Mkt 291 Final Exam Pt. 2

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1. Forms of ownership

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-independent retailer
-corporate chain
-contractual systems

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contractual systems

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independently owned stores that band together to act like a chain

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franchise

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an individual or firm contracts with a parent company to set up a business or retail outlet

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franchisor provides step-by-step procedures for most aspects of the business and guidelines for the most likely decisions a franchisee will face

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business-format franchises

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2. Level of service

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-Self-service (gas stations)
-limited service (wal-mart)
-full service (nordstrom)

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Depth of product line

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large assortment of each item

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breadth of product line

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a variety of different items a store carries

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Retailing mix

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activities related to managing the store and the merchandise in the store

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Markup

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how much should be added to the cost the retailer paid for a product to reach final selling price

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original markup

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difference between retailer cost and initial cost

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gross margin

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difference between final selling price and retailer cost

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emphasizes consistenly low prices

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everyday low pricing

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retailers try to create value for customers through service and the total buying experience

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everyday fair pricing

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selling brand-name merchandise at lower than regular prices

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off-price retailing

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central business district

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oldest retailing setting, community downtown area

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regional shopping centers

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consist of 50-150 stores
-two to three anchor stores (well known national or regional stores)

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strip mall

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-gas station, hardware, laundry, grocery
-two to five anchor stores/super markets

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huge shopping strip with multiple anchor stores

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power center

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Retail communication

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-decide retail outlets image
-atmosphere and ambience

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assign a manager the responsibility for selecting all porducts that consumers in a market segment might view as substitutes for each other

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category management

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retailers conduct research, analyze the data to identify shopper problems, translate data into retailing mix actions, execute shopper-friendly in-store programs, and monitor performace of merchandise

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consumer marketing at retail (CMAR)

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two-way flow of communication between a buyer and seller designed to influence a person's or group's purchase decisoin

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personal selling

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planning the selling program and implementing and evaluating th personal selling effort of the firm

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sales management

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practice of building ties to customers based on a salesperson's attention and commitement to customer needs over time

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relationship selling

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prospecting

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the search for and qualification of potential customers

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types of prospects: lead

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person who may be a possible customer

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types of prospects: prospect

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a customer who wants or needs the product

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types of prospects: qualified prospect

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individual who wants the product, can afford to buy it, and is the decision maker

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Leads and prospects are generated through:

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-Advertising
-Cold canvassing (cold calling)

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Preapproach

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obtaining further information on the prospect and deciding the best method of approach
-stage should never be shortchanged

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approach

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the initial meeting between the salesperson and the prospect. Objectives: gain prospect's attention, stimulate interest, and build a relationship

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Presentation

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objective to convert a prospect into a customer by creating a desire for the product or service

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Stimulus-response format

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assmes that given the appropriate stimulus by the salesperson, the prosepct will buy.
-Suggestive selling

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Formula-selling format

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info. is provided in an accurate, thorough, step-by-step manner to inform the prospect

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canned-sales presentation

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memorized, standardized message conveyed to every prospect

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advtg of formula selling

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-differences between prospects is unknown
-novice salespeople can still sell product

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disadvg of formula selling

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-lacks flexibility and spontaneity
-does not provide feedback from the prospective buyer

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Need-satisfaction format

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emphasizes probing and listening by the salesperson to identify needs and interests of prospective buyers

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Two selling styles of need-satisfaction

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Adaptive: adjusting presentation to fit sellling situation
Consultative: focuses on problem identification, where salesperson serves as an expert on problem recognition and resolution

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closing techniques: tiral close

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asking the prospect to make a decision on some aspect of the pruchase "would you prefer the blue or gray model"

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closing techniques: assumptive close

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asking the prospect to consider choices concerning deliver/warranty under the assumption that a sale has been finalized

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closing tecniques: urgency close

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used to commit the prospect quiclkly by making reference to the timeliness of the purcahse "the low interest financing ends next week"

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Follow up

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making certain the customer's purcahse has been properly delivered and installed and difficulties experiences with the use of the item are addressed. This stage solidifies buyer-seller relationship

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Sales plan fomulation

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statement describing what is to be achieved and where and how the selling effort of salespeople is to be deployed

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Sales plan implementation

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sales plan is put into practice through the tasks associated with sale plan implementation

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job description

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written document that describes job relationships and requirements that characterize each sales position

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Research on salesperson motivation suggests

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1. a clear job description
2. effective sales management practices
3. a personal need for achievement
4. proper compesnation, incentives, or rewards
will produce a motviated salesperson

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salesforce evaluation

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sales people are assessed as to whether sales objectives were met and account management policies were followed

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quantitative assessments

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based on input- and output- related objectives

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behavioral evaluation

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include assessments of a salesperson's attitude, attention to customers, product knowledge, selling and communication skills, appearance, and professional demeanor

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use of the convergence of computer, information, communication, and internet technologies to make the sales function more effective and efficient

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Salesforce automation (SFA)

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Consumers and companies populate two market environments

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-traditional markplace: face-to-face exchange relationship
-marketspace: internet-enabled digital environment

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Customer value creation in marketspace

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-greater in the digital markspace than in the physical marketplace
-place and time utility: info is possible from marketers anywhere to customers anywhere at anytime
-posession: customers can compare and confirm purcahses immediately
-form: easy customizaiton of products

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interactivity

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companies need to interact with their customer by listening and responding to their needs

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two-way buyer-seller electronic communication in a computer-mediated environment in which the buyer controls the kind and amount of information received from the seller

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interactive marketing

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interactive, internet-enabled system that allows individual customres to designt their own products and services by answering a few questions and choosing from a menu of prodcut/service attributes, prices, and delivery options

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choiceboards

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process that automatically groups people with similar buying intentions, preferences, and behaviors and predicts future purchases

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collaborative filtering

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consumer-intiatied practice of generating content on a marketer's Web site that is custom tailor to an indiviudal's specific needs and preferences

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personalization

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solicitaiton of a consumer's consent to receive e-mail and advertising based on personal data supplied by the consumer

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permission marketing

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copmanies that succesfully employ permission marketing adhere to 3 rules:

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-make sure opt-in customers receive only relevant and meaningful info.
-give customers option to opt-out
-customers are assured their info will not be sold

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sum total of the interactoins that a customer has with a company's Web site, from the initial look at the home page through the entire purchase decision process

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customer experience

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context

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a web site's aesthetic appeal and functional look

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content

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all digital information on a web site

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communication

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dialogue that unfolds between the web site and its users

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customization

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abiltiy of a site to modify itself to, or be modified by, each individual user

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connection

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linkages between a company's site and other sites

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commerce

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web site's ability to conduct sales transactions

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community

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ways that the site enables user-to-user communication

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electronic shopping agents or robots that comb web sites to compare prices and produce or service features

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bots

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practice of changing prices for products and services in real time in response to supplly and demand conditions

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dynamic pricing

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computer files that a marketer can download onto a computer and mobile phone of an online shopper who visit the marketers webiste. allos marketers web site to record a users visit, track visits together websites and store this informaiton

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cookies

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online consumer who researches products online and then purcahses them in the store

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cross-channel shopper

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blending of different communication and delivery channels that are mutually reinforcing in attracting, retaining, and building relationships with consumres who shop and buy in the traditional market place and online

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multi-channel marketing

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electronic storefronts. focus on converting online browser into online catalog or in store experience.

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transactional web sites

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advetise and promote a company's products and services and porvide information on how items can be used and where they can be purchase. often engage in interative experience like games or puzzles with prizes and coupons (pringles, pampers.com)

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promotional website