brands

• Categories of private label brands:
  • National brand equivalent (NBE)
  • Store brand
  • Generic brand
• Private label brands offer benefits (e.g., cost savings, quality control) and challenges (e.g., brand loyalty, profit margins)

Merchandise Planning

• Process of merchandise planning:
  1. Define target market
  2. Determine product assortment
  3. Establish pricing and inventory strategies
  4. Implement and monitor plan

Category Captain and Buying Cycle

• Category captain: a supplier who takes on a leadership role in managing a product category
• Buying cycle: the process of purchasing products, including problem recognition, information search, evaluation, and purchase

Test your knowledge on store retailing with this quiz covering topics like customer experience, practical exposure, and retail channels. The quiz includes multiple-choice questions and has a total of 75 marks with a duration of 2.5 hours.