CH08 Info Gathering and Processing in Retailing Flashcards

1
Q

Retail information system (RIS) (p. 195)

A

Anticipates the information needs of retail managers; collects, organizes, and stores relevant data on a continuous basis; and directs the flow of info to the proper decision makers

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2
Q

Database management (p.197)

A
  • Where a retailer gathers, integrates, applies, and stores info related to specific subject areas
  • Major element in retail info systems, and may be used with customer databases, vendor databases, product category databases, etc.
  • Should be approached as a series of 5 steps:
    1. Plan the particular database and its components and determine info needs
    2. Acquire the necessary info
    3. Retain the info in a usable and accessible format
    4. Update the database regularly to reflect demographic trends, recent purchases, etc.
    5. Analyse the database to determine company strengths and weaknesses
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3
Q

Data warehousing (p. 198)

A

Copies of all the databases in a firm are maintained in 1 location and are accessible to employees at any locale

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4
Q

Data mining (p.199)

A
  • in-depth analysis of info to gain specific insights about customers, products categories, vendors, etc.
  • Goal? To learn if there are opportunities and tailored marketing efforts that would lead to better retailer performance
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5
Q

Universal Product Code (UPC) (p. 200)

A

an item’s dentification code, marked with a series of thick and thin vertical lines

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6
Q

Electronic data interchange (EDI) (p.200)

A

when retailers and suppliers regularly exchange info through their computers with regard to inventory levels, delivery times, unit sales, etc. on particular items

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7
Q

Marketing research process (p. 202)

A

a series of activities:
1. define the problem to be researched
2. examine secondary data
3. generate primary data
4. analyze data
5. make recs
6. implement findings

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8
Q

marketing research in retailing (p. 201)

A

the collection and analysis of info relating to specific issues facing a retailer

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9
Q

issue (problem) definition (p. 202)

A

involves a clear statement of the topic to be studied

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10
Q

secondary data (p. 202)

A

data that has been gathered for purposes other than addressing the issue currently under study

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11
Q

primary data (p. 202)

A

data collected to address the specific issue under study

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12
Q

internal secondary data (p. 204)

A

data available within the company, sometimes from the data bank of a RIS

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13
Q

external secondary data (p. 206)

A

data available from sources outside the firm

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14
Q

probability (random) sample (p. 207)

A

when every store, product, or customer has an equal/known chance of being chosen for study

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15
Q

nonprobability sample (p. 207)

A

when stores, products, or customers are chosen by the researcher based on judgement or convenience

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16
Q

survey (p. 207)

A

typically info is systematically gathered from respondents by communicating with them

17
Q

semantic differential (p. 208)

A

survey format, using a listing of bipolar adjective scales, that may be disguised or undisguised

18
Q

observation (p. 208)

A

the form in research in which present behavior or the results of past behavior are noted and recorded

19
Q

mystery shopper (p. 209)

A
20
Q

experiment (p. 209)

A

when retailers or their market research partners hire ppl to pose as customers and observe a service or brand through visits, telephone calls, or web site interactions

21
Q

simulation (p. 209)

A

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