Podcast Beta
Questions and Answers
Store Retailing is an intangible retailing channel.
False
Customers buy products in Store Retailing without practical exposure to them.
False
Signage is not important in Store Retailing.
False
Signage plays a minor role in enhancing the customer experience in Store Retailing.
Signup and view all the answers
Store Retailing emphasizes the importance of effective signage.
Signup and view all the answers
In Store Retailing, signage is not used to communicate important information to customers.
Signup and view all the answers
Retail is the end or final stage of any industry
Signup and view all the answers
Signage plays a crucial role in attracting customers to retail stores
Signup and view all the answers
Effective signage can only include text, no images or logos
Signup and view all the answers
The color scheme of signage has no impact on consumer behavior
Signup and view all the answers
Digital signage is not interactive and only displays static images
Signup and view all the answers
Using excessive signage with too much information is always effective in retail
Signup and view all the answers
Electronic Shelf Label is a method used for improving customer experience in retail stores.
Signup and view all the answers
Bar code is a series of horizontal lines that can be read by bar code scanners.
Signup and view all the answers
Customer Loyalty means that customers are only committed to shopping at one retailer's location.
Signup and view all the answers
Private labeling retailers will not sell products under their own brand name.
Signup and view all the answers
Organized retail is significant for creating a chaotic shopping experience.
Signup and view all the answers
E-tailing has no limitations in comparison to traditional retailing.
Signup and view all the answers
Study Notes
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:
- Define target market
- Analyze competitors
- Determine retail mix (e.g., product, price, promotion, place)
- 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:
- Define target market
- Determine product assortment
- Establish pricing and inventory strategies
- 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
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
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.
