Chapter 25

Question 1

What’s big data

Answer 1

refers to the massive volume of electronic bits that occurs in business every day that is huge and complex

Question 2

Define data mining

Answer 2

using software to dig down to discover shoppers’ patterns within their database

Question 3

what is product affinity

Answer 3

knowing what goods are usually sold together

Question 4

define virtual merchandising

Answer 4

bringing all parts of online shopping into brick and mortar stores

Question 5

define the endless aisle

Answer 5

shows all merchandise lines a retailers and its partners offer, plus digital support of content

Question 6

define microsegmentation

Answer 6

the division of an industry’s total market into extremely narrow target markets

Question 7

define agile manufacturing

Answer 7

responds with quick production of customized designs for consumers

Question 8

define mass customization

Answer 8

offering individually made items to everyone (nike, converse)

Question 9

quickly shifting demographics that are currently affecting businesses include

Answer 9

Baby boomers- 55-75
Generation X- 40-54
Millennials- 23-39
Generation Z- 7-22

Question 10

What’s cross shopping?

Answer 10

combining purchases from both ends of the price scale

Question 11

define restructuring

Answer 11

involves examining a business to see what changes can make it better

Question 12

Contemporary vs fast fashion

Answer 12

contemporary- trendy, avant garde styles for fashion forward people
fast- large lots of interpreted designs are brought quickly to the market

Question 13

Online marketplaces

Answer 13

growing concept for etailers that creates and endless aisle

Question 14

define drop shipping

Answer 14

moving goods directly from suppliers to customers, without going through the retailer from which goods were ordered

Question 15

define cybercrime

Answer 15

criminal activity carried out via network connected devices