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25 Cards in this Set
- Front
- Back
Value
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embodied by the activities and processes that provide a given level of value for the consumer--from manufacturer, wholesaler, and retailer perspectives. From the customer's perspective it is the perception the shopper has of value chain.
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Value Chain
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Total bundle of benefits offered to consumers through a channel of distribution.
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What are the 3 aspects of value-orientated retail strategy? provide a brief description of each.
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Expected retail strategy- the minimum value chain elements a given customer segment (e.g., young woman) expect from a type of retailer
Augmented retail strategy- The extra elements of a value chain the differentiate one another Potential Retail Strategy- value chain elements not yet adopted or perfected by competitors |
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What are the 5 potential pitfalls associated with planning a value-orientated strategy?
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1)planning a value with just a price perspective.
2) providing value-enhancing services that no one wants to pay for. 3)Competing in the wrong value/price segment 4)Believing augmented elements alone create value 5)Paying Lip service to customer service. |
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What can we do to prevent these pitfalls from accuring?
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Use a value oriented retailing checklist (figure 2-2 pg., 29)
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In relationship retailing, what are the four factors to keep in mind?
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customer base
customer service customer satisfaction loyalty programs/defection rates |
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Core Customers
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a firms best customers. Customers that should be singled out
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Expected customer service
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the service level that customers want to receive from any retailer, such as basic employee courtesy
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Augmented Customer Service
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included the activities that enhance the shopping experience and give retailers a competitive advantage
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Employee Empowerment
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the ability for employees to have the discretion to do what they believe is necessary.
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revolving credit Limit
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allows a customer to charge items and be billed monthly on the basis of the outstanding cumulative balance
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option credit limit
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Form of of revolving account that allows partial payments. no interest is assessed if payed in full when due
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open credit limit
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Requires a consumer to pay his bill in full when due
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Customer satisfaction
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occurs when the value and customer service provided through a retailing experience meet or exceed consumer expectations.
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What is retail satisfaction comprised of
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Shopping system satisfaction
Buying satisfaction consumer satisfaction |
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Consumer Loyalty programs
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reward firms best customers, those with whom they want long-lasting relationships
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What are the 5 types of Reward programs from the customers prospective
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Economic Rewards
hedonistic rewards social-relational rewards informational rewards functional reward |
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Goods retailing
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focuses on the sale of tangible products
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Service retailing
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transactions in which consumers do not purchase or acquire ownership of tangible products
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What are the three basic types of service retailing? Provide brief explanation.
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Rented-good services- consumer rent or lease goods for specific period of time
Owned Good Services- Goods owned by consumers are repaired, improved or maintained. Non-Goods Services- Intangible personal services are experienced by consumers rather than possessed |
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What are the four unique aspects of service retailing?
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1)the intangibility of many services makes a consumer's choice of competitive offerings tougher than with goods.
2)the services provider and his or her service are sometimes inseparable 3)the perishability of many services prevents storage and increases risk 4)the human nature involved in many services makes them more variable |
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Eithics
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acting in a trustworthy, fair, honest and respectful manner with each of its constituencies
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Social responsibility
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acting in the best interest to society
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Consumerism
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the activities of government, business and other organizations to protect people from practices infringing upon their rights as consumers. consumers have the right to safety, to be informed and to be heard.
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Americans with Disabilities Act-
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Mandates that persons with disabilities be given appropriate access to retailing facilities.
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