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Retailing > Test 3: Terminology > Flashcards

Test 3: Terminology Flashcards

(64 cards)

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1
Q

Distribution center

A

Coordinates inbound transportation; receiving, checking, storing, and cross-docking; getting merchandise “floor-ready”; and coordinating outbound transportation

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2
Q

Supply chain management

A

set of activities and techniques firms employ to efficiently manage the flow of merchandise from the vendors to the retailer’s customers

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3
Q

Benefits of supply chain management

A

1) fewer stockouts

2) tailored assortments

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4
Q

Stockout

A

Occurs when a SKU that a customer wants is not available

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5
Q

Information flow (from purchase)

A

1) Customer makes purchase at store
2) Sales information captured
3) Sent to Buyer/Planner, Vendor, or Distribution Center

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6
Q

Advance shipping notice

A

Document that tells the distribution center what specifically is being shipped and when it will be delivered

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7
Q

Electronic data interchange

A

the computer-to-computer exchange of business documents in a standardized format

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8
Q

Security policy

A

The set of rules that apply to activities involving computer and communication resources that belong to an organization
Objectives: Authentication, Authorization, Integrity

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9
Q

Logistics

A

The aspect of supply chain management that refers to the planning, implementation, and control of the efficient flow and storage of goods, services, and related information from the point of origin to the point of consumption to meet customers’ needs

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10
Q

Receiving

A

The process of recording the receipt of merchandise as it arrives at a distribution center

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11
Q

Checking

A

Process of going through the goods on receipt to make sure that they arrived undamaged and that the merchandise ordered was the merchandise received

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12
Q

Ticketing and marketing

A

affixing price and identification labels to the merchandise

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13
Q

Pull supply chain

A

Supply chain in which requests for merchandise are generated at the store level on the basis of sales data captured by POS terminals

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14
Q

Push supply chain

A

Merchandise is allocated to stores on the basis of forecasted demand

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15
Q

Reverse logistics

A

Process of capturing value from and/or properly disposing of merchandise returned by customers and/or stores

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16
Q

Bullwhip efect

A

Buildup of inventory in an uncoordinated channel due to delays in transmitting orders and receiving merchandise and overreacting to shortages

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17
Q

Consignmnet

A

The vendor owns the merchandise until it is sold by the retailer

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18
Q

Collaborative planning, forecasting, and replenishment

A

Sharing of forecasts and related business information and collaborative planning between retailers and vendors to improve supply chain efficiency and product replenishment

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19
Q

Customer loyalty

A

Customers are committed to purchasing merchandise and services from the retailer and will resist the activities of competitors attempting to attract their patronage

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20
Q

Customer relationship management

A

Business philosophy and set of strategies, programs, and systems that focuses on identifying and building loyalty with a retailer’s most valued customers

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21
Q

Steps in the CRM Process

A

1) Collecting customer data
2) Analyzing the customer data and identifying target customers
3) Developing CRM programs
4) Implementing CRM programs

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22
Q

Share of Wallet

A

The percentage of the customers’ purchases made from the retailer

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23
Q

Customer Database

A

Contains all the data the firm has collected about its customers and is the foundation for subsequent CRM activities

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24
Q

Frequent Shopper Programs

A

Aka loyalty programs; identify and provide rewards to customers who patronize a retailer

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25
Privacy Considerations
Due to: control over their personal information when engaging in marketplace transactions; knowledge about the collection and use of personal information
26
Opting In/Opting Out
Method of getting consumers to agree explicitly to share their personal information
27
Market Basket Analysis
Specific type of retail analytics that focuses on examining the composition of the basket of products purchased by a household during a single shopping occassion
28
80/20 Rule
80% of the sales/profits come from 20% of the customers
29
RFM Analysis
(Recency, Frequency, Monetary Analysis) often used by category retailers and direct marketers, is a scheme for identifying the retailer's best prospects on the basis of how recently they have made a purchase, how frequently they make purchases, and how much they have bought
30
High Value Segment
Most profitable and loyal customers who are typically not overly concerned about merchandise prices
31
One-to-one retailing
Developing retail programs for small groups or individual customers
32
Brand equity
value that a brand image offers retailers that can affect the customer's decision making process, motivation repeat visits and purchases and build loyalty
33
Brand Awareness
Potential customer's ability to recognize or recall that the brand name is a particular type of retailer or product/service
34
Brand Image
Set of associations that are usually organized around some meaningful themes
35
Integrated Marketing Communication Program
Program that integrates all the communication elements to deliver a comprehensive, consistent message to all customers over time, across all elements of their retail mix, and across all delivery channels
36
How to communicate with customers?
Through: 1) Direct Marketing: direct mail, email, mobile marketing 2) Online Marketing: web sites, blogs, social media 3) Sales Promotions: coupons, rebates, premiums, samples, POP displays, special events, pop-up stores 4) Personal Selling 5) Advertising 6) PR: event sponsorship, product placement
37
Store Atmosphere
??
38
Top of Mind Awareness
highest level of awareness, occurs when consumers mention a specific brand name first when they are asked about the type of retailer, merchandise category, or a type of service
39
Sales Promotion Tools
coupons, rebates, premiums, samples, POP displays, special events, pop-up stores
40
Aided/Unaided Recall
Aided occurs when consumers indicate they know the brand when the name is presented to them
41
Percentage of Sales Method for setting the communication budget
Set the communication budget as a fixed percentage of forecast sales
42
Marginal Analysis Method for setting the communication budget
Based on the economic principle that firms should increase communication expenditures as long as each additional dollar spent generates more than a dollar of additional contribution
43
High Assay principle for setting the communication budget
Retailer should allocate the budget to areas that will yield the greatest return (using the principles of marginal analysis)
44
Design Objectives: Retail Strategy
Design must be consistent with and reinforce the retailer's strategy by meeting the needs of the target market and building a sustainable competitive advantage
45
Design Objectives: Cost Control
control the cost of implementing the store design and maintaining the store's appearance; it can affect labor costs and inventory shrinkage
46
Design Objectives: Flexibility
Affect the ability to physically modify, move, and store components and the costs of doing so (change layout as merchandise changes)
47
Design Objectives: Legal Requirements
Designs must comply with the ADA
48
Grid Layout
Parallel aisles with merchandise on shelves on both sides of the aisles; cash registers are located at the entrances/exits Advantages: customers interested in utilitarian benefits, easily locate products, make purchases quickly, cost-efficient Disadvantage: customers aren't exposed to all the merchandise, deceased traffic in the center core of supermarkets
49
Racetrack Layout
Store layout that provides a major aisle that loops around the store to guide customer traffic around different departments; cash registers are typically located in each department Advantage: gets customers to see merchandise in multiple departments--encourages unplanned purchasing
50
Free-Form Layout
Arranges fixtures and aisles in an asymmetric pattern Advantages: provides an intimate, relaxing environment that facilitates shopping and browsing Disadvantage: Costly, reduces the amount of merchandise that can be displayed
51
Signage and Graphics
Category, promotional, and point of sale signage Digital signage includes signs whose visual content is delivered digitally through a centrally managed and controlled network, distributed to servers in stores, and displayed on a flat-panel screen
52
End caps
displays located at the end of an aisle in a grid layout
53
Promotional Areas
space used to display merchandise that is being promoted
54
Point of Sale
Placed where customers can purchase merchandise
55
Freestanding fixtures
located on aisles and designed primarily to attract customers' attention and bring them into a department using a racetrack or free-form layout
56
Cash wraps
Places in the store where customers can purchase merchandise
57
Sales per square foot
A measure of space productivity as sales per square foot in the store
58
Demand/destination merchandise
products that customers have decided to buy before entering the store
59
Impulse products
Products that are purchased without planning
60
Planogram
Diagram that shows how and where specific SKUs should be placed on retail shelves or displays to increase customer purchases
61
Price Lining
Occurs when retailers offer a limited number of predetermined price points and/or price categories within another classification
62
Tonnage merchandising
A display technique in which large quantities of merchandise are displayed together
63
Frontage presentation
Method of displaying merchandise in which the retailer exposes as much of the product as possible to catch the customer's eye
64
Atmospherics
Refers to the design of an environment by stimulation of the five senses--Lighting, Color, Music, Scent...

Retailing (3 decks)

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