retail strategies final Flashcards
(26 cards)
What is involved in selecting a store location?
Trade area analysis, site selection, and environmental analysis (economic, demographic, brand profusion).
What factors are evaluated in data analysis for location selection?
Evaluation factors and the impact of location decisions.
What are the types of retail trade areas?
Primary, secondary, and fringe trading areas.
What sources are used for analyzing trading areas?
U.S. Census Bureau, external data, and GIS.
What should students understand about lease types?
How to calculate rent based on an occupancy rate.
What key financial statements should be understood?
Income statements and balance sheets, including net sales, COGS, gross margin, operating expenses, and net profit margins.
What are key financial ratios to know?
Current ratio, quick ratio, and ROI.
What is the Strategic Profit Model framework?
It is covered in PPT slides for financial strategy.
What is included in organizational structure in retail?
Retail structures and divisions of business.
What are the steps of HR in retail?
Performance measurements, steps of HR, and challenges in HR.
What does being an employer of choice involve?
Recruiting, developing, training, motivating, and retaining talent, including DEI workforces.
What laws and ethics are important in HR?
EEO, employee health and safety, harassment, and web laws.
What are the main functions of retail operations?
Recruiting, training, motivating employees, and managing rewards and compensation plans.
What operations functions are important in retail?
Employee scheduling, store maintenance, reducing inventory, and merchandise management.
What are common retail information systems?
CRM, RIS, POS, and SCM.
What is involved in data housing and data mining?
Data collection and analytics.
What common technologies are used in retail?
UPC, RFID, and QR Codes.
What does supply chain management involve?
Flow of goods, sales information, and supplier and retailer coordination.
What is CRM in retail?
Customer database, collecting information, analyzing, segmentation, and customer retention.
What are key aspects of retail layout and store design?
Store design, store layout, customer shopping behaviors, and product layout.
What factors contribute to the store environment?
Store exterior, displays, presentation techniques, store interior design, and atmospherics.
What is important in web retailing?
Websites, online store design, and user experience.
What are customer service strategies?
Customer profiles and offered services.
What is the difference between personalized and standardized service?
Personalized service is tailored to individual needs, while standardized service is uniform for all customers.
