Chapter five terms.docx

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Department
Retail Merchandising
Course
RM 2215
Professor
Hyunjoo Im
Semester
Spring

Description
Chapter five terms: 1. retail strategy: statement identifying the retailers target market, the format the retailer plans to use, and the bases on which the retailer plans to build a sustainable competitive advantage 2. target market: market segments toward which the retailer plans to focus its resources and retail mix 3. retail format: describes the nature of the retailers operations 4. sustainable competitive advantage: an advantage the retailer has over its competition that is not easily copied by competitors and this can be maintained over a long period of time 5. retailing concept: retail management orientation that focuses on determining the needs of the retailers target market and satisfying those needs more effectively and efficiently than competitors do 6. retail market: group of consumers with similar needs and a group of retailers that satisfy those needs using a similar retail format 7. customer loyalty: customers are committed to buying merchandise and services from a particular retailer 8. brand image: the design and implementation of a retail mix to create an image of the retailer in the customers mind relative to its competitors 9. private label brands: products developed and marketed by a retailer and available only from that retailer 10.loyalty: activities that focus on identifying and building loyalty with a retailers most valued customers 11.market penetration growth opportunity: a growth opportunity directly toward existing customers using the retailers present retailing format 12.cross-selling: sales associates in one department attempt to sell complementary merchandise from other departments to their customers 13.market expansion growth opportunity: involves using t
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