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RMG 200 (57)
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Chapter 3

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Retail Management
RMG 200
Ken Wong

RMG200 Chapter 3 - Value-oriented consumers - - - - -12) are a growing segment - - - - -invent themselves - Online shopping - Types of needs Utilitarian needs: Needs motivating consumers to go shopping to accomplish a specific task Hedonic needs: Needs motivating consumers to go shopping for pleasure The Buying Process (eg. Customer) 1. Need/Problem Recognition (e.g., broken TV) 2. Information Search (e.g., reviews on web) 3. Evaluation of Alternatives (e.g., 3D TV?) 4. Product Choice (e.g., promo on this model) 5. Outcome (e.g., complete transaction) 6. Post Purchase Evaluation (e.g., feedback/return) Need Recognition 1. Stimulation - Retailers use music, visual displays, scents and demonstrations to create a more entertaining shopping experience. - Graphics and photography are also used in flyers, catalogues and on Web sites to stimulate consumers 2. Social Experience - Regional shopping malls have replaced open markets - Mixed-Use development - Lifestyle centers with restaurants, theatres and outdoor entertainment - The use of technology to enhance this through blogs, emails & twitter 3. Learning New Trends 4. Status and power – Need to be serviced – be center of attention 5. Self-reward – Buy to reward accomplishments and to get over life’s disasters 6. Adventure – Find bargains, sales, discounts or low prices – Shopping = game How much information a consumer needs depends on a number of factors: - The nature and use of the product - The characteristics of that customer - The buying situation - The number of competing brands - The time pressure Sources of Information Internal sources - Information in a customer’s memory such as names, images and past experiences with different stores – major: customer past shopping experience External sources - Information provided by ads and other people (media) Reducing Information Search Everyday Low Pricing Strategy (EDLP) – increase the chance that customers will buy in their store and not search for a better price - Assortment of merchandise - Services Multi-attribute attitude model - Based on the notion that customers see a retailer, a product or a service as a collection of attributes or characteristics (1) Its performance on relevant attributes (2) The importance of those attributes to the customer Evaluations of stores are Implications for Retailers 1. Alternative retailers that customers consider 2. Characteristics
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