• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off

Card Range To Study



Play button


Play button




Click to flip

Use LEFT and RIGHT arrow keys to navigate between flashcards;

Use UP and DOWN arrow keys to flip the card;

H to show hint;

A reads text to speech;

89 Cards in this Set

  • Front
  • Back

Strategy Mix is used for ?

Identifying and understand consumers

Strategy mix contains ?

Store Location

Operating procedures (management styles)

goods/services offered (broad/depth/qualtity/etc)

pricing tactics

store atmosphere

customer services

promotional methods: advertising, displays

Demographics gives insight to what ?

consumers value now/tomorrow, how to reach them

Demographic data is ?

Quantifiable, easily identifiable, measurable

(market size, gender, age, income, education, retail sales)

Consumer lifestyle social factors:

Culture, reference groups, social class, time utilization, household life cycle, family life cycle

Consumer Lifestyles Psychological Factors:

Personality, attitudes, perceived risk, class consciousness, purchase importance

How psychological factors, influence outcomes?

(perceived risk) example

Factors affecting perceived risk (budget, urgency, number of alternatives)


types of perceived risk (functional, physical, financial, social, psychological, time)

-> (consumer)

outcome (purchase new product, stick with old brand, talk to friends)

When creating a lifestyle profile consider? (FIRST 5)

culture (norms, values, customs)

social class (potential consumers lower class? social mobile?)

reference groups (who do they look for advice from, differ for good categories)

family lifecycle (stages of cycle are bulk customers)

Time Utilization (how do people spend time? how do they feel about shopping time?)

When creating a lifestyle profile consider? (2ND 5)

Personality (personality traits)

Class consciousness ( status-conscious?)

Attitudes (feel about the retailer)

Perceived risk (risk with retailer, Which goods) Important of purchase (important are goods/services)

What are some modern implications of customer demographics and lifestyles ?

Consumer sophistication and confidence

Shoppers are more knowledgable and cosmopolitan

more up to date on trends

willing to sacrifice in other areas for style

gender roles

A modern implication of customer demographics and lifestyles that attribute to a rise in efficiency of shopping ?

Lack of time, people working longer hours

Retailers: longer hours, on floor personnel, self checkout.

Some component lifestyles ? (modern implications of customer demographics and lifestyles)

Shopping is less predictable and more individualistic, situation based shopping.

The consumer decision process ?

2 parts: process and factors affecting the process

stimulus, problem awareness, information search, evaluation of alternatives, purchase, post purchase behavior

Factors affecting the consumer decision process ?

Demographics and Lifestyle

Influences of consumers purchase or non purchase (key factors in purchase act)

retailers place of purchase (store, www, home)

retailers purchase terms (price, cash vs credit)

retailers good/service availability (stock on hand, delivery)

Risk and time - types of consumer decision making ?

Routine decision making (low risk)

Limited (medium risk)

Extended (high risk)

Impulse purchasing 3 types ?

Completely unplanned

partially unplanned

unplanned substitution

Types of consumer loyalty ?

Inertia Loyalty - due to inconvenience, switching brands

Mercenary Loyalty - what you give me to be loyal

True loyalty - trust, shared values

Cult loyalty - rejecting brand/values

Steps to devising a target market strategy ?

Determine target market approach

Select specific target market

Study characteristics, needs

Examine how customers make decisions

Develop retail strategy mix

What makes retail shoppers tick ?

Lifestyles, demographics, needs and desires, environmental factors, retailer actions, shopping attitudes and behaviors

Discretionary income = ?

money left after taxes and buying necessities

When developing a target market profile a retailer should identify ?

key consumer needs and desires

motives (reasons for behaviors)

Attitudes towards shopping include things like ?

Thrifting (price, convenience)

Allures (fun shopping experience)

Speedsters, etc

2 different types of Stimulus = ?

cue (social or commercial) or a drive (physical)

Information search involves ?

alternatives to solve problem and characteristics of alternatives

Cognitive dissonance = ?

more likely when?

that the correct decision has been made

we spend more time making buying decisions

Types of decision making ?

extended (full use of decision process)

limited (each step but not a lot of time)

routine (habit, skips steps)

Concentrated marketing is to ?

1 distance customer group

Differentiated marketing is to ?

two or more distinct groups

Location is important because ?

hard to overcome bad location (inflexible)

moving location looses customer loyalty


90% of sales are in store?

Considerations for location:

population competition, transpiration, parking, costs, length of agreement, legal.

Steps in choosing a location:

evaluate geographic area (residents and retailers)

type to locate (isolated, unplanned, planed business district, shopping centre, etc)

select above option.

analyze alternate sites

Trading area is ?

geographic area containing customers, can have trading area overlap where same customers are served by both branches.

Why use trading area analysis?

discover demographics

focus on promotional activities

internet impact

risk of competitors

discovery of geographic weaknesses

review of other issues

Geographic information system (GIS) is software which ?

mapping with with key data for:

population demographics

data on purchases

listing of current and proposed competition

3 parts of size and shape of trading area:

Primary (50-80% of customers) - closest to store, high density of customers in population.

Secondary (15-20%)

Fringe (the rest)

when a store has a wider trading area (more travel) it can be ?

Destination store

Parasite store = ?

doesn't create its own traffic

Store types with largest trading area:

moving down to smallest:

Departments stores

Convenience stores

3 computer trading area analysis models for assessing store locations:

analog, regression, gravity

Riley's law is of ____ ?

retail gravitation - traditional trading area delineation

Riley's law establishes ?

point of difference - indifference between two cities or communities so that the trading area can be determined.

Huffs law = ?

shopper attraction on basis of product assortment and locations, travel time to locations (sensitivity)

Factors to consider in evaluating retail trading areas?

population size/characteristics

availability of labor

closeness to source of supply

promotional facilitates (media)

economic base (dominate industry, industrial structure)

competitive situation

availability of locations


A saturated trading area has ?

unbalanced too many or too less are called?

proper amount of stores to satisfy need

overstored and understored

3 types of locations ?

Isolate store, unplanned businesses district,

planned shopping centre

Isolated stores advantages ?

A: no direct competition, low rental, high visibility, easy parking, excellent traffic if can generate

Isolated stores disadvantages ?

Difficulty attracting customers, no cost sharing

Unplanned business districts include:


Secondary BD

Neighborhood BD


CBD strength and weaknesses ?

S: assortment of goods, public transportation, variety of store types and positioning, high traffic.

W: traffic and parking, travel time for outsiders, poor condition/image for some cities, high rent and tax

What is string? A and D?

Similar product/servies, main road, congested

A: lower rent/operating costs, good visibility

D: low variety, higher ad costs, high travel

Secondary BD = ?

unplanned, usually found by intersection of 2 major streets (city or town)

Neighborhood BD =?

unplanned that appeals to convenience of single residential area.

Types of planned shopping centers ?

Regional, community, neighborhood

Advantages and Disadvantages of planned shopping centers ?

A: assortment, one stop, traffic, sharing costs

D: limited flexibility, competition, higher rent

Regional Centres = ?

Planned shopping

50-150 stores, driving time of trading area = 30 min

Neighborhood centres = ?

planned shopping

5-15 stores

up to 15 min driving time

usually revolves around principle tenant like supermarket or drug store

Megamall = ? size

1 million + sq ft

The optimum site location for a particular store is called?

100% location

100% location is made up of?

Pedestrian traffic

Vehicular traffic



Store composition

specific size

terms of occupancy

overall rating

Types of leases ?

Strait (fix amount p/month)

Percentage (relative to sales and profit)

Graduated (increase $ over time)

Net (calls for all maintenance costs to be paid for by retailer (electric, insurance, repair)

Maintenance (rent will increase if owners taxes and bills increase beyond certain point)

Advantages of Ownership =?

no chance of increase rent or loss of lease, mortgage is stable, flexible,

Advantages of Leasing = ?

Min initial investment, less risk, access to prime sites,

Managing a retail business compromises 3 steps ?

setting up organizational structure, managing personnel, managing operations

Managing retail considering customer (target market needs) to dos?

Sufficient/appropriate personnel (knowledgable)

store facilities

branch specific to needs

changing needs addressed

Managing retail considering employee needs to dos?

positions challenging and satisfying

promotion program

participate in decision making




Managing retail considering management needs to dos?

easy to employ

reporting, motivating

levels of organization

reporting to supervisor


Organizational chart illustrates ?

hierarchal relationships and authority

Span of control ?

number of people directly reporting to the next level, assumes coordination through direct supervision

Tall structures = ?

When companies grow.

Higher overhead costs, worse upward information, focus power to managers

Firms moving to flatter structures (delayering) because ?

tall hierarchies have higher mgmt and overhead costs, less info flow and staff empowerment.

Problems with flatter hierarchies?

undermines management functions, increase workload and stress, restrict management career development

Factors Influencing Span of Control = ?

if we have a low number then it means we havea very tall structure

Mazur Plan =?

Divides retail into 4 functional areas:



store management

accounting and control

A job description consists of ?

Title, Position reports to, objectives, duties and responsibilities, committees and meetings.

Strategy Mix ? change to do what?

whats hardest to change?

what retailer canchange for more profitabilityStore location isthe hardest to change

Why are consumers moresophisticated today?

Instant access - impatience

Unplanned Substitution = ?

you walk into a store and a new substitutionyou didn’t know about changes your mind

Shape of tradingarea can be affected by ?

geographic and competitors

Operations blueprint = ?

lists all operating functions to be performed and who's responsible.

What retailer has to do and why it is valuable

Blueprint suggestions are ?

list them....


Customer, onstage/visual employee, backstage employee, support processes, physical evidence

Top down spacemanagement = ?

how we want to structure store, then products

Bottom up = ?

how we want to displace products, then builds up to departments

Efficient personnel utilization would be ?

reduce turnover, increase customer service and productivity, offer better flexibility

Credit Cards charge between ? transaction fees

1.5% and 5%

3rd greatest expense of retailers

"checkout" surcharge fees charge ?

customers the credit % transaction fee

Benefits of outsourcing ?

reduce cost of employee time, capitalize on experience and economies of scale

increase flexibility and reduce store costs

Some examples of outsourcing for marketers ?

Dataanalysis, website, legal

Crisis Management - should have ?

Contingency plans for as many possible crisis situations

Promo responses and clear chain of command