Ch. 8 Flashcards
(24 cards)
Retail Information System (RIS)
A system that anticipates the information needs of retail managers; collects, organizes and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers.
Data-Base Management
A retailer gathers, integrates, applies and stores information related to specific subject areas.
Data Warehousing
Where copies of all the databases in a firm are maintained in one location and are accessible to employees at any locale.
Data Mining
The in-depth analysis of information to gain specific insights about customers, product categories, vendors and so forth.
Micromarketing
Where the retailer uses differentiated marketing and develops focused retail strategy mizs for specific customer segments, sometimes fine-tuned for the individual shopper.
Universal Product Code (UPC)
Products are marked with a series of thick and thin vertical lines, representing each item’s identification code.
Electronic Data Interchange (EDI)
Where retailers and suppliers regularly exchange information through their computers with regard to inventory levels, delivery times, unit sales, and so on of particular items.
Marketing Research in Retailing
Research that entails the collection and analysis of information relating to specific issues or problems facing a retailer.
Marketing Research Process
A research process that embodies a series of activities: defining the issues or problem to be studied, examining secondary data, generating primary data (if needed,) analyzing data, making recommendations, and implementing findings.
Issue (problem) Definition
A definition that involves a clear statement of the topic to be studied.
Secondary Data
Data that has been gathered for purposes other than addressing the issue or problem currently under study.
Primary Data
Data collected to address the specific issue or problem under study.
Internal Secondary Data
Data that are available within a company, sometimes from the data bank of a retail information system.
External Secondary Data
Data that are available from sources outside of a firm.
Probability (Random) Sample
Every store, product, or customer has an equal or known chance of being chosen for study.
Nonprobability Sample
A sample where stores, products or customers are chosen by the researcher.
Survey
Where information is systematically gathered from respondents by communicating with them.
Semantic Differential
A listing of bipolar adjective scales.
Mystery Shoppers
People hired by retailers to pose as customers and observe their operations, from sales presentations to how well displays are maintained to service calls.
Experiment
A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions.
Simulation
A type of experiment whereby a computer program is used to manipulate the elements of a retail strategy mix rather than test them in a real setting.
What will happen as the retailing industry moves towards an ‘omnichannel’ retailing experience?
The distinctions between online and physical retail will vanish.
Successful Omnichannel Retailing Strategies:
- Provide attractive pricing and curated content. 2. Harness the power of data and analytics. 3. Avoid direct price comparisons. 4. Learn to sell niche products. 5. Emphasize product knowledge. 6. Establish switching costs. 7. Embrace competition.
Discovery Commerce example is
Birch Box
