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29 Cards in this Set
- Front
- Back
Retail Strategy
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The overall plan or framework of action that guides a retailer.
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Situation analysis
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a candid evaluation of the opportunities and threats facing a prospective or existing retailer.
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Opportunities
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Marketplace openings that exist because other retails haven't capitalized on them.
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Threats
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environmental and marketplace factors that can adversely affect retailers if they do not react to them.
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Organizational Mission
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retailers commitment to a type of business and to a distinctive role in the marketplace
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Partnership
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unincorporated retail firm owned by two or more persons, each with financial interest
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Corporation
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retail firm that is formally incorporated under state law. it is a legal entity aprat from individual officers (or stock holders)
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Sole Proprietorship
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Unincorportated retail firm owned by one person
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goods/service category
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the line of business in which to operate.
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objectives
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long-run and short-run performance targets a retailer hopes to attain.
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Operating efficiency is expressed as:
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1-(operating expenses/company sales.
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image
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represents how a given retailer is perceived by consumers and others.
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positioning
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enables a retailer to devise its strategy in a way that projects an image relative to its retail category and its competitors, and elicits consumer responses to that imgae.
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Mass Merchandising
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a positioning approach whereby retailers offer a discount or value-oriented image, a wide and/or deep merchandise selection and large store facilities. Walmart
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Niche retailing
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retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market.
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bifurcated retailing
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denotes the decline of middle-of-themarket retailing due to the popularity of both mass merchandising and niche retailing.
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Target Market
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Customer Group sought by retailer
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Mass marketing
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selling goods and services to a broad spectrum of concumers
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Concentrated marketing
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Zeroing in one one specific group
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differentiated marketing
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aiming at two or more distinct consumer groups, with different retailing approaches
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What are the three techniques firms use to select their target market
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Mass marketing, concentrated marketing and differentiated marketing
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competitive advantage
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the distinct competencies of a retailer relative to competitors
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controllable variable
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Variables the business firm can directly affect
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uncontrollable variable
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Variable business owner have to adapt to
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What are the three forms of paid promotion?
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advertising, personal selling and sales promotion
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What are the Uncontrollable Variables of retail strategy
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consumer
competition technology economic conditions seasonability Legal restrictions |
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Tactics
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actions that encompass a retailer's daily and shorterm operations
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Control
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Phase in the evaluation of a firms strategy and tactics in which a semiannual or annual review of the retailer take place
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Feedback
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Signals or cues to the success or failure of the retail strategy
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