Bmgt353- chapter 4 vocab

Bmgt353- chapter 4 vocab - Danielle Feller February 10,...

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Unformatted text preview: Danielle Feller February 10, 2009 Chapter 4 Vocab Actionable- Criteria for evaluating a market segment scheme indicating what the retailer should do to satisfy its needs Benefit Segmentation- A method of segmenting a retail market on the basis of simiukar benefits sought in merchandise or service Brand Loyalty- Indicates customers like and consistently buy a specific brand in a product category. They are reluctant to switch to others brands if their favorite brand isnt available. Buying Process- The stages customers go through to purchase merchandise or services. Buying Situations- A method of segmenting a retail market based on customer needs in a specific buying situation, such as a fill-in shopping trip versus a weekly shopping trip. Compatibility- The degree to which the fashion is consistent with existing norms, values and behaviors Complexity- the ease with which consumers can understand and use a new fashion. Composite Segmentation- A method of segmenting a retail market using multiple variables, including benefits sought, lifestyles and demographics. Consideration Set- the set of alternatives the customer evaluates when making a merchandise selection Cross-Shopping- A pattern of buying both premium and low-priced merchandise or patronizing expensive, status-oriented retailers and price-oriented retailers. Culture- the meaning and values shared by most members of a society. Demographic Segmentation- a method of segmenting a retail market that groups consumers on the basis of easily measured, objective characteristics such as age, gender, income and education. Everyday Low Pricing Strategy- A pricing strategy that stresses continuity of retail prices at a level somewhere between the regular non-sale price and the deep-discount sale price of the retailers competitors....
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Bmgt353- chapter 4 vocab - Danielle Feller February 10,...

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