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USC / Retail / RETL 265 / What is Loss Prevention?

What is Loss Prevention?

What is Loss Prevention?

Description

School: University of South Carolina
Department: Retail
Course: Principles of Retailing (265)
Professor: Karen edwards
Term: Spring 2016
Tags: retail
Cost: 50
Name: Retail 265 Final Exam Study Guide
Description: Retail Final Exam Study Guide
Uploaded: 04/29/2016
7 Pages 7 Views 6 Unlocks
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Shrinkage- Reduction in inventory due to shoplifting, employee theft,  paperwork errors, or frauds  


What is Loss Prevention?



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


What is Shoplifting ?



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


What is Probable cause?



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

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 If you want to learn more check out fau chemistry
Don't forget about the age old question of interspecific and intraspecific competition

∙ 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

- 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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