RM MIDTERM

Online Retailing

A scheme that allows the customers to search select and purchase the products, services, and information remotely over the Internet

Social Risks

Arise when customers believe a product will affect how others view them

Reference Groups

Involve one or more people whom a person uses as a basis of comparison for beliefs, feelings, and behaviors

Extended Problem Solving

Is a obtain decision process in which customers devote significant time and effort to analyze their alternatives

Satisfaction

Is a post-consumption evaluation of how well a store or product meets or exceeds customer expectations

Habitual decision making

Is a purchase recommendation process demand little or no conscious effort

Personal Factors

These may include age, marital status, budget, personal beliefs, values, and morals

Backward integration

arises when a retailer performs some wholesaling and manufacturing activities

Independent Retailer

is the one who constructs his/her business from the ground up. From the business arrangements stage to opening day, the independent retail owner does it all

Pricing

is the process whereby a business sets the price at which it will sell its products and services

Customer Service

it's the act of providing customers with assistance, answering their questions, and helping them solve problems

Financial Risks

Arises when customer purchase an expensive product or service

Social Factors

Elements in a person's environment that impact the way they see products

The Expressive Buyer

Relationships are critical. They cannot stand feeling out of the way or ignored during a transaction. Instead, they want to feel like your most important asset

Targeted Marketing Campaigns

Retail Management should conduct market research to know the target customer base

Social Media

Some businesses have developed their business around social media platforms through utilizing advertisement channels, for instance, Twitter, Facebook, Instagram

Wholesalers

buy and store merchandise in large quantities from manufacturers and resell to retailers

Providing an assortment

enables their customers to choose from a wide selection of products, brands, sizes, and prices at one location

Consumer

end users who buys the goods (or "shops") from the retailers for personal use

Retailers

essentially maintains a variety of merchandise

Discount Retailers

sell products at prices that are, in concepts, lower than the regular retail price

Retailers

sell the goods in small quantities to the end user at a higher price

Financial Supermarket

sells stocks, bonds, insurance, and real estate

Exclusive Distribution

smoothest channel relationship

Vertical integration

when a firm performs more than one set of activities in the channel

Cultural Factors

A person's nationality does not always define culture. It can also be represented by their associations, their religious beliefs, or even their location

Psychological Factors

A person's state of mind when they approached with a product will often determine how they feel about the item itself and the brand as a whole

Post Purchase evaluation

After making a purchase, the customer uses the product and then assess the experience to regulate whether it was satisfactory or unsatisfactory

The Amount of Information Searched

Depends on the value customers believe they can gain from exploring versus the cost of searching

Physical Risks

Important when customers feel that a product or service may affect their health or safety

Catalogue Channels

In this approach, are printed and delivered to potential buyers who can place their orders anytime

Store Channels

In this approach, companies sell their products from a physical outlet. The customers can interact with the product physically

The analytical Buyer

Influenced by logic and information, this buyer will check all the data of the competing brands and products before an informed decision

External Sources

Information provided by a host of sources. Ex. Google on the internet, ask friends and family

Existing Retail Business

Is someone who inherits or buys an existing business, takes ownership and responsibility for someone else's hard work

Breaking bulk

It is a method or process to divide larger quantities into smaller when products reach to the final market

Real Time Stock Management

Keeping track of every sales channel can be a confusing and time-taking activity. It is the responsibility of management to ensure the availability of stock through every channel

Family

Many purchase decisions involve products that the entire --- will consume or use. When families make purchase decisions, they often consider the needs of all members

Information Search

Once customers point out their need, they typically seek information about retailers, channels, or products to help them satisfy that need

Providing services

Provide services that make it easier for customers to buy and use products.

Wholesalers

Purchase goods from manufacturers and sell them to retailers in bulk quantities

Need Recognition

The buying process is triggered when consumers recognize they have an unsatisfied need

Internal Sources

The information saved in the consumer's memory, from the customer's previous shopping experiences

reducing information search

The retailer's objective for customers in the information search stage is to limit its search to its store or website

The Economy

The state of the national and global --- has remarkable effects on the way people purchase.

Member Network

This kind of store is similar to a franchise or salesman except that the connection to the great brand name is about buying power for inventory and services. In this model, members are placed under harsh recommendations or rules that a store must follow.

The Amiable Buyer

Warm and favorable, this buyer wants everyone to be happy. That is why they are often incapacitated by big decisions when there is the perception of a win/lose conclusion

Hedonic

When consumers go shopping for pleasure, their needs are entertaining, emotional, and recreational

Differentiation of Marketing Channels

When customers are provided with various choices and chances, messaging only is not enough

Utilitarian

When customers go shopping to accomplish a specific task

Variety and Assortment

___ is the number of merchandise categories a retailer offers. The ___ is the number of distinct items offered in a merchandise category

Supermarket

a large retail market sells food and other household goods, which usually operated on a self-service basis

Drug Store

a retail store where medicines and miscellaneous articles (as food, cosmetics, and film) sold. — also called the pharmacy

Convenience Store

a store with extended opening hours and convenient location, stocking limited household goods and groceries range

Retailers

aims to achieve maximum satisfaction by exceeding their expectations and delivering exceptional services

Multi Channel Retailing Strategy

aims to increase the loyalty level of customers as well as profitability by offering customers convenience and choice

Manufacturers

also do operate retail facilities (besides selling at conventional retailers) In running their stores, these firms compete the full range of retailing functions and compete with conventional retailers

Retailers

are also major customers of goods and service for resale, store fixtures, computers, management consulting, and insurance

The Driver Buyer

are most distressed with how others view them and whether they go along with it. The trendsetters, are most anxious with their aspect rather than the relationships that formed during a transaction

Multi Channel Retailing

can be defined as a business strategy that provides the customer with various choices for buying products

Internet Channels

channels like Amazon, eBay, Shopee, Lazada and others are those online marketplaces where products are displayed online to enhance their purchasing decision

Selective Distribution

combines aspects of exclusive and intensive Distribution

Retailers

communicate in customers, wholesale, and manufacturers

Service

companies primarily sell services rather than real goods

Merchandising

company takes part in the purchase and resale of tangible goods

Catalog Retailing

have long been used as a marketing device to drive phone and in-store sales. Dissimilar to a self-serve retail store, a ___ showroom (store) does not display all items. Customers view products from printed or online ___ in the store and fill out an order blank

Network Marketing

is a business model where products' selling depends on the people in the network. Not only is a product being sold, but other salespeople who recruited to sell that same product or product line

Vertical integration

is a business strategy where a business owns and operates multiple levels of the supply chain

Dealership

is a composition of the franchise and individual retailer

Franchising

is a contractual agreement in which the franchisor (the company) sells the right to use its business trademark, service mark, trade name, or another commercial symbol. The franchisee for a one-time franchise fee and an ongoing royalty fee typically expressed as a percentage of gross monthly sales

Multi Channel Retailing

is a hybrid approach that includes a blend of different options

Limited Problem Solving

is a purchase recommendation process that demands an average amount of effort and time

Hypermarket

is a retail store that merges a department store and a grocery supermarket

Warehouse Retailers

is an idea of selling large quantities of goods at discounts deeper than those provided in conventional supermarkets or wholesalers. They offer low prices and little or no customer service at all

Retailers

is considered the final connection, who deals straight to the customer

Brand Loyalty

means that clients like and consistently buy a specific brand in a product category. produces both opportunities and problems for retailers

Retailer Loyalty

means that customers want and habitually visit the same retailer to purchase a type of goods

Intensive Distribution

most volatile channel relationship

Forward Integration

occurs when a manufacturer undertakes retailing and wholesaling activities

Retailers

often act as the contact between manufacturers, wholesalers and customers

Manufacturers

produce the goods, using machines, raw materials, and labor

Retailers

purchases in volume from the wholesalers and sells the products to the customers in small quantities

Type of Merchandise

refers to all promotional and marketing activities that, in some way, contribute to selling products to customers in a physical retail store

Sorting process

retailers collect an assortment (variety) from various sources, buy in large quantities, and sell in small amounts

Exclusive Distribution

suppliers make agreements with one or few retailers

Selective Distribution

suppliers sell through a moderate number of retailers

Intensive Distribution

suppliers sell through as many retailers as possible

Department Store

they carry many kinds of merchandise, which may include hardware, clothing, and appliances

Malls and Shopping Centers

they provide customers with a wide variety of products in many stores / a larger establishment that typically has one or more department stores as significant tenants

Holding inventory

to ensure that customer service targets can always be met without compromising cash flow or running out of stock

Evaluate the Market Response

to increase profits and save your time by allowing you to focus on what matters most—listening to your customers. With the data you have collected, you can better modify your campaigns to suit your customer's tastes and preferences.