retman Flashcards
are information in a customer’s memory
such as names, images and past experiences with different
stores.
Internal sources
satisfied when purchases accomplish a need
for entertainment, emotional and recreational experience;
associated with fun
Hedonic Needs
is based on the notion that customers
see a retailer, a product or a service as a collection of
attributes or characteristics
Multiattribute model
- refer to information provided by ads and
other people.
External sources
Most customers have multiple needs that often conflict.
Conflicting Needs
satisfied when purchases accomplish a
specify task; associated with work
Utilitarian Needs
Customers don’t always purchase a brand or item of
merchandise with the highest overall evaluation.
Purchasing Merchandise or Service
the set of alternatives the consumer
evaluates when selecting
Consideration set
consumers will believe product will affect how
others view them.
social risk
A post-consumption evaluation of how well a store or
product meets or exceeds customers expectation.
Post-purchase Evaluation
buying decision made by customers on the
spot after seeing the merchandise.
Impulse Buying
purchasing expensive products or service.
financial risk
– purchase that will affect consumer’s health
and safety
physical risk
Social Factors Influencing The Buying Process
Family
Reference Group
Culture
For purchase that aren’t important to the consumer
For merchandise consumers have purchased in the
past
For consumers loyal to brands or a store
Habitual Problem Solving
Market Segmentation Approaches
Geographical, Demographic, Psychographic, Behavioral
Customers are committed to buying merchandise and
services from a particular retailer.
customer loyalty
Private Label Brand is also called store brand products that
are marketed and developed by the retailer.
unique merchandise
Knowledgeable and skilled employees committed to the
retailers’ objectives are critical asset to the retailer.
HUMAN RESOURCE MANAGEMENT
- sell merchandise in a specific region
- obtain special terms
- receive popular merchandise
VENDOR RELATIONSHIP
“What are the three most important things in retailing?”
location
occurs when a retail firm invests
in and owns a division or subsidiary that operates in
a foreign country.
Direct Investment
The use of sophisticated distribution and information system
offers an opportunity for retails to achieve efficiency.
DISTRIBUTION AND INFORMATION SYSTEM
is a collaborative relationship
between independent firms.
strategic alliance
