Retail Marketing Unit 2 Exam

Front 1

Demographics

Back 1

Consumer data that is objective, quantifiable, easily identifiable and measurable

Front 2

Lifestyles

Back 2

Ways in which consumers and families live and spend time/money

Front 3

Social Factors Affecting Lifestyles

Back 3

Culture, Reference Groups, Social Class, Household life cycle, family life cycle, time utilization

Front 4

Psychological Factors Affecting Lifestyle

Back 4

Personality, Attitudes, Perceived risk, purchase importance, class consciousness

Front 5

Types of Consumer Decisions

Back 5

Extended (high risk and time)

Limited (median)

Routine (low)

Front 6

Types of Perceived Risk

Back 6

Functional, physical, financial, social, psychological, time

Front 7

Factors affecting Perceived Risk

Back 7

Product/retailer newness, consumer budget, level of consumer experience, number of alternatives, social visibility, amount of info available,

Front 8

Outcome of perceived risk

Back 8

Purchase new product, stick with old brand, talk to friends, seek more info, no purchase

Front 9

Types of Impulse shopping

Back 9

Completely unplanned, partially unplanned, and unplanned substitution

Front 10

Target Marketing Strategy

Back 10

Determine target market approach, select specific target markets, study characteristics, needs and attitudes, examine how consumers make decisions, FINALLY develop and enact strategy

Front 11

Simulation

Back 11

Type of experiment whereby a computer program is used to manipulate the elements of a retail strategy mix rather than test them in a real life setting.

Front 12

Mystery Shoppers

Back 12

People hired by retailers to pose as customers in order to evaluate aspects of the store environment

Front 13

Primary Data collection methods

Back 13

Survey, observation, experiment, simulation

Front 14

Primary Data

Back 14

Collected for a specific purpose

Front 15

Secondary Data

Back 15

Inexpensive, credible, provides background info. May be dated, may suffer from poor collection techniques

Front 16

Secondary data collection methods

Back 16

Sales reports, inventory records, performance reports, data bases

Front 17

Marketing Research

Back 17

The collection and analysis of information relating to specific issues or problems facing a retailer

Front 18

Micromarketing

Back 18

Application of data mining whereby retailers use differentiated marketing and develop focused retailed strategy mixes for specific customer segments

Front 19

Data warehouse

Back 19

Physical storage location for data

Front 20

Retail Information System (RIS)

Back 20

Anticipates the information needs of retail managers. Collects, organizes, and stores relevant data on a continuous basis

Front 21

Uses for Data Base Management

Back 21

Loyalty program management, customer analysis, promotion evaluation, inventory planning, trading area