Retailing Management 11th Edition Michael Levy - Solutions

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What is retailing?
Describe the customer relationship management process. LO11-1
Understand how customer shopping data are collected. LO11-2
Explain the methods used to analyze customer data and identify target customers. LO11-3
Outline how retailers develop their frequent-shopper programs. LO11-4
Explain various ways to implement effective CRM programs. LO11-5
What is a customer relationship management (CRM) program?Describe one CRM program that you have participated in as a customer. LO11-5
Why do retailers want to determine the lifetime value of their customers? How does past customer behavior help retailers anticipate future customer retention? LO11-5
Why do some customers have a low or negative CLV? What approach can retailers take with these customers to minimize their impact on the bottom line? LO11-5
Why do customers have privacy concerns about the frequent-shopper programs that supermarkets offer, and what can supermarkets do to minimize these concerns? LO11-5
Why are most frequent-shopper programs ineffective in terms of building loyalty? What can be done to make these programs more effective? LO11-5
Which of the following types of retailers do you think would benefit most from instituting a CRM program: (a) supermarkets, (b) banks, (c)automobile dealers, or (d) consumer electronics retailers? Why? LO11-5
Develop a CRM program for a local store that sells apparel and gifts with your college’s or university’s logo. What type of information should be collected about customers, and how could this information be used to increase sales and profits of the store? LO11-5
What are the different approaches retailers can use to identify customers by their transactions? What are the advantages and disadvantages of each approach? LO11-5
A CRM program focuses on building relationships with a retailer’s better customers. Some customers who do not receive the same benefits as the retailer’s best customers may be upset because they are treated differently. What can retailers do to minimize this negative reaction? LO11-5
Describe the process that consumers go through when making retail patronage and buying decisions. LO5-1
Identify the different types of buying processes. LO5-2
Summarize how the economy and social factors affect consumer purchase decisions. LO5-3
Determine why and how retailers group consumers into market segments. LO5-4
Does the consumer buying process end when a consumer buys some merchandise? Explain your answer. LO5-4
What sources of information would a consumer consult if he or she were buying a subscription box (food, cosmetics, clothes, etc.) for the first time? What subjective and objective criteria would be used to weigh alternatives? LO5-4
Considering the steps in the consumer buying process (Exhibit 5–1), describe how you (and your family) used this process to select your college or university. How many schools did you consider? How much time did you invest in this purchase decision? Who was involved in the decision? How satisfied
In this chapter, we discuss three CVS personalities: “Caroline,” a 18-to 24-year-old new mom with lower income; “Vanessa,” a 35- to 54-year-old women with children, at the peak of her income; and“Sophie,” a 55-plus empty nester with a median income and a health focus. How would a car
Any retailer’s goal is to get consumers in its store so that they can find the merchandise that they are looking for and make a purchase at this location. How could a sporting goods retailer ensure that the consumer buys athletic equipment at its outlet? LO5-4
How does the buying decision process differ when consumers are shopping on the Internet or a mobile device compared with shopping in a store in terms of locations or sites visited, time spent, and brands examined? LO5-4
Using the multiattribute attitude model, identify the probable choice of a local car dealer for a young, single woman and for a retired couple with limited income (see the accompanying table). What can a national retail chain do to increase the chances of the retired couple patronizing its
Think of a recent purchase that you made and describe how economic and social environmental factors (e.g., reference groups, family, and culture) influenced your buying decision. How are retailers using social media to affect your buying decisions? LO5-4
Think about the merchandise sold at Office Depot/OfficeMax and Staples, and list three to four types of merchandise that fall into extended problem solving, limited problem solving, and habitual decision making for college students. Explain how the categories of merchandise would change for each
Review the strategic objectives of a retail firm. LO7-1
Contrast the two paths to financial performance using the strategic profit model. LO7-2
Illustrate the use of the strategic profit model for analyzing growth opportunities. LO7-3
Review the measures retailers use to assess their performance. LO7-4
What are the key productivity ratios for measuring the retailer as a whole, its merchandise management activities, and its store operations activities? Why are these ratios appropriate for one area of the retailer’s operation and inappropriate for others? LO7-4
What are examples of the types of objectives that entrepreneurs might have for a retail business they are launching? LO7-4
Buyers’ performance is often measured by the gross margin percentage. Why is this measure more appropriate than the operating or net profit percentage? LO7-4
A supermarket retailer is considering the installation of self-checkout point-of-sale (POS) terminals. How would the replacement of cashiers with these self-checkouts affect the elements in the retailer’s strategic profit model? LO7-4
Why do investors place more weight on comparable-store sales than growth in sales? LO7-4
Blue Nile is a jewelry retailer that uses only an Internet channel for interacting with its customers. What differences would you expect in the strategic profit model and key productivity ratios for Blue Nile and Zales, a multichannel jewelry retailer? LO7-4
Using the following information taken from the 2020 balance sheet and income statement for Urban Outfitters, develop a strategic profit model. (Figures are in thousands of dollars.) LO7-4
A friend of yours is considering buying some stock in retail companies. Your friend knows that you are taking a course in retailing and asks for your opinion about Costco. Your friend is concerned that Costco is not a good firm to invest in because it has such a low net operating profit. Costco’s
Identify the critical issues retailers need to consider when designing a store. LO17-1
List the advantages and disadvantages of alternative store layouts. LO17-2
Describe how to assign store floor space to merchandise departments and categories. LO17-3
Illustrate the best techniques for merchandise presentation. LO17-4
Understand how retailers can create a more appealing shopping experience. LO17-5
One of the fastest-growing sectors of the population is the over-60 age group. Customers in this group may have limitations in their vision, hearing, and movement. How can retailers develop store designs with this population’s needs in mind? LO17-2
Assume you have been hired as a consultant to assess a local discount store’s floor plan and space productivity. Look back at Chapter 7 and decide which analytical tools and ratios you would use to assess the situation. LO17-2
What are the different types of design that can be used in a store layout? How does the layout impact the types of fixtures used to display merchandise? Describe why some stores are more suited for a particular type of layout than others. LO17-2
As an architect for retail space, you are responsible for Americans with Disabilities Act compliance. How would you make sure that a store’s retail layout both meets accessibility requirements and enables the company to reach profitability objectives? LO17-2
What are the advantages and disadvantages of offering virtual dressing rooms from the retailer’s perspective? LO17-2
Complete the following table by briefly describing how the different retail formats could use each of the areas listed to enhance the store’s image and atmosphere. LO17-2
Identify the new media elements. LO15-1
Identify the traditional media elements. LO15-2
List the steps involved in developing a communication program. LO15-3
What are the positive and negative aspects of direct marketing from the customer’s perspective? LO15-3
What types of sales promotions have been successful with you as a consumer? Which ones have not been successful? Explain your responses. LO15-3
What factors should be considered in dividing up the advertising budget among a store’s different merchandise areas? Which of the following should receive the highest advertising budget: staple, fashion, or seasonal merchandise? Why? LO15-3
Why do some online retailers include editorials and customer reviews along with product information on their websites? Explain how this may influence the consumer’s buying behavior. LO15-3
Assume you work for a large consumer packaged-goods firm that has learned its latest line of snack foods is selling very slowly in retail stores. Recommend a strategy for listening to what consumers are saying on blogs, review sites, and the firm’s website. Describe how your strategy might
As an intern for Dunkin’, you have been asked to develop a social media campaign for a new glazed muffin. The objective of the campaign is to increase awareness and trial of the new line of muffins.How would you go about putting together such a campaign on Twitter, Facebook, Pinterest, YouTube,
Understand the channels used by retailers. LO4-1
Compare the relative strengths of the major retail channels: stores;Internet, mobile, and social; and catalog and other nonstore channels. LO4-2
Describe the opportunities associated with a true omnichannel strategy. LO4-3
Analyze the challenges facing multichannel and omnichannel retailers. LO4-4
Why are store-based retailers aggressively pursuing sales through Internet channels? LO4-3
What are the differences among a multichannel, cross-channel, and omnichannel retailer? Provide an example of each. LO4-3
What aspects of omnichannel retailing benefit you as a consumer? LO4-3
Choose a retailer from whom you have purchased through multiple channels. Is it a multichannel, cross-channel, or omnichannel retailer?Justify your answer. LO4-3
Using the same retailer that you chose in the previous question, how well has it integrated its operations across channels? How similar and different are its assortments and prices? Should it do these things differently? Why or why not? LO4-3
Do you participate in showrooming? Why or why not? LO4-3
From a customer’s perspective, what are the benefits and limitations of stores? Internet? Mobile? Social? Catalogs and other nonstore channels? LO4-3
Which of the following categories of merchandise do you think could be sold most successfully through an Internet channel: jewelry; TV sets; computer software; high-fashion apparel; pharmaceuticals; or health care products such as toothpaste, shampoo, and cold remedies?Why? LO4-3
Describe how to acquire and retain employees. LO16-1
Illustrate effective leadership strategies of a retail manager. LO16-2
Explore the various strategies retail managers can undertake to control costs. LO16-3
Summarize how retailers are typically organized. LO16-4
Identify the legal issues involved with human resource management. LO16-5
How do on-the-job training, Internet training, and classroom training differ? What are the benefits and limitations of each approach? LO16-1
Give examples of a situation in which a manager of a luxury fashion retailer should utilize different leadership styles. LO16-1
Using the interview questions in Exhibit 16–3, role-play with another student in the class as both the interviewer and the applicant for an assistant store manager position at a store of your choice. LO16-1
Name some laws and regulations that affect the employee management process. Which do you believe are the easiest for retailers to adhere to? Which are violated the most often? LO16-1
What’s the difference between extrinsic and intrinsic rewards? What are the effects of these rewards on the behavior of retail employees?Under what conditions would you recommend that a retailer emphasize intrinsic rewards over extrinsic rewards? LO16-1
What are the advantages and disadvantages of the different forms of compensation programs described in this chapter? Considering the disadvantages only, how can department managers lessen the effects of the disadvantages? LO16-1
When evaluating retail employees, some stores use a quantitative approach that relies on checklists and numerical scores similar to the form in Exhibit 16–5. Other stores use a more qualitative approach, similar to that in Exhibit 16–4, whereby less time is spent checking and adding and more
Top retailers, including Walmart and Target, increasingly rely on selfcheckout and other robotic technologies in their stores. What are the benefits to the retailer of integrating these technologies instead of human employees? What are potential drawbacks linked to having fewer employees in the
Discuss how retailers can reduce shrinkage from shoplifting and employee theft. LO16-1
What are some similarities and differences with regard to how small retailers and large department stores are organized? LO16-1
Identify how retailers balance customer service through personalization versus standardization. LO18-1
Explain how customers evaluate a retailer’s customer service. LO18-2
Indicate the activities a retailer can undertake to provide highquality customer service. LO18-3
Describe technology enhancement of social presence. LO18-4
Articulate retailers’ service failure strategies. LO18-5
Both Zappos and McDonald’s are noted for their high-quality customer service, but each approaches providing quality service differently. Describe this difference. Why has each of these retailers elected to use its particular approach? LO18-3
Consider customer service at IKEA. How does this retailer utilize a self-service model to gain a competitive advantage over traditional furniture stores? LO18-3
Consider a situation in which you received poor customer service in a retail store or from a service provider. Did you make the store’s management aware of your experience? To whom did you relay this experience? Have you returned to this retailer or provider? For each of these questions, explain
Gaps analysis provides a systematic method for examining a customer service program’s effectiveness. Top management has told an information systems manager that customers are complaining about the long wait to pay for merchandise at the checkout station. Taking the role of the systems manager,
How can retailers provide high-quality personalized service?Use an optometrist’s office that also sells eyeglass frames and fills prescriptions for contact lenses as your example. How does this retailer’s service compare with the service provided by 1-800 Contacts? LO18-3
Describe the seven critical elements of digital retailing. LO3-1
Outline how mobile and social retailing work. LO3-2
Understand the differences among paid, owned, and earned media. LO3-3

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Retailing Management 11th Edition Michael Levy - Solutions

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