1. define brick and mortal It refers to retail shops that are
located in a building as opposed to an online shopping destination,
door-to-door sales, kiosk or other similar site not housed within a
structure.2. List the type of retail location Mall Space Shopping
Center Downtown area Free standing location Office building 3.
Define mall spaceFrom kiosks to large anchor stores, a mall has
many retailers competing with each other under one roof. There are
generally 3 to 5 anchor stores, or large chain stores, and then
dozens of smaller retail shops. Typically the rent in a mall
location is much higher than other retail locations. This is due to
the high amount of customer traffic a mall generates. Before
selecting this type of store location, be sure the shopper
demographic matches the description of your customers. Mall
retailers will have to make some sacrifices in independence and
adhere to a set of rules supplied by mall management.4. Define
shopping center Strip malls and other attached, adjoining retail
locations will also have guidelines or rules for how they prefer
their tenants to do business. These rules are probably more lenient
than a mall, but make sure you can live with them before signing a
lease. Your community probably has many shopping centers in various
sizes. Some shopping centers may have as few as 3 units or as many
as 20 stores. The types of retailers, and the goods or services
they offer, in the strip mall will also vary.5. Define Downtown
storesLike the mall, this type of store location may be another
premium choice. However, there may be more freedom and fewer rules
for the business owner. Many communities are hard at work to
revitalize their downtown areas and retailers can greatly benefit
from this effort. However, the lack of parking is generally a big
issue for downtown retailers. You'll find many older,
well-established specialty stores in a downtown area. This type of
store seems to thrive in the downtown setting.6. Define
freestanding Location This type of retail location is basically any
stand-alone building. It can be tucked away in a neighborhood
location or right off a busy highway. Depending on the landlord,
there are generally no restrictions on how a retailer should
operate his business. It will probably have ample parking and the
cost per square foot will be reasonable. The price for all that
freedom may be traffic. Unlike the attached retail locations where
customers may wander in because they were shopping nearby, the
retailer of a free standing location has to work at marketing to
get the customer inside.7. Define office building The business park
or office building may be another option for a retailer, especially
when they cater to other businesses. Tenants share maintenance
costs and the image of the building is usually upscale and
professional.8. Define home based More and more retail businesses
are getting a start at home. Some may eventually move to a
commercial store location, while many remain in the business
owner's spare room. This type of location is an inexpensive option,
but growth may be limited. It is harder to separate business and
personal life in this setup and the retailer may run into problems
if there isn't a different address and/or phone number for the
business.9. List out the important factors in selecting a retail
location Population and your customer Accessibility , visibility
and traffic Signage, Zoning and Planning Competition and Neighbors
Location cost10. Define atmospherics The physical characteristics
and surrounding influence of a retail store that is used to create
an image in order to attract customers.11. Element of internal
atmospherics Store layout Signage Colors Lighting Sounds Odor
Visual merchandizing 12. Define visual merchandising It is the
artistic display of merchandise and theatrical props used as scene
setting decoration in the store.13. Element of external
atmospherics Place of location Marquee Store entrance Display
windows Door type Walkways
14. Define store positioning Is when a retailer identifies a
well defined market segment using demographic or lifestyle
variables and appeals to this segment with clearly differentiated
approach.15. Define store image It is the overall perception the
consumer has of the stores environment.16. Define retail mix It is
the combination of merchandise, price, advertising and promotion,
location, customer service and selling and store layout and
design.17. Define value proposition A clear statement of tangible
and or intangible results a customer receives from shopping at and
using the retailers products or services.18. Define customer
serviceIt includes activities the retailer performs that influence
(1) the ease with which a potential customer can shop or learn
about the stores offering, (2) the ease with which a transaction
can completed once the customer attempts to make a purchase, and
(3) the customers satisfaction with purchase.
19. List out the four type of gaps model by Zeithaml, Berry and
parasuraman Knowledge gap Standard gap Delivery Gap Communication
Gap
