midterm

Question 1

What is the definition of Retailing?

Answer 1

The process of selling goods and services to consumers for personal use.

Retailing involves various activities from the purchase of products to their sale to end-users.

Question 2

What are the types of distribution in retailing?

Answer 2

Exclusive, Intensive, Selective.

These types refer to the level of distribution coverage a retailer chooses.

Question 3

What is Relationship Retailing?

Answer 3

A strategy focused on building long-term relationships with customers.

This approach aims to enhance customer loyalty and retention.

Question 4

What is Omni-channel Retailing?

Answer 4

A retail strategy that provides customers with a seamless shopping experience across multiple channels.

This includes online, in-store, and mobile shopping.

Question 5

What is Retail Strategy?

Answer 5

A plan that outlines how a retailer will achieve its business goals.

It includes market positioning, pricing, and promotional tactics.

Question 6

What does Total Retail Experience refer to?

Answer 6

The overall experience a customer has with a retailer, encompassing all interactions.

This includes shopping environment, customer service, and product experience.

Question 7

Define Customer Service.

Answer 7

Assistance and advice provided by a company to those people who buy or use its products or services.

Effective customer service can significantly influence customer satisfaction.

Question 8

What are the factors of Customer Service?

Answer 8

Expected vs. Augmented customer service.

Expected service is what customers anticipate, while augmented service exceeds those expectations.

Question 9

What are Loyalty Programs?

Answer 9

Incentives offered by retailers to encourage repeat business.

These programs often reward customers with points, discounts, or exclusive offers.

Question 10

What are the aspects of Value-Oriented Retail Strategy?

Answer 10

Focus on delivering value to customers through pricing, quality, and service.

A value-oriented approach helps to attract and retain customers.

Question 11

What are the elements of a SWOT analysis?

Answer 11

Strengths, Weaknesses, Opportunities, Threats.

This analysis helps retailers understand their position in the market.

Question 12

What is the definition of positioning?

Answer 12

The process of creating a distinct image and identity for a brand in the minds of consumers.

Effective positioning differentiates a brand from its competitors.

Question 13

What are the positioning approaches?

Answer 13

Differentiation, cost leadership, and focus strategies.

Each approach targets different aspects of the market.

Question 14

What is a Brand Positioning Map?

Answer 14

A visual representation of how a brand compares to competitors on key attributes.

This tool helps in identifying market gaps and opportunities.

Question 15

What are the variables in developing an overall retail strategy?

Answer 15

Market analysis, target audience, competition, and marketing mix.

These variables help in crafting a comprehensive strategy.

Question 16

What are the Different Retail Ownership Forms?

Answer 16

Independent, chain, franchise, and cooperative.

Each ownership form has its own advantages and disadvantages.

Question 17

What are the advantages and disadvantages of different retail ownership forms?

Answer 17

Advantages: control, brand recognition, shared resources. Disadvantages: risk, limited flexibility, dependency on franchisor.

Understanding these factors is crucial for business decisions.

Question 18

What are the 3 Retail Theories?

Answer 18

Theories of retail evolution, retail life cycle, and retailing mix.

These theories help explain the dynamics of the retail industry.

Question 19

Define Breadth & Depth in retailing.

Answer 19

Breadth refers to the variety of product lines, while depth refers to the number of items within a specific line.

This concept is important for inventory management.

Question 20

What are the Types of Retailers?

Answer 20

Specialty stores, department stores, off-price retailers, factory outlets, direct marketers, and direct sellers.

Each type serves different consumer needs.

Question 21

What is the difference between Specialty stores and Department stores?

Answer 21

Specialty stores focus on a specific category, while department stores offer a wide range of products across multiple categories.

This distinction affects marketing strategies.

Question 22

What are Off-price retailers vs. Factory Outlets?

Answer 22

Off-price retailers sell brand-name goods at reduced prices, while factory outlets are owned by manufacturers and sell excess inventory.

Both cater to price-sensitive consumers.

Question 23

What is Direct Marketing?

Answer 23

A form of advertising where businesses communicate directly with consumers.

It often includes email, catalogs, and telemarketing.

Question 24

What are the advantages and limitations of Direct Selling?

Answer 24

Advantages: personal interaction, flexibility. Limitations: scalability, potential for high costs.

Direct selling relies heavily on relationships.

Question 25

What is Subscription Box Retailing?

Answer 25

A service that delivers curated products to consumers on a regular basis. ## Footnote This model has gained popularity for its convenience and surprise elements.

Question 26

What are Value Propositions?

Answer 26

Statements that explain how a product solves customers' problems or improves their situation. ## Footnote Clear value propositions are vital for effective marketing.

Question 27

What are the Types of Value Propositions?

Answer 27

Functional, emotional, and social value propositions. ## Footnote Different types target varying customer needs.

Question 28

What is the Family Life Cycle in retailing?

Answer 28

The stages families go through as they grow and change, impacting their buying behavior. ## Footnote Understanding this cycle helps retailers target their marketing effectively.

Question 29

What is a Target Market?

Answer 29

A specific group of consumers at which a company aims its products and services. ## Footnote Identifying target markets is crucial for effective marketing strategies.

Question 30

What are Psychological Factors in consumer behavior?

Answer 30

Motivation, perception, beliefs, and attitudes that influence consumer decisions. ## Footnote These factors play a significant role in shaping buying behavior.

Question 31

What are Demographics?

Answer 31

Statistical data relating to the population and particular groups within it. ## Footnote Demographics include age, gender, income, and education.

Question 32

What is Lifestyle in the context of retailing?

Answer 32

The way a person lives, including their interests, activities, and opinions. ## Footnote Lifestyle influences purchasing decisions and brand preferences.

Question 33

What is the Customer Decision Process?

Answer 33

The stages a consumer goes through when making a purchase decision. ## Footnote This process includes problem recognition, information search, evaluation, purchase, and post-purchase evaluation.

Question 34

What are the Types of Decision Making?

Answer 34

Routine, limited, and extensive decision making. ## Footnote Each type reflects the complexity and significance of the purchase.

Question 35

What are the characteristics of different generations in retailing?

Answer 35

Values, preferences, and shopping behaviors that vary across generations such as Baby Boomers, Gen X, Millennials, and Gen Z. ## Footnote Understanding generational characteristics is essential for targeted marketing.