Retail buying from basic to fashion Chapter 1

Question 1

What is Retailing ?

Answer 1

consist of all the business activities involved in the selling of goods and service to the ultimate consumers

Question 2

What is Buying?

Answer 2

is the business activity that involves selecting and purchasing products to satisfy the wants and the need of consumers

Question 3

What is Marketing concept?

Answer 3

the belief that all business activities should be geared toward satisfying the wants and needs of consumers

Question 4

What is Retail strategy?

Answer 4

is an overall framework or plan of action that guides a retailer

Question 5

What is Image?

Answer 5

the perception consumers have about a retail store

Question 6

What is Positioning?

Answer 6

involves identifying a group of consumers and developing retail activities to meet their needs

Question 7

What is Market

Answer 7

is a group of people with the ability, desire,and willingness to buy in other words, your potential customers

Question 8

What is Market segment ?

Answer 8

a group of potential customers who have similar needs or other characteristics

Question 9

What is Target market ?

Answer 9

the specific group or groups of consumers on which your store will focus

Question 10

What is Undifferentiated target marketing?

Answer 10

an attempt by retailers to please all consumers

Question 11

What is Concentrated target marketing?

Answer 11

focusing on one segment of the market

Question 12

What is Market segmentation

Answer 12

dividing the total market into segments

Question 13

What is Demographic data

Answer 13

consumer characteristic such as age,sex, family size, income, education, occupation, and race

Question 14

What is Geographic data

Answer 14

information on where consumers live such as zip codes,neighbor, cities, counties, states, or region

Question 15

What is Behavioristic data

Answer 15

information about customers buying activities comprise

Question 16

What is Psychographic data

Answer 16

information on the lifestyle,interest, and opinions of consumers

Question 17

What is Niches?

Answer 17

a segment of a larger consumer market

Question 18

What is Multi Segment target marketing?

Answer 18

retailers that focus than one consumer segment

Question 19

What is Direct marketing?

Answer 19

consist of direct connection with carefully targeted individual customers to both obtain immediate response and cultivate lasting customer relationships.

Question 20

What is Kiosks?

Answer 20

a touch activated computer terminal used for electronic retailing

Question 21

What is Online retailing?

Answer 21

continues to grow and continues to hold great promise for the future

Question 22

What is Bricks and mortar?

Answer 22

refers to traditional retail presence as a physical storefront

Question 23

What is Clicks and mortar ?

Answer 23

refers to retailers developing an online presence in addition to their traditional storefront

Question 24

What is Superstore?

Answer 24

any store that is bigger than what is normally found in an area selling a specific category of merchandise

Question 25

What is Supercenters?

Answer 25

mega supermarkets and general merchandise stores.

Question 26

What is Hypermarkets?

Answer 26

mega-supermarkets and general merchandise stores that stock everything from food to appliance

Question 27

What is Warehouse clubs?

Answer 27

are indeed huge warehouse that sell just about everything, typically in commercial-sized quantities

Question 28

What is SKU( stocking keeping unit)?

Answer 28

the number that identifies a single item of merchandise within a merchandise classification

Question 29

What is Specialized superstore ?

Answer 29

typically offer one to three categories of merchandise in tremendously large assortments at discounts prices that are unmatched by another retailer in the area.