Retail buying from basic to fashion Chapter 1 Flashcards
What is Retailing ?
consist of all the business activities involved in the selling of goods and service to the ultimate consumers
What is Buying?
is the business activity that involves selecting and purchasing products to satisfy the wants and the need of consumers
What is Marketing concept?
the belief that all business activities should be geared toward satisfying the wants and needs of consumers
What is Retail strategy?
is an overall framework or plan of action that guides a retailer
What is Image?
the perception consumers have about a retail store
What is Positioning?
involves identifying a group of consumers and developing retail activities to meet their needs
What is Market
is a group of people with the ability, desire,and willingness to buy in other words, your potential customers
What is Market segment ?
a group of potential customers who have similar needs or other characteristics
What is Target market ?
the specific group or groups of consumers on which your store will focus
What is Undifferentiated target marketing?
an attempt by retailers to please all consumers
What is Concentrated target marketing?
focusing on one segment of the market
What is Market segmentation
dividing the total market into segments
What is Demographic data
consumer characteristic such as age,sex, family size, income, education, occupation, and race
What is Geographic data
information on where consumers live such as zip codes,neighbor, cities, counties, states, or region
What is Behavioristic data
information about customers buying activities comprise
What is Psychographic data
information on the lifestyle,interest, and opinions of consumers
What is Niches?
a segment of a larger consumer market
What is Multi Segment target marketing?
retailers that focus than one consumer segment
What is Direct marketing?
consist of direct connection with carefully targeted individual customers to both obtain immediate response and cultivate lasting customer relationships.
What is Kiosks?
a touch activated computer terminal used for electronic retailing
What is Online retailing?
continues to grow and continues to hold great promise for the future
What is Bricks and mortar?
refers to traditional retail presence as a physical storefront
What is Clicks and mortar ?
refers to retailers developing an online presence in addition to their traditional storefront
What is Superstore?
any store that is bigger than what is normally found in an area selling a specific category of merchandise
What is Supercenters?
mega supermarkets and general merchandise stores.
What is Hypermarkets?
mega-supermarkets and general merchandise stores that stock everything from food to appliance
What is Warehouse clubs?
are indeed huge warehouse that sell just about everything, typically in commercial-sized quantities
What is SKU( stocking keeping unit)?
the number that identifies a single item of merchandise within a merchandise classification
What is Specialized superstore ?
typically offer one to three categories of merchandise in tremendously large assortments at discounts prices that are unmatched by another retailer in the area.
