Ch. 9 Retail
There are several consumer trends taking place in the retail sector currently. Name one of the current trends that is occurring in retail.
Decrease in mall shopping
Increase in consumer experiences
Increase in online sales (e-commerce)
Increase in mobile shopping
Price _____ is the substantial change in demand of a market in response to a change of price.
Elasticity
______ ______ is the name of the managing of the spread of information from an individual or company to the public.
Public Relations
Search Engine Optimization (SEO)
This social media platform has the largest user base and has the widest range of individuals who use the platform ranging from young adults to individuals over 65 years old.
The combination of the product width and product depth that a store carries is called _______ ______.
Product assortment
Product mix
The point at which the costs of a product meet revenues is called the _____ - ______ point.
Break-Even
This term refers to the number of people who are exposed to an ad either through viewing an ad visually or hearing an ad.
Reach
The term ____ ____ refers to the amount of time that a user spends on a given webpage.
Dwell Time
_____ ______ is a term that refers to websites and applications that are platforms where users can share content and interact with each other.
Social Media
Name a type of business that would be considered "online resistant".
Furniture Stores
Mattress Stores
Car Dealerships
Etc.
This type of pricing strategy is used when a marketer set the price of a product a few dollars or a few cents (and in some cases just $1 or 1 cent) away from an even number. This is known as _____-_______ pricing.
Odd-Even Pricing
Advertising has 3 functions that it serves. It can be used to inform, to ________, and also remind & reinforce.
Persuade
Experts believe that ____-______ SEO has a greater impact on page rank.
Off-Site SEO
Some retail stores are opting into this social media trend in giving users the ability "try on" a product without physically touching the product. This social media trend is referred to as _____ _____.
Augmented Reality
These types of stores feature narrow product lines. They selectively sell goods related to a particular product area or brand. These are known as ______ stores.
Specialty
Many retail stores use this type of pricing strategy where they display the original price of a product next to the sale price. What type of pricing strategy is this?
Reference or Anchor Pricing Strategy
This is the 3rd stage in the personal selling process. In this stage, the salesperson is reaching out to the prospect to make contact with them, getting their interest, and setting a meeting or other commitment. What is the name of this stage?
Approach
Search engines are constantly using two functions to pull accurate results for their users. They use "crawling" which helps find new content on web pages and also "______" which creates a list of all content stored online.
Indexing
A marketer is looking through customer comments online and sees that there have been some consistent complaints about a new product. The marketer is able to respond to the customers who issued the complaints to try to resolve the issue. The marketer in this scenario is participating in the act of what?
Social Media Monitoring or Monitoring
As discussed in class, Ikea uses this type of store layout which consists of a clearly defined path for customers to follow.
Racetrack or Loop Layout
The company Graf Von Faber prices their limited edition pen at $5,200. What type of pricing strategy is Graf Von Farber using in this scenario.
Prestige Pricing
The AIDA Model stands for what?
Attention
Interest
Desire
Action
____-_____-_____ is a key metric to advertising in which is represents the percentage of clicks to impressions.
Click-through-rate (CTR)
This social media platform would be best to use for real time reporting, short thoughts or commentary, public relations response, or fielding customer inquiries or complaints.