Questions and Answers of Retailing Management

The same brand and model of personal computer is sold by specialty computer stores, discount stores, category specialists, online retailers, and warehouse stores.Why would a customer choose one
Why are retailers in the limited-assortment supermarket and extreme-value discount store sectors growing so rapidly?
Could a full-line discount store, such as Target or Walmart, be successful opening stores using another retail format, such as convenience stores or department stores? Explain why or why not.
Choose a small, independent retailer, and explain how it can compete against a large national chain.
Distinguish between variety and assortment. Why are these important elements of the retail market structure?
INTERNET EXERCISE Go to the home pages of Macy’s Careers After College (http://www.macysjobs.com/college/), Sears Holdings Corporation College Programs
Retailing View 1.1 describes how some retailers are acting socially responsibly. Take the perspective of a stockholder in one of these companies. What effect will these activities have on the value
From a personal perspective, how does retailing rate as a potential career compared with others you are considering?
Why do retail managers need to consider ethical issues when making decisions?
Think of your top-five favorite retailers. Are they regional, national, or global companies? Could any of the regional or national companies have success in the future in a global market? Explain
Choose a U.S.-based retailer that wants to open a new store outside the United States for the first time.Which country should it pursue? Why?
How does Walmart contribute and detract from the communities in which it operates stores?
From your perspective, what are the benefits and limitations of purchasing a home entertainment system directly from a number of component manufacturers rather than from a retailer?
What are the types of ownership for retail firms?
How do services retailers differ from merchandise retailers?
What trends are shaping today’s retailers?
How do retailers differ in terms of how they meet the needs of their customers?
What are the different types of retailers?
What types of decisions do retail managers make?
What career and entrepreneurial opportunities does retailing offer?
Why is retailing important in our society?
What do retailers do?
What is retailing?
Describe the customer relationship management process. LO11-1
Understand how customer shopping data are collected. LO11-2
Explain the methods used to analyze customer data and identify target customers. LO11-3
Outline how retailers develop their frequent-shopper programs. LO11-4
Explain various ways to implement effective CRM programs. LO11-5
What is a customer relationship management (CRM) program?Describe one CRM program that you have participated in as a customer. LO11-5
Why do retailers want to determine the lifetime value of their customers? How does past customer behavior help retailers anticipate future customer retention? LO11-5
Why do some customers have a low or negative CLV? What approach can retailers take with these customers to minimize their impact on the bottom line? LO11-5
Why do customers have privacy concerns about the frequent-shopper programs that supermarkets offer, and what can supermarkets do to minimize these concerns? LO11-5
Why are most frequent-shopper programs ineffective in terms of building loyalty? What can be done to make these programs more effective? LO11-5
Which of the following types of retailers do you think would benefit most from instituting a CRM program: (a) supermarkets, (b) banks, (c)automobile dealers, or (d) consumer electronics retailers?
Develop a CRM program for a local store that sells apparel and gifts with your college’s or university’s logo. What type of information should be collected about customers, and how could this
What are the different approaches retailers can use to identify customers by their transactions? What are the advantages and disadvantages of each approach? LO11-5
A CRM program focuses on building relationships with a retailer’s better customers. Some customers who do not receive the same benefits as the retailer’s best customers may be upset because they
Describe the process that consumers go through when making retail patronage and buying decisions. LO5-1
Identify the different types of buying processes. LO5-2
Summarize how the economy and social factors affect consumer purchase decisions. LO5-3
Determine why and how retailers group consumers into market segments. LO5-4
Does the consumer buying process end when a consumer buys some merchandise? Explain your answer. LO5-4
What sources of information would a consumer consult if he or she were buying a subscription box (food, cosmetics, clothes, etc.) for the first time? What subjective and objective criteria would be
Considering the steps in the consumer buying process (Exhibit 5–1), describe how you (and your family) used this process to select your college or university. How many schools did you consider? How
In this chapter, we discuss three CVS personalities: “Caroline,” a 18-to 24-year-old new mom with lower income; “Vanessa,” a 35- to 54-year-old women with children, at the peak of her income;
Any retailer’s goal is to get consumers in its store so that they can find the merchandise that they are looking for and make a purchase at this location. How could a sporting goods retailer ensure
How does the buying decision process differ when consumers are shopping on the Internet or a mobile device compared with shopping in a store in terms of locations or sites visited, time spent, and
Using the multiattribute attitude model, identify the probable choice of a local car dealer for a young, single woman and for a retired couple with limited income (see the accompanying table). What
Think of a recent purchase that you made and describe how economic and social environmental factors (e.g., reference groups, family, and culture) influenced your buying decision. How are retailers
Think about the merchandise sold at Office Depot/OfficeMax and Staples, and list three to four types of merchandise that fall into extended problem solving, limited problem solving, and habitual
Review the strategic objectives of a retail firm. LO7-1
Contrast the two paths to financial performance using the strategic profit model. LO7-2
Illustrate the use of the strategic profit model for analyzing growth opportunities. LO7-3
Review the measures retailers use to assess their performance. LO7-4
What are the key productivity ratios for measuring the retailer as a whole, its merchandise management activities, and its store operations activities? Why are these ratios appropriate for one area
What are examples of the types of objectives that entrepreneurs might have for a retail business they are launching? LO7-4
Buyers’ performance is often measured by the gross margin percentage. Why is this measure more appropriate than the operating or net profit percentage? LO7-4
A supermarket retailer is considering the installation of self-checkout point-of-sale (POS) terminals. How would the replacement of cashiers with these self-checkouts affect the elements in the
Why do investors place more weight on comparable-store sales than growth in sales? LO7-4
Blue Nile is a jewelry retailer that uses only an Internet channel for interacting with its customers. What differences would you expect in the strategic profit model and key productivity ratios for
Using the following information taken from the 2020 balance sheet and income statement for Urban Outfitters, develop a strategic profit model. (Figures are in thousands of dollars.) LO7-4
A friend of yours is considering buying some stock in retail companies. Your friend knows that you are taking a course in retailing and asks for your opinion about Costco. Your friend is concerned
Identify the critical issues retailers need to consider when designing a store. LO17-1
List the advantages and disadvantages of alternative store layouts. LO17-2
Describe how to assign store floor space to merchandise departments and categories. LO17-3
Illustrate the best techniques for merchandise presentation. LO17-4
Understand how retailers can create a more appealing shopping experience. LO17-5
One of the fastest-growing sectors of the population is the over-60 age group. Customers in this group may have limitations in their vision, hearing, and movement. How can retailers develop store
Assume you have been hired as a consultant to assess a local discount store’s floor plan and space productivity. Look back at Chapter 7 and decide which analytical tools and ratios you would use to
What are the different types of design that can be used in a store layout? How does the layout impact the types of fixtures used to display merchandise? Describe why some stores are more suited for a
As an architect for retail space, you are responsible for Americans with Disabilities Act compliance. How would you make sure that a store’s retail layout both meets accessibility requirements and
What are the advantages and disadvantages of offering virtual dressing rooms from the retailer’s perspective? LO17-2
Complete the following table by briefly describing how the different retail formats could use each of the areas listed to enhance the store’s image and atmosphere. LO17-2
Identify the new media elements. LO15-1
Identify the traditional media elements. LO15-2
List the steps involved in developing a communication program. LO15-3
What are the positive and negative aspects of direct marketing from the customer’s perspective? LO15-3
What types of sales promotions have been successful with you as a consumer? Which ones have not been successful? Explain your responses. LO15-3
What factors should be considered in dividing up the advertising budget among a store’s different merchandise areas? Which of the following should receive the highest advertising budget: staple,
Why do some online retailers include editorials and customer reviews along with product information on their websites? Explain how this may influence the consumer’s buying behavior. LO15-3
Assume you work for a large consumer packaged-goods firm that has learned its latest line of snack foods is selling very slowly in retail stores. Recommend a strategy for listening to what consumers
As an intern for Dunkin’, you have been asked to develop a social media campaign for a new glazed muffin. The objective of the campaign is to increase awareness and trial of the new line of
Understand the channels used by retailers. LO4-1
Compare the relative strengths of the major retail channels: stores;Internet, mobile, and social; and catalog and other nonstore channels. LO4-2
Describe the opportunities associated with a true omnichannel strategy. LO4-3
Analyze the challenges facing multichannel and omnichannel retailers. LO4-4
Why are store-based retailers aggressively pursuing sales through Internet channels? LO4-3
What are the differences among a multichannel, cross-channel, and omnichannel retailer? Provide an example of each. LO4-3
What aspects of omnichannel retailing benefit you as a consumer? LO4-3
Choose a retailer from whom you have purchased through multiple channels. Is it a multichannel, cross-channel, or omnichannel retailer?Justify your answer. LO4-3
Using the same retailer that you chose in the previous question, how well has it integrated its operations across channels? How similar and different are its assortments and prices? Should it do
Do you participate in showrooming? Why or why not? LO4-3
From a customer’s perspective, what are the benefits and limitations of stores? Internet? Mobile? Social? Catalogs and other nonstore channels? LO4-3
Which of the following categories of merchandise do you think could be sold most successfully through an Internet channel: jewelry; TV sets; computer software; high-fashion apparel; pharmaceuticals;
Describe how to acquire and retain employees. LO16-1
Illustrate effective leadership strategies of a retail manager. LO16-2
Explore the various strategies retail managers can undertake to control costs. LO16-3
Summarize how retailers are typically organized. LO16-4
Identify the legal issues involved with human resource management. LO16-5
How do on-the-job training, Internet training, and classroom training differ? What are the benefits and limitations of each approach? LO16-1

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