Retail management exam reviewUNIVERSITY OF MELBOURNE.docx

Retail management exam reviewUNIVERSITY OF MELBOURNE.docx

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RetailmanagementexamreviewUNIVERSITYOFMELBOURNE

Retailingworld

●Howretailersaddvalue:

1.Providingassortments（分类）-Provideawideselectionofbrands,designs,sizes,coloursandpricesatonelocation

2.Breakingbulk-Offerproductsin（smaller）quantitiestailoredtoconsumerand

householdconsumptionpatterns

3.Holdinginventory-Consumersbuyatconvenientlocation,whentheywantto

4.Providingservices-Easierforconsumerstopurchaseanduseproductsthrough,e.g.,

displays（VM）,credit,lay-by,providinginformationandtechnicalassistance

Ultimately,increasingthevalueofproductsandservices

●Retailstrategy:

retailmarketstrategy,financial,locations,HRmanagement,informationsystemsandsupplychains,customerrelationshipmanagement

●Retailtrends:

1.Newtypesofretailers

2.Increasedconcentration

3.Globalization

4.Multi-channelretailing

5.Growthofservicesretailers

6.Increaseduseoftechnologytoreducecostandincreasevaluedelivered

●Elementsoftheretailingmix:

（toclassifythedifferenttypesofretailers）

1.Typeofmerchandise/servicessold

2.Varietyandassortmentofmerchandisesold

3.Levelofcustomerservice

4.Priceofmerchandise

●Keyterms

1.Variety（orbreadth）=thenumberofmerchandisecategoriesoffered

2.Assortment（ordepth）=thenumberofdifferentitemsinamerchandisecategory

Eachitem=SKU（stockkeepingunit）

●Retailercharacteristics（howtheydifferinmeetcustomerneeds）

1.Aretailersurvivesandgrowsonlywhenitsatisfiestargetcustomerneedsbetterthanrivals

2.Differenttypesofretailersofretailersofferuniquebenefits,soconsumersshopatdifferentretailtypestosatisfydifferentneeds

3.Asconsumerneedsandcompetitionchange,newretailformatsevolve

●Servicesretailingversusmerchandiseretailing

1.Intangibility

1.）Difficulttoevaluateservicequalitypriortoconsumption

2.）Difficultforserviceprovidertoevaluateperformance

2.Simultaneousproductionandconsumptioncancausedifficultiesfortheprovider:

1.）Customersarepresentattimeofproduction

2.）Customersconsumingtheservicecanaffectqualityoftheservice

3.）Oftenthereisnosecondchance

3.Perishability:

servicescan’tbesaved,stored,orresold

4.Inconsistencyofoffering

●Typesofownershipforretailfirms

1.Independent,singlestoreestablishments

2.Corporatechains

3.Franchises

●Multi-channelretailing（store,catalog,online）

Benefits:

1.Store:

Browsing,touch&feeling,cashpayment,riskreduction

2.Catalog:

convenience,safety,portabilityandvisualpresentation

3.Online:

safeties,convenience,broadselection,detailedproblem-solvinginformation,personalization

Thebad

1.Internetfraudorprivacyissues

2.Storeshavelimitedhoursandspacetodisplaygoods

3.Catalogscannotbeupdatedonceprinted

4.Noteveryonehasacreditcard

●Capabilitiesformultichannelretailing

1.Developingassortmentsandmanaginginventory

2.Managingemployeesindistantlocations

3.Efficientdistributionfromdistributioncentrestostores

4.Presentmerchandiseincatalogues

5.Presentmerchandiseonwebsites

6.Processorderselectronically

7.Efficientdistributionofindividualorderstohomes

8.Operateinformationsystemsforallchannels

●Buyingprocess

1.Needrecognition

2.Informationsearch

3.Evaluation

4.Choice

5.Visit

6.Loyalty

●Typesofneeds

1.Utilitarian功利needs

1.）Satisfiedwhenpurchasedaccomplishaspecifictask

2.）Associatedwithwork

3.）Shoppingneedstobeeasy

2.Hedonistic快乐needs

1.）Satisfiedwhenpurchasesprovideforanentertaining,emotionalorrecreationalexperience

2.）Associatedwithfun

●Factorsinfluencebuyingdecisions

1.Family

2.Culture:

meaning,beliefs,moralsandvaluessharedbymostmembersofasociety

3.Referencegroup:

oneormorepeoplewhomapersonusesasabasisofcomparisonforbeliefs,feelings,andbehaviours

●Typesofbuyingdecisions

1.Extendedproblemsolving:

retailersneedtoreduceriskandprovideinformation

2.Limitedproblemsolving:

impulsebuying,retailersmustbeattractive

3.Habitualpurchasing:

goodcustomerserviceandpromotion

Retailstrategy-marketstrategy

●Elementsofretailingstrategy

1.Retailer’stargetmarket:

selectedbasedonattractiveness,competition,strategicfit

2.Retailformat（mix）:

merchandise,services,pricing,location,storedesign…

3.Sustainablecompetitiveadvantage:

long-termorientation

●Matchingtargetmarketandretailformat

Retailmarket=agroupofconsumerswithsimilarneeds（amarketsegmentation）servicedbyagroupofretailersusingasimilarretailformattosatisfythoseneeds.

●Criteriaforselectingtargetmarkets:

1.Attractiveness

2.Competition

3.Strategicfit

●Buildingsustainablecompetitiveadvantage

1.·Customerloyalty

oClear,preciseuniquepositioning,strong（store/product）brand,emotional

attachmentofcustomers）.

2.·Location

oEasilyaccessible,HighTrafficareaoftargetmarket

3.·Humanresourcemanagement

oLabour-intensiveindustry;KeepingGoodworkersisimportant.（tendsto

havehighturn-over）

4.·Distributionandinformationsystems

oCost-effective;savingscanbeusedtoimproveorbetterusedinother

areas

5.·Uniquemerchandise

oExclusivity;privatelabels（perhapssomelevelofcustomization?

）

6.·Supplierrelations

oExclusiverightstocertainregions,preferredtermsofpurchase,

preferentialsupply（i.e.firstpickofsupplies,etc.）

7.·Customerservice

oServicewithasmile（i.e.maketheshoppingexperiencememorable）

●Opportunitiestogrowandcompetitiveadvantage

1.Typically,retailersaremostsuccessfulatmarketpenetrationstrategies（doesnotinvolveunfamiliarmarketsorretailformat）

2.Whenretailerspursueexpansionopportunitiestheybuildoncorecompetenciesinoperatingaretailformatandapplythiscompetitiveadvantageinanewmarket.

3.Retailershaveleastcompetitiveadvantagewhentheypursuediversificationstrategies

●Strategicretailplanningprocess

1.Definethebusinessmission

2.conductasituationaudit:

marketattractiveness,competitoranalysis,self-analysis

3.identifystrategicopportunities

4.evaluatestrategicalternatives

5.establishspecificobjectivesandallocateresources

6.developaretailmixtoimplementstrategy

7.evaluateperformanceandmakeadjustments

Retailstrategy-financialstrategy

●Netprofitmargin=howmuchprofit（aftertax）afirmmakesdividedbynetsales

●Assetturnover=netsalesdividedbyassets

●ROA=netprofitmargin*assetturnover

●Componentsofthestrategicprofitmodel

1.Profitmarginmanagement

2.Assetmanagement

●Settingandmeasuringperformanceobjectives:

togaugeperformance,retailersrequirespecificobjectivesagainstwhichtocompare

Objectivesshouldinclude:

1.Numericalindexofperformancedesired

2.Timeframeforperformance

3.Resourcesneededtoachieveperformance

●Typesofperformancemeasures

1.Inputmeasures:

assesstheamountofresource（money）usedtoachieveoutputs（sales）

2.Outputmeasures:

assesstheresultsofaretailer’sinvestmentdecisions

3.Productivitymeasures:

determinehoweffectivelyretailersusetheirresources–whatreturntheygetontheirinvestments

●Theroleofbenchmarks

1.Performanceovertime

2.Performancecomparedtocompetitors

●Soourcesofinformation:

1.Balancesheetsforassetmanagement

2.Incomestatementsforprofitmarginmanagement

3.Annualreports

4.internet

Retailstrategy–retaillocations

●Whyislocationimportant

1.Locationistypicallyprimeconsiderationincustomer’sstorechoice

2.Locationdecisionshavestrategicimportancebecausetheycanhelptodevelopsustainablecompetitiveadvantage

3.Locationdecisionsarerisky,investorlease?

●Trade-off（thingstoconsider）

1.Sizeofthetradearea

2.Occupancycost

3.Customertraffic

4.Conveniencetotargetmarket

5.Restrictionsbypropertymanager

●Typesoflocation

1.Freestandingsites:

individual,isolatedstore

Advantages:

1.Convenience-easyaccessandparking

2.Highvehiculartrafficandvisibility

3.Modestoccupancycosts

4.Separationfromdirectcompetition

5.Fewerrestrictions

Disadvantages:

1.Noneighbouringretailerstohelpattractcustomers

2.Higheroccupancycoststhanstripshoppingcenters

3.Littlepedestriantraffic

2.Cityortownlocations（innercity,mainstreet）

Innercity:

Advantages:

1.Affluencereturned

2.Lowoccupancycosts

3.Highpedestriantraffic

Disadvantages:

1.Limitedvehiculartraffic

2.Reducedconvenience（parkingproblems）

3.Restrictions

Mainstreets:

advantages

1.Drawspeopleinduringbusinesshours

2.Hubforpublictransport

3.Pedestriantraffic

4.Residents

Disadvantages:

1.Highsecurityrequired

2.Shoplifting

3.Parkingispoor

4.Eveningsandweekendsareslow

3ShoppingCentres（shoppingcentersandshoppingmalls）

Advantages:

1.Manydifferenttypesofstores

2.Manydifferentassortmentsavailable

3.Attractsmanyshoppers

4.Mainstreetfortoday’sshoppers

5.Neverworryabouttheweather

6.Comfortablesurroundingstoshop

7.Uniformhoursofoperation

Disadvantages:

1.Occupancycostsarehigh

2.Tenantsmaynotlikemallmanagementcontrolofoperations

3.Competitioncanbeintense

4otherlocations（e.gairports,hospitals）

●targetmarketingshoppingbehavior:

1.convenienceshopping

2.comparisonshopping

3.specialityshopping

●factorsaffectingtradeareademand

1.strategicfitwithtargetmarket

2.levelofcompetition

3.costofoperatingstores

4.economicconditions

●evaluatingspecificsites

Threefactorsneedtoconsider:

1.sitecharacteristics

2.tradingareacharacteristics:

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