Empirical
Laws
Laws
Allows consumers to save time, money, and effort when shopping.
What are Specials/?
What is the 8th empirical law?
A type of retailer that isn't a physical location.
What is an Online retailer?
The idea that the size of a brand determines the loyalty of its consumers compared to other brands.
What is the definition of Double Jeopardy?
No need to wait in line
What is an advantage of online retailing?
Amazon
What is an example of an Online retailer?
An empirical law that shows that a small percentage of items make up a large percentage of sales.
What are Top Selling Items
What is the 6th empirical law?
A retailer that has a focus on a particular product or service.
What is a Specialty shop?
Depending on the size of a brand it shares in a different proportion of similar brands' consumer base.
What is Duplication of purchase law?
Products are often more expensive due to convenience.
What is a disadvantage to convenience stores?
New York Times Best sellers
what is an example of Top selling items?
An Empirical law which shows that consumers often have a motivation when shopping.
What are Purchase Goals?
What is the 1st empirical law?
A type of retailer that provides cheaper and more durable products to consumers or other retailers.
what is a Cash-and-Carry retailer?
The use of reasoning, intuition, or perception through mental effort.
What is the definition of cognitive effort?
Free samples often provided to consumers.
What is an advantage to Cash and carry warehouses?
Buy one get one free
What is an example of specials?
An empirical law which shows that consumers often purchase a limited number of items at a time
What are Many Short trips?
What is the 4th empirical law?
A type of retailer that fills a gap for consumers.
What is a Convenience store?
When goods or services are sold to the final consumer for personal use
What is retail
Often contains self service checkouts
What is an advantage to Supermarkets?
Myers
What is an example of a Department store?
An empirical law which shows that consumers prefer shorter trips
What is Limited time?
What is the 3rd empirical law?
A type of Retailer which provides a large range of a particular product
What is a discount shed?
Ideas based on real world data and observations
What does Empirical mean?
Possibility of transactions being breached.
What is a disadvantage of online retail?
Costco
What is an example of a cash and carry retailer?