Download Final Exam (Lecture 8) | FIM 220 - Food Product Marketing and more Quizzes Forestry in PDF only on Docsity! TERM 1 Efficiency Store Assortment DEFINITION 1 - Goal: Provide an assortment that maximizes consumer satisfaction while efficiency using store face to improve profit- For grocer, a complete expression of market strategy Segmentation and positioning Product, place, promotion, price TERM 2 Challenge to the Retailer (Price) DEFINITION 2 - How to competitively understand pricing and determine which products offer category leadership TERM 3 Challenge to the Retailer (Promotion) DEFINITION 3 - How to ensure successful promotion backed by product on the shelf TERM 4 Challenge to the Retailer (Place) DEFINITION 4 - Where to position products and how to cross-merchandise to increase sales TERM 5 Focus for Retailers DEFINITION 5 - Reduce non-value added space- Improve current use of floor space- Enhance product deletion/addition decisions- Customize assortments to target markets TERM 6 Benefits to Efficient Store Assortment DEFINITION 6 - Increase sales (up to 15%)- Quick response to trends- Better management of seasonal items- Greater emphasis on high volume/high profit items- Improved profit TERM 7 Efficient Store Assortment (Shelf Presentation Choices) DEFINITION 7 - Location in store- Space allocation- Arrangement/layout- Cross-merchandising opportunities - goal is to increase consumers' shopping basket TERM 8 Efficient Store Assortment (Location in the Store) DEFINITION 8 - Where's the milk? Why?- What do you see when you first enter the store?- End caps and "main aisle" versus interior aisles TERM 9 Efficient Store Assortment (Requirements) DEFINITION 9 - Accurate scan data at store level- Store level sales history adjusted for promotions/seasonality- Item database of product characteristics (dimensions, case quantity, price)- Cost figures- Point-of-Sale demographics TERM 10 Category Management DEFINITION 10 - Key tool in achieving efficient store assortment Manage my major categories/groups of products Designate a category "captain" - Retailer - Internal decision making - Vendor - External decision making
