Retailing Management Study Set 4

Business

Quiz 2 :

Types of Retailers

Quiz 2 :

Types of Retailers

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Many experts believe that customer service is one of retailer's most important issues. How can retailers that emphasize price (e.g., discount stores, category specialists, off price retailers) improve customer service without increasing costs and thus, prices
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It is very difficult to offer high-quality, personalized customer service at a low cost, because personalized service is provided by people who have to be paid more.  Price-oriented retailers provide service by using signage to make it easy for customers to locate products, having many checkout counters so customers can pay for merchandise quickly, and using displays to demonstrate the use of merchandise and information about the merchandise.  These store layout and display activities do not require people, but they make it easier for customers to buy merchandise.
Personalized service from employees can be provided economically by having a centralized place in the store where experts are available to answer questions.  Rather than have a lot of employees circulating throughout the store, a smaller number of employees can be in one central location.  However, customers will have to come to the service providers rather than the service providers going to the customers.

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The same brand and model of personal computer is sold by specialty computer stores, discount stores, category specialists, online retailers and warehouse stores. Why would a customer choose one retail format over the others
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Each type of retail store provides a unique combination of price and services tailored to the needs of different types of customers. The specialty store typically will have higher prices, but will offer more services. It will have salespeople with technical expertise available to provide information to customers and answer questions. This service is particularly valuable to customers who do not know much about computers.
On the other hand, discount stores, category specialists, and warehouse stores have lower prices and do not offer much personalized service. These stores are more attractive to customers who have more expertise and do not need personalized service.
Due to the greater assortment in category specialists, customers are able to compare the prices and features of different brands in one store visit. Warehouse and discount stores have limited assortments and thus customers can only see a limited set of brands and models. But they can also buy merchandise in different product categories at the same time they are buying a computer.
Some customers will prefer the convenience and selection offered online. The Internet may also be used to collect information and compare features and prices prior to shopping in a store location.

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Choose a small, independent retailer, and explain how it can compete against a large national chain.
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Retailer refers to a business through which the end customers purchase goods. An independent retailer has its own store and is responsible for its own business. A retail chain refers to a firm that operates multiple retail stores in different locations under the same name and have centralized decision making for the operations and strategy of the firm.
A corporate chain can provide merchandise at very low prices than an independent retailer because the corporate can buy that merchandise from the supplier at a very low cost as they buy in very large quantities to fulfil the needs of their chain stores. Independent retailers buy limited merchandise which increases the costs.
The drawback of having a retail chain is that the all the stores carry almost the same assortment of products irrespective of where they are located. Independent retailers can take advantage of this opportunity by customizing their offerings according to local needs.
Also, corporate chains tend to be more bureaucratic because of the centralized decision-making. The management introduces various rules and procedures for the stores so that the customer service is consistent throughout the chain. Independent retailers can tailor their service and change their roles and procedures aligning with the dynamic environment to better serve the customers.

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Choose a product category that both you and your parents purchase (e.g., business clothing, casual clothing, music, electronic equipment, shampoo). In which type of store do you typically purchase this merchandise What about your parents Explain why there is, or is not, a difference in your store choices.
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Why are retailers in the limited assortment supermarket and extreme value discount store sectors growing so rapidly
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Compare and contrast the retail mixes of convenience stores, traditional supermarkets, supercenters, and warehouse stores. Can all of these food retail institutions be successful over the long run How Why
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Could a full-line discount store, such as Target or Walmart, be successful opening stores or department stores Explain why or why not.
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At many optical stores you can get your eyes checked and purchase glasses or contact lenses. How is the shopping experience different for the service as compared to the product Design a strategy designed to get customers to purchase both the service and the product. In so doing, delineate specific actions that should be taken to acquire and retain optical customers.
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Distinguish between variety and assortment. Why are these important elements of the retail market structure
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What do off-price retailers need to do to compete against other formats in the future
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