Test 1 – Retail Marketing Chapter 4

criteria for evaluating market segemnts
-actionable
-identifiable
-substantial
-reachable
methods for segmentation
-geo-demographic
-demographic
-buying situations
-benefits
-lifestyle
-geographic
tapestry segmentation
ESRI map of zip codes & market segment
stages in buying process
-need recognition
-information search
-evaluation
-choice
-visit store/internet/catalog to purchase merch/service
-loyalty (post-purchase evaluation)
types of needs
-utilitarian
-hedonic
utilitarian needs
satisfied when purchases accomplish a specific task. shopping needs to be easy and effortless like a grocery store or convenience store (NEED)
hedonic needs
satisfied when purchases accomplish a need for entertainment, emotional, and recreational experience as in department stores or specialty stores (WANT)
hedonic needs that retailers can satisfy
-stimulation
-social experience
-learn new trends and fashions
-satisfy need for power and status
-self-rewards
-adventure
stimulating need
-suggestions by sales associates
-advertising and direct mail
-visual merchandise in store
-special events in the store
-signs
-displays
-free food sample
-5 senses
information search
-value of searching v. cost of searching
-product characteristics
-customer characteristics
-market characteristics
sources of information
-internal
-external
how to encourage customers to stay in store
-food
-personal service
-enticing technology
multiattribute attitude model
-customers see a retailer, product, or service as a collection of attributes or characteristics
-predict a customer’s evaluation of a retailer, product, or service based on performance and importance
consideration set
set of alternative the customer evaluates when making a selection
influence ATU
-more stores in same area
-signs, PR, ads, events, promotions
-get exposure on search engine sites
-top of page