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Course Overview


Department
Retail Management
Course Code
RMG 400
Professor
Bharat Sud

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Chapter 1
4 Ps: Product, Place, Promotion, Place
Production Orientation – Make whatever is easy to produce, and then try to sell
Market Orientation – Design marketing programs to meet customer needs
Marketing Concept – Customer satisfaction, Total Company effort & Profit
Trends/Challenges: Too many stores, marketing to smaller niches, Increasing consolidation, Rapid globalization, Increased Demand
Target Marketing – Demo, Geo, Psychographic, Behavioristic
Types of Target Marketing – Undifferentiated, Concentrated, Multi-segmented
Chapter 2
Buyer Role: Planning, Directing, Coordinating, Controlling
Factors affecting Buyers job: Merchandise carried, Organizational Structure, Size of the Organization
Chapter 3:
Types of Products: Hard (Tools), Soft (Clothing), Food
Chain stores, Buying is done through Head Office (Centralized Buying) : Central Merchandising Plan, Warehouse Requisition Plan (Each
store sends requests to warehouse), Price agreement plan (Company agrees with suppliers for discounted price)
Retail Formats: Department, Discount, Outlet (Specific Brands, Major Discounts), Specialty (Sell high, Turnover Low), Supermarket (Quick
Turnover)
Departmentalization: Functional, Product Line, Geographic
Chapter 4:
Marketing Research – The systematic process of gathering, recording, and analyzing info about marketing-related problems
Purpose of conducting Marketing Research: Understand environment, Understand customers, Analyze competition, Forecast
Data: Primary – New information, Secondary – Already out there
Internal Source – Store Records, External Source – Magazine
Buying offices: Firms located in major market centres to provide buying advice: More efficient, Access to unique products, Discount
Types of buying offices: Independent, Store-owned
Chapter 5:
Important trends to monitor: Sales levels, Store traffic, Staple items
Buying motives: Rational, Emotional, Patronage (Buy only from certain stores)
Lifestyle trends: Busy (Timesaver), Computer Junkies, Living Large (Spends more than they can afford)
Learning about customers: Data Warehousing, Data Mining (Analysis of Data), Database Marketing
Chapter 6:
Product Line – Products that are similar
Factors affecting product line decisions – Target Market, Competition (Have a wider variety), Store location/layout (Space to carry merch),
merch selection, personnel (Wider variety of products can be carried if staff is knowledgeable)
Types of Products: Availability (Convenience, Impulse, Shopping around, Specialty (at a certain store), Quality/Durability, Fashion (Style,
Fashion), New (90% new products fail within 1 year, factors to consider: Compatability, Profit potential, Appropriate, Competitive actions),
Fads
Product Life Cycle – Introduction, Growth, Maturity, Decline
Fashion Adaptation Theories – Downward, Horizontal, Upward (Teens innovate fashion)
Product differences – Brand Names, Licensed Products, Mass Customization
Chapter 7:
Purpose of Forecasting: Stimulate planning, Promote Coordination, Support Control Activities
Developing Sales Forecasts: Review past sales & Analyze changes in economy, sales potential, marketing strategy
Planning inventory levels: Based on Planned stock-sales Ratio
BOM Stock, calculated using Stock-Sales ratio
Stock turnover – Number of times stock is sold in given period
Chapter 8:
Outcomes of Planning: Increased turnover, reduced markdowns, maintain markups, maximized profits, minimized inventory investment
Underbuying: Out of stock, Angry customers, Shortage of working capital, Profits not maximized
Overbuying: Poor investment of capital, Losses of storage, reduced profits
Chapter 9:
Assortment planning – Determining specific quantities and characteristics of each product
Types of Merchandise: Fashion (High demand, short time span), Basic/Seasonal (based on past records), Convenience/Specialty (Expected to
be in stock)
Cannibalization – Sales of one company may reduce another
Depth: Size, Price, Color, Material
Broad & Shallow: Wide brands, few colorswww.notesolution.com
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