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RMG 200 (57)
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Chapter 2

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Retail Management
RMG 200
Ken Wong

RMG200 Chapter 2 Five elements of the retail mix - Type of merchandise sold (variety and assortment) - Level of customer service - Value is a combination of price and quality - Communicate the store’s position - Place which includes location, store layout, and design Department Stores: Have higher prices because they have higher costs due to stocking a lot of fashionable merchandise, discounting merchandise but expensive mall locations Discount Stores: Appeals to customers who are looking for lower prices, less interested in services and ok with limited merchandise sizes and colours Differences between the retail mixes of department and discount stores - Price - Assortment of merchandise - Services North American Industry Classification System (NAICS) Variety – Different merchandise categories within a store Assortment – Number of different merchandise within category SKU – Stock Keeping Unit Discount store: A general merchandise retailer that offers a wide variety of merchandise, limited service and low prices Full-line discount store: Retailers that offer a broad variety of merchandise, limited service and low prices Speciality store: Store concentrating on a limited number of complementary merchandise categories and providing a high level of service Category killer: A discount retailer that offers a narrow but deep assortment of merchandise in a category and thus dominates the category from customers’ perspective Department Stores: A retailer that carries a wide variety and deep assortment, offers considerable customer services and is organized into separate departments for displaying merchandise Leased department: An area in a retail store leased or rented to an independent company Catalogue Retailer: - The mailing and printing costs are high and increasing - It is difficult to get consumers’ attention as they are mailed so many direct-mail promotions - The length of time required to design, develop, and distribute catalogues makes it difficult for catalogue and direct mail retailers to respond quickly to new trends and fashions Direct selling - is a retail format in which a salesperson frequently an independent businessperson, contacts a customer directly in a convenient location, either at the customer’s home or at work, and demonstrates merchandise benefits, takes an order, and delivers the
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