Marketing Principles Chapter 12 Assignment

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Waukesha County Technical College *

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Marketing

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Feb 20, 2024

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Name_________Huy Dao______________ Marketing Principles 104-102 Chapter 12 Assignment - 5 Points Instructions: Please complete the following assignment and upload a copy to Canvas. Please bring this worksheet with you to class for discussion. Important Chapter Terminology Artificial Intelligence Extreme-Value Retailers Retailer Cooperative Assortment Fast Fashion Retailing Atmospherics Full-line Discount Stores Scrambled Merchandising Augmented Reality Gamification Shop-at-Home Networks Breadth of Assortment Geofencing Slotting Allowances Business Format Franchise Isolated Store Specialty Discount Stores Buyers Leased Department Specialty Stores Catalog Marketing Merchandising Stock Keeping Unit (SKU) Category Killers Micro-merchandising Supercenter Format Category Management Off-price Retail Stores Supermarkets Convenience Stores Omnichannel Retailing Unplanned Business District Corporate Stores Opportunistic Buying Virtual Reality Depth of Assortment Planned Shopping Center Visual Merchandisers Direct Selling Product Distribution Franchise Voluntary Chain Discount Stores Retailer Warehouse Clubs Discussion Questions 1. What is retailing? How much is spent via retail in the United States? Retailing is all of the business activities involved in the sales of goods and services to an end consumer for their personal, family, or household use. $23 trillion in 2017 and it got higher in 2020. 2. Why is retailing important? Because retailing makes it possible for customers to have access to a broad variety of products and services. 3. What types of career opportunities are there in retail? Level of service, Self-service, full-service retailers, limited service 4. List three retailers you regularly do business with. Amazon, Walmart, Sam’s Club 5. List and briefly explain the key channel functions retailers provide. Assignment 1

 With Amazon - to continually raise the bar of the customer experience by using the internet and technology to help consumers find, discover, and buy anything, and empower businesses and content creators to maximize their success  Walmart - Walmart uses the intensive distribution strategy or intensive distribution channel design for this marketing mix element.  Sam's club - providing members with exclusive savings and quality merchandise, as well as free shipping on many items, savings on fuel, prescriptions and more. 6. What makes retailing different than other businesses? Retailers typically buy goods from a manufacturer, wholesaler, or other distributor and then resell them to the public. The difference between retailers and wholesalers is that while retailers sell directly to consumers, wholesalers sell their goods to other businesses 7. Review Table12.2 explaining the types of retail store formats. Choose four types of retailers YOU shop at. Explain the type of retailer they are, and include examples of their merchandise mix, service level, and pricing. Explain why you like these retailers. Four types of retailers I shop at: a. They are Walmart, Full-line discount store. i. Merchandise mix: from groceries, hardware, furniture, appliances, health goods, wellness, to entertainment. ii. Service level: 90-Day Order Defect Rate <2% On-Time Shipment Rate >99% Valid Tracking Rate >99% iii. Pricing: Competitive b. They are BestBuy, Specialty discount store i. Merchandise mix: Best Buy has House Brand of 8 products under its marketing mix product portfolio which are Dynex, Rocket Fish, Insignia, Modal, Platinum, Init, Pacific Sales and Magnolia Home Theatre. ii. Service level: remembering and appreciating repeat customers, forging a local connection with shoppers iii. Pricing: competitive c. They are Costco, Warehouse club i. Merchandise mix: Appliances. Auto & Tires. Baby, Kids & Toys. ii. Service level: deep discounts to consumers who pay membership fees iii. Pricing: Low prices even for ancillary items such as glasses, hearing aids, eye exams, automotive services and products and gasoline sales d. They are 7eleven, Convenience store i. Merchandise mix: from food, drinks, and fuel for their vehicle ii. Service level: Average iii. Pricing: competitive 2

8. What is online retailing? Online retailing is B2C electronic commerce in which individual consumers directly buy goods or services over the Internet; also known as e-retailing. 9. Explain the limitations of online retailing. Customers have concerns about privacy and security. Some consumers are still wary about giving out personal information, especially credit and debit cards, to online sources. Lack of in- store engagement with customers. The added cost of operating an online store. 10.What is catalog marketing? Can you provide an example of Wisconsin based catalog marketers? Catalog marketing is a retail sales technique used to group many items together in a printed piece or an online store. Ex: Johnson control, Cellular Logistics. 3

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11.Explain the shop-at-home networks, automated vending, and direct selling. Can you provide any local examples of automated vending or direct selling companies? 12.What is a customer journey map? Why is this map useful? Customer journey map is a visual representation of the process a customer or prospect goes through to achieve a goal with a company. Because this map helps retail managers identify points in their customer’s journey where that process breakdown. 13.Briefly list any issues 21 st century retailers face. o Competing with online. The COVID-19 pandemic and subsequent lockdowns have generated the biggest shift to online shopping we've ever seen. o Effective marketing tactics on a budget. o COVID-19 isolation still poses staffing problems Today’s Professional Read the Executive Perspective and the Today’s Professional Overview and Briefly list 3 ideas from the profiles that you found interesting. a. First idea came from Mrs. Acosta about advising career path. The truth thing in this if we are not sure what we will do in the future we need to explore any field and always put the questions if we don’t know any to get the clear answer and experiences b. Secondly, about compete with competitors, she addresses what she did was always searching and exploring the customers’ need to plan marketing campaigns, offerings, benchmarking against competitor c. As what I always see. From Ashlyn Cornell in Today’s Professional, the interesting I found is in her advice, Always take advantage of opportunities because it is envision our dream job and help us prepare for the future Ethical Challenge Read the Ethical Challenge at the end of the chapter. What is the major ethical issue at hand in the Overstock example? The issue is the overuse of issuing list prices by online retailers suggesting to their customers that they are getting a great bargain or a huge discount on their purchases. Who are the stakeholders affected when a company uses misleading reference prices to exaggerate potential customer savings? Customers If you were an executive in charge of pricing decisions, what would you do? If I were a shop executive, I would make it a point to deliver accurate information to our consumers. Customers place their faith in the firm and generate income for it. I would try to attract customers to my store through discounted prices on products, but it will be genuine discounts 4

References https://www.aboutamazon.co.uk/uk-investment/our-mission https://www.lightspeedhq.com/blog/advantages-and-disadvantages-of-ecommerce/ https://www.eubusinessnews.com/the-4-biggest-challenges-facing-independent-retailers-right-now/ 5

Marketing Principles Chapter 12 Assignment

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