Retail 265 Final Exam Study Guide
Retail 265 Final Exam Study Guide Retail 265
Popular in Principles of Retailing (265)
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This 7 page Study Guide was uploaded by Kara Lyles on Thursday April 28, 2016. The Study Guide belongs to Retail 265 at University of South Carolina taught by Karen Edwards in Spring 2016. Since its upload, it has received 83 views. For similar materials see Principles of Retailing (265) in Retail at University of South Carolina.
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Date Created: 04/28/16
Shrinkage- Reduction in inventory due to shoplifting, employee theft, paperwork errors, or frauds Loss Prevention- Steps put in place by the retail company to reduce loss and protect profitability. Internal theft- Loss to due to employees Shoplifting – An individual who steals goods from a retailer while pretending to be customer Service- applying learned skills that is needed to help best benefit the customer. Probable cause- faith in believing that someone has committed a crime on site, that would make any other person think the same Organized Retail Crime: Professional shoplifters stealing product with the intent to make money from it by reselling. Includes Fence, fraudulent refunds, and Efencing Customer Centric retailing - Placing the customer at the center of all operations and decision. Customer most important Triple loop learning- Include trigger improvement plan, deeper assessment of self, and question your own current models and process Success planning- Include enhancing skills of employees, provide management support, build relationships, encourage high potential employees, provide development opportunity Store Design: Exterior Design, Ambience, Lighting Free- flow layout: fixtures and merchandise are grouped into free- flowing patterns on the sales floor Racetrack Layout: Major aisle begin at entrance, loops throughout the store- usually in shape of a circle or rectangular- returns customers to front of the store. Grid layout: Counters and fixtures placed in long rows or “runs” usually at right angles throughout store. Spine layout: Single main aisle runs from front to back of the store, on either side of spine, merchandise in free-flow or grid pattern. Planogram: a display of how the retail groups item, gives uniformity and a better look and also sells more stuf Instore Displays - Shelving, hanging racks, pegging fixtures, folding, stacking, and dumping Gondola – Display that has a flat base and vertical features that may consist of pegboards. Often times fitted with shelves. Publicity- Free advertisement for a company that is generally in a form of some media. Personal selling- personal interactions with a customer with a purpose to make a sell. Open Ended question- Question that you cannot be answer with a “yes” or “No” Color blocking- the matching of multiple solid colors Cooperative advertising- The retailer shares the cost of advertising with the manufacturer CCTV- Closed Circuit Television which is video surveillance used to monitor everyone within the retail store. Employee turnover: the ratio of employees that leave the company and then replaced by new employees. HR Management- Human Resource Management a job that manage people within an organization (employ people, deal with compensation and benefits, and inform people about their job) Institutional Advertising- retailer promotes selling the store instead of merchandise in hopes of gaining long term benefits. Loyalty Programs- Program created to award the most loyal customers. Often time gives discounts and diferent promotions. Visual merchandising – artistic display of merchandise in the store, which make it more appealing to the eye. Store Image- It’s what the retailer want the customer to perceive the store as. It is the theme of the store “the Ideal.” Relationship retailing- All actives that is created to keep the long term relationship of the customer. Risk management- Management that involves risky and uncertain behaviors in investment decisions. Features and benefits- Benefits what the product does for you and features is the components of the product. Advertising - Paid, nonpersonal communication through various media by organization or individuals who hopes to persuade the individual in a particular audience. Servant leadership : Focus first on the needs of others, community building, persuasion, willing Lighting Types: High activity- generalized lighting Accent- showcases specialty items Ambient-ofer a generalize glow Track: continuous track device Aspects of human capital Training * God Judgement Experience *Insight Marketing to 1900-1990s Growth of cities and suburbs Better transportation= better selection of goods and more competition Birth of chain stores, retail advertising, and discount mass merchants Marketing with Happening now Active collaboration with customers, suppliers, and others View of Resources: Love employees and customers View employees, customers, and vendors as partners Customer service includes activities that influence: Ease of shopping and learning about product, Ease of completing transaction, Customer satisfaction Customer Relationship Management (CRM) *All customers are not equally profitable CRM involves data- based relationship building - Communication - Rewards - Enhanced Service Customer types Defensive (Don’t really trust salesperson) Interrupter ( Intense and impatient) Decisive (Confident in making decisions) Indecisive ( worried about making the wrong decision) Sociable (Friendly talkative) Impulsive ( quick to make decisions) Sales Performance standards: Sales per hour - Total sales/Hrs. Worked Conversion rate -shoppers into customers Use of time- standard v. Observed Teamwork-standard v. observed Three basic task of Retailers 1. Get customer into your store 2. Convert them to customers 3. Operate as Efficiently as Possible Promotional Campaign Element: 1. Selecting objectives 4. ID Media 2. Budgeting 5. Schedule 3. Design 6. Evaluation Promotional objectives Long term objective Short term objectives Create a positive store Image * Attract new customers Public service Promotion * Increase patronage of existing customers The theft triangle Motive to steal Opportunity to steal Low Risk of Detection Media Options Newspapers Advantages: Disadvantages: • Most are local * Ad might not be read or seen • Little technical skill required * Short life cycle • Short time between ad copy and print * poor reproduction quality Local & cable TV Advantages: Disadvantages: • Reach full price shopper * Expensive, may hurt budget • Great image builder * Competition is high for the viewer’s attention • Powerful tool for generating higher sales Magazines (periodicals) Advantages: Disadvantages • Better reproduction quality *Long lead time • Longer life span * Can’t run price breaks or very sensitive ads • Some customers buy for ad content • Interactive trend. Direct Mail Advantages: Disadvantages: • Target message to particular group * Expensive per contact for message delivered • Bulk drops by zip code *Reaching target market depends on quality of mailing list • Easily measured for feedback. * May be viewed as spam mail Internet Advantages: Disadvantages: • Information on demand, * Technical expertise • Relatively low-cost , * Maintaining Freshness • Wide potential audience, * assuring “ hits” • Interactive sales opportunity. *spam 3Ps of salesperson Training • Policies (How to do things) • Persona (our image) • Persuasion (the selling process) The selling process A. Greeting B. Ask open -ended questions C. Present merchandise D. Explain features and benefits of item *features (describes) benefits (do) E. Overcome objections Performance Training 1. Identify performance standard 2. Explain standard or rule is importance 3. Ask employee for a solution 4. Ofer input for a reasonably solution 5. Restate plan, ask for employee to be committed 6. Follow up 7. Positive reinforcement
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