Chapter four terms multichannel.docx

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University of Minnesota Twin Cities
Retail Merchandising
RM 2215
Hyunjoo Im

Chapter four terms: 1. Buying process: the steps consumers go through when buying a product or service, begins when customers recognize an unsatisfied need 2. Utilitarian needs: when consumers go shopping to accomplish a specific task 3. Hedonic needs: when consumers go shopping for pleasure 4. Cross-shopping: pattern of buying both premium and low priced merchandise or patronizing both expensive, status-oriented retailers and price oriented retailers 5. Internal sources: information in a customers memory such as names, images, and past experiences with different stores 6. External sources: consist of info provided by ads and other people 7. Information search: undertaken depends on the value customers feel they can gain from searching versus the cost of searching 8. Conversion rate: % of customers who enter a store or access a web site and then buy a product at the store or web site 9. Everyday low pricing policy: helps assure customers that they wont find an item at a lower price at a different store the next time they shop for it 10.Multiattribute attitude model: based on the notion that customers see a retailer; a product or a channel as a collection of attributes or characteristics 11.Fair trade: its merchandise is made by workers who are paid a fair wage not just a minimum wage 12.satisfaction a post consumption evaluation of how well a store or product meets or exceeds customer expectations evaluation: becomes part of the customers internal info and affects store and product evaluations and purchase decisions 14.extended problem solving: a purchase decision process in which customers devote considerable time and effort to analyzing their alternatives 15.impulse buying: a buying decision made by customers on the spot after seeing the merchandise 16.Limited problem solving: a purchase decision process involving a moderate amount of effort and time
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