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45 Cards in this Set

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Demographics
Objective, quantifiable, easily identifiable, and measurable population data.
Life-Styles
Ways that individual consumers and families (households) live and spend time and money.
Discretionary Income
Money left after paying taxes and buying necessities.
Culture
Distinctive heritage shared by a group of people. It passes on beliefs, norms, and customs.
Social Class
Informal ranking of people based on income, occupation, education, and other factors.
Reference Groups
Influence people's thoughts and behavior. They may be classified as aspirational, membership, and dissociative.
Family Life Cycle
How a traditional family moves from bachelorhood to children to solitary retirement.
Household Life Cycle
Incorporates the life stages of both family and nonfamily households.
Personality
Sum total of an individual's traits, which make that individual unique.
Class Consciousness
Extent to which a person desires and pursues social status.
Attitudes (Opinions)
Positive, neutral, or negative feelings a person has about different topics.
Perceived Risk
Level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer, whether or not the belief is actually correct.
Motives
Reasons for consumer behavior.
Outshopping
When a person goes out of his or her hometown to shop.
Cross-Shopping
Occurs when consumers shop for a product category through more than one retail format during the year or visit multiple retailers on one shopping trip.
Consumer Behavior
The process by which people determine whether, what, when, where, how, from whom, and how often to purchase goods and services.
Consumer Decision Process
Stages a consumer goes through in buying a good or service: stimulus, problem awareness, information search, evaluation of alternatives, purchase, and post-purchase behavior. Demographics and life-style factors affect this decision process.
Stimulus
Cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act.
Problem Awareness
Stage in the decision process at which the consumer not only has been aroused by social, commercial, and/or physical stimuli, but also recognizes that the good or service under consideration may solve a problem of shortage or unfulfilled desire.
Information Search
Consists of two parts: determining alternatives to solve the problem at hand (and where they can be bought) and learning the characteristics of alternatives. It may be internal or external.
Evaluation of Alternatives
Stage in the decision process where a consumer selects one good or service to buy from a list of alternatives.
Purchase Act
Exchange of money or a promise to pay for the ownership or use of a good or service. Purchase variables include the place of purchase, terms, and availability of merchandise.
Post-Purchase Behavior
Further purchases or re-evaluation based on a purchase.
Cognitive Dissonance
Doubt that occurs after a purchase is made, which can be alleviated by customer after-care, money-back guarantees, and realistic sales presentations and advertising campaigns.
Extended Decision Making
Occurs when a consumer makes full use of the decision process, usually for expensive, complex items with which the person has had little or no experience.
Limited Decision Making
Occurs when a consumer uses every step in the purchase process but does not spend a great deal of time on each of them.
Routine Decision Making
Takes place when a consumer buys out of habit and skips steps in the purchase process.
Impulse Purchases
Occur when consumers buy products and/or brands they had not planned to before entering a store, reading a catalog, seeing a TV shopping show, turning to the Web, and so forth.
Customer Loyalty
Exists when a person regularly patronizes a particular retailer (store or nonstore) that he or she knows, likes, and trusts.
4 factors affect the quality of a retail strategy?
1.)identifying consumer characteristics, needs, and attitudes

2.)recognizing how people make decisions

3.)devising the proper target market plan.
Precision shopping.
Retail shopping is often viewed as a chore. Americans no longer regard shopping as a fun pastime. Consumers want to spend fewer hours cruising the mall in search of the perfect item and, instead, get what they need as quickly as possible.
2 parts of the consumer decision process
1.) the process itself
2.) the factors affecting the process.
6 steps in the consumer decision process
a.) Stimulus

b.) Problem awareness

c.) Information search

d.) Evaluation of alternatives

e.) Purchase

f.) Post-purchase behavior
Completely unplanned impulse purchase
A consumer has no intention of making a purchase in a goods or service category before he or she comes into contact with a retailer.
Partially unplanned impulse purchase
A consumer intends to make a purchase in a goods or service category but has not chosen a brand or model before he or she comes into contact with a retailer.
Unplanned substitution impulse purchase
A consumer intends to buy a specific brand of a good or service but changes his or her mind about the brand after coming into contact with a retailer.
8 factors that affect consumers and their retail shopping behavior
1.)State of the economy.

2.) Rate of inflation (how quickly prices are rising).

3.) Infrastructure where people shop, such as traffic congestion, the crime rate, and the ease of parking.

4.) Price wars among retailers.

5.)Emergence of new retail formats.

6.)Trend toward more people working at home.

7.)Government and community regulations regarding shopping hours, new construction, consumer protection, and so forth.

8.)Evolving societal values and so forth.
Retail Information System (RIS)
Anticipates the information needs of managers; collects, organizes, and stores relevant data on a continuous basis; and directs the flow of information to proper decision makers.
Data-Base Management
Procedure a retailer uses to gather, integrate, apply, and store information related to specific subject areas. It is a key element in a retail information system.
Data Warehousing
Advance in data-base management whereby copies of all the data bases in a company are maintained in one location and accessible to employees at any locale.
Data Mining
Involves the in-depth analysis of information so as to gain specific insights about customers, product categories, vendors, and so forth.
Micromarketing
Application of data mining whereby the retailer uses differentiated marketing and focused strategy mixes for specific segments, sometimes fine-tuned for the individual shopper.
Universal Product Code (UPC)
Classification for coding data onto products via a series of thick and thin vertical lines. It lets retailers record information instantaneously on a product's model number, size, color, and other factors when it is sold, as well as send the information to a computer that monitors unit sales, inventory levels, and other factors. The UPC is not readable by humans.
Electronic Data Interchange (EDI)
Lets retailers and suppliers regularly exchange information through their computers with regard to inventory levels, delivery times, unit sales, and so on, of particular items.
Marketing Research in Retailing
Collection and analysis of information relating to specific issues or problems facing a retailer.