Flashcards
Retail 2 Final
Flashcards do conjunto (59)
- 1Ways to prevent conflict- hold people accountable (even for small things)
- dont accept excuses or attitude
- build a feedback culture
- adequate training
- dont avoid difficult convo
- dont let things slide - 2What not to do when managing- lose your temper
- take your frustrations out on other colleagues or employees
- become emotional
- start convo with "I'm sorry I have to tell you but" - 3Employment Standards Actensures BC workers receive minimum standard wages and terms of employment
- 4What does the Act establishcertain basic rights for employees and obligations for employers
- 5What does the Act promotes- fair treatment for employees and employers
- fosters a productive and efficient work force
- helps employees meet work and family obligations
- is a vehicle for resolving disputes - 6What are tips and gratuitiesNOT wages
- 7Minimum Daily Pay- employee must be paid for at least 2 hours
- if scheduled for 8 hours, must be paid for at least 4
- reports to work but is unfit for work only had to be paid for time worked
- employee not in compliance w WCB health and safety regulations only has to be paid for actual time worked - 8Meal Breaksmust not work more than 5 hours in a row without a 30 minute UNPAID meal break
- 9Payday- must be paid at lease twice a month unless laid out in collective agreement
- pay period cannot be longer than 16 days - 10Overtimedaily overtime pay is time and a half after 8 hours worked in a day and double time after 12 hours worked
weekly overtime is time and a half after 40 hours worked in a week. only first 8 hours worked in a day count toward weekly overtime - 11Uniforms and Special Clothingemployers and employees can agree that the employer will reimburse employees for cleaning and maintaining special clothing
- 129 Stat Holidays1. New Year
2. Labour
3. Good Friday
4. Thanksgiving
5. Victoria
6. Remembrance
7. Canada
8. BC
9. Family - 13Qualify for Stat Payhave been employed for at least 30 calendar days AND have worked at least 15/30 date before stat holiday
- 14Regular Earningsincludes wages and vacation pay received for vacations taken but not include overtime pay
- 15Severance Payafter 3 months = 1 week
after 12 months = 2 weeks
after 3 years = 1 week for each completed year of employment (max 8)
*Not required when employee quits - 16Jury Dutyan employee who is required to attend court as a juror is considered to be on UNPAID leave for period of duty
- 17Challenged to employment management in retail1. Training a non-traditional workforce consisting of immigrants and older people
2. Competing with other industries that pay more for both entry level & middle mgmt
3. Identifying innovative approaches to finding and keeping good employees
4. Meeting expectations for sales increases, productivity and customer satisfaction
5. Finding ways to be competitive as middle managers and executives are eliminated due to downsizing - 18Two important things in hiring1. a good job analysis
2. a comprehensive job description - 19Job Analysis1. what physical & mental tasks is the worker expected to do?
2. what methods and equip. are used in doing the job?
3. what is the purpose and responsibility of the job?
4. what qualifications, knowledge skills & personal characteristics and required? - 20Retail Selling1. To a customer, the sales person is often the business
2. Most often, the sale depends on whether the salesperson is encouraging or indifferent
3. Personal Selling is matching customers needs w retailers merch & services
4. Nature of the merch sold determines extent salesperson is needed
5. Store's strategy determines role a salesperson plays - 21Types of retail selling1. Transaction processing (easiest) - operation of machinery & being pleasant ex. salesperson in discount grocery stores
2. Routine selling - suggestive selling techniques & product knowledge ex. clothing
3. Creative selling - computer knowledge of product lines, product uses and tech features ex. interior designer in furniture store - 22Merchandise Managementwhat are customers going to buy?
- important because primary goal is to sell merch and services
- ultimate objective is to achieve adequate return on investment - 23What do retailers need that other business dont?ROI and GMROI (Gross Margin return on investment)
- 24Gross margin and inventory turnoverwhen they merge - difference between cost of goods and price goods sold for
- 25Planning merchandise assortments1. Organize the buying process by categories
2. Set merch financial objectives
3. Develop an assortment plan - 26Decisions retailers need to make1. to carry a large variety of stuff (categories) and/or
2. to carry fewer categories and more assortment in those categories
3. how much backup stock to carry - 27Back up Stock- how much you carry depends on money and space
- large flagship chains in high rent areas may bring in stock every night
- large amount of backup stock on site ensures you won't run out but less money available for new products
- process of managing variety, assortment and backup stock is called 'assortment planning' - 28Assortment Plan= what items the retailer wants to carry in a merchandise category
- category is an assortment of items that a customer sees as a reasonable substitute for each other - 29Category Managementmanagement of a retail business with objective of maximizing sales and profit in a category
- 30High inventory turnover advantages1. increased sales volume
2. less risk of markdowns and obsolescence
3. improved sales person morale
4. decreased operating expenses
5. increased asset turnover - 31Category life cyclea categories sales pattern over a period of time
- 32Seasonal merchandisesales fluctuate according to time of the year
- 33Basic merchandisecategory is in demand over an extended period of time
- 34Sources of information for buying and forecasting1. past sales records and volume
2. reading publications
3. analyzing customer information
4. investigating the competition (secret shoppers)
5. using supplier info and resident buying offices - 35EDLPpolicy is everyday low price (walmart)
- 36Pricing Strategy- product always at a low price
- product only marked down at the end of season
- majority of items at a comparable price to other discount store prices
- customers often think everything is cheaper because the price sensitive items are
- prices posted in black and yellow (most eye-catching) - 37Factors a retailer should consider in selling prices- store policies
- product issues
- consumer issues
- external issues - 38Leader pricing or Loss Leaderstaking a less than normal markup on selected items to create store traffic
- 39Price discount policy1. cash discounts
2. frequent shopper discounts - 40Product Issues - types of productsConvenience = prices dont vary much from store to store
Shopping = customers compare price and quality before purchase
Specialty = customers want regardless of price - 41Consumer Issues- consumer demands and price sensitivity
- price perceptions
- price discounts of 10% or less have little effect - 42Psychological Pricingthe idea that a price reflects quality and so some things priced too low are not good enough to be bought
- 43External Factors affecting pricing- economic conditions
- gov regulations
- the internet (used to compare)
- level of competition - 44Economic conditionsduring bad economic times, retailers have to have things that cost less
- 45original retail pricefirst price at which an item is offered for sale
- 46sales retail pricefinal selling price
- 47initial mark-updifference between the cost and the original retail price as a percentage
- 48mark-downreduction in the original selling price of an item
- 49how do you develop great brandsstarts with having great products
- 50The purpose of a communication program is to:1. build appealing brand images
2. attract customers to stores & internet sites
3. encourage customers to buy merchandise - 51Branda name or symbol (a logo) that identifies the PRODUCTS or SERVICES offered by the seller (retailer) and DIFFERENTIATES those products and services from those offered by the COMPETITION
- 52how to build brand equity1. create a high level of brand awareness
2. develop favourable associations with the brand name
3. consistently reinforce the image of the brand - 53Why do consumers buy branded apparel81% of consumers agree that the brand assures them that a reliable company stands behind the product
- 54Methods of Communicating with customers1. Paid impersonal communications (advertising)
2. Paid personal communications (email)
3. Unpaid impersonal communications (news coverage)
4. Unpaid personal communications (word of mouth) - 55co-op advertisingshared advertising costs
- 56Customer Expectations Gapdifference between what a customer expects in service and what they actually get
- 57What can service include- type of payment options
- delivery and wrapper
- packing goods or not (grocery)
- return policies
- selection available
- type of packaging
- product knowledge provided - 58* Traditional Customer Service Approach *Personal Shopping Services
- knowledgeable staff
- merchandise availability
- good signage - 59To have a customer-focused culture you must:- know who your customer is
- have a planned strategy to attract your customer
- have a clear plan of what you want to focus on and be committed to it
- hire knowledgeable and motivated employees
- use your customer info effectively
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- Spring 2018 FlashCards sobre Retail 2 Final, criado por Lauren Wilson em 09-04-2018.
- Criado por
- Lauren Wilson
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