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Final

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


Department
Retail Management
Course Code
RMG 400
Professor
Hong Yu
Study Guide
Final

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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
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