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Final

RMG 200 Study Guide - Final Guide: Intertype Corporation, North American Industry Classification System, Walmart


Department
Retail Management
Course Code
RMG 200
Professor
Ken Wong
Study Guide
Final

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Retailing: Set of business activities that add value to the products and services sold to consumers for their personal/family use.
Retailer: A Business that sells products or services to consumers/family use.
Distribution Channel: 1)Manufacturer 2)Wholesaler 3)Retailer 4)Consumer
Corporate Social Responsibilities: Voluntary actions taken by a company to address the ethical, social & environmental impacts of its business
operations and the concerns of stakeholders.
NAICS: (North American Industry Classification System) 6 digit codes based on what the retailer produce/sell
Intratype Competition: Completion between retailers of the same type (Ex. Wal-Mart v. Target)
Intertype Competition: Competition between retailers that sell similar merchandise using different format (Ex. Scrambled Merchandising
offering of merchandise NOT typically associated with the store type)
Variety: # of different merchandise
categories
within a store/department. Breadth: # of
different product lines (Ex. Shoes, Clothing, Makeup)
Assortment: # of SKUs within a merchandise category Depth: # of products within each product line (Ex. Heels, oots, sandals)
Product/Services assortment strategies…
1. Wide & Deep: MANY product categories and LARGE assortment in each category (Ex. The Bay)
2. Wide & Shallow: MANY product categories and LIMITED assortment in each category (Ex. Wal-Mart)
3. Narrow & Deep: LIMITED # of product categories and LARGE assortment in each category (Ex. The Container Store)
4. Narrow & Shallow: FEW product categories and LIMITED assortment in each category (Ex. Meat Shops)
General Types of Retailers…
1. Discount Stores: AKA. Mass merchandiser; wide variety, limited service & low prices; intense competition (Ex. Wal-Mart)
2. Specialty Stores: Limited # of complementary product categories; high level of service; focuses on specific market (Ex. Sephora)
3. Category Specialist/Category Killer: Products for OUTDOOR recreational activities; discount retailer with narrow and deep assortment; “big-
box” category killer; large stores; all competitors lose profit due to DECREASED selling prices
4. Department Stores: Wide variety & deep assortment; considerate amount customer service; organized into separate departments (Ex. Sears)
5. Off-Price Retailers: inconsistent assortment of brand-names, fashion oriented goods @ low prices; Factory outlet; Closeouts (Ex.Winners)
6. Value Retailers: Discount stores found in low-income urban/rural areas; smaller than traditional discount stores (Ex. Dollarama)
7. Supercenters: Large stores; combination of a discount store and supermarket; Food (30-40%) Non-food (60-70%); dry foods (Ex. Wal-Mart)
8. Hypermarkets: Large store; LESS SKUs than supercenters; Food (60-70%) Non-food (30-40%); focus on perishable foods (Ex. Nofrills)
2 Types of Need Recognition…
1. Utilitarian: When consumers go shopping to accomplish a specific task. 2. Hedonic: When consumers go shopping for pleasure.
Needs retailers can satisfy…
1. Stimulation 2. Need to socialize 3. Need to know 4. Need to be serviced 5. Need to feel good (reward themselves) 6. Need a thrill (bargain)
Multi-attribute Model: Consumers see a retailer or a product/service as a collections of attributes/characteristic. Tries to predict a customers
evaluations based on  1. its performance on relevant attributes 2. the importance of those attributes to the customer
Consideration Set: Set of alternatives that customer evaluates when making a merchandise selection
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