Retailing Review: Part II

Expressed in terms of dollars saved, time enhanced and/or the reduction of risk.

During this stage, the product is established & the manufacturer must maintain market share.

$99 is less in the minds of consumers than $100.

Inventory for which sales fluctuate dramatically according to the time of the year.

The notice or attention given to someone or something by the media.

Inventory that has continuous demand by customers over an extended period of time. (aka basic)

A systematic approach to maximize ROI by planning sales and inventory to increase profitability

What is the importance of forecasting?

A set of practices employed by retail companies to preserve profit; designed to reduce losses. 

What are the four stages of the product life cycle?

A type of referral communication from person to person relying heavily on credibility.

Which stage has increasing sales and profits?

What are the factors that influence a company's pricing decisions?

A ratio showing how many times a company's inventory is sold and replaced over a time period.

Why is lead time so important to retailers?

What are the characteristics of an effective retail sales associate?

This "P" consists of public relations, advertising, sales promotion and personal selling.

To set a price with this strategy, add the material, labor and overhead costs to the markup.

Any stealing, use or misuse of an employer's assets by an employee without permission.

Developing retail floor plans and three-dimensional displays in order to maximize sales.

The person responsible for planning, selecting & purchasing quantities of goods & merchandise.

Any reductions from the original selling price.  

The use of historic data to determine the direction of future trends.

Goods that are popular and have strong customer appeal at a particular time.

What outlines the creation, release, printing & finalization of receipts for new inventory?

The difference between what a product costs and the final price (aka gross margin/gross profit)

This type of display is built directly into the foundation of the retail operation; permanent.

A low-cost approach to marketing; keeps prices low to attract a price-sensitive market.

What is necessary to successfully find the price point to maximize sales and profits?

The point at which cost or expenses and revenue are equal: there is no net loss or gain.

This strategy is designed to capture market share with a low price that attract buyers.

Identify need, Select product, Choose team, Budget, Research suppliers, Get bids Award contract

When a marketer sets a high price for a product at first, then lowers the price over time.

A system for purchasing, shipping, receiving, tracking, warehousing, turnover, and reordering.

Which stage is characterized by a small or no market, high costs, and losses--not profits?

A characteristic of a product or service; specifications.

This strategy establishes a price higher than the competitors.

A merch category that generates a lot of sales for a very short time—often less than a season.

The time taken from the moment an order is placed, till the moment it is delivered.

Which stage is clearly demonstrated by the fall in both sales and profits?

Every interaction with a customer; awesome multi-channel and self-service support.

What are the main components of a merchandise plan?