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26 Cards in this Set
- Front
- Back
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Utilitarian Needs
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•satisfied when purchasesaccomplish a specific task. Shoppingneeds to be easy, and effortless like Sam’s or a grocery store.
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Hedonic needs
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•satisfied when purchasesaccomplish a need for entertainment, emotional, and recreational experience asin department stores or specialty stores.
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Consideration set
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• the set of alternatives thecustomer evaluates when making a choice of what retailer to patronize.
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•Extended Problem Solving
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Highfinancial or social risk
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•Limited Problem Solving
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•Someprior buying experience
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•HabitualDecision Making
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•Storebrand, loyalty
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Financialrisks
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•purchasing expensive products orservices
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Physicalrisks
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•purchases that will affectconsumer’s health and safety
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Socialrisks
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•consumers will believe productwill affect how others view them
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Impulsebuying
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•unplanned purchase, and onecommon type of limited problem solving
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•BrandLoyalty |
•Committedto a specific brand |
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•StoreLoyalty |
•Committedto a specific retailer•Reluctantto switch retailers |
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RetailMarket Segment |
•agroup of customers who are attracted to the same retail mix because they havesimilar needs. |
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Geographic |
•segmentationgroups customers according to where they live. |
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Demographic
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•segmentationgroups consumers on the basis of easily measured, objective characteristicssuch as age, gender, income, and education.
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Geodemographic |
•segmentationusesboth geographic and demographic characteristics to classify consumers. |
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complexity |
•Theease with which consumers can understand and use a new fashion.
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cross-shopping |
•Apattern of buying both premium and low-priced merchandise or patronizingexpensive, status-oriented retailers and price-oriented retailers. |
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everyday low pricing (EDLP) |
•Apricing strategy that stresses continuity of retail prices at a level somewherebetween the regular nonsaleprice and the deep-discount sale price of the retailer’s competitors. |
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impulse buying |
•Abuying decision made by customers on the spot after seeing the merchandise. |
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information search |
•Thestage in the buying process in which a customer seeks additional information tosatisfy a need. |
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lifestyle |
•Refersto how people live, how they spend their time and money, what activities theypursue, and their attitudes and opinions about the world they live in. |
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multiattribute attitude model |
•Amodel of customer decision making based on the notion that customers see aretailer or a product as a collection of attributes or characteristics. Themodel can also be used for evaluating a retailer, product, or vendor. The modeluses a weighted average score based on the importance of various issues andperformance on those issues. |
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post purchase evaluation |
•Theevaluation of merchandise or services after the customer has purchased andconsumed them.
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satisfaction
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•Apost-consumption evaluation of the degree to which a store or product meets orexceeds customer expectations.
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store advocates
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•Customerswho like a store so much that they actively share their positive experienceswith friends and family.
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