essentials of retail studies bm0208 revision our last lecture…
TRANSCRIPT
ESSENTIALS OF RETAIL STUDIESBM0208
RevisionOur last lecture…
Upcoming
NO tutorial next week (physical hr for ICA)Complete tutorial 11 & 12 on own & check
answers on pbwiki ICA 4 on 28 Jan (fri), 4.10 pm, LTD 6 (standby at
4pm- will start early if venue available.) ICA 3 project results will be released on pbwiki
on 2 Feb, 10am. Option: For review of project, you may see me at C311 10-11am as a group.
28 Jan (fri), 4.10 pm, LTD 6Wait outside LT at 4am. Start at 4.10 or 4.15 pm (wait for my cue)
3
Projector
Place bags here xx Place bags here xx
Place bags here xxPlace bags here xx
BH & BG - White Question Paper
MC & MD - Green Question Paper
BH & MC BG& MD
BG & MD
BH & MC
ICA4 Format
Answer ALL 3 questions (60 marks)All Case Studies (3 x 20 marks)Total duration is 60 minutes
The question paper carries a total of 60 marks and constitutes 30% of your module grade.
RULES OF CONDUCT OF ICA
1. You are NOT ALLOWED to turn over the paper until you have been told to do so.
2. You are NOT ALLOWED to communicate with or borrow any material from other candidates.
3. You are to raise your hand if you wish to communicate with the invigilator.
4. You are to remain seated and SILENT until all answer books have been collected and accounted for.
5. If you arrive 30 minutes after the commencement of the ICA, you will not be allowed to sit for the paper.
Warning: Any candidate who cheats or attempts to cheat will
be liable to disciplinary action.
Example : Case Study (20 marks)
"We shall offer a wide range of well designed, functional Home Furnishing products at prices so low that as many people as possible will be able to afford them.“Here in IKEA Singapore, we have systematically reduced our prices every year so that we will always be on the side of the customer. This has been made possible mainly because we use the full strength of the IKEA concept and the IKEA organization to purchase in large numbers, using the best supply chain methods to keep prices low. In the store, we request that you, the customer, do your part to shop on your own, and together, we save.
Adapted from www.ikea.com.sg
(a) List and briefly explain FOUR (4) functions that retailers, such as Ikea undertake to increase the value of the products and services they sell to consumers.
(8 marks)
(a)
Ans: (4 x 2 mks = 8 mks)
1. Provide assortment of products and services (1 mk)Ikea provides a wide selection of functional home furnishing
products for customers to choose from (1 mk)
2. Break bulk (1 mk)Ikea orders in bulk, uses the best supply chain method to keep
costs low. Thus, customers can enjoy low prices. (1 mk)
3. Hold inventory (1 mk)Ikea helps to store products until customers require them. The
products are mainly flatten and kept in cartons to minimise storage and costs. (1 mk)
4. Provide customer service (1 mk)Ikea encourages self-service so as to keep costs low. However,
they provide customers with tools such as pencil & measuring tapes. Staff are also stationed in the store to assist customers. (1 mk)
Make sure you leave blank between answers.Write neatly
(b) Identify and briefly explain THREE (3) segmentation bases that could be used to segment the market for Ikea.
(6 marks)Ans: (any 3 x 2 mks = 6 mks)1. Demographics (income, family life cycle acceptable) (1 mk) The products are made affordable to cater to mass market. They could be the middle income earners or middle high customers who want to DIY (1 mk)
2. Geographic (1 mk) The stores are located in suburban areas- Alexandra and Tampines. Away from the city centres (1 mk)
3. Benefits (1 mk) The merchandise are well designed and functional (1 mk)
4. Psychographics (lifestyle, personality) (1 mk)Customer may like the idea of self assembly and enjoy shopping for home furnishing products (1 mk)
(c) Ikea is a mega store that reaps the unique benefits of brick and mortar retail experience for consumers. List SIX (6) of the benefits for its consumers.(6 marks)
Ans: (6 x 1 mk = 6 mks)
• Browsing• Touch and feel products• Personal service• Cash payment• Immediate gratification• Entertainment and social interaction
HIGHLIGHTSFor main
paper(DOES NOT MEAN
OTHER TOPICS ARE EXCLUDED)
Lecture 1 :Intro to Retailing
Nature of change in retailing E-tailing Price Competition Demographic shifts
Store size : Scrambled Merchandising
Methods used to categorise retailers No. of stores Margin vs Turnover (e.g. high margin, high turnover) Location Size
Types of Retailers – retail formats
Lecture 2 :Retail Industry in Singapore (I) New Shopping Malls in S’pore Measures taken to develop S’pore
into Shopping & Lifestyle Destination
Annual Sale Event: GSS Government Initiatives to boost
Retail Industry (GEMS, retail 21)
Briefly
Lecture 3 :Retail Industry in Singapore (II)
Understand 2 recent projectsIntegrated ResortWarehouse retailing scheme
Benefits to SingaporeEconomic & community gains
briefly
Lecture 4 : Retail Industry in Global Market
Retail InternationalizationOutlines Economic & Retail Outlook
for Major Economies (emerging mkts..why so attractive)
Case Study for Major Players in the Global MarketWal-mart (just read…)
Tesco (just read…)
Lecture 5 : Retail Strategic Planning & Operations
Management ***Understand components of Strategic Planning:Goals & Objectives
Market Performance ObjectiveFinancial Performance Objective
Strategy(means of differentiation…)(major environmental factors…e.g. Consumer Behavior, Competitor Behavior, Supply Chain, Socioeconomic, Technological)
Retail Mix (Merchandise, Price, Advertising & Promotion, Customer
Service, Layout & Design, Store location)
Operations Management . (i.e. buying & handling of merchandise, pricing, advertising & promotion,
customer service, manpower, facilities)
A present for you:
NO CALCULATION REQUIRED
Lecture 6 :Multi-Channel Retailer ***
Benefits provided by different channels (electronic, physical store, catalog) *
Resources Needed to Compete Effectively in Internet Retailing
Issues faced by multi-channel retailersDisintermediation
Lecture 7: Retail Customers ***
Population Trends Population Growth Age Distribution Geographic Trends
Social Trends Education State of Marriage & Divorce Makeup of Household Changing nature of Work
Economic Trends Income Growth Personal Savings Women in the labour force Widespread use of credit
cards
Understand the impact on retailing *
Stimulus:Refers to a cue that is external (cue) to the individual or a drive that is internal (drive) to the individual.
Lecture 8 : Competition in Retailing (I) ***
Retailers compete on 5 major fronts: The price for benefits offered Service level Product selection Location or access: the overall convenience of the retailer Customer experience
Nonprice Decision* merchandise mix private label merchandise other values / benefits stockkeeping
Competitive Actions* Overstored Understored
Types of Competition* Intratype & Intertype
Lecture 9 : Competition in Retailing (II)
Future Changes in Retail CompetitionNonstore RetailingNew Retailing FormatsHeightened Global CompetitionIntegration of TechnologyIncreasing Use of Private Labels
Lecture 10 &11 : Managing the Supply Chain
8 marketing functionsHow retailers add valueVertical Marketing Channels
Corporate Contractual Administered
Franchising: Advantages & Disadvantages
Lecture 12 : Market Selection & Retail Location AnalysisMarket Segmentation: measurable, Accessible,
substantial Is dividing of a heterogeneous consumer population into
smaller, more homogenous groups on demographic, economic, psychographic, and behavioral characteristics.
Location of Store-based retailersShopping Centre: Advantages &
Disadvantages (what are anchor stores?)
Non-traditional Locations Naval Base Office building Theme park/ Resort Airport Hotel School
Nonstore-based Retail Formats
Exam Technique
Exam Technique
• Look at the marks allocated 1 mk – identify, list : u can write in point form
if more mks – write in short sentences
• Handwriting
Write clearly, reasonable font size 12
Black or Blue pen (don’t use pencil OR pink pen)
Leave 1-2 between each answer
1 Question 1 Page (start fresh new page)
(if examiner can’t make up what u wrote…. How to award marks? …)
• Answer ALL questions
What if u r Absent for Main paper…
Students who are absent for ICA have to submit MC
within next 2 working days to your PEM. Inform Module Co-odinator: Ms GK Lee
Try to take main paper ( u will know why…)
My Advice:Study according to the revision
guidelinesLecture + tutorial
Make sure u stay healthy and alert Plan your study calendarTake note of time, venue
28 Jan (fri), 4.10 pm(1 hr) reach 10 min earlierLTD 6
Take the Main paper!
Score A!
Alternative Paper:• No revision• 1/ Feb (tue), 10am, C311
All the BEST! Good Luck
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