Mkt312-Midterm1-Set3

Front 1

information search

Back 1

depends on the value customers feel they'll gain from searching vs. the cost of searching
-influence:nature and use of the product being purchased
-characteristics of the indivdiula customer
-aspects of the market and buying situation
-

Front 2

marketplace and situational factors affecting informational search:

Back 2

-number of competing brands and retail outlets
-time pressure under whciht eh purchase must be made

Front 3

internal sources

Back 3

info ina customer's memory such as names, images, and past experience w/ different stores

Front 4

external srouces

Back 4

information provided by ads and other people

Front 5

multiattribute attitude model

Back 5

based on the notion that customers see a retailer or a product as a colllectoin of attirbutes or characteritiscs
based on..
-performance on relevant attributes
-importance of those attributes to the customer

Front 6

what retailers must do to attract customers

Back 6

-alternatives tores that customers consider
-characteristics or benefits that customers consider when evaluatigng and choosing a retailer
-custers' ratings of each store's performace on the characteritistcis
-importance weights that customers attach to the chracteristics.

Front 7

consideration set

Back 7

the set of alternatives the customers evaluate when making a selection

Front 8

methods to increase chances that customers will select the store to visit

Back 8

-increase the beliefe about the store's performance
-decrease the performance belief for competing stores in the consideration set
-increase customers' importance weights
-add a new benefit
-mostly go w/ one strategy b/c very costly to do all
-decrease customers' performance ratings of a competing store
-make sure to remember WHO makes the decision, who influences
-accomdate the needs of non-interested peope in shopping-->lets the shopper stay longer

Front 9

satisfaction

Back 9

postconsumption evaluation of how well a store or aproduct meets or exceeds customer expectaions

Front 10

postpurchase evaluation

Back 10

then becomes part of the customer's internal information that affects future store and product decisions.

Front 11

reference group

Back 11

one or more peopele whom a person uses as a basis of comparioson for beliefs, feelings, and behaviors
affect decision by:
-offering info
-provide rewards for specific upurchasing behavior
-enahncing a conumer's self-image

Front 12

subcultures

Back 12

distinctive grps of people within a culture

Front 13

retail market segment

Back 13

group of customers whose needs are satisfied by the same retail mix b/c they have similar needs

Front 14

four critera for evaulating whether a retail segment is a viable target market:

Back 14

actionability, identifiablilyt, accessibility, size

Front 15

actionability

Back 15

def. of a segment must clearly indiate what the reatiers should to do satisfy its needs
-customers in the segment must have smilar needs, seek similar benefits, be satsified
-customer needs must be different from the needs of customers in other segments
def. of a segment must clearly indiate what the reatiers should to do satisfy its needs

Front 16

identifiability

Back 16

-segment size
-with whom the retailer should communicate when promoting its retail offering

Front 17

accessibility

Back 17

ability of retailer to deliver the appropiriate retail mix to the customers in the segment

Front 18

size

Back 18

target segment must be large enough to support a unique retailing mix

Front 19

geographic segmentation

Back 19

groups customers by where htye live

Front 20

demographic semgentation

Back 20

groups consumers on the basis of easily measured, objective characteristics such as age, gender, income, and education

Front 21

geodemographic segmentation

Back 21

uses both geographic and demographic characteristics to classify consumers
-consumers in same neighborhoods tend to buy the same type of cars, applicances, and apparel and shop at same types of stores
-particularaly appealing to store-based retailers, b/c customers typically patronize stores close to thei r enighbrohood

Front 22

lifestyle/psychographics

Back 22

refesr to how people live, how they spend their time and money, what acitivites they puruse, and their attitudes and opinions about hte world in whcih they live

Front 23

lifestyle segmentation/Value and Lifestyle Survey

Back 23

1. consumer's resources, including income, education, etc.
2. personal orienation/what motivates them-principles, status, or actions
3. principle-orientated-guided by their internal values rather than the opinoins of others
-status-oriented consumers strive to win the approval of of others

Front 24

buying situations

Back 24

fill-in vs. weekly shoping to segment a market

Front 25

benefit segmentation

Back 25

group customers seeking similar benefits

Front 26

composite segmentation

Back 26

use multiple variables to identify customers in the target segment
-define target customers by benefits sough, lifestyles, and demographics

Front 27

retail strategy

Back 27

stmt identifying 1. the retailer's target market
2. the format the retailer plans to use to satisfy the target market's needs
3. the bases upon which the retailer plans to build a sustainable competitive advantage

Front 28

target market

Back 28

market segment toward which the retailer's mix (nature of merchandise and services offerend, pricing policy, advertising and proption program,

Front 29

sustainable compettiive advantage

Back 29

advantage over competition that can be maintained over a long time

Front 30

advantages of having small nonmall locations

Back 30

similar to khol's;
-easy access to both the store and merchandise
-physically separate from mall competitiors, difficult for competitoirs to price-comparison
-can avoid major price-discounting

Front 31

retailing concept

Back 31

mgmt. orientation that focuses a reatiler on determining the eneds of its target market and satisfying those needs more effectively and efficiently than its competitiors

Front 32

retail market

Back 32

not as a specific place where buyers and sellers meet but as a group of consumers with similar needs (a market segment) and a group of retailers using a similar retial format to satisfy those consumer needs

Front 33

establishing competitive advantages in:

Back 33

-customer loyalty
-location
-human resource mgmt
-distribution and information systems
-unique merchandise
-vendor relations
-customer service

Front 34

customer loyalty

Back 34

customers are committed to shopping at the retailer's locations
do this by:
-devloping clear and precise positioning strategies
-creating an emotional attachment with customers through loyalty programs

Front 35

positioning

Back 35

design and implementation of a retail mix to create an image of the retailer in the customer's mind realative to its competitiors

Front 36

data warehouse

Back 36

purchase information is stored in a huge database

Front 37

location is the

Back 37

most important competitive advantage possible

Front 38

retailing is a

Back 38

labor-intensive business, need good HR.

Front 39

distribution and information systems

Back 39

strive for efficient operations; developing sophisticated distributeion and information systems.

Front 40

private-label brands

Back 40

products developed and marketd by a retailer and available only from that retailer

Front 41

vendor relations

Back 41

gain exlucsive rights
-to sell merchandise in a region
-obtain special terms of purchase that are not availbele to competitiors who lack such relatoins
-to receive popular merchandise in short supply