CH08 Info Gathering and Processing in Retailing Flashcards
Retail information system (RIS) (p. 195)
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
Database management (p.197)
- 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
Data warehousing (p. 198)
Copies of all the databases in a firm are maintained in 1 location and are accessible to employees at any locale
Data mining (p.199)
- 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
Universal Product Code (UPC) (p. 200)
an item’s dentification code, marked with a series of thick and thin vertical lines
Electronic data interchange (EDI) (p.200)
when retailers and suppliers regularly exchange info through their computers with regard to inventory levels, delivery times, unit sales, etc. on particular items
Marketing research process (p. 202)
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
marketing research in retailing (p. 201)
the collection and analysis of info relating to specific issues facing a retailer
issue (problem) definition (p. 202)
involves a clear statement of the topic to be studied
secondary data (p. 202)
data that has been gathered for purposes other than addressing the issue currently under study
primary data (p. 202)
data collected to address the specific issue under study
internal secondary data (p. 204)
data available within the company, sometimes from the data bank of a RIS
external secondary data (p. 206)
data available from sources outside the firm
probability (random) sample (p. 207)
when every store, product, or customer has an equal/known chance of being chosen for study
nonprobability sample (p. 207)
when stores, products, or customers are chosen by the researcher based on judgement or convenience