Exam 3 Flashcards
(43 cards)
What were the two most commonly cited words when discussing the new packing with customers?
“retro and nostalgia”
What do suppliers need to know from the retailer?
Estimates of category sales
Inventory turnover rates
Feedback on competitors
Level of customer returns
What do suppliers need to know from the customer?
Attitudes toward styles and models
Extend of brand loyalty
Willingness to pay a premium for superior quality
What do retailers need to know from supplier?
Advance notice of new models and model changes
Training materials
Sales forecasts
Justifications for price changes
What do retailers need to know from the customer?
Why people shop there
Customers’ likes and dislikes
Where else people shop
What do customers need to know from the supplier?
Assembly and operating instructions
Extent of warranty coverage
Where to send a complaint
What do consumers need to know from the retailer?
Where specific merchandise is stocked in the store
Methods of payment acceptable
Returns and other policies
What anticipates the information needs of retail managers?
RIS
What collects, organizes, and stores relevant data on a continuous basis?
RIS
What directs the flow of information system?
RIS
What is a major element in RIS?
Data-Base Management
What is data-base management used for?
Loyalty program management
Customer analysis
Promotion evaluation
Trade area analysis
What is primary data?
Information collected by the firm for a specific purpose
What data is information collected by someone else for another purpose?
Secondary data
What is the in-depth analysis of information to gain specific insights about customers, product categories, vendors, etc. ?
Data Mining and micromarketing
What is an application of data mining whereby retailers use different techniques for specific customer segments?
Micromarketing
What are advantages of primary data?
Collected for specific purposes, current, relevant, known and controlled sources
What are disadvantages of primary data?
May be more expensive, tends to be more time consuming, information may not be acquired, limited perspectives
What are advantages of secondary data?
Inexpensive, fast, generally credible
What are disadvantages of secondary data?
May be incomplete, dated, not accurate or credible
What are characteristics of a flagship store?
Most prominent location
Store that holds/sells the highest volume of merchandise
A chain’s largest store
What are the 3 types of retail locations?
Isolated store
Planned shopping center
Unplanned Business District
What are the 3 types of unplanned business districts?
Central, secondary and neighborhood business districts
What is a freestanding retail outlet with no adjacent retailers?
Isolated stores
