MRKT 234 - Retailing

3 Credit: (3 lecture, 0 lab, 0 clinical) 3 Contact Hours: [Reading Level 3  and Writing Level 3 ]

1. Define a retailer.
2. Explain the functions performed by retailers.
3. Explain customer relationship management.
4. Define retail mix.
5. Differentiate between depth and breadth of merchandise.

Goal 2:  Compare various types of retail formats used in the marketplace.

1. Define supercenters.
2. Define superstores.
3. Explain a warehouse club.
4. Define convenience stores.
5. Define department stores.
6. Define e-tailing
7. Explain the differences between services and merchandise.
8. Explain franchising.

Goal 3:  Analyze why retailers must understand consumer behavior in order to be effective.

1. Diagram the buying process
2. Differentiate between extended problem solving and limited problem solving.
3. Explain habitual decision making.
4. Define functional needs.
5. Explain psychological needs.
6. Define post purchase evaluation.
7. Explain buyer’s remorse.
8. Define a reference group.
9. Define culture.
10. Explain the criteria for evaluating target markets.
11. Explain market segmentation.
12. Define a target market.

Goal 4:  Summarize the importance of developing an effective retail strategy.

1. Define sustainable competitive advantage.
2. Define the retailing concept.
3. Explain positioning.
4. Explain entry strategies.
5. List the steps in the strategic retailing process.
6. Explain a situation analysis
7. Explain barriers to entry.

Goal 5:  Analyze the benefits of selecting a good geographic location.

1. Define a trade area.
2. Define an under-stored trade area.
3. Define visibility.
4. Differentiate between the primary zone, secondary zone, and tertiary zone.
5. Differentiate between a destination store and a parasite store.
6. Explain demographics.

Goal 6:  Compare management techniques used in retail establishments.

1. Define empowerment.
2. Explain theories of motivation.
3. Explain diversity.
4. Define the glass ceiling.
5. Differentiate between intrinsic and extrinsic rewards.
6. Define sexual harassment.
7. Explain supply chain management.
8. Explain logistics.
9. Differentiate between push and pull logistics strategies.
10. Explain freight forwarders.
11. Explain customer retention programs.
12. Diagram the CRM cycle.

Goal 7:  Compare inventory control methods used by retail establishments.

1. Define an assortment plan.
2. Define a category.
3. Explain stock keeping units.
4. Define seasonal merchandise.
5. Explain cycle stock.
6. Explain safety stock.
7. Calculate an order point.

Goal 8:  Examine problems retailer face when doing business internationally.

1. Define country of origin effects.
2. Explain tariffs.
3. Explain regional trade agreements.
4. Explain Maquiladoras.
5. Define globalization.
6. Explain trade barriers.

Goal 9:  Compare pricing strategies employed by retailers.

1. Define EDLP.
2. Explain high/low pricing.
3. Explain the cost oriented pricing method.
4. Explain the demand oriented pricing method.
5. Explain the competition oriented method
6. Define fixed costs.
7. Define variable costs.
8. Calculate a break even point.
9. Explain types of discounting.

Goal 10:  Explain why retailers must communicate effectively with consumers.

1. Diagram the communication model
2. Explain brand equity.
3. Explain brand awareness.
4. Explain brand image.
5. Define advertising.
6. Define publicity.