This is not intended as a 100% comprehensive study guide. This study guide does not include material from the guest speakers’ content, nor does it include material from the textbook cases or the articles in the lecture slides. The exam is 70 multiple choice questions.
* What is the best definition of retailing?
* Retailing encompasses the business activities involved in selling goods and services to consumers for their personal, family, or household use. It includes every sale to the final consumer. Retailing is the last stage in the channel of distribution.
* What does the sorting process refer to?
* The English word "retail" comes from the French word "retailer" wich translates "to resize." This refers to breaking bulk or the sorting process. It goes Manufacturer ->Wholesaler -> Retailer -> Customers
* What most closely approximates how the total U.S. retail sales are divided?
* What is a category killer?
* The definition most often associated with the term is a big-box retail chain, Wal-Mart, that is focused on one or few categories of merchandise and offers a wide selection of merchandise in these categories at relatively low prices. The emergence of such stores has taken a toll on specialized local stores in the same market, but also affected many larger department stores.
* Which is NOT an external environmental factor affecting retailers? * These ARE: Customers, Competition, Supply Chain, Legal & Ethics, Technology, Socioeconomics
* What is the goal of scrambled merchandising?
* refers to a practice by wholesalers and retailers that carry an increasingly wider assortment of merchandise. It occurs when a retailer adds goods and services that are unrelated to each other and to the firm's original business.
* How much of U.S. retail sales occur over the Internet with e-retailers? * Less than 5%
* Safeway sells several brands of food that they have developed in-house, such as “Select”, “O”, “Lucerne” and “Eating Right.” These are known as: * House Brands private label branding
* Furniture stores, high-end apparel stores and jewelry stores all share what time of margin vs. turnover strategy? * High Margin, Low Turnover
* “Retail strategy” can be thought of as a combination of what 3 elements? * target market, value proposition, retail mix
* What are the traditional steps of retail market strategic planning? * define mission, set business goals, conduct SWOT analysis, set marketing strat, make changes to goal
* What is generally considered NOT to be an important element of a retailer’s mission statement? * Product, Quality, Price... all important, service levels.. etc...
* What do “SMART goals” refer to?
* Specific, Measureable, Attainable, Realistic, Timely
* What do market-based goals strive to obtain?
* Market Share
* What are examples of financial-based objectives used by retailers? * These are all examples of financial-based objectives used by retailers EXCEPT * Profitability, Return on Net Worth, Financial Level, Return on Assets-Net
* What are examples of productivity-based objectives used by retailers? * 23) These are all examples of productivity-based objectives used by retailers EXCEPT * space, labor, merchandise
* What are examples of social-based objectives used by retailers? * These are all examples of social-based objectives used by retailers EXCEPT * jobs, taxes, serving community, business equity, philanthropy
* Hotels, airlines and movie theatres all have a similar challenge in needing to maximize the number of seats/rooms sold and therefore they flexible pricing systems to ensure the maximum possible number of seats/rooms are sold. This is known as what? * (Yield Management) dynamic pricing
* The strategy of growing...