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Final

RMG400 final review notes for ch.1.docx

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Department
Retail Management
Course
RMG 400
Professor
Hong Yu
Semester
Fall

Description
Chapter 1:  Retailing: The selling of goods and services to the ultimate consumer; does not require a store front  Buying: Selecting and purchasing products to satisfy the wants and needs of consumers A MARKETING ORIENTATION  A retailer’s success is directly dependent on consumer satisfaction Developing a Consumer Orientation  Marketing concept: The belief that all business activities should be geared toward satisfying the wants and needs of consumers  Retail strategy: Overall framework or plan of action that guides a retailer; the owner or management team outlines the philosophy, objectives, target customer, tactics, and control activities Positioning a Retail Store  Image: How the retailer is perceived by consumers  Positioning: Identifying a group of consumers and developing retail activities to meet their needs Targeting Consumers  A market is a group of people with the ability, desire, and willingness to buy  Market segmentation: Demographic data; Geographic data; Behavioristic data; Psychographic data Demographic Data  Information about customers such as: Age, Sex, Family size, Income, Education, Occupation, Race Geographic Data  Information on where consumers live, such as: ZIP codes/Postal Codes, Neighborhoods, Cities, Counties, States, Regions Behavioristic Data  Information about customers’ buying activities, such as: The time that most customers make purchases, the average amount of their purchases Psychographic Data  Information about customers’ personality characteristics such as: Lifestyle, Interests, Opinions Types of Target Marketing  Undifferentiated Target Marketing: An attempt by retailers to please all consumers; Retailers broadly define their potential customers (Conventional supermarkets, Drugstores) Concentrated Target Marketing: Focusing on one segment of the market; Retailers have selected a well-defined consumer group (A women’s shoe store, An upscale deli) Multisegment Target Marketing: Focusing on more than one consumer segment of the market; Retailers offer distinct merchandise aimed at several different groups of consumers (Big-and-tall menswear stores, Hardware stores appealing to both do-it-yourself consumers and contractors) EMERGING AND GROWING RETAIL FORMATS: WHERE WILL CONSUMERS MAKE PURCHASES? Direct Marketing  A direct connection with carefully targeted individual customers to both obtain immediate response and cultivate lasting customer relationships  Direct marketers often communicate on a one-to-one, interactive basis. Catalogue Marketing  More than three-quarters of all catalogue companies now present merchandise and take orders over the Internet Electronic Retailing TV Shopping Channels  Shop-at-home convenience has increased with the growth of channels such as HSN and QVC  Appeals to working women and the elderly  Celebrity products are common Kiosks  Touch-activated computer terminals housed in kiosks, which resemble video arcade games  Consumers view video ads of different products and collect coupons for products being displayed. Internet Retailing  Traditional bricks-and-mortar retailers (firms with storefronts) are now developing a clicks-and- mortar
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