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Retail marketing > All > Flashcards

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1
Q

Diffusion of innovations:

A

Groups of people who influence others buy, opinion leaders are ‘innovators’, ‘early adopters’ are local level influencers, ‘early/late adopters’, ‘Laggards’ longest time to adopt innovations.

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2
Q

Gilbert 2003, types of consumer loyalty

A

Hard core loyal’s, soft-core loyal’s (two or three), shifting loyal and switchers

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3
Q

Consumer misbehaviour-

A

Accessable consumer credit encouraging people to buy goods they cannot afford, impulse buying, compulsive buying, shoplifting

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4
Q

4 main methods used to segment markets:

A

demographic, geographic (or geo-demographic), psycographic and behavioural segmentation

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5
Q

Segmentation, Targeting and Positioning

A

after deciding on market segmentation strategy, retailers asses how to target those segments and establish it’s position

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6
Q

Demographics:

A

observable aspects: age, gender, occupation, income, ethnic group

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7
Q

Geo demographic segmentation:

A

e.g, affluent achievers, rising prosperity, financially stretched, urban adversity

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8
Q

Psychographic:

A

consumers lifestyle characteristics, personality and attitudes (more detail), as people in the same age group/region differ in lifestyles

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9
Q

Behavioural:

A

usage of a product (used for different purposes/loyal or infrequent), different benefits,

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10
Q

6 motivations for shopping:

A

1- seeking adventure, 2-socialising, 3- seeking gratification, 4- searching for ideas, 5- buying for others, 6-searching for value

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11
Q

Pen portrait:

A

customer profile with the details of a retailers target customers lifestyle, could include a range or be narrow, written or visual (containing customer choices) and shared with the retailers staff

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12
Q

Primary research vs. Secondary:

A

Conducted for a specific organisation vs. already been conducted (cheaper, check for this first and reliability)

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13
Q

Qualitative vs. Quantitative primary market research

A

Quantitative: survey/questionnaire statistical outcomes. Qualitative: verbal/written outputs

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14
Q

New product development cycle, develop concepts:

A

Idea generation > Screening and evaluation > Product development > Test marketing > Commercialisation > New products

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15
Q

Retrobranding:

A

offering products inspired by a previous era, sometimes updating it to fit new tastes

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16
Q

Narrow and deep vs. Broad and shallow

A

Relatively small number of product lines in high volume vs. a wide variety of product lines in limited quantities

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17
Q

Aaker 4 levels of brand awareness:

A
  • being unaware, - recognition (if prompted), -brand recall, - top of the mind
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18
Q

Brand identity: (retailers do not have control over this)

A

Is managed by the sender in the form of messages transmitted via the marketing mix, which are subsequently received by consumers and interpreted as brand image

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19
Q

Brand equity:

A

Assets/profitability, as well as loyalty and recognition = TRUST familiar brands

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20
Q

Brand extensions:

A

Exploit the brand name onto new products by applying the same brand name to a new brand category = growth

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21
Q

Brand positioning:

A

aims to locate the brand in comparison with it’s competitors (perceptual/ positioning map)

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22
Q

Rebranding:

A

To remove negative connotations, change of brand names, lost recognition = OR just update

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23
Q

Product/service continumn:

A

not always a clear distinction between products and services, e.g. basic provisions - fitness trainer: most are IN-BETWEEN

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24
Q

Retail buyers:

A

Responsible for overseeing the selection of merchandise, selecting and negotiating with suppliers. B&M must communicate= more travels

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25
Q

Retail merchandisers:

A

Responsible for managing the processes that enable the products selected by the buying team to arrive on time/ right quantities. Management of the supply chain!

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26
Q

Buying and merchandising steps:

A

Planning, Selecting, Order, Monitor the progress

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27
Q

Centralised vs. decentralised buying:

A

In a department (take advantage of cheaper office space/ be near distributers/’symbol groups’) vs. enable buyers in each branch to make selections tailored to the city

28
Q

Webster and Wind Organisational decision process (mainly used B2B):

A

1- identification of need, 2-establishing objectives and specifications, 3- identifying buyer alternatives, 4- evaluating alternative buying actions, 5-selecting the supplier

29
Q

The decision making unit:

A

Influencers, Gatekeepers (information provision), Deciders, Buyers, Users

30
Q

Designer merchandise:

A

Buyers can select from representatives of the brand through various methods of interaction or be invited to fashion shows etc.

31
Q

Buying own-label merchandise

A

involves collaboration in the products development process, making decisions about content whereas brands would make these decisions.

32
Q

The retail buying cycle:

A

Range review, Identification of potential products/suppliers, Evaluation (range planning), Pre-selection, Final selection, Monitoring the critical path (key dates), trading repeat orders and markdowns and evaluation of performance

33
Q

E-tailing facts:

A

Online retailing, become prevalent, large retailers may employ buyers who select merch, quality of the photography can be important = buyers have pressure to make sure it is IDENTICAL and delivered on time.

34
Q

Category management:

A

involves the selection and management of a group of related products - requires understanding of the critical interface between buyers/suppliers

35
Q

4 categories of fashion products:

A

Iconic, Aspirational, Extension, Connivence

36
Q

Product positioning can..

A

affect the sales and profitability of a product, space allocation depends on the relationship between retail space/profitability in value per sq, metre.

37
Q

Budget is a…

A

projection of the amount a retailer will spend on merchandise and expected sales turnover, based on historical data and forecasts of the future

38
Q

Strategic planning:

A

Typically begins by comprising a mission statement that sums up the companies values and reflects the interests of the stakeholders in the org. (normally follow by setting goals and deciding a marketing plan)

39
Q

Goals:

A

Guidelines and objectives which show how the org intends to accomplish it’s mission

40
Q

Objectives (can be set at corporate or divisional:

A

more specific, detailed directions that give the retailer a practical framework to follow, thus enabling it to implement strategies. (compare later)

41
Q

Developing retail strategies, need to take into account:

A

Controllable (influence) and uncontrollable variables (no influence) - cannot control changes in the macro-environment

42
Q

Retailers can use these for strategic growth:

A

maximum viable share / new formats/ new or related market segments, national or international expansionBUT risks

43
Q

Three main ways of panning:

A

Top-down (both goals and plan), bottom-up and Goals-down-plans-up (goals set but units create plans)

44
Q

Why do companies conduct audits?

A

to enable them to examine the external and internal environment

45
Q

Key components of audits:

A

establishing market size, evaluate same-market competitors, identify target customers, assessing the viability of distribution channels

46
Q

Macro-environment:

A

PESTEL

47
Q

Micro-environment:

A

factors which are more directly connected to the company e.g, internal issues

48
Q

Internally vs. externally assessing the enviro:

A

existing strategies, objectives, resources > transactions (customers), same market sector (competitors) - intermediaries?

49
Q

Sources of competitive advantage are:

A

Focus, differentiation, cost-leadership

50
Q

Ansoff’s product-market matrix:

A

Market penetration, Product development, Market development, Diversification

51
Q

Identifying consumer needs can be done by:

A

categorising customers into groups with similar characteristics using market segmentation

52
Q

Consumer behaviour:

A

Processes involved in selecting/purchasing/using or disposing of products/services to satisfy needs/desires and it’s theories. (who/when/where/why)

53
Q

Consumer purchasing roles:

A

Initiator/ Influencer / Decider / buyer / User

54
Q

What needs provide motivation?

A

Maslow’s hierarchy of needs

55
Q

Blythe 2003 Ulitarian vs. Hedonic:

A

Needs- functional/work based (lower levels of Maslow), Hedonic (enjoyment) wants, relates to the two higher levels (most aim for a balance) can be done by using a stimulating store environment

56
Q

Consumer Decision Process:

A

1- need recognition, 2- info search, 3-pre-purchase evaluation, 4- purchase, 5- consumption, 6-post purchase evaluation, 7- divestment

57
Q

SWOT-

A

S- location/ customer service, W- rent, profitability?, T- external, O-retail expansion

58
Q

E-taling:

A

takes place via transactional websites of multi-channel retailers or pure players

59
Q

Retailing:

A

any business which directs it’s efforts towards stratifying the final consumer based upon the organisation of selling goods as a means of distribution.

60
Q

Retail marketing:

A

the application of marketing concepts, theories, and actions within the context of retail organisations

61
Q

MARKETING MIX`:

A

product, price, place, promotion (process,people,physical evidence?)

62
Q

Retailers and suppliers are either…

A

Mutually dependent or relatively dependent

63
Q

What impacts retailers?:

A

demographics(population/longer life expectancy) , tech (electronic point of sale systems), economy, globalisation, CSR

64
Q

Marketing focuses on:

A

activity, set of institutions for creating/communicating and exchange offerings that have value for customers. ?

65
Q

Retail business formats:

A

Chain store, Independent store, Retail co-operative, Franchise, Concession

Retail marketing (2 decks)

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