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| The World of Retailing | |
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| Introduction to the World of Retailing | |
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| What Is Retailing? | |
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| A Retailer's Role in a Supply Chain | |
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| Retailers Create Value | |
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| Social and Economic Significance of Retailing | |
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| Social Responsibility | |
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| Retail Sales | |
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| Employment | |
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| Global Retailers | |
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| Structure of Retailing and Supply Chains around the World | |
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| Opportunities in Retailing | |
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| Management Opportunities | |
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| Entrepreneurial Opportunities | |
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| The Retail Management Decision Process | |
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| Understanding the World of Retailing-Section I | |
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| Developing a Retail Strategy-Section II | |
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| JCPenney Moves from Main Street to the Mall | |
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| Implementing the Retail Strategy-Sections III and IV | |
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| Whole Foods Market: An Organic and Natural Food Supermarket Chain | |
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| Ethical and Legal Considerations | |
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| Summary | |
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| Key Terms | |
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| Get Out and Do It! | |
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| Discussion Questions and Problems | |
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| Suggested Readings | |
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| Careers in Retailing | |
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| Sources of Information about Retailing | |
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| Types of Retailers | |
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| Retailer Characteristics | |
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| Type of Merchandise | |
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| Variety and Assortment | |
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| Services Offered | |
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| Prices and the Cost of Offering Breadth and Depth of Merchandise and Services | |
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| Food Retailers | |
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| Supermarkets | |
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| Supercenters | |
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| Warehouse Clubs | |
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| Convenience Stores | |
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| General Merchandise Retailers | |
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| Department Stores | |
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| Full-Line Discount Stores | |
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| Specialty Stores | |
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| Drugstores | |
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| Category Specialists | |
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| Extreme Value Retailers | |
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| Off-Price Retailers | |
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| Nonstore Retailers | |
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| Electronic Retailers | |
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| Catalog and Direct-Mail Retailers | |
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| Direct Selling | |
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| Television Home Shopping | |
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| Vending Machine Retailing | |
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| Services Retailing | |
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| Differences between Services and Merchandise Retailers | |
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| Types of Ownership | |
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| Independent, Single-Store Establishments | |
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| Corporate Retail Chains | |
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| Franchising | |
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| Summary | |
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| Key Terms | |
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| Get Out and Do It! | |
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| Discussion Questions and Problems | |
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| Suggested Readings | |
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| Comparison Shopping | |
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| Multichannel Retailing | |
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| Retail Channels for Interacting with Customers | |
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| Store Channel | |
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| Catalog Channel | |
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| Internet Channel | |
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| Evolution toward Multichannel Retailing | |
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| Overcoming the Limitations of an Existing Format | |
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| Capabilities Needed for Multichannel Retailing | |
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| Who Has These Critical Resources? | |
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| Will Manufacturers Bypass Retailers and Sell Directly to Consumers? | |
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| Which Channel Is the Most Profitable? | |
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| Issues in Multichannel Retailing | |
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| Integrated Shopping Experience | |
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| Brand Image | |
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| Merchandise Assortment | |
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| Pricing | |
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| Shopping in the Future | |
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| Shopping Experience | |
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| Supporting the Shopping Experience | |
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| Summary | |
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| Key Terms | |
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| Get Out and Do It! | |
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| Discussion Questions and Problems | |
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| Suggested Readings | |
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| Customer Buying Behavior | |
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| The Buying Process | |
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| Need Recognition | |
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| Information Search | |
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| Evaluation of Alternatives: The Multiattribute Model | |
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| Purchasing the Merchandise or Service | |
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| Postpurchase Evaluation | |
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| Types of Buying Decisions | |
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| Extended Problem Solving | |
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| Limited Problem Solving | |
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| Habitual Decision Making | |
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| Social Factors Influencing the Buying Process | |
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| Family | |
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| Reference Groups | |
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| Culture | |
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| Market Segmentation | |
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| Criteria for Evaluating Market Segments | |
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| Approaches for segmenting Markets | |
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| Composite Segmentation Approaches | |
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| Summary | |
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| Key Terms | |
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| Get Out and Do It! | |
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| Discussion Questions and Problems | |
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| Suggested Readings | |
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| Customer Buying Behavior and Fashion | |
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| Retailing Strategy | |
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| Retail Market Strategy | |
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| What Is a Retail Strategy? | |
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| Definition of Retail Market Strategy | |
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| Target Market and Retail Format | |
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| Building a Sustainable Competitive Advantage | |
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| Customer Loyalty | |
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| Location | |
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| Human Resource Management | |
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| Distribution and Information Systems | |
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| Unique Merchandise | |
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| Vendor Relations | |
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| Customer Service | |
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| Multiple Sources of Advantage | |
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| Growth Strategies | |
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| Market Penetration | |
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| Market Expansion | |
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| Retail Format Development | |
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| Diversification | |
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| Strategic Opportunities and Competitive Advantage | |
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| Global Growth Opportunities | |
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| Who Is Successful and Who Isn't? | |
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| Keys to Success | |
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| Evaluating Global Growth Opportunities | |
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| Entry Strategies | |
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| The Strategic Retail Planning Process | |
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| Define the Business Mission | |
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| Conduct a Situation Audit | |
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| Identify Strategic Opportunities | |
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| Evaluate Strategic Opportunities | |
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| Establish Specific Objectives and Allocate Resources | |
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| Develop a Retail Mix to Implement Strategy | |
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| Evaluate Performance and Make Adjustments | |
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| Strategic Planning in the Real World | |
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| Summary | |
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| Key Terms | |
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| Get Out and Do It! | |
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| Discussion Questions and Problems | |
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| Suggested Readings | |
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| Using the Market Attractiveness/Competitive Position Matrix | |
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| Financial Strategy | |
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| Objectives and Goals | |
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| Financial Objectives | |
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| Societal Objectives | |
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| Personal Objectives | |
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| Strategic Profit Model | |
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| Profit Margin Management Path | |
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| Asset Management Path | |
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| Return on Assets | |
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| Illustration: Kelly Bradford's Evaluation of the Gifts-To-Go.com Growth Opportunity | |
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| Setting and Measuring Performance Objectives | |
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| Top-Down versus Bottom-Up Process | |
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| Accountable for Performance | |
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| Performance Objectives and Measures | |
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| Types of Measures | |
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| Assessing Performance: The Role of Benchmarks | |
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| Summary | |
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| Key Terms | |
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| Get Out and Do It! | |
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| Discussion Questions and Problems | |
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| Suggested Readings | |
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| Retail Locations | |
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| Types of Locations | |
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| Unplanned Retail Locations | |
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| Freestanding Sites | |
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| City or Town Locations | |
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| Shopping Centers | |
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| Neighborhood and Community Shopping Centers | |
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| Power Centers | |
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| Shopping Malls | |
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| Lifestyle Centers | |
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| Fashion/Specialty Centers | |
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| Outlet Centers | |
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| Theme/Festival Centers | |
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| Larger, Multiformat Developments-Omnicenters | |
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| Mixed Use Developments | |
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| Other Location Opportunities | |
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| Airports | |
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| Temporary Locations | |
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| Resorts | |
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| Store within a Store | |
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| Location and Retail Strategy | |
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| Shopping Behavior of Consumers in Retailer's Target Market | |
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| Size of Target Market | |
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| Uniqueness of Retail Offering | |
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| Legal Considerations | |
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| Environmental Issues | |
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| Zoning and Building Codes | |
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| Summary | |
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| Key Terms | |
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| Get Out and Do It! | |
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| Discussion Questions and Problems | |
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| Suggested Readings | |
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| Retail Site Location | |
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| Evaluating Specific Areas for Locations | |
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| Economic Conditions | |
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| Competition | |
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| Strategic Fit | |
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| Operating Costs | |
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| Number of Stores in an Area | |
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| Economies of Scale from Multiple Stores | |
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| Cannibalization | |
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| Evaluating a Site for Locating a Retail Store | |
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| Site Characteristics | |
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| Traffic Flow and Accessibility | |
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| Location Characteristics | |
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| Restrictions and Costs | |
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| Locations within a Shopping Center | |
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| Trade Area Characteristics | |
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| Trade Area Definition | |
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| Factors Affecting the Size of the Trade Area | |
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| Measuring the Trade Area for a Retail Site | |
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| Sources of Information about the Trade Area | |
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| Competition in the Trade Area | |
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| Estimating Potential Sales for a Store Site | |
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| Huff Gravity Model | |
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| Regression Analysis | |
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| Analog Approach | |
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| Illustration of Site Selection: Edward Beiner Optical | |
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| Competitive Analysis | |
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| Define Present Trade Area | |
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| Trade Area Characteristics | |
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| Match Characteristics of Present Trade Area with Potential Sites | |
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| Negotiating a Lease | |
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| Types of Leases | |
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| Terms of the Lease | |
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| Summary | |
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| Key Terms | |
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| Get Out and Do It! | |
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| Discussion Questions and Problems | |
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| Suggested Readings | |
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| Human Resource Management | |
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| Gaining Competitive Advantage Through Human Resource Management | |
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| Objectives of Human Resource Management | |
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| The Human Resource Triad | |
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| Special HR Conditions Facing Retailers | |
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| Designing the Organization Structure for a Retail Firm | |
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| Matching Organization Structure to Retail Strategy | |
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| Organization of a Single-Store Retailer | |
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| Organization of a National Retail Chain | |
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| Organization Structures of Other Types of Retailers | |
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| Retail Organization Design Issues | |
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| Centralization versus Decentralization | |
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| Coordinating Merchandise and Store Management | |
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| Winning the Talent War | |
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| Attracting Talent: Employment Marketing | |
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| Developing Talent: Selection and Training | |
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| Motivating Talent: Aligning Goals | |
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| Keeping Talent: Building Employee Commitment | |
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| Issues in Retail Human Resource Management | |
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| Managing Diversity | |
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| Legal and Regulatory Issues in Human Resource Management | |
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| Use of Technology | |
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| Summary | |
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| Key Terms | |
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| Get Out and Do It! | |
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| Discussion Questions and Problems | |
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| Suggested Readings | |
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| Information Systems and Supply Chain Management | |
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| Creating Strategic Advantage Through Supply Chain Management and Information Systems | |
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| Improved Product Availability | |
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| Higher Return on Investment | |
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| Strategic Advantage | |
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| Information Flows | |
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| Data Warehouse | |
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| Electronic Data Interchange | |
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| Pull and Push Supply Chains | |
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| The Physical Flow of Merchandise-Logistics | |
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| Distribution Centers versus Direct Store Delivery | |
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| The Distribution Center | |
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| Reverse Logistics | |
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| Logistics for Fulfilling Catalog and Internet Orders | |
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| Outsourcing Logistics | |
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| Collaboration Between Retailers and Vendors in Supply Chain Management | |
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| Using EDI | |
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| Sharing Information | |
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| Vendor-Managed Inventory | |
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| Collaborative Planning, Forecasting, and Replenishment | |
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| Radio Frequency Identification (RFID) | |
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| Benefits of RFID | |
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| Impediments to the Adoption of RFID | |
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| Summary | |
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| Key Terms | |
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| Get Out and Do It! | |
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| Discussion Questions and Problems | |
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| Suggested Readings | |
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| Customer Relationship Management | |
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| The CRM Process | |
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| What Is Loyalty? | |
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| Overview of the CRM Process | |
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| Collecting Customer Data | |
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| Customer Database | |
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| Identifying Information | |
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| Privacy and CRM Programs | |
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| Analyzing Customer Data and Identifying Target Customers | |
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| Identifying the Best Customers | |
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| Developing CRM Programs | |
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| Customer Retention | |
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| Converting Good Customers into Best Customers | |
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| Dealing with Unprofitable Customers | |
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| Implementing CRM Programs | |
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| Summary | |
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| Key Terms | |
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| Get Out and Do It! | |
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| Discussion Questions and Problems | |
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| Suggested Readings | |
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| Merchandise Management | |
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| Managing Merchandise Assortments | |
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| Merchandise Management Process Overview | |
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| The Buying Organization | |
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| Merchandise Category-The Planning Unit | |
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| Evaluating Merchandise Management Performance-GMROI | |
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| Managing Inventory Turnover | |
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| Merchandise Management Process | |
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| Types of Merchandise Management Planning Processes | |
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| Forecasting Sales | |
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| Category Life Cycles | |
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| Forecasting Staple Merchandise | |
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| Forecasting Fashion Merchandise Categories | |
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| Sales Forecasting for Service Retailers | |
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| Developing an Assortment Plan | |
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| Category Variety and Assortment | |
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| Determining Variety and Assortment | |
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| Setting Inventory and Product Availability Levels | |
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| Product Availability | |
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| Summary | |
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| Key Terms | |
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| Get Out and Do It! | |
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| Discussion Questions and Problems | |
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| Suggested Readings | |
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| Merchandise Planning Systems | |
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| Staple Merchandise Management Systems | |
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| The Inventory Management Report | |
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| Fashion Merchandise Management Systems | |
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| Monthly Sales Percentage Distribution to Season (Line 1) | |
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| Monthly Sales (Line 2) | |
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| Monthly Reductions Percentage Distribution to Season (Line 3) | |
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| Monthly Reductions (Line 4) | |
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| BOM (Beginning-of-Month) Stock-to-Sales Ratio (Line 5) | |
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| BOM Stock (Line 6) | |
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| EOM (End-of-Month) Stock (Line 7) | |
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| Monthly Additions to Stock (Line 8) | |
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| Evaluating the Merchandise Budget Plan | |
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| Open-to-Buy System | |
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| Calculating Open-to-Buy for the Current Period | |
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| Allocating Merchandise to Stores | |
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| Amount of Merchandise Allocated to Each Store | |
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| Type of Merchandise Allocated to Stores | |
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| Timing of Merchandise Allocations to Stores | |
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| Analyzing Merchandise Management Performance | |
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| Sell-Through Analysis Evaluating Merchandise Plan | |
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| Evaluating the Assortment Plan and Vendors | |
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| Summary | |
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| Key Terms | |
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| Get Out and Do It! | |
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| Discussion Questions and Problems | |
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| Suggested Readings | |
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| Retailing Inventory Method | |
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| Buying Merchandise | |
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| Brand Alternatives | |
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| National Brands | |
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| Private-Label Brands | |
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| Buying National Brand Merchandise | |
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| Meeting National Brand Vendors | |
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| National Brand Buying Process | |
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| Developing and Sourcing Private-Label Merchandise | |
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| Developing Private-Label Merchandise | |
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| Sourcing Merchandise | |
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| Global Sourcing | |
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| Support Services for Buying Merchandise | |
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| Resident Buying Offices | |
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| Retail Exchanges | |
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| Negotiating with Vendors | |
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| Knowledge Is Power | |
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| Negotiation Issues | |
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| Tips for Effective Negotiating | |
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| Strategic Relationships | |
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| Defining Strategic Relationships | |
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| Maintaining Strategic Relationships | |
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| Building Partnering Relationships | |
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| Legal and Ethical Issues for Buying Merchandise | |
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| Summary | |
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| Key Terms | |
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| Get Out and Do It! | |
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| Discussion Questions and Problems | |
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| Suggested Readings | |
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| Retail Pricing | |
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| Considerations in Setting Retail Prices | |
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| Customer Price Sensitivity and Cost | |
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| Competition | |
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| Legal and Ethical Pricing Issues | |
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| Setting Retail Prices | |
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| Setting Prices Based on Costs | |
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| Merchandising Optimization Software | |
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| Profit Impact of Setting a Retail Price: The Use of Break-Even Analysis | |
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| Price Adjustments | |
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| Markdowns | |
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| Variable Pricing and Price Discrimination | |
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| Pricing Strategies | |
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| High/Low Pricing | |
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| Everyday Low Pricing | |
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| Advantages of the Pricing Strategies | |
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| Pricing Services | |
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| Matching Supply and Demand | |
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| Determining Service Quality | |
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| Pricing Techniques for Increasing Sales | |
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| Leader Pricing | |
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| Price Lining | |
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| Odd Pricing | |
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| The Internet and Price Competition | |
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| Summary | |
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| Key Terms | |
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| Get Out and Do It! | |
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| Discussion Questions and Problems | |
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| Suggested Readings | |
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| Retail Communication Mix | |
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| Using Communication Programs to Develop Brand Images and Build Customer Loyalty | |
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| Value of Brand Image | |
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| Building Brand Equity | |
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| Extending the Brand Name | |
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| Methods of Communicating with Customers | |
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| Paid Impersonal Communications | |
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| Paid Personal Communications | |
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| Unpaid Impersonal Communications | |
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| Unpaid Personal Communications | |
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| Strengths and Weaknesses of Communication Methods | |
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| Planning the Retail Communication Program | |
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| Establish Objectives | |
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| Determine the Communication Budget | |
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| Allocation of the Promotional Budget | |
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| Plan, Implement, and Evaluate Communication Programs-Three Illustrations | |
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| Summary | |
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| Key Terms | |
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| Get Out and Do It! | |
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| Discussion Questions and Problems | |
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| Suggested Readings | |
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| Implementing Retail Advertising Programs | |
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| Store Management | |
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| Managing the Store | |
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| Store Management Responsibilities | |
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| Recruiting and Selecting Store Employees | |
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| Job Analysis | |
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| Job Description | |
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| Locating Prospective Employees | |
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| Screening Applicants to Interview | |
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| Selecting Applicants | |
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| Legal Considerations in Selecting and Hiring Store Employees | |
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| Orientation and Training Programs for New Store Employees | |
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| Orientation Programs | |
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| Training Store Employees | |
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| Motivating and Managing Store Employees | |
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| Leadership | |
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| Motivating Employees | |
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| Setting Goals or Quotas | |
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| Maintaining Morale | |
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| Sexual Harassment | |
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| Evaluating Store Employees and Providing Feedback | |
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| Who Should Do the Evaluation? | |
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| How Often Should Evaluations Be Done? | |
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| Format for Evaluations | |
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| Evaluation Errors | |
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| Compensate and Reward Store Employees | |
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| Extrinsic Rewards | |
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| Intrinsic Rewards | |
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| Compensation Programs | |
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| Designing the Compensation Program | |
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| Legal Issues in Compensation | |
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| Controlling Costs | |
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| Labor Scheduling | |
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| Green and Energy-Efficient Stores | |
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| Store Maintenance | |
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| Reducing Inventory Shrinkage | |
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| Calculating Shrinkage | |
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| Organized and High-Tech Retail Theft | |
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| Detecting and Preventing Shoplifting | |
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| Reducing Employee Theft | |
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| Summary | |
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| Key Terms | |
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| Get Out and Do It! | |
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| Discussion Questions and Problems | |
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| Suggested Readings | |
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| Store Layout, Design, and Visual Merchandising | |
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| Store Design Objectives | |
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| Store Design and Retail Strategy | |
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| Influence Customer Buying Behavior | |
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| Flexibility | |
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| Cost | |
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| Legal Considerations-Americans With Disabilities Act | |
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| Design Trade-Offs | |
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| Store Design | |
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| Layouts | |
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| Signage and Graphics | |
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| Feature Areas | |
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| Space Management | |
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| Space Allocated to Merchandise Categories | |
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| Location of Merchandise Categories and Design Elements | |
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| Location of Merchandise within a Category: The Use of Planograms | |
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| Visual Merchandising | |
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| Fixtures | |
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| Presentation Techniques | |
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| Atmospherics | |
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| Lighting | |
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| Color | |
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| Music | |
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| Scent | |
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| How Exciting Should a Store Be? | |
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| Web Site Design | |
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| Simplicity Matters | |
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| Getting Around | |
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| Let Them See It | |
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| Blend the Web Site with the Store | |
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| Prioritize | |
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| Type of Layout | |
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| Checkout | |
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| Summary | |
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| Key Terms | |
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| Get Out and Do It! | |
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| Discussion Questions and Problems | |
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| Suggested Readings | |
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| Customer Service | |
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| Strategic Advantage Through Customer Service | |
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| Customer Service Strategies | |
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| Customer Evaluations of Service Quality | |
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| The Gaps Model for Improving Retail Service Quality | |
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| Knowing What Customers Want: The Knowledge Gap | |
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| Setting Service Standards: The Standards Gap | |
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| Meeting and Exceeding Service Standards: The Delivery Gap | |
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| Communicating the Service Promise: The Communications Gap | |
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| Service Recovery | |
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| Listening to Customers | |
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| Providing a Fair Solution | |
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| Resolving Problems Quickly | |
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| Summary | |
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| Key Terms | |
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| Get Out and Do It! | |
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| Discussion Questions and Problems | |
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| Suggested Readings | |
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| Starting Your Own Retail Business | |
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| Starting a Franchise Business | |
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| Cases | |
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| Overview Grid | |
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| Tractor Supply Company-Targeting the Hobby Farmer | |
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| Rainforest Cafe: A Wild Place to Shop and Eat | |
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| Providing a Retail Experience: Build-A-Bear Workshop | |
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| Wal-Mart and Corporate Social Responsibility | |
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| Should Retailers Use Blogs? | |
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| Mall Anchors Away! The Franklins Discover Online Shopping | |
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| The Sanchez Family Buys Bicycles | |
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| Retailing in India: The Impact of Hypermarkets | |
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| Diamonds: From Mine to Market | |
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| Save-A-Lot | |
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| Royal Ahold: The Biggest Supermarket Retailer You Have Never Heard Of | |
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| The Competitive Environment in the 18- to 22-Year-Old Apparel Market | |
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| Tiffany's and Blue Nile: Comparing Financial Performance | |
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| Stephanie's Boutique: Selecting a Store Location | |
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| Hutch: Locating a New Store | |
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| Home Depot Changes Directions | |
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| Avon Embraces Diversity | |
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| Nordstrom Revamps Its Loyalty Program | |
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| Nolan's Finest Foods: Category Management | |
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| Developing a Buying Plan for Hughe's | |
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| McFadden's Department Store: Preparation of a Merchandise Budget Plan | |
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| Selling Pens to Wal-Mart | |
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| How Much for a Good Smell? | |
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| Promoting a Sale | |
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| Macy's: A National Department Store Brand | |
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| Discount Dining Draws a Crowd: Restaurant Weeks in Major Cities | |
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| Enterprise Builds on People | |
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| Diamond in the Rough | |
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| Fresh Ideas in Grocery Store Layout | |
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| Sephora | |
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| A Stockout at Discmart: Will Substitution Lead to Salvation? | |
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| Customer Service and Relationship Management at Nordstrom | |
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| Lindy's Bridal Shoppe | |
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| Is Apple America's Best Retailer? | |
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| Starbucks Coffee Company | |
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| New Product Development at Yankee Candle Company | |
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| PetSmart: Where Pets Are Family | |
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| Interviewing for a Management Trainee Position | |
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| Glossary | |
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| Indexes | |
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| Name | |
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| Company | |
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| Subject | |