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business
retail management

Questions and Answers of Retail Management

From the retailer’s perspective, what are the key disadvantages of locating in a secondary business district?
A convenience store chain has had some success in choosing locations in unplanned business districts of smaller cities. Explain the four variants of these districts.
A fast-food brand is contemplating trading area saturation before committing to locate in several cities in an overseas market. What should it consider?
Visit the Web site of the Department of Singapore Statistics (http://www.singstat.gov.sg) and look up the population trends for 2016. As a retailer, where would you find information to help you
Why is it critical for a retailer to examine a location’s economic base in its decision to open a store?
Computerized trading-area models like Reilly’s Law offer significant advantages to retailers. These models are objective and consider all of the factors in a systematic manner. Retailers can use a
Compare the analog and regression models of assessing new locations.
If a retailer has a new 10-year store lease, does this mean the next time it studies the characteristics of its trading area should be 5 years from now? Explain your answer.
Cite the benefit of each primary data method: survey, observation, experiment, and simulation.
One application of data mining is micromarketing. What is micromarketing, and how might a retailer use it?
In database management, a retailer gathers, integrates, applies, and stores information related to specific subject areas. Outline how this should be carried out. What are the information sources?
What information could a retailer supply to other channel members?
What information does a customer actually demand from a retailer?
Why is gathering and analyzing information crucial to a retailer that is launching a new strategy or modifying an existing one?
Why is it valuable for retailers to understand the complexity of the standard-of-living concept?
Sacla is a global Italian food brand (http://www.sacla.com/). Visit its Web site and identify its target market strategy.
Some retailers engage in differentiated marketing by having distinctively separated brands to cater for different customer targets. Give local examples and explain why this is necessary.
Outline how a retailer could maximize the tendency for many consumers to buy impulsively.
The consumer decision process can be either short and decisive or long and involved, depending on the product or service and the involvement of the retailer. Outline this process and illustrate it
Identify the product categories with high cross-shopping. What is the reason for this?
How could a self-service frozen yogurt chain use the U.S. population data presented in Table 7 2?
Why is reliability one of the four major concerns for retailers’ Web sites?
What is database retailing, and how does it work? Explain how a retailer makes use of the database.
List all of the variations and versions of direct marketing.
Direct marketing may be advantageous to sellers, but what are the key advantages of this type of relationship for consumers? Why might they choose it?
Do you think that nonstore retailing is gaining traction in your own country? Explain your answer.
Contrast omnichannel and multi-channel retailing. What do you think are the advantages of each?
Is the trend towards mergers of retailers an important aspect of your local retail environment?
Choose a local example of a retailer and explain how they could avoid terminal decline and reset themselves into a new growth period.
Briefly explain and provide local examples of the four stages of the retail life cycle.
Price-sensitive shoppers are one of the most fickle target groups. What makes them difficult to convert to loyal customers? How could you retain them?
What does it mean to become a destination retailer? How is this achieved?
To what extent do you agree that independents put their customers first?
How can an independent retailer avoid becoming over-reliant on the owner?
Comparatively speaking, why do independents have much less power when it comes to negotiating with suppliers and other businesses?
In most markets, independents are the most common form of retailer. Why is this the case?
How would you define the term “retail institution”? What is implied by this term?
A footwear retailer located in a seasonal coastal resort wants to choose the most appropriate ways to target their market. Which would you choose, mass, concentrated or differentiated marketing?
Discuss local examples of a retailer applying mass marketing, concentrated marketing, and differentiated marketing.
Develop a checklist of likely financial investments for a new retail venture. What are the most common funding methods for these investments?
What are the pros and cons of setting up a new retail operation as a sole proprietor?
How might a retailer go about identifying and quantifying the key opportunities and threats it faces?
Strategic planning can be done by the owner of a firm, professional management, or a combination of both. Why is strategic planning attractive?
As a retailer, how would you reward social media referrals by customers?
How would you differentiate between expected and augmented customer service provisions? Why does customer service rely on the abilities of employees?
How do new and mature retailing businesses differ in terms of their treatment of core customers?
There are five potential pitfalls to avoid in planning a value-oriented retail strategy. Discuss these three:a. Planning value with just a price perspective.b. Providing value-enhancing services that
Value is embodied by a series of activities and processes—a value chain. This provides a certain value to the consumer. What does the value chain comprise, and what features are readily
What are the six key steps of strategic planning that should be used by a retailer?
One retailer wants to be part of a selective distribution channel. Another wants to be part of an exclusive distribution channel. What might be the reasons for these choices?
Why might a new manufacturer want their products to be sold in the maximum number of retail outlets? Is this a good idea?
Why might a supplier opt for exclusive channel distribution with retailers?
What is the average amount that you spend in a retail store per transaction? What factors are likely to influence your supermarket transaction spend compared to other retailing spending?

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