AESHM 275 Final Exam Study Guide Part 2
AESHM 275 Final Exam Study Guide Part 2 AESHM 275
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This 6 page Study Guide was uploaded by Clare Schubert on Monday January 25, 2016. The Study Guide belongs to AESHM 275 at Iowa State University taught by Amrut in Spring 2016. Since its upload, it has received 149 views. For similar materials see Retailing Management in General at Iowa State University.
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Date Created: 01/25/16
AESHM 275 Final Exam Part 2 Methods of Communicating with Customers INTERACTIVE 0 Personal Selllng 0 Sales Promotlons eg contests sweepstakes speclal events lnstore demonstratlons popup stores ONLINE OFFLINE PASSIVE SOURCE Dhruv Grewal and Michael Levy Marketing 3rd ed NewYork McGrawHillltwin 20l2 What is mass media advertising Advertising Entails the placement of announcements and persuasive messages purchased by retailers and other organizations that seek to inform andor persuade members of a particular target market or audience about their products services organizations or ideas 0 Newspapers Magazines Direct Mail brochure catalog advertisement or other printed marketing material Television on national or local networks Radio targeted to a speci c segment of the market Sales Promotions special incentives or excitementbuilding programs that encourage consumers to purchase a particular product or service 0 Coupons discount on the price of speci c items when they are purchased 0 Rebates manufacturer issues the refund as a portion of the purchase price returned to the buyer in the form of cash 0 Premium offers an item for free or at a bargain price to reward some type of behavior such as buying sampling or testing Social mediamobilecommerce Websites Email Mobile Communications MCommerce Social Media various forms of electronic communication share ideas information interpersonal messages videos YouTube Facebook Blogs Twitter What is coop advertising Promotional program undertaken by a vendor and a retailer working together Vendor pays for part of the retailer s promotion but dictates some conditions PR and event sponsorship Managing communications and relationships to achieve various objectives Building and maintaining a positive image of the retailer Handling or heading off unfavorable stories or events Maintaining positive relationships with the media In many cases public relations activities support other promotional efforts by generating free media attention and general goodwill Product placement retailers and vendors pay to have their product included in nontraditional situations Brand name of the retailer usually serves as the brand identif1es one seller s good or services as distinct from those others sellers Brand eguity the value a band image provides retailers in uences customers decision processes often by encouraging their repeat visits which leads to greater loyalty Brand loyalty What are the types of brand awareness Refers to a potential customer s ability to recognize or recall that the brand name is a particular type of retailer or product service Aided recall consumers indicate they know the brand when the name is presented to them 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 type of service Brand association anything linked to or connected with the brand name in a consumer s memory Merchandise category Price quality Specific attribute or benefit Lifestyle or activity Communication Program Establish communication objectives establish budget allocate budget implement evaluate programs Determining the Communication Budget Marginal Analysis Method based on the economic principle that rms should increase communication expenditures as long as each additional dollar spent generates more than a dollar of additional contribution Objective and Task Method determines the budget required to undertake speci c tasks to accomplish communication objectives retailer lSt establishes a set of communication objectives then determines the necessary tasks costs Rule of Thumb Methods use past sales and communication activities to determine the present communication budget 0 Affordable Budgeting Method sets communication budget by determining what money is available after operating costs and pro ts are budgeted 0 Percentage of Sales Method communication budget is set as a xed percentage of forecasted sales 0 Competitive Parity Method this communication budget is set so that the retailer s share of communication expenses equals its share of the market Chapter 16 What are the responsibilities of the store manager Employees Real estate Discrimination issues in hiringemploying Arises when a member of a protected class women minorities is treated differently from nonmembers of that class disparate treatment or when an apparently neutral rule has an unjusti ed discriminatory effect disparate impact Age Discrimination in Employment Act makes it illegal to discriminate in hiring and terminating people over the age of 40 years Americans with Disabilities Act ADA opens up job opportunities for disabled individuals by requiring that employers provide accommodating work environments Structured training helps new employees acquire basic skills and knowledge while they need to be able to do their jobs Ontheiob training structured training programs need to be combined with on the job training in which new employees work in speci c jobs under the direct supervision of their managers What is the difference between leading and managing Leadership person attempts to in uence others to accomplish a common goal or task Managers leaders of their group of employees use a variety of motivational techniques to increase productivity by helping employees achieve professional goals consistent with their rm s objectives Extrinsic rewards rewards provided by either the employee s manager or the rm such as compensation promotion and recognition Intrinsic rewards rewards employees get personally from doing their job well What are the 2 types of leaders Autocratic leaders make all decisions on their own and then announce them to employees Democratic leaders seek information and opinions from employees and base their decisions on this information Transformational leaders get people to transcend their personal needs for the sake of the group or organization How do you motivate and reward employees Extrinsic intrinsic contests compensation plans recognition What is the Fair Labor Standards Act of 1938 Set minimum wages maximum hours child labor standards and overtimepay provisions Why is labor scheduling difficult in the store Determining the employees assigned to each area of the store during each hour Customer traffic varies Multiple shifts are required to staff stores up to 24 hours How do we reduce internal and external theft Randomly search containers Require that store employees enterleave through designated entrances Assign salespeople to specific POS terminals Restrict employee purchases to working hours Provide customer receipts Change locks periodically Don t place expensive items near front Provide attentive customer service Chapter 17 Why are store designs important Implement the retailer s strategy Build loyalty by providing a rewarding shopping experience Increase sales on a visit Control costs Meet legal requirements What are the types of store layouts Grid parallel aisles with merchandise on shelves on both sides of the aisles Racetrack loops provides a major aisle that loops around the store to guide customer traffic around different departments within the store Free Form boutique arranges fixtures and aisles in an asymmetric pattern What are the types of signage used in stores Call to action placed in strategic locations in the store can convey how where why to engage with the retailer via QR codes on customers cellphones email Facebook Category signage particular department or sector of the store to identify types of products offered Promotional describes special offers Point of sale placed near the merchandise they refer to so that customers know its price detailed information What are the different types of feature areas Areas within a store that are designed to get customers attention Windows dressing rooms cash wraps Entrances promotional aisle or area walls Freestanding displays mannequins end caps End Caps displays located at the end of an aisle in stores using a grid layout Understand why merchandise is located in speci c areas of stores 1 99959959 Allocation of store space to merchandise categories and brands Location of departments or merchandise categories in the store The size of the store Productivity of the allocated space Merchandise s inventory turnover Impact on overall store sales Display needs for the merchandise Planogram a diagram that shows how and where speci c SKUs should be placed on retail shelves or displays to increase customer purchases Visual merchandising presentation of a store and its merchandise in ways that will attract the attention of potential customers What are different types of xtures Straight rack long pipe balanced between supports in the oor or attached to a wall Rounder bulk or capacity xture round xture that sits on a pedestal Four way xture feature xture two crossbars that sit perpendicularly on a pedestal Gondola island type of self service counter with tiers of shelves bins or pegs How can you create an appealing store atmosphere Lighting Color Music Scent Taste Chapter 18 What are the two types of customer service approaches Set of activities and programs undertaken by retailers to make the shopping experience more rewarding Personalized service service providers tailor their services to meet each customer s personal needs Standardized service based on establishing a set of rules and procedures for providing high quality service and ensuring that they get implemented consistently What affects perceptions of service quality Why are they important Depend on the actual service delivered Reliability ability to perform the service dependably accurately Assurance knowledge and courtesy of employees and their ability to convey trust and confidence Tangibility associated with the appearances of physical facilities equipment personnel and communication materials Empathy to the caring individualized attention provided to customers Responsiveness to provide customer service personnel and sales associates that really want to help customers and provide prompt service Identify the elements of the GAPS model Knowledge gap re ects the difference between customers expectations and the retailer s perception of those customer expectations Standards gap pertains to the difference between the retailer s knowledge of customers perceptions and expectations and the service standards it sets Delivery gap difference between the retailer s service standards and the actual service it provides to customers Communication gap difference between the actual service provided to customers and the service that the retailer s promotion program promises Empowerment allowing employees at the firm s lowest levels to make important decisions regarding how service will be provided to customers How do you deal with customer complaints Listen to the customer Provide a fair solution Resolve the problem quickly Why is listening to customers important Customers can become very emotional Get their complaints off their chests No interruptions during complaints
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