Term
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Definition
1) Need Recognition 2) Information Search 3) Evaluation 4) Choice 5) Visit 6) Loyalty |
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Term
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Definition
hedonic needs conflict with utilitarian needs -Trade-offs made by consumers Cross Shopping *buying both premium & low-priced merchandise & *patronizing both expensive/status retailers & price-oriented retailers |
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Term
| Stimulating Need Recognition |
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Definition
Advertising Internet promos direct mail publicity special events |
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Term
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Definition
customers memory names,images, past experiences |
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Term
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Definition
information provided by others ads, people, etc |
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Term
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Definition
* reduce wait time with more checkout lanes open *Moneyback guarantees |
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Definition
| Satisfaction builds store loyalty/ brand loyalty & therefor competitive advantage |
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Term
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Definition
*devoted considerable time & effort analyzing alternates * satisfying an important need, high risk situations * retailers must provide sufficient information |
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Definition
* some prior experience, but still moderate risk *Impulse Buying - on the spot - strategy placement of product -pos displays - buyers remorse? |
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Definition
Brand Loyalty Store Loyalty |
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Term
| Social Factors influencing Buying Process |
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Definition
Family Reference Groups Culture |
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Term
| Segments for Market - Criteria |
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Definition
-Actionable *action for succes is clear to retailer -Indentifiable *retailer can determine which customers are in the market segment -Substantial *significant buying power -Reachable *target promotions will reach audience |
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Term
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Definition
states, cities, neighborhoods *merchandise is segmented -ie: snowsleds |
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Term
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Definition
| age, gender, income, education |
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Term
| Geodemographic Segmentation |
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Definition
birds of a feather flock together... buying behavior in each geographic cluster |
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