Group Assignment HW 3
Responsiveness
Baristas doing their job well
Assurance
Baristas knowing their product well
Empathy
Baristas understanding the customer's wants and needs
Personalized
Barneys' salespeople equipped with tablets
Share of wallet
20% of a customer's weekly expenditures made at a coffee shop
Standardized
Signage throughout a store indicating departments
Exclusive brand
Simply Vera, Wang line with Kohls
Store Brand
Walmart's sam's choice, Macy's INC, Target's archer Farms
Reliability
Well-trained, friendly baristas delivering a consistent product
Platinum
a customer who routinely shops at a certain retailer and ignores advertisements from other retailers
Standardized
ordering at Mcdonalds
Gold
price can sometimes be a factor that plays into customers decision making process
Emily is using three different price points for her signature scents and experience. This is called
price lining.
Because Emily is introducing a relatively new product concept to her market, she is unsure of customer's __________ towards her products.
price sensitivity
One of the ways that Patricia hopes to continue to gather customer information is to develop a loyalty program that focuses on holders of Gentry's
private-label credit card
Pizza prices at or near $5 are mentioned frequently in the case. Based on the way this price level is discussed, $5 might be considered a ________ for a basic pizza.
reference price
Gentry's knows that customer _________________ is a better growth option than customer acquisition.
retention
Based on information in the case, Papa John's sets its prices by focusing on
value
Markup percentage
(retail price - cost of merchandise) / retail price
To encourage add-on selling, Patricia does a __________ to determine what products consumers purchase on the same shopping trip.
market-basket analysis
Tangible
A clean, orderly place of business
Customer loyalty
A customer who only shops at Macy's and ignores advertisements from other department stores
Market basket analysis
A grocer who had snack cakes in the bread aisle, but now also has snack cakes near the coffee
Personalized
A pop-up chat service when customers are browsing online
Personalized
A sales associate helping a customer at the cosmetic counter
frequent shopper program
After earning 100 points, where each dollar spent equals a point, the customer receives a $5 reward
Standardized
Automated services improving speed and reliability of the interactions
Premium store brand
Bloomingdale's aqua, Krogers private selection
Iron
Customers may not be financially able to spend much at the retailer
Lead
Customers return more products than they kept after each purchase
Standardized
Customers shopping at IKEA
Standardized
Clean restrooms
Retailer price
Cost of merchandise plus the markup
National Brand
Duracell, Nike, Michael Kors, Tide, Hewlett packard, and polo
In the case, a Domino's spokesperson is quoted talking about limited-time-only pricing tactics. Based on this comment, Domino's probably pursues a(n) ________ strategy. *They have a 1 month promotional run
EDLP
Break-Even Quantity
Fixed costs/Actual unit sales price - Unit Variable cost
Personalized
Higher costs and less efficient
Personalized
Knowing customers by name and their usual order at a coffee shop
Standardized
Lower costs and more efficient
Standardized
More consistent
Personalized
Relies on judgment
Elasticity
Percentage in change quanity sold divided by percentage change in price
customer lifetime value
Placing more importance on some customers than others, based upon their purchases
To reduce promotional expenses and provide a consistent pricing message, Emily implements a(n) __________ strategy.
everyday low-pricing
Emily does not want to charge customers a flat rate for all products because she is afraid she will not cover all of her _________ with this strategy.
expenses
The customer that took up two hours with a sales associate and did not make a purchase, is an example of a __________ customer for Gentry's.
lead
Papa John's offer of a $6 "Brookie," as discussed in the case, could be considered an example of
leader pricing
Personalized
less consistent
