RMG 400 Study Guide - Final Guide: Office Depot, Costco, Customer Relationship Management

• School: Ryerson University
• Department: Retail Management
• Course: RMG 400
• Professor: Hong Yu

Document Summary

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 retailer"s success is directly dependent on consumer satisfaction. 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. Image: how the retailer is perceived by consumers. Positioning: identifying a group of consumers and developing retail activities to meet their needs. 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. Information about customers such as: age, sex, family size, income, education, occupation, Information on where consumers live, such as: zip codes/postal codes, neighborhoods, cities,