Retailing Marketing Chapter 5

target market
the market segments toward which the retailer plans to focus its resources and retail mix
retail format
the nature of the retailer’s operations-its retail mix
sustainable competitive advantage
a long term advantage over the competition
customer loyalty
more than simply liking one retailer over another
loyal customers will be reluctant to patronize competitive retailers
strong
develop a _______ brand for the store or store brands
(how retailers build brand loyalty)
precise
developing clear and _______ positioning strategies
(how retailers build brand loyalty)
emotional
creating an _______ attachment with customers through loyalty programs
(how retailers build brand loyalty)
retail branding
stores use brands (stores name and store brands-private label brands) to build customer loyalty
retail brand
-can create an emotional tie with customers that build their trust and loyalty
-facilitates store loyalty because it stands for a predictable level of quality
location
most important thing in retailing
competitive
location is a __________ advantage
human resources
employees are key to building a sustainable competitive advantage
-strategies for recruiting and retailing talented employees
-employee branding
-develop positive organizational culture
vendor relationships
low cost-efficiency through coordination
-electronic data interchange
-collaborative planning and forecasting to reduce inventory and distribution costs
exclusive sale of desirable brands
special treatment
high quality customer service
-difficult to achieve-people are not machines (inconsistent), retail sales associates often at bottom of labor pool
-goes beyond hiring good people at high wages and training them-organizational culture
market penetration
more stores, more hours, better execution
market expansion
dunkin donuts going beyond the north east
format development
multichannel–nordstrom, nordstrom rack
diversification
new target, new format
successful global retailing
sustainable competitive advantage
adaptability
global culture
financial resources
mission
define the business _______
(7 strategic retail planning process stages)
situation
conduct a ________ audit
-market attractiveness analysis
-competitor analysis
-self analysis
(7 strategic retail planning process stages)
strategic
identify _______ opportunities
(7 strategic retail planning process stages)
alternatives
evaluate strategic _________
(7 strategic retail planning process stages)
specific
establish _______ objectives and allocate resources
(7 strategic retail planning process stages)
mix
develop a retail ____ to implement strategy
(7 strategic retail planning process stages)
performance
evaluate __________ and make adjustments
(7 strategic retail planning process stages)
performing a self analysis
at which is our company good
in which of these areas is our company better than our competitors
in which of these areas does our company’s unique capabilities provide a sustainable advantage or a basis for developing one
elements in a situation audit
market factors
competitive factors
environmental factors
analysis of strengths and weaknesses