Retail Management A Strategic Approach: Chapter 3

Front 1

Retail Strategy

Back 1

The overall plan or framework of action that guides a retailer.

Front 2

Situation analysis

Back 2

a candid evaluation of the opportunities and threats facing a prospective or existing retailer.

Front 3

Opportunities

Back 3

Marketplace openings that exist because other retails haven't capitalized on them.

Front 4

Threats

Back 4

environmental and marketplace factors that can adversely affect retailers if they do not react to them.

Front 5

Organizational Mission

Back 5

retailers commitment to a type of business and to a distinctive role in the marketplace

Front 6

Partnership

Back 6

unincorporated retail firm owned by two or more persons, each with financial interest

Front 7

Corporation

Back 7

retail firm that is formally incorporated under state law. it is a legal entity aprat from individual officers (or stock holders)

Front 8

Sole Proprietorship

Back 8

Unincorportated retail firm owned by one person

Front 9

goods/service category

Back 9

the line of business in which to operate.

Front 10

objectives

Back 10

long-run and short-run performance targets a retailer hopes to attain.

Front 11

Operating efficiency is expressed as:

Back 11

1-(operating expenses/company sales.

Front 12

image

Back 12

represents how a given retailer is perceived by consumers and others.

Front 13

positioning

Back 13

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.

Front 14

Mass Merchandising

Back 14

a positioning approach whereby retailers offer a discount or value-oriented image, a wide and/or deep merchandise selection and large store facilities. Walmart

Front 15

Niche retailing

Back 15

retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market.

Front 16

bifurcated retailing

Back 16

denotes the decline of middle-of-themarket retailing due to the popularity of both mass merchandising and niche retailing.

Front 17

Target Market

Back 17

Customer Group sought by retailer

Front 18

Mass marketing

Back 18

selling goods and services to a broad spectrum of concumers

Front 19

Concentrated marketing

Back 19

Zeroing in one one specific group

Front 20

differentiated marketing

Back 20

aiming at two or more distinct consumer groups, with different retailing approaches

Front 21

What are the three techniques firms use to select their target market

Back 21

Mass marketing, concentrated marketing and differentiated marketing

Front 22

competitive advantage

Back 22

the distinct competencies of a retailer relative to competitors

Front 23

controllable variable

Back 23

Variables the business firm can directly affect

Front 24

uncontrollable variable

Back 24

Variable business owner have to adapt to

Front 25

What are the three forms of paid promotion?

Back 25

advertising, personal selling and sales promotion

Front 26

What are the Uncontrollable Variables of retail strategy

Back 26

consumer
competition
technology
economic conditions
seasonability
Legal restrictions

Front 27

Tactics

Back 27

actions that encompass a retailer's daily and shorterm operations

Front 28

Control

Back 28

Phase in the evaluation of a firms strategy and tactics in which a semiannual or annual review of the retailer take place

Front 29

Feedback

Back 29

Signals or cues to the success or failure of the retail strategy