What is the correct definition of retailers quizlet?

From the Value Attitude and Lifestyle (VALS) framework, which psychographic market segmentation does this narrative best descrbe?

They have goal-oriented lifestyles and a deep commitment to career and family; social lives reflect this focus and are structured around family, their place of worship, and work; value consensus, predictability, and stability over risk, intimacy, and self-discovery;
active in the consumer marketplace with many wants & needs and image is important to them.

Rack jobber => Furnish shelves for merchandise in retail stores and sell on consignment.

Cash and carry wholesaler => Take title to merchandise but sell only to buyers who call on them, pay cash, and furnish transportation for merchandise.

Drop shipper => Own the merchandise they sell and solicit orders, but do not physically handle, stock, or deliver products.

Truck jobber => Sell a limited assortment of fast-moving or perishable items directly from their vehicles.

increase the cost of products and services

Ex:
-costs the manufacturers $10 to make and market a t-shirt (costs include raw materials, design, labor, production equipment, transportation to the wholesaler, etc.)
-manufacturer sells the t-shirt to wholesaler for $11 and makes a $1 profit
-wholesaler incurs $2 to handle and store the t-shirt and transport it to the retailers
-wholesalers sells the t-shirt to the retailers for $14, making a $1 profit
-retailer then incurs costs to fold the shirt, put price tags on it, store it, employ sales associates, light and AC the store, etc.
-retailer sells the shirt to a customer for $19.95, making a profit of $1.95

involves an organization voluntarily engaging in business practices that meet or exceed the ethical and legal expectations of its stakeholders--its employees, customers, community, and society in general.

Ex: reducing their use of energy, supporting local schools, and working with national organizations such as the American Red Cross and Habitat for Humanity.

-these CSR activities promote a positive image to customers, build employee morale, and save money--a win-win scenario for both the companies and the stakeholders.

-many retailers are building LEED-certified stores; this is based on an assessment of the store's impact on human and environmental health, sustainable site development, water savings, energy efficiency, materials selection, and indoor environmental quality.

-Sustainable Apparel Coalition has developed an index to rate the relative sustainability of apparel. the index considers to entire life of the product from raw materials to disposal

Retail Strategy
-target health-conscious, environmentally conscious, middle-class consumers by using a modern supermarket format, rather than small, specialty health food stores.
-mission is to promote the vitality and well-being of al individuals by supplying the highest quality, most wholesome foods available

Strategic Advantages
-strong brand image that builds customer loyalty
-committed employees who provide excellent customer service
-good relationships with organic food suppliers that ensures a supply of organic food even as demand for organic food grows faster than supply
-efficient supply chain connecting local growers to a national store network
-extensive information about its customers that it uses to develop assortments and target promotions

Merchandise Management
-offers the array of food categories typically found in a supermarket however the assortment emphasizes organic and natural products that are fresh, nutrias, and safe to eat
-seeks out and supports local producers whose fruits and vegetables meet its standards, particularly those who farm organically
-offers seven lines of private-label products
-communicates the benefits of its offerings through its website and social media (its app offers a variety of awesome features like recipes, ingredients, budgets, etc.)
-uses social media extensively

Store Management
-all employees are organized into self-managed teams that meet regularly to discuss issues and solve problems
-decision on visual merchandising and store design reinforce its strategy (designed to make grocery shopping fun; intimate and safe feel to linger, etc.)
-provides excellent customer service

stocking a deep and broad assortment, is appealing to customers but costly for retailers.

-when a retailer offers many SKUs, its inventory investment increases bc the retailer must have backup stock for each and every SKU

services attract customers to the retailer, but they are also costly

-more staff must be paid for top notch customer service; child care facilities, restrooms, dressing rooms, etc. take up valuable store space that could be used to stock and display merchandise; offering delayed billing, credit or installment payments requires a financial investment that could be otherwise used to buy more merchandise

to make a profit, retailers that offer a broader variety, deeper assortments, and/or additional services need to charge higher prices
(Ex: department stores have higher prices than discount stores partially bc of their higher costs)

a critical retail decision involves the trade-off between the costs and benefits of maintaining additional inventory or providing additional services

provide a limited variety and assortment of merchandise at a convenient location in 3,000-5,000 sq. ft. stores, with speedy checkout.

-enable customers to make purchases quickly, without having to search through a large store and wait in a long check out line.

-easy access, storefront parking, and quick in and out access are key benefits offered.

-generally charge higher prices than supermarkets for similar products like milk, eggs, and bread.
(these items once represented the majority of their sales but now its from lower profit products like gas and cigs.)

-supermarkets and supercenters are competing by attempting to appeal to customers by offering gas and tying gasoline sales to their frequent shopper programs

-in response to competition, they are taking steps to decrease dependency on gas sales tailor assortments to local markets, offer more fresh options and make their stores even more convenient to shop; and adding new features like financial service kiosks
-to increase convenience they are opening smaller stores close to where consumers shop and work (Ex: 7-11 having stores in airports, office buildings and schools)

retailers that carry a broad variety and deep assortment, offer customer services, and organize their stores into distinct departments for displaying merchandise

Ex: Dillards, Nordstorm, JCP

-most department stores focus almost exclusively on soft goods

-main departments include mens, women, and children apparel; home furnishings; cosmetics; kitchenware; and small appliances
(each has a designated area of the store with different salespeople to assist customers in each department)

3 tiers:
-upscale high fashion, lots of customer service (Neiman's, Bloomingdales, etc.)
-traditional department stores/more modest prices, less customer service (nordstrom, macy's, Saks Fifth)
-value-oriented, caters to more price-conscious consumers (Sears, JCP, Kohls)

-not as convenient bc they are in large malls
-customer service has diminished in 2nd and 3rd tiers to increase profits by reducing labor costs

offer an inconsistent assortment of brand-name merchandise at a significant discount off the manufacturers' suggested retail price (MSRP)

Ex: TJMaxx, Marshalls, Burlington, Big Lots, Ross, Overstock.com

-also includes flash sales, outlets stores, and factory outlets

-able to sell brand-name and even designer label merchandise at 20-60% lower than the manufacturers' suggested retail price bc of their unique buying and merchandising practices.

-much of there merchandise is bought opportunistically from manufacturers that have overruns, cancelled order, forecasting mistakes cause execs inventory, closeouts, and irregulars; they also buy excess inventory from other retailers.

-they can buy at low prices because they do not ask suppliers for advertising allowances, return privileges, markdown adjustments, or delayed payments.

-due to the opportunistic buying, customers cannot be confident that they same type of merchandise will be in stock each time they visit the store
(for many off-price shoppers, this inconsistency is exactly why they like to go there)

firms that primarily sell services rather than merchandise, are a large and growing part of the retail industry.

Ex: your saturday consisted of these errands: Einstein's, laundromat, dry cleaners, Geek Squad at Best Buy, Jiffy Lube, Taco Bell, Hair Salon, Fitness Center, Movie Theater, Club
-therefore you interacted with 10 different service retailers throughout the day

-several trends suggest considerable future growth in service retailing
(aging population will increase demand for health care services; younger people spending more money on health and fitness; 2-income families are willing to have their homes cleaned and lawns moved, clothes washed and pressed and meals prepared to spend more time with their families)

-airlines, banks, hotels, and insurance and express mail companies sell their services to businesses as well as consumers

a contractural agreement in which the franchisor (the company) sells the rights to use its business trademark, service mark, or trade name, or another commercial symbol of the company to the franchisee for a one-time franchise fee and an ongoing royalty fee, typically expressed as a percentage of gross monthly sales.

-benefits both the franchisor and the franchisee

drawbacks:
-in addition to paying the franchisor, the franchisee needs financing for start-up costs, including rent or purchase price of office/retail space; modification of the space according to the guidelines of the franchisor (paint colors, flooring, lighting, etc.); signage; opening inventory; and equipment.

-in addition to incurring the capital costs, the franchisee must adhere to the franchisor's rules and operating guidelines.

What is the definition of retailing quizlet?

What's retailer definition?

What is the correct definition of retailers multiple choice question?

Which of the following is the best definition for retailing?