Study Guides (248,413)
Canada (121,518)
RMG 400 (18)
Hong Yu (8)

RMG400 final review notes for ch.1.docx

3 Pages
Unlock Document

Retail Management
RMG 400
Hong Yu

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
More Less

Related notes for RMG 400

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.