RMG 400 Study Guide - Final Guide: Yuppie, Target Market, Market Segmentation

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

Document Summary

Retailing- all the business activities involved in the selling of goods and services to ultimate customers. Buying- the business activity that involves 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: an overall framework or plan of action that guides a retailer. The owner or management team outlines the philosophy, objectives, target customer, tactics anc control activities. Must determine how consumers perceive the stores image. Positioning- identifying a group of consumers and developing retail activities to meet their needs. Innovative: conservative, exclusive, budget, high priced, fashion leader. Positioning- involves identifying a group of consumers and developing retail activities to meet their needs. Positioning strategy:steps involved: consumer perception vs competition. Identify competitive positions: determine customer preference, select a position, monitoring the position chosen.