Author Archive

R. Kelly

Tags: Quotes

Young men.. Treat your girl right or someone else will!

-R. Kelly

Retail Terms: Must Read

Tags: Merchandising

Power Center

Shopping center that is dominated by several large anchors, including discount stores (Target), off-price stores (Marshalls), warehouse clubs (Costco), or category specialists such as Home Depot, Office Depot, Circuit City, Sports Authority, Best Buy, and Toys “R” Us.

Regional Center

Shopping mall that provides general merchandise (a large percentage of which is apparel) and services in full depth and variety.

Shopping Center

A group of retail and their commercial establishments that is planned, developed, owned, and managed as a single property.

shopping goods

Products for which consumers will spend time comparing alternatives.More…

Strip Mall

A shopping center that usually has parking directly in front of the stores and does not have enclosed walk-ways linking the stores.

Super-regional Center

Shopping center that is similar to a regional center; but because of its larger size, it has more anchors and a deeper selection of merchandise, and it draws from a larger population base.

Theme/Festival Centers

A shopping center that typically employs a unifying theme that is carried out by the individual shops in their architectural design and, to an extent, in their merchandise.

Traditional Strip Center

A shopping center that is designed to provide convenience shopping for the day-to-day needs of consumers in their immediate neighborhood.

Retail Terms: Must Read

Tags: Merchandising

accrued liabilitiesLiabilities that accumulate daily but are paid only at the end of a period.
activity-based costing (ABC)A financial management tool in which all major activities within a cost center are identified, calculated, and then charged to cost objects, such as stores, product categories, product lines, specific products, customers, and suppliers.
bottom-up planningWhen goals are set at the bottom of the organization and filter up through the operating levels.
customer returnsThe value of merchandise that customers return because it is damaged, doesn’t fit, and so forth.
input measureA performance measure used to assess the amount f resources or money used by the retailer to achieve outputs.
productivity measureThe ratio of an output to an input determining how effectively a firm uses a resource.
 
retained earningsThe portion of owners’ equity that has accumulated over time through profits but has not been paid out in dividends to owners.
top-down planningOne side of the process of developing an overall retail strategy where goals are set at the top of the organization and filter down through the operating levels. read more »

Retail Terms: Must Read

Tags: Merchandising

retail marketA group of consumers with similar needs (a market segment)and a group of retailers using a similar retail format to satisfy those consumer needs.
retail strategyA statement that indicates (1) the target market toward which a retailer plans to commit its resources, (2) the nature of the retail offering that the retailer plans to use to satisfy the needs of the target market, and (3) the bases upon which the retailer will attempt to build a sustainable competitive advantage over competitors.
retailing conceptA management orientation that holds that the key task of a retailer is to determine the needs and wants of its target markets and to direct the firm toward satisfying those needs and wants more effectively and efficiently than competitors do.
scale economiesCost advantages due to the size of a retailer.
situation auditAn analysis of the opportunities and threats in the retail environment and the strengths and weaknesses of the retail business relative to its competitors.
strategic allianceCollaborative relationship between independent firms. anFor example,a foreign retailer might enter an international market through direct investment but develop alliance with a local firm to perform logistical and warehousing activities.
strategic retail planning processThe steps a retailer goes through to develop a strategic retail plan. It describes how retailers select target market segments, determine the appropriate retail format, and build sustainable competitive advantages.
strengths and weaknesses analysisA critical aspect of the situation audit in which a retailer determines its unique capabilities —its strengths and weaknesses relative to its competition.
sustainable competitive advantageA distinct competency of a retailer relative to its competitors that can be maintained over a considerable time period.
target marketThe market segment(s) toward which the retailer plans to focus its resources and retail mix.
vertical integrationAn example of diversification by retailers involving investments by retailers in wholesaling or manufacturing merchandise.

Retail Terms: Must Read

Tags: Merchandising

direct investmentThe investment and ownership by a retail firm or a division or subsidiary that builds and operates stores in a foreign country.
diversification opportunityA strategic investment opportunity that involves an entirely new retail format directed toward a market segment not presently being served.
joint ventureAn entity formed when the entering retailer pools its resources with a local retailer to form a new company in which ownership, control, and profits are shared.
market attractiveness/competitive position matrixA method for analyzing opportunities that explicitly considers the capabilities of the retailer and the attractiveness of retail markets.
market expansion opportunityA strategic investment opportunity that employs the existing retailing format in new market segments.
market penetration opportunityAn investment opportunity strategy that focuses on increasing sales to present customers using the present retailing format.
mission statementA broad description of the scope of activities a business plans to undertake.
positioningThe design and implementation of a retail mix to create in the customer’s mind an image of the retailer relative to its competitors. Also called brand building.
private-label brandsProducts developed and marketed by a retailer and only available for sale by that retailer. Also called store brands.
related diversification opportunityA diversification opportunity strategy in which the retailer’s present offering and market share something in common with the market and format being considered.
retail formatThe retailers’ type of retail mix (nature of merchandise and services offered, pricing policy, advertising and promotion program, approach to store design and visual merchandising, and typical location).
retail format development opportunityAn investment opportunity strategy in which a retailer offers a new retail format — a format involving a different retail mix — to the same target market.

Retail Terms: Must Read

Tags: Merchandising

bargaining power of vendorsA competitive factor that makes markets unattractive when a few vendors control the merchandise sold in it. In these situations, vendors have an opportunity to dictate prices and other terms, reducing retailer’s profits.
barriers to entryConditions in a retail market that make it difficult for firms to enter the market.
competitive rivalryThe frequency and intensity of reactions to actions undertaken by competitors.
cross-sellingWhen sales associates in one department attempt to sell complementary merchandise from other departments to their customers.
customer loyaltyCustomers’ commitment to shopping at a store.
data warehouseThe coordinated and periodic copying of data from various sources, both inside and outside the enterprise, into an environment ready for analytical and informational processing. It contains all of the data the firm has collected about its customers and is the foundation for subsequent CRM activities.

Retail Terms: Must Read

Tags: Merchandising

Multi attribute attitude modelA model of customer decision making based on the notion that customers see a retailer or a product as a collection of attributes or characteristics. The model can also be used for evaluating a retailer, product, or vendor. The model uses a weighted average score based on the importance of various issues and the performance on those issues.
Post purchase evaluationThe evaluation of merchandise or services after the customer has purchased and consumed them.
Psychological needsNeeds associated with the personal gratification that customers get from shopping or from purchasing and owning a product.
PRIZMA database combining census data, nationwide consumer surveys, and interviews with hundreds of people across the country into a geo-demographic segmentation system.
psychographicsRefers to how people live, how they spend their time and money, what activities they pursue, and their attitudes and opinions about the world they live in.
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Retail Terms: Must Read

Tags: Merchandising

demographic segmentationA method of segmenting a retail market that groups consumers on the basis of easily measured, objective characteristics such as age, gender, income and education.
fashionCategory of merchandise that typically lasts several seasons, and sales can vary dramatically from one season to the next.
functional needsThe needs satisfied by a product or service that are directly related to its performance.
Geo-demographic segmentationA market segmentation system that uses both geographic and demographic characteristics to classify consumers.
Geographic segmentationSegmentation of potential customers by where they live. A retail market can be segmented by countries, states, cities, and neighborhoods.
habitual decision makingA purchase decision involving little or no conscious effort.
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