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Retail Mkt-Final
Chapter 4
| Question | Answer |
|---|---|
| STAGES IN BUYING PROCESS | 1)Need recognition 2)Information search 3)Evaluation 4)Choice 5)Visit 6)Loyalty |
| UTILITARIAN NEEDS | A need when a purchase satisfies a specific task; shopping needs to be easy and effortless |
| HEDONIC NEEDS | A purchase when there is a need of satisfying entertainment, emotional, and recreational experiences ex) department/specialty stores |
| WHAT HEDONIC NEEDS CAN A RETAIL SATISFY? | A)Stimulation-music,displays,scents B)Social Experience C)Learn new trends and fashions D)Satisfy the need for power and status E)Self-rewards F)Adventure |
| HOW TO STIMULATE THE "NEED FOR RECOGNITION"? | -suggestions by sales associates -advertising and direct mail -visual merchandise in store -special events in the store -free food sample |
| "INFORMATION SEARCH"? | Amount of information search depends on the VALUE from searching versus the COST of searching |
| FACTORS AFFECTING THE AMOUNT OF INFORMATION SEARCH: | A)Product characteristics-complexity and cost B)Customer characteristics-perceived risk and past experience C)Market characteristics-number of alternative brands |
| INTERNAL vs EXTERNAL SOURCES OF INFORMATION | Internal= past experiences and memory External= consumer reports, advertising, and word of mouth |
| HOW CAN RETAILERS LIMIT THE INFORMATION SOURCE? | 1)Information from sales associates 2)Provide and assortment of services 3)Provide good assortment 4)Everyday low pricing |
| WHAT IS A CONSIDERATION SET? | The set of alternatives the customer evaluates when making a selection; by this, the retailer develops TOP-OF-MIND AWARENESS! |
| POST-PURCHASE EVALUATION | Becomes part of the customers internal information that affects future store and product decisions; builds store and product loyalty |
| SATISFACTION? | A post-consumption evaluation of how well a store or product meets or exceeds customer expectations |
| TYPES OF PURCHASE DECISIONS? | Extended, Limited, and Habitual problem solving |
| EXTENDED PROBLEM SOLVING | Consumers devote time and effort analyzing alternatives; customers are unfamiliar with the products.They look at: financial (purchasing expensive products/services), physical (how will affect health and safety), and social (how others will view them) risk |
| LIMITED PROBLEM SOLVING | Purchase decisions process involving moderate amount of effort and time; customers engage in this when they have prior experience with products/services |
| LIMITED PROBLEM SOLVING: [IMPULSE BUYING] | Influence by using prominent POS (point-of-sale)and POP (point-of-purchase) |
| HABITUAL PROBLEM SOLVING | Purchase decision process involving little or no conscious effort; purchase aren't important; habitual is associated with loyalty |
| CUSTOMER LOYALTY: | Brand- committed to a specific brand and reluctant to switch to a different brand; Store- committed to specific retailer and reluctant to switch |
| SOCIAL FACTORS INFLUENCING THE BUYING DECISION PROCESS | Family, Reference Groups, and Culture |
| FAMILY INFLUENCES: | Purchases are for the entire family, whole family participates in decision making process, retailers work to satisfy the needs of all family members |
| REFERENCE GROUPS: | Is one or more people whom a person uses as a basis of comparison for beliefs, feelings, and behaviors; they affect by: offering information, providing rewards for specific purchasing behaviors, enhancing a consumer's self-image |
| CULTURE: | Beliefs, morals, and values shared by most members of a society; Western=individualism and Eastern=collectivism; Sub-culture=distinctive groups of people within a culture |
Created by:
clmartinez13
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