Remembering COB 300
Income is part of this kind of segmentation.
What is demographic segmentation.
A set of business activities that adds value to the products and services sold to consumers for their personal or family use.
What is retailing.
The number of SKUs within a merchandise category.
What is assortment or depth.
A marketing strategy that uses opinion leaders, popular on social media, to drive marketing messages to a targeted audience.
What is influencer marketing.
Selling merchandise or services through more than one channel.
What is multichannel retailing.
Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
What is positioning.
A function performed by retailers or wholesalers in which they receive large quantities of merchandise and sell them in smaller quantities.
What is breaking bulk.
The number of different merchandise categories within a store or department.
What is variety or breadth.
Media that the firm has paid to obtain, such as conventional television or print advertising, advertisements pushed through social media, or paid endorsements by celebrities or influencers.
What is paid media.
A practice in which customers visit stores to interact with a physical product and receive sales assistance, then purchase it through a less expensive channel, such as online.
Q = n x p x q
What is Total Market Demand.
____ out of every four workers in the United States works for a retailer or for a company selling products to a retailer.
What is one.
A retailer that carries a wide variety and deep assortment, offers considerable customer services, and is organized into separate departments for displaying merchandise.
What is a department store.
Online, social, and mobile business efforts that leverage digital assets to create, capture, communicate, and deliver value to customers.
What is digital retailing.
A type of marketing channel in which customers use multiple channels to make purchases, such as when they receive an e-mailed coupon, download it onto their smartphone, and then go to a store to redeem the coupon and buy the product.
What is cross-channel retailing.
The set of all actual and potential buyers of a product or service.
What is a market.
The current US retail industry is dominated by these.
What are large firms.
Merchandise expected to last for several years, such as appliances and furniture.
What are durable or hard goods.
The seven critical elements of digital/online retailing.
What are core goals, context elements, content, communication, community, commerce, and connection.
A retail channel in which merchandise or services are stored in a machine and dispensed to customers when they deposit cash or use a credit card.
What is automated retailing or vending machines.
A set of buyers who share common needs or characteristics that a company decides to serve.
What is a target market.
The percent of the world’s population at the lowest end of the global income distribution.
What is the Bottom of the Pyramid (BOP).
Small, full-line discount store that offers a limited merchandise assortment at very low prices.
What is a dollar store or an extreme value retailer.
The 3-step process through which retailers can engage with customers through digital, social, and mobile media.
What is listen-analyze-do.
A retail format in which a salesperson, frequently an independent distributor, contacts a customer directly in a convenient location (either at a customer’s home or at work), demonstrates merchandise benefits, takes an order, and delivers the merchandise to the customer.
What is direct selling.