Retail Final
Opening Store tasks
-Clean/tidy -Working Condition -Replenish Stock -Complete/organize paperwork
Closing Store Tasks
-End of day housekeeping -Closing Daily Account
The first step when handling customer complaints is to...
listen attentively
A retailer that makes less money per unit sold but sells a lot of merchandise at that price is said to have... Example: Dollar Tree
low margin/high turnover
We know that retailers have five basic functions. The function that includes store management procedures like maintenance, customer service, and receiving merchandise is...
Operations
________is a pricing objective where price is initially set low in order to enter the market and establish a loyal customer base.
Penetration
"Every purchase over $50 will receive a free beach towel" is an example of a...
Premium
________ is stock that is stored off the selling floor or in a warehouse/backroom.
Reserve stock
_________ customers are neutral and can easily find the products or service elsewhere.
Satisfied
Stores like 7Eleven sell different unrelated products. You can find anything from chips, to batteries, to cell phone chargers. This type of merchandise is...
Scrambled
Retailing includes all the activities involved in....
Selling products/services to the final customer
_______ refers to the specific point where the retailer is located.
Site
When the latest iPhone is introduced, they are priced very high. People wait in long lines for hours just to get the latest version. A few months later the price will go down and the latest iPhone is available in more outlets. This is an example of what type of pricing strategy?
Skimming
Products like engagement rings, cars, and houses would be examples of _______.
Specialty products
Customers have two types of needs, basic and ______.
Specific
A single main aisle that runs from the run to the back of the store is considered a ______ layout.
Spine
_______ purchases need to be monitored and recorded to make sure there is no abuse of benefits.
Staff
Most retailers call this inventory, but ______ is the process of counting every item in the store.
Stocktake
The two types of retailers are...
Store retailers and non-store retailers
Store Retailers vs Non-store Retailers
Store retailers: have a fixed location, serve walk-in customers, examples: Toys'R'Us Non-store retailers: online, mail order, door-to-door, telemarketing, tv/radio, vending machines
What type of decision is choosing a retail location?
Strategic
Stores like Walmart or Target would be considered a _______________ because they sell an enormous range of products from groceries, to furniture, to clothes or electronics.
Supermarkets
A type of marketing technique that retailers use to appeal to human senses is called...
Total Sensory Marketing
Moving stock to another outlet is called ________.
Transferring
Customers like retailers that maintain consistent service.
True
Good customer service can benefit the sales staff, retailer, and the society. True or false?
True
Merchandise has to arrive on time to meet daily and seasonal needs. True or False?
True
Moving merchandise to a different location within the store or dressing up the display are good ways to delay marking items down. True or False
True
Retailers are suggested to offer liberal refund/exchange policies because it increases customer satisfaction
True
"I'm sorry we are out of stock" is a phrase a customer will hear when a retailer has _________________.
Under-ordered
Match the products/services to what type of pricing strategies they use. Beach condo rental
Variable
Match the products/services to what type of pricing strategies they use. Electricity bill
Variable
The price for a dozen roses on Valentine's Day is an example of variable pricing. What does variable pricing mean?
Variable pricing is changing the price of products based on their demand and cost necessities.
_____________ is the artistic display of merchandise. It plays an important role in the sales process because it attracts the customer's attention and gets them into the store.
Visual Merchandising
An example of a high margin/low turnover would be...
a car dealership
Cannibalizing refers to ..
a retailer taking business away from itself.
Shopping products are a mid-priced products that customers may compare prices and visit multiple stores. An example of a shopping product would be...
A laptop
PO stands for "purchase order" and it is...
A list of approved merchandise that can be ordered
A specialty store is a type of retailer that is concentrated on selling a specific range of merchandise. An example of a specialty store would be...
Barnes & Noble
2 Types of Customers Needs
Basic Needs: personal and unspoken (friendliness, respect, trust, fairness) Specific Needs: business related or the reason the customer is in the store (merchandise, service, location)
A type of shopping location that is built around a working crowd or multiple office spaces. It usually has the same hours as the offices or businesses that the retailers are catering to.
CBD
If a power outage occurs or the Point of Sale System isn't working, retailers can use _____ as a way to document the sale.
Cash memos
There are four opening tasks every retailer should do. The task that makes sure the sales area looks neat and presentable for customers is...
Clean/tidy
Closing the shop for the day requires two steps. Housekeeping is the first and it deals with...
Cleaning store
Ensuring calculations are in order would be a task for __________________.
Closing the daily account
There three types of product categories. _______ products cost very little and are purchased frequently.
Convenient
A ________ is a redeemable card/cut out that can be used to purchase a specific item at a reduced price.
Coupon
Asking for proper identification when given a credit card for payment, is a cashier's way of preventing ________________.
Credit card fraud
A retailer that sets prices and tries to maintain that price for a long period of time is using what pricing strategy?
Customary
Match the products/services to what type of pricing strategies they use. Movie tickets
Customary
Match the products/services to what type of pricing strategies they use. Big Mac
Customary
___________ is the most cost effective way to profitably grow a retail business.
Customer loyalty
______ is any contact that a customer has with a company that leaves a lasting positive/negative impression.
Customer service
We know that there are three types of customers. Which customer type is very influential? On average they tell 8-16 people about their experience.
Dissatisfied
When a retailer charges the same low price everyday throughout the year and seldom runs the product on sale, they are using what type of pricing strategy?
EDLP (everyday low pricing)
Non-store retailers come in many different forms. The non-store retailer that uses a website for ordering is called...
Electronic/Online
Frequent markdowns have no impact on how a customer perceives a store's image. True or False.
False
It cost the same amount of money to attract a new customer as it does to keep an existing one. True or False
False
The cashier's performance has nothing to do with the store's image and profitability.
False
When debating on retail locations, using an evaluation checklist can overwhelm retailers. It is better to select the first location you like. True or False?
False
Control deals with the...
Financial side of the business such as accounting, payroll, and sales.
A salesman at a car dealership works with individual clients and doesn't have a set price for his inventory. He negotiates with each customer until they find a price that is beneficial to both parties. Each customer leaves buying a car but pays a different amount. This is an example of ________ pricing.
Flexible
Match the products/services to what type of pricing strategies they use. Ford Explorer
Flexible
Match the products/services to what type of pricing strategies they use. Plane Tickets
Flexible
Cash ______ is the amount of money placed in the register at the beginning of the day.
Float
Specialty shopping malls typically....
Focus on a specific product or customer segment
______________ is a type of store layout that encourages customers to browse.
Free flow
Basic needs are personal and often unspoken by the customer. An example of a basic need would be...
Friendliness
A grocery store is more likely to use what type of store layout?
Grid
Which of the following is NOT a way to offer good customer service?
Having a long check out process
This type of location consists of retailers traditional goods, textiles, products and trendy fashion items.
Historic/Ethical Districts
Which retailer below would be classified a specialized store?
Kay Jewelers
_____ is the general position of the retailer.
Location
______ is a store layout with a major customer aisle starting at the entrance and circling through the back of the store, bringing the customer back to where they started.
Loop
The goal of a retailer is to create a _____ customer. This is someone who supports the retailer even in a crisis and will recommend the retailer to their family or friends.
Loyal
The typical chain of distribution is...
Manufacturer>Distributor>Retailer
________ ________ simply means a retailer is holding an item for a customer.
Merchandise reserve
_______ is buying assorted products that can be sold in order to make a profit.
Merchandising
5 Basic Functions of Retailers
Merchandising: a process that includes buying an assortment of products that will be profitable. Operations: also known as store management. Includes activities like maintenance, customer service, and receiving merchandise. Promotions: activities that communicate the retailers message to the consumer. Control: deals with the financial aspects of the business like accounting, employee payroll, sales, etc. Personnel: involves employee selection, training, advancement and welfare.
Petty Cash is used for...
Minor store expenses.
We know that ____ is the number of goods categories a company has. For example, Samsung produces cellphones, tablets, TVs, computers and refrigerators just to name a few.
breadth
Toys-R-Us dominates the retail toy industry. They have such a wide variety of products customers rarely leave without purchasing something. Toys-R-Us is considered to be a...
category killer
A Service Strategy...
creates a vision of service for the company.
A set of activities that retailers provide to make the shopping experience rewarding for customers is referred to as...
customer service
Variety in the categories a company offers is called _____. For example, Samsung offers Galaxy S, Galaxy Note, Galaxy Halo and Galaxy Eclipse, all of which fall under their cellphone category.
depth
Store cleanliness and ______ appearance play a role in building a store's image.
employee
To help with customer questions, employees should be ________ about the products/services offered.
knowledgable
Store image is the equivalent to human ________.
personality
A diagram that shows retail employees where to place merchandise on a shelf is called a _______
planogram
By definition, a customer is...
someone who purchases a product or service
Retailer should set aside at least _____ minutes before the store actually opens to complete a few housekeeping items.
30
There are ___ Rights of Merchandising.
5
Shoppers are more likely to buy from a retailer when they believe the store sells quality or value. This is also known as customer _______.
perception