Chapter 13 Flashcards
Define retail positioning
relates to where a retailer situates itself in the consumer market
What are the “4 P’s” of retail positioning?
- Product
- Price
- Place
- Promotion
What is market segmentation?
defines a target niche of consumers
What are merchandising policies?
specific management guidelines used to keep inventory choices on track
What are a few buying motives?
- growth in children
- maternity
- social occasion
- safety/work related
Product motives
involve consumer purchases based on qualities or images of certain products
patronage motives
involves customers who consistently buy from certain retailers or favour certain stores
define direct competition
between two or more retailers using the same type of business format
indirect competition
between two or more retailers using different types of business formats to sell the same type of merchandise
What is vertical competition vs lifestyle competition
vertical- is between businesses at different levels of the supply chain
lifestyle- involves a fight for consumers’ time
What is a retailer’s goods called?
assortments
assortment width vs depth
width- the number of different item categories or classifications carried
depth- indicates the quantity of each item available
name the different types of merchandise selections
- broad and shallow
- narrow and deep
What is the right price?
the amount consumers are willing to pay and retailers are willing to sell for
What is prestige pricing?
setting a price to indicate quality or status
