Topic: 01-13 Developing a retail strategy
81. List and describe two technologies that retailers are using to enhance their business to remain competitive in a technological-driven business landscape.
Blockchain and computer inventory management systems are discussed in this chapter. Example of use of robots to help with inventory, virtual reality, data analytic platforms, and augmented reality are just some examples.
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Medium
Learning Objective: 01-05 Discuss different types of decisions retail managers make.
Topic: 01-13 Developing a retail strategy
82. Firms typically go through several stages before they fully integrate corporate social responsibility into their strategy. List and describe each of these stages. Give an example of a firm that you feel demonstrates a stage four level of CSR activities.
Companies in the first stage engage only in CSR activities required by law. In this stage, companies are not actually convinced of the importance of CSR actions. In the second stage, companies go beyond activities required by law to engage in CSR activities that provide a short-term financial benefit to the company. For example, a retailer might reduce the energy consumption of its stores just because doing so costs less. In the third stage, companies operate responsibly because they believe this is the "right thing" to do. Companies in the fourth and final stage engage in socially and environmentally responsible actions because they believe these activities must be done for the "well being" of everyone
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Medium
Learning Objective: 01-05 Discuss different types of decisions retail managers make.
Topic: 01-05 Social responsibility
83. Name three Canadian companies that have successfully expanded globally through a mix of corporate and franchise stores.
Canadian success stories include retailers such as Couche Tard, Aldo, Lululemon, Tim Hortons and Aritzia
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Medium
Learning Objective: 01-03 Know the economic significance of retailing in Canada.
Topic: 01-07 Global retailers
84. List and describe career opportunities available in the retail industry. Explain the roles that would best apply to your skills and attributes.
Retailers employ people with expertise and interest in finance, accounting, human resources management, logistics, and computer systems, as well as marketing.
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: Medium
Learning Objective: 01-04 Examine the various career and entrepreneurial opportunities retail offers.
Topic: 01-08 Opportunities in Retailing
85. Explain what is meant by vertical integration for retailers. Give examples of how firms use forward and backward integration.
Vertical integration means that a firm performs more than one set of activities in the channel, such as investments by retailers in wholesaling or manufacturing. Backward integration arises when a retailer performs some distribution and manufacturing activities, such as operating warehouses or designing private-label merchandise. Forward integration occurs when a manufacturer undertakes retailing activities, such as Canada Goose operating its own retail stores
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: Medium
Learning Objective: 01-02 Understand the role retailers play in the distribution channel and the functions they perform.
Topic: 01-02 A retailer's role in a distribution channel