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.