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41 Cards in this Set

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information search
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
-
marketplace and situational factors affecting informational search:
-number of competing brands and retail outlets
-time pressure under whciht eh purchase must be made
internal sources
info ina customer's memory such as names, images, and past experience w/ different stores
external srouces
information provided by ads and other people
multiattribute attitude model
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
what retailers must do to attract customers
-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.
consideration set
the set of alternatives the customers evaluate when making a selection
methods to increase chances that customers will select the store to visit
-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
satisfaction
postconsumption evaluation of how well a store or aproduct meets or exceeds customer expectaions
postpurchase evaluation
then becomes part of the customer's internal information that affects future store and product decisions.
reference group
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
subcultures
distinctive grps of people within a culture
retail market segment
group of customers whose needs are satisfied by the same retail mix b/c they have similar needs
four critera for evaulating whether a retail segment is a viable target market:
actionability, identifiablilyt, accessibility, size
actionability
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
identifiability
-segment size
-with whom the retailer should communicate when promoting its retail offering
accessibility
ability of retailer to deliver the appropiriate retail mix to the customers in the segment
size
target segment must be large enough to support a unique retailing mix
geographic segmentation
groups customers by where htye live
demographic semgentation
groups consumers on the basis of easily measured, objective characteristics such as age, gender, income, and education
geodemographic segmentation
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
lifestyle/psychographics
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
lifestyle segmentation/Value and Lifestyle Survey
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
buying situations
fill-in vs. weekly shoping to segment a market
benefit segmentation
group customers seeking similar benefits
composite segmentation
use multiple variables to identify customers in the target segment
-define target customers by benefits sough, lifestyles, and demographics
retail strategy
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
target market
market segment toward which the retailer's mix (nature of merchandise and services offerend, pricing policy, advertising and proption program,
sustainable compettiive advantage
advantage over competition that can be maintained over a long time
advantages of having small nonmall locations
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
retailing concept
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
retail market
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
establishing competitive advantages in:
-customer loyalty
-location
-human resource mgmt
-distribution and information systems
-unique merchandise
-vendor relations
-customer service
customer loyalty
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
positioning
design and implementation of a retail mix to create an image of the retailer in the customer's mind realative to its competitiors
data warehouse
purchase information is stored in a huge database
location is the
most important competitive advantage possible
retailing is a
labor-intensive business, need good HR.
distribution and information systems
strive for efficient operations; developing sophisticated distributeion and information systems.
private-label brands
products developed and marketd by a retailer and available only from that retailer
vendor relations
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