RMG 400 Final: RMG 400 Final Exam Notes
6 Dec 2011
School
Department
Course
Professor
Document Summary
Retailing consists of all the business activities involved in the selling of goods and services to ultimate consumers. Buying is the business activity that involves selecting and purchasing products to satisfy the wants and needs of consumers. Selecting vendors from whom to purchase merchandise. Marketing concept, the belief that all business activities should be geared toward satisfying the needs and wants of consumers. A retail strategy is an overall framework or plan of action that guides a retailer. Positioning involves 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; they are your potential customers. Market segment, a group of potential customers who have similar needs or other important characteristics. Four types of data are typically used to segment markets: Demographic data (age, sex, family size, income, education) Geographic data (where consumers live, cities, countries, states)
