Fashion Retail Management 2 - Retail Merchandising Flashcards

This set of vocabulary flashcards covers terms from the Retail Merchandising lecture, including the four realms of experience, omnichannel vs. multichannel retailing, the customer journey, stakeholder management, and the three levels of organizational planning.

The "Invisible" AI Revolution

A trend in retail experience where retailers innovate to enhance consumer engagement through artificial intelligence.

The Experience Economy & "Phygital" Reality

A retail trend focusing on the blend of physical and digital realities to enhance consumer engagement.

Entertainment Realm

A realm of experience characterized by passive participation and absorption, such as listening to live music in a store.

Educational Realm

A realm of experience characterized by active participation and absorption, such as attending a makeup tutorial or software workshop.

Esthetic Realm

A realm of experience characterized by passive participation and immersion, such as walking through a beautifully designed flagship store.

Escapist Realm

A realm of experience characterized by active participation and immersion, such as using a flight simulator or participating in an escape room.

Mobile Commerce (m-commerce)

The use of wireless handheld devices, such as cell phones and tablets, to conduct commercial transactions online, including purchasing, banking, and bill paying.

Multichannel

An approach using multiple independent channels to serve customers, where each channel operates in its own silo with little to no integration.

Omnichannel

A fully integrated approach where all channels work together seamlessly and share data to create a unified, consistent customer experience.

Discovery Stage

The purchasing pathway stage where consumers get inspiration and gather ideas for a purchase using digital channels and in-store browsing.

Evaluation Stage

A technical process in the purchasing pathway where shoppers gather information, compare prices, and check specifications like size or availability.

Loyalty Stage (Purchasing Pathway)

The stage where consumers decide whether to select the same brand again, influenced by customer service and experience.

Stakeholders

Individuals, groups, or organizations that have an interest or "stake" in a particular project, business, or issue, and can influence or be influenced by its outcomes.

Stakeholder Mapping

An exercise to determine who stakeholders are and how much engagement, communication, or consideration they need based on their interest and influence.

Strategic Planning

Planning conducted by top management that sets the long-term vision ($3$ to $5+$ years) and direction for the entire organization.

Tactical Planning

Planning conducted by middle management that turns strategic plans into specific initiatives, with a time horizon of $1$ to $3$ years.

Operational Planning

Planning conducted by first-line management that executes tactical plans through daily tasks and activities, with a time horizon of daily to $1$ year.

Strategic Control

The management task of monitoring progress and results to ensure that strategic objectives are achieved and the desired relationship with stakeholders is maintained.

Macro Level Stakeholders

Broad external entities such as the Government, SAPS, and SARS.

Micro Market Stakeholders

Entities within the immediate market environment including Competitors, Customers, Suppliers, Distributors, and the Community.