Ch. 8

Question 1

Retail Information System (RIS)

Answer 1

A system that anticipates the information needs of retail managers; collects, organizes and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers.

Question 2

Data-Base Management

Answer 2

A retailer gathers, integrates, applies and stores information related to specific subject areas.

Question 3

Data Warehousing

Answer 3

Where copies of all the databases in a firm are maintained in one location and are accessible to employees at any locale.

Question 4

Data Mining

Answer 4

The in-depth analysis of information to gain specific insights about customers, product categories, vendors and so forth.

Question 5

Micromarketing

Answer 5

Where the retailer uses differentiated marketing and develops focused retail strategy mizs for specific customer segments, sometimes fine-tuned for the individual shopper.

Question 6

Universal Product Code (UPC)

Answer 6

Products are marked with a series of thick and thin vertical lines, representing each item’s identification code.

Question 7

Electronic Data Interchange (EDI)

Answer 7

Where retailers and suppliers regularly exchange information through their computers with regard to inventory levels, delivery times, unit sales, and so on of particular items.

Question 8

Marketing Research in Retailing

Answer 8

Research that entails the collection and analysis of information relating to specific issues or problems facing a retailer.

Question 9

Marketing Research Process

Answer 9

A research process that embodies a series of activities: defining the issues or problem to be studied, examining secondary data, generating primary data (if needed,) analyzing data, making recommendations, and implementing findings.

Question 10

Issue (problem) Definition

Answer 10

A definition that involves a clear statement of the topic to be studied.

Question 11

Secondary Data

Answer 11

Data that has been gathered for purposes other than addressing the issue or problem currently under study.

Question 12

Primary Data

Answer 12

Data collected to address the specific issue or problem under study.

Question 13

Internal Secondary Data

Answer 13

Data that are available within a company, sometimes from the data bank of a retail information system.

Question 14

External Secondary Data

Answer 14

Data that are available from sources outside of a firm.

Question 15

Probability (Random) Sample

Answer 15

Every store, product, or customer has an equal or known chance of being chosen for study.

Question 16

Nonprobability Sample

Answer 16

A sample where stores, products or customers are chosen by the researcher.

Question 17

Survey

Answer 17

Where information is systematically gathered from respondents by communicating with them.

Question 18

Semantic Differential

Answer 18

A listing of bipolar adjective scales.

Question 19

Mystery Shoppers

Answer 19

People hired by retailers to pose as customers and observe their operations, from sales presentations to how well displays are maintained to service calls.

Question 20

Experiment

Answer 20

A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions.

Question 21

Simulation

Answer 21

A 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 setting.

Question 22

What will happen as the retailing industry moves towards an ‘omnichannel’ retailing experience?

Answer 22

The distinctions between online and physical retail will vanish.

Question 23

Successful Omnichannel Retailing Strategies:

Answer 23

1. Provide attractive pricing and curated content. 2. Harness the power of data and analytics. 3. Avoid direct price comparisons. 4. Learn to sell niche products. 5. Emphasize product knowledge. 6. Establish switching costs. 7. Embrace competition.

Question 24

Discovery Commerce example is

Answer 24

Birch Box