See full answer below. Assortment is the number of different items offered in a merchandise category.
Pdf The Variety Of An Assortment
Variety is the number of merchandise categories a retailer offers.
Example of variety and assortment. They also look at size color price SKU and other characteristics within. Options that are rare or appear with low frequency carry. The Assortment plan is often a trade-off between the breadth and depth of products that an apparel retailer wishes to carry.
However while much of the earlier work on variety either suggested or assumed that more options were better recent. Definition of variety. Consistency consistency in product assortment refers to how the products lines or products relate to one another in retail For example the trucks and buses may be consistent with each other as they are both commercial grade automobiles but the SUV would not fit or be consistent considering that it is a consumer vehicle.
For example a grocery store that provides a lot of different products but only stocks one or two brands for each type of product is employing a wide assortment strategy. Provide examples of three retailers you believe have done an outstanding job of positioning their stores on the basis of one or more of these issues and give details. What is variety strategy.
Product assortment refers to the variety of products that a retailer presents to the consumer. An assortment strategy is a strategic retail industry sales tool that optimizes the variety of goods offered for sale. Almost all of the retail business is based on the demands of the customer.
Assortment refers to various products under one specific category. Variety is often referred to as the breadth of merchandise and assortment is referred to as the depth of merchandise. Four pillars of Retail Assortment Planning are Customers Employees Technology and Sustainability.
1 Customers and their demands. The quality or state of having different forms or types. For example many retailers are adopting an fie cient assortmentflstrategy which primarily seeks to nd the prot maximizing level of variety by eliminating low-selling products Kurt Salmon Associates 1993.
Using Wal-Mart as an example. Variety and Assortment Retailers can offer the same merchandise but differ in the variety and assortment of merchandise offered. The 4 Pillars of Assortment Planning.
When planning assortment retailers consider more than just the product type. The wide variety strategy is a merchandising strategy that relies on an impressive range of goods to draw customers into the store. For example a big hospital that can treat a significant variety of diseases and conditions.
In effect the Law of Independent Assortment creates a large amount of variety based on different combinations of genes which have not previously occurred. In assortment the differentiation. Of variety is the relative frequencies or entropy of the items within the assortment Shannon and Weaver 1949.
The old-fashioned five-and-dime store is a classic example of a wide variety strategy. And the retail assortment planning is based in its entirety on customer demands. This refers to the number of products in a particular product chain or line.
An assortment would be something like different types of toothpaste such as Crest ProHealth Colgate etc that a store would carry. Seek variety see Kahn and Ratner 2005 for a review whether to satisfy the need for stimulation Berlyne 1960 or for other reasons and larger assortments help consumers satisfy these needs. Assortment planning is the process to determine what and how much should be carried in a merchandise category.
Therefore it is important to understand how people perceive the variety contained in an assortment and how. In addition variety is often referred to as the breadth of merchandise carried by the retailer and assortment is. Breadth Depth Product Assortment The product breadth is the number of product lines while the product depth is the variety within each of those lines.
Product variety is a class of business models that seek a competitive advantage by offering more variety than the competition. This strategy is centered around the concepts of a deep assortment and a. A Florida-based shop for example might have bathing suits year round while they may only go for sale seasonally in Montana.
An automobile manufacturer for example may have a line of sedans a line of SUVs and a line of trucks. It aims to provide more variety in the types of product lines offered but does not provide a high number of products in each product line. Variety perception also matters when the variety-seeking motive operates.
On the basic level variety is just a collection of differentproducts whereas assortment is a collection of variations of asingle product. This has raised questions as to whether rapid growth in variety is excessive. Variety refers to several category options available in the market.
Assortment refers to the number of SKUs within a merchandise category group or department. A good example of a store with good breadth but less depth are club stores like Costco which sells almost everything under the sun but only one or two options for each type of product. Variety assortment and product availability are the cornerstones of the merchandise planning process.
A number or collection of different things especially of a particular class. The main difference between variety and assortment is that variety refers to the number of different merchandise categories a retailer sells whereas assortment is the number of different items or SKUs in a merchandise category. For instance one gamete can end up with all maternal chromosomes while another can have a mixture of both maternal and paternal chromosomes.
Retailers care about variety because customers value variety. This also means that the genes on these chromosomes are independently assorted. The following are common types of business model based on product variety.
Something differing from others of the same general kind.
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