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21 Cards in this Set
- Front
- Back
Demographics |
Consumer data that is objective, quantifiable, easily identifiable and measurable |
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Lifestyles |
Ways in which consumers and families live and spend time/money |
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Social Factors Affecting Lifestyles |
Culture, Reference Groups, Social Class, Household life cycle, family life cycle, time utilization |
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Psychological Factors Affecting Lifestyle |
Personality, Attitudes, Perceived risk, purchase importance, class consciousness |
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Types of Consumer Decisions |
Extended (high risk and time) Limited (median) Routine (low) |
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Types of Perceived Risk |
Functional, physical, financial, social, psychological, time |
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Factors affecting Perceived Risk |
Product/retailer newness, consumer budget, level of consumer experience, number of alternatives, social visibility, amount of info available, |
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Outcome of perceived risk |
Purchase new product, stick with old brand, talk to friends, seek more info, no purchase |
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Types of Impulse shopping |
Completely unplanned, partially unplanned, and unplanned substitution |
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Target Marketing Strategy |
Determine target market approach, select specific target markets, study characteristics, needs and attitudes, examine how consumers make decisions, FINALLY develop and enact strategy |
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Simulation |
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. |
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Mystery Shoppers |
People hired by retailers to pose as customers in order to evaluate aspects of the store environment |
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Primary Data collection methods |
Survey, observation, experiment, simulation |
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Primary Data |
Collected for a specific purpose |
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Secondary Data |
Inexpensive, credible, provides background info. May be dated, may suffer from poor collection techniques |
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Secondary data collection methods |
Sales reports, inventory records, performance reports, data bases |
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Marketing Research |
The collection and analysis of information relating to specific issues or problems facing a retailer |
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Micromarketing |
Application of data mining whereby retailers use differentiated marketing and develop focused retailed strategy mixes for specific customer segments |
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Data warehouse |
Physical storage location for data |
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Retail Information System (RIS) |
Anticipates the information needs of retail managers. Collects, organizes, and stores relevant data on a continuous basis |
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Uses for Data Base Management |
Loyalty program management, customer analysis, promotion evaluation, inventory planning, trading area |