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Multi attribute attitude model |
A model of customer decision making based on the notion that customers see a retailer or a product as a collection of attributes or characteristics. The model can also be used for evaluating a retailer, product, or vendor. The model uses a weighted average score based on the importance of various issues and the performance on those issues. |
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Post purchase evaluation |
The evaluation of merchandise or services after the customer has purchased and consumed them. |
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Psychological needs |
Needs associated with the personal gratification that customers get from shopping or from purchasing and owning a product. |
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PRIZM |
A database combining census data, nationwide consumer surveys, and interviews with hundreds of people across the country into a geo-demographic segmentation system. |
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psychographics |
Refers to how people live, how they spend their time and money, what activities they pursue, and their attitudes and opinions about the world they live in. |
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Archive for January, 2008
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demographic segmentation |
A method of segmenting a retail market that groups consumers on the basis of easily measured, objective characteristics such as age, gender, income and education. |
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fashion |
Category of merchandise that typically lasts several seasons, and sales can vary dramatically from one season to the next. |
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functional needs |
The needs satisfied by a product or service that are directly related to its performance. |
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Geo-demographic segmentation |
A market segmentation system that uses both geographic and demographic characteristics to classify consumers. |
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Geographic segmentation |
Segmentation of potential customers by where they live. A retail market can be segmented by countries, states, cities, and neighborhoods. |
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habitual decision making |
A purchase decision involving little or no conscious effort. |
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Multi-channel retailer |
Retailer that sells merchandise or services through more than one channel. |
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share of wallet |
The percentage of total purchases made by a customer in a store. |
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Shopping bots |
Computer programs that simply search for and provide a listing of all Internet sites selling a product category or brand with the price of the merchandise offered. |
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Virtual communities |
A network of people who seek information, products, and services and communicate with each other about specific issues. |
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Accessibility |
(1) The degree to which customers can easily get into and out of a shopping center; (2) ability of the retailer to deliver the appropriate retail mix to the customers in the segment. |
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benefit segmentation |
A method of segmenting a retail market on the basis of similar benefits sought in merchandise or services. |
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brand loyalty |
An example of habitual decision making that occurs when consumers like and consistently buy a specific brand in a product category. |
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buying process |
The stages customers go through to purchase merchandise or services. |
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buying situation segmentation |
A method of segmenting a retail market based on customer needs in a specific buying situation such as a fill-in shopping trip versus a weekly shopping trip. |
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Retail chain |
A firm that consists of multiple retail units under common ownership and usually has some centralization of decision making in defining and implementing its strategy. |
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Services retailer |
Organization that offers consumers’ services rather than merchandise. Examples include banks, hospital, health spas, doctors, legal clinics, entertainment firms, and universities. |
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SKU (stock keeping unit) |
The smallest unit available for keeping inventory control. In soft goods merchandise, an SKU usually means size, color, and style. |
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specialty catalog retailer |
A non store retailer that focuses on specific categories of merchandise, such as fruit (Harry and David), gardening tools (Smith & Hawken), and seeds and plants (Burpee). [Go to their website and understand how they operate] |
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Specialty store |
Store concentrating on a limited number of complementary merchandise categories and providing a high level of service in an area typically under 8,000 square feet. |
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Super-center |
Large store (150,000 to 200,000 square feet) combining a discount store with a supermarket. |
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Electronic retailing |
A retail format in which the retailers communicate with customers and offer products and services for sale over the Internet. |
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Factory outlet |
Outlet store owned by a manufacturer. |
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Franchising |
A contractual agreement between a franchisor and a franchisee that allows the franchisee to operate a retail outlet using a name and format developed and supported by the franchisor. |
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General merchandise catalog retailers |
Non-store retailers that offer a broad variety of merchandise in catalogs that are periodically mailed to their customers. |
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Home improvement center |
A category specialist offering equipment and material used by do-it-yourselfers and construction contractors to make home improvements. |
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Hypermarket |
Large (100,000 to 300,000 square feet) combination food (60 –70 percent) and general merchandise (30 –40 percent) retailer. |


































