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
If you want to learn more check out pvamu ecourses
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. If you want to learn more check out What is consciousness?
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. If you want to learn more check out humanistic therapies aim to boost people's self-fulfillment by helping them to grow in
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
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
∙ 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 Don't forget about the age old question of he referred to priming as the "wakening of associations."
CRM involves data- based relationship building
- Enhanced Service
∙ 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
Long term objective Short term objectives
∙ Create a positive store Image * Attract new customers ∙ Public service Promotion * Increase patronage of existing
The theft triangle
Motive to steal
Opportunity to steal Low Risk of Detection
• 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
• 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
• 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.
• 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
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
B. Ask open -ended questions
C. Present merchandise
D. Explain features and benefits of item
*features (describes) benefits (do)
E. Overcome objections
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