RETAIL INDUSTRY EXAM 2- STUDY
GUIDE WITH CORRECT ANSWERS
What kis ka kRetail kStrategy k- kcorrect kanswers k-A kstatement kidentifying k(1)the
kretailers ktarget kmarket k(2) kthe kformat kthe kretailer kplans kto kuse kto ksatisfy kthe
ktarget kmarkets kneeds kand k(3)the kbases kon kwhich kthe kretailer kplans kto kbuild ka
ksustainable kcompetitive kadvantage.
Target kMarket k- kcorrect kanswers k-the kmarket ksegment(s) ktoward kwhich kthe
kretailer kplans kto kfocus kits kresources kand kretail kmix
Retail kFormat k- kcorrect kanswers k-describes kthe knature kof kthe kreatiler's
koperations-its kretail kmix k(type kof kservices kand kmerchandise koffered, kpricing
kpolicy, kadvertising kand kpromotion kprograms, kstore kdesign kand kvisual
, kmerchandising, ktypical klocations kand kcustomer kservices) kthat kwill kbe kused kto
ksatisfy kthe kneeds kof kits ktarget kmarket
What kis ka ksustainable kcompetitive kedge? kAnd, khow kdo kyou kbuild kone? k- kcorrect
kanswers k-A ksustainable kcompetitive kadvantage kis kan kadvantage kthe kretailer khas
kover kits kcompetition kthat kis knot keasily kcopied kby kcompetitors kand kthus kcan kbe
kmaintained kover ka klong kperiod kof ktime. k
You kcan kbuild kone kby:
Building ka kbrand kwith kan kemotional kconnection kwith kcustomers. k
-Utilize ka kdeeper kunderstanding kof kyour kcustomer k
-Convenient klocations k
-Shared ksystems kwith kvendors
-Exclusive kmerchandise k(private-label)
-knowledgeable kand khelpful ksalesperson k
-
What kcan ka klocal kbusiness kdo kthat ksets kthem kapart kfrom ka knational kretailer? k-
kcorrect kanswers k-
Many kretailers kbuild kcustomer kloyalty kby kdeveloping kprivate klabel kbrands kaka
kstore kbrands. kWhat kare kprivate klabel kbrands? k- kcorrect kanswers k-They kare
kproducts kdeveloped kand kmarketed kby ka kretailer kand kavailable konly kfrom kthat
kretailer.The kConsumer kcan konly kget kprivate k-label kbrands kfrom kthat kspecific
kstore k
*Keeps kconsumers kfrom kcomparison kshopping
Example: kKroger kbrands, kor kGreat kvalue kthe kWalmart kbrand
To kbuild kan kadvantage kthat kis ksustainable kover ka klong kperiod kof ktime, kretailers
kmust: k- kcorrect kanswers k-They kmust knot krely kon ka ksingle kapproach, ksuch kas
kgood klocations. kThey kmust kuse kmultiple kapproaches kto kbuild ka khigh kwall karound
ktheir kposition kas kpossible.
Loyalty kor kFrequent kShopper kPrograms k- kcorrect kanswers k-Customer krelationship
kmanagement kprograms. kActivities kthat kfocus kon kidentifying kand kbuilding kloyalty
kwith ka kretailer's kmore kvalued kcustomer k
Typically kinvolves koffering kcustomers krewards kbased kon khe kamount kof kservices
kor kmerchandise kthey kpurchase. k
Example: kAirlines- kfrequent kflyer kmiles. kKrogers kRewards kcard k, kSubway kgiving
ktheir kcustomers ka kfree ksandwich kafter keach k10 kthey kpurchase
Market kPenetration k- kcorrect kanswers k-Is ka kgrowth kopportunity kdirected ktoward
k*existing kcustomers* kusing kthe kretailer's kpresent kretailing kformat.
GUIDE WITH CORRECT ANSWERS
What kis ka kRetail kStrategy k- kcorrect kanswers k-A kstatement kidentifying k(1)the
kretailers ktarget kmarket k(2) kthe kformat kthe kretailer kplans kto kuse kto ksatisfy kthe
ktarget kmarkets kneeds kand k(3)the kbases kon kwhich kthe kretailer kplans kto kbuild ka
ksustainable kcompetitive kadvantage.
Target kMarket k- kcorrect kanswers k-the kmarket ksegment(s) ktoward kwhich kthe
kretailer kplans kto kfocus kits kresources kand kretail kmix
Retail kFormat k- kcorrect kanswers k-describes kthe knature kof kthe kreatiler's
koperations-its kretail kmix k(type kof kservices kand kmerchandise koffered, kpricing
kpolicy, kadvertising kand kpromotion kprograms, kstore kdesign kand kvisual
, kmerchandising, ktypical klocations kand kcustomer kservices) kthat kwill kbe kused kto
ksatisfy kthe kneeds kof kits ktarget kmarket
What kis ka ksustainable kcompetitive kedge? kAnd, khow kdo kyou kbuild kone? k- kcorrect
kanswers k-A ksustainable kcompetitive kadvantage kis kan kadvantage kthe kretailer khas
kover kits kcompetition kthat kis knot keasily kcopied kby kcompetitors kand kthus kcan kbe
kmaintained kover ka klong kperiod kof ktime. k
You kcan kbuild kone kby:
Building ka kbrand kwith kan kemotional kconnection kwith kcustomers. k
-Utilize ka kdeeper kunderstanding kof kyour kcustomer k
-Convenient klocations k
-Shared ksystems kwith kvendors
-Exclusive kmerchandise k(private-label)
-knowledgeable kand khelpful ksalesperson k
-
What kcan ka klocal kbusiness kdo kthat ksets kthem kapart kfrom ka knational kretailer? k-
kcorrect kanswers k-
Many kretailers kbuild kcustomer kloyalty kby kdeveloping kprivate klabel kbrands kaka
kstore kbrands. kWhat kare kprivate klabel kbrands? k- kcorrect kanswers k-They kare
kproducts kdeveloped kand kmarketed kby ka kretailer kand kavailable konly kfrom kthat
kretailer.The kConsumer kcan konly kget kprivate k-label kbrands kfrom kthat kspecific
kstore k
*Keeps kconsumers kfrom kcomparison kshopping
Example: kKroger kbrands, kor kGreat kvalue kthe kWalmart kbrand
To kbuild kan kadvantage kthat kis ksustainable kover ka klong kperiod kof ktime, kretailers
kmust: k- kcorrect kanswers k-They kmust knot krely kon ka ksingle kapproach, ksuch kas
kgood klocations. kThey kmust kuse kmultiple kapproaches kto kbuild ka khigh kwall karound
ktheir kposition kas kpossible.
Loyalty kor kFrequent kShopper kPrograms k- kcorrect kanswers k-Customer krelationship
kmanagement kprograms. kActivities kthat kfocus kon kidentifying kand kbuilding kloyalty
kwith ka kretailer's kmore kvalued kcustomer k
Typically kinvolves koffering kcustomers krewards kbased kon khe kamount kof kservices
kor kmerchandise kthey kpurchase. k
Example: kAirlines- kfrequent kflyer kmiles. kKrogers kRewards kcard k, kSubway kgiving
ktheir kcustomers ka kfree ksandwich kafter keach k10 kthey kpurchase
Market kPenetration k- kcorrect kanswers k-Is ka kgrowth kopportunity kdirected ktoward
k*existing kcustomers* kusing kthe kretailer's kpresent kretailing kformat.