Midterm Study Guide

Midterm Study Guide - MKT 312 Midterm Study Guide...

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MKT 312 Midterm Study Guide -Retailing is a set of business activities that adds value to the products and services sold to consumers for their personal or family use. Retailer is the business - Distribution Channels : manufacturing, wholesaler retailer consumer - Vertical Integration : firm performs more than one set of activities - Backward integration: retailer performs some distribution and manufacturing activities - Forward Integration : manufacturers undertake retailing activities -how retailers add value: breaking bulk, holding inventory, providing assortment, offering services -classify retailers: type of merchandise, variety (breadth)/assortment(depth) of merchandise, level of customer service, price of merchandise -nonstore retail formats: electronic, catalog/direct mail, direct selling, tv home shopping, vending machines -services vs merchandise retailers:intangibility, simultaneous production and delivery, perishability, inconsistency of offering -retailers use multiple channels bc: customers want to interact in diff ways, each channel offers a unique set of benefits -reasons why multi-channel: increase share of wallet ,overcome imitations of existing format, expand market, leverage existing assets, brand name/inventory/customer database, develop insights in customer shopping behavior -benefits from store channel : tangibility, impulse buying, stronger brand image, pay w/ cash, physical location near competitors, less risk-try stuff on, less returns -benefits from catalog channel : get word out/reach lots, browse to see before buying -benefits from internet channel : lot of info, exclusive features, consumer reviews -resources needed to compete effectively in internet retailing: retailing skills, efficient fulfillment systems, strong brand name and image, complementary merchandise, availability of customer info -issues confronting multi-channel retailers: maintaining brand image across channels, merchandise assortment offered in each channel, pricing across channels
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-types of purchase decisions: extended problem solving (high financial/social risk), limited problem solving (some prior buying experience/impulse buying), habitual decision making (store loyalty/brand loyalty) - stages in buying process: need recognition, info search, evaluation, choice, visit, loyalty -utalitarian needs: satisfied when purchases accomplish a specific task. Shopping needs to be easy and effortlessss like sam’s or a grocery store - hedonic needs : satisfied when purchases accomplish a need for entertainment, emotional and recreational experience as in dept stores or specialty stores -stimulation, social experience, learn new trends and fashions, satisfy newed for power and status, self-rewards, adventure - multiattribute model : based on the notion that customers see a retailer or a product as a collection of attributes or characteristics, designed to predict a customer’s evaluation of a product/retailer based on its performance on relevant attributes and the importance of
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This note was uploaded on 02/14/2011 for the course MKT 312 taught by Professor Ashman during the Spring '08 term at University of Michigan.

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Midterm Study Guide - MKT 312 Midterm Study Guide...

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