Chapter1DefineRetailingVariousPerspectivesImpactSpecialCharacteristicsConceptofStrategicPlanningRelateMarketingConcepttoRetailingTotalRetailExperienceCustomerServiceRelationshipRetailingThebusinessactivitiesinvolvedinsellinggoodsandservicestoconsumersfortheirpersonal,orhouseholduse.Itincludeseverysaleofgoodsandservicestothefinalconsumer.OpportunitiesStartNewBusinessFranchisingGlobalizationChallengesBoredConsumersTimePoorSocietyTooManyStoresHighConsumerExpectationsTangibleGoodsServicesDoesNOTAlwaysIncludeStoreRetailerTraditionalRetailersSales$3TrillioninU.SNon-TraditionalRetailersSales$250BillionOtherServicesSeveralHundredBillionMajorSourceofJobsManufacturerWholesalerFinalConsumerRetailerDivergentViewpointsTypesofDistributionExclusiveIntensiveSelectiveCompetitionintheMarketplaceProductImageSlottingAllowancesDistributionRightsManagementOperationsMerchandisingProvidingAssortmentBreakingBulkProvidingServiceHoldingInventoryRetailerWholesalerWholesalerWholesalerManufacturerBrandCManufacturerBrandDManufacturerBrandAManufacturerBrandBManufacturerBrandEManufacturerBrandFBrandACustomersBrandBCustomersBrandCCustomersBrandDCustomersBrandECustomersBrandFCustomersRetailer’sStrategySmallAverageSalesImpulsePurchasesPopularityofStoresDefineBusinessTypeSetObjectivesLong-TermShort-TermDetermineCustomerMarketDeviseOverall,Long-RunPlanImplementIntegratedStrategyEvaluatePerformanceRetailingConceptRetailStrategyCustomerOrientationCoordinatedEffortGoalOrientationValue-DrivenIncludesalltheelementsinaretailofferingthatencourageorinhibitconsumersduringtheircontactwithareatilerIntangiblePerishableInseparableInconsistentSatisfactionBasedon:ExpectationPastExperiencePerceptionsTotalRetailExperienceMonitorCustomerSatisfactionStayinTouchwithCustomersDoWeTrustOrCustomers?DoWeStandBehindWhatWeSell?DoWeStressPromise-KeepinginOurFirm?DoWeValueCustomerTime?DoWeCommunicatewithCustomersRespectfully?DoWeRespectALLCustomers?DoWeThankCustomersforTheirBusiness?DoWeRespectEmployees?TheDefinitionofRetailingVariousPerspectivesImpactSpecialCharacteristicsConceptofStrategicPlanningHowtheMarketingConceptRelatestoRetailingTotalRetailExperienceCustomerServiceRelationshipRetailingQuestions?Questions?Questions?Questions?Questions?Chapter2Building&SustainingRelationshipsinRetailingExplain“Value”inRetailingDescribeRelationshipNurturingExamineRelationshipBuildingGoodsRetailersServicesRetailersDiscussImpactofTechnologyonRetailingConsiderInterplayBetweenEthicalPerformanceandRelationshipsObjectivesCustomersBelieveGoodValueforMoneyCustomerLikeDoingBusinesswithRetailerChannelMembersLikeDoingBusinesswithRetailerValueGoalsInvolves:ManufacturerWholesalerRetailerSeriesofActivitiesandProcessesProvidesaGivenLevelofValueforConsumersCloselyRelatedto:DesiretoMakeProfitTypeofStrategyPursuedValueChainBenefitsfromPurchaseCostVSBenefitVariesbyShopperTypeConcernedwithOutcomeNOTProcessConsumerPerceptionofValueExpectedRetailStrategyAugmentedRetailStrategyPotentialRetailStrategyValue-OrientedStrategiesPlanningValuewithOnlyAPricePerspectiveProvidingValue-EnhancingServicesCustomersDon’tWantorNowWillingtoPayCompetingintheWrongValue/PriceSegmentBelievingAugmentedElementsAloneCreateValuePayingLipServicetoCustomerServiceValue-OrientedStrategyPitfallsCustomerBaseCoreCustomersCustomerRelationshipsExpectedAugmentedImprovementEmployeeEmpowermentCustomerServiceRangeLevelChoicePriceMeasurementRetentionCustomerServiceStrategyCustomerServiceClassificationCostofOfferingServiceHighLowHighPatronageBuilders--High-costactivitiesthataretheprimaryfactorsbehindcustomerloyaltiesDisappointers--Expensiveactivitiesthatdonorealgood.Basics--Low-costactivitiesthatare“naturallyexpected.”Theydon’tbuildpatronage,buttheirabsencecouldreducepatronage.PatronageSolidifiers--The“low-costlittlethings”thatincreaseloyalty.LowValueofServicetoCustomerAdvantagesRetailerSavesFeeCustomerLoyaltyEncouragedDisadvantagesStartupCostsSlowCashFlowAdministrativeCostsCustomerswithoutCardMayBeDiscouragedInHouseCreditRevolvingOptionOpenTypesofCreditAccountsMeetorExceedExpectationsDissatisfiedCustomersDon’tComplainProducesLittleorNoResultsNotEasyCustomerSatisfactionUsefulRewardsAppealingtoCustomersAttainableHonorShoppingBehaviorUniquetoParticipatingRetailersPersonalizedCommunicationConsistentLoyaltyProgramCommonalitiesRewardsValue-AddedBenefitsCustomerRecognitionBetterLoyaltyProgramsEachChannelMemberDependentEveryValueDeliverySystemActivityMustBeEnumeratedCustomerRecognitionSmallRetailersMayUseOutsideSuppliersGoodasitsWeakestLinkNatureRelatedtoTargetMarketExpectationsCosts&FunctionsInfluencedbyEachParty’sRoleIncreasingComplexityNonstoreRequiresDifferentDeliverySystemChannelMembersareAdversarialValueDeliverySystemEffectiveRelationshipsCommonPositioningGoalsReliabilityCoordinationCommunicationsInputIntoChannelDecisionsTrustFairnessFinalConsumerOrientationActivitiesPerformedMarketingSupportInventoryPlanningTimelinessofPaymentsProperLeadTimeEquitableProfitDistributionConsistencyRented-GoodsServicesOwned-GoodsServicesNongoodsServicesTypesofServicesRetailingCharacteristicsofServiceRetailingServicesRetailingIntangibilityInseparabilityPerishabilityVariabilityServiceQualityDeterminantsCompetenceTangiblesUnderstandingtheCustomerCommunicationAccessReliabilityCourtesyCredibilitySecurityResponsivenessTechnologyandRealationshipsinRetailingRolesMustBeClearTechnologyVSHumansConsistentWithOrganizationObjectivesCustomersExpectCertainAdvancesElectronicBankingATMsInstantProcessingRetailPurchasesSmartCardsTheEvolvingBankOnlineReal-TimeBankingBankingbyComputerBankingbyTelephoneAutomatedTellerMachinesIn-StoreBankingTraditionalBranchesBankCostSavingsCustomerConvenienceTechnology&InteractionsP-O-SScanningEquipmentSelf-ScanningElectronicGiftCardInteractiveElectronicKiosksMassCustomizationEthicsArticulateAcceptableBehaviorWrittenCodeofEthicsPunishPoorBehaviorTopManagersSetExampleSocialResponsibilityBestInterestofSocietyBalancewithFairLevelofProfitabilityConsumerismRighttobeInformedRighttoSafetyRighttobeHeard“Value”inRetailingHowRelationshipsareNurturedHowtoBuildRelationshipsGoodsRetailersServicesRetailersImpactofTechnologyonRetailingUnderstandtheInterplayBetweenEthicalPerformanceandRelationshipsWhatYouShouldKnowQuestions?Questions?Questions?Questions?Chapter3StrategicPlanninginRetailingShowValueofStrategicPlanningExplainStepsinStrategicPlanningExamineControllableandUncontrollableElementsofRetailStrategyPresentStrategicPlanningasaSeriesofIntegratedStepsObjectivesOverallPlanorFrameworkofActionAtLeastOneYearOutlinesMissionGoalsConsumerMarketOverallandSpecificActivitiesControlMechanismsRetailStrategyProvidesAnalysisofRetailRequirementsOutlinesRetailerGoalsTeachesFirmsHowtoDifferentiateThemselvesStudiesEnvironmentCoordinatesEffortsAnticipatesCrisesRetailStrategyFeaturesRetailStrategyElementsVI.ControlV.SpecificActivitiesIV.OverallStrategyIII.IdentificationOfConsumersII.ObjectivesI.SituationAnalysisStepISituationAnalysisOrganizationalMissionOwnershipandManagementAlternativesGoods/ServiceCategoryStep2ObjectivesSalesProfitSatisfactionofPublicsImageStep3IdentificationofConsumersMassMarketingConcentratedMarketingDifferentiatedMarketingStep4ControllableVariablesUncontrollableVariablesOverallStrategySpecificActivitiesDailyandShort-TermOperationsResponsestoEnvironmentStep5Step6AdjustmentEvaluationControlTypeofBusinessRoleinMarketplaceBusinessVSConsumerMarketLeaderorFollowerMarketScopeOrganizationalMissionSoleProprietorshipPartnershipCorporationIndependentOwnershipFranchiseOwnerhsipandManagementAlternativesGoodsDurableNondurableServicePersonalAmusementRepairHotelGood/ServiceCategoryPersonalAbilitiesFinancialResourcesTimeDemandsConsiderationsMeasurableSpecificAttainableObjectiveRequirementsSalesObjectiveGrowthStabilityMarketShareROIIncreasedOperatingEfficiencyProfitObjectiveStockholderConsumerSatisfactionObjectivesMassMerchandisingNicheRetailingBifurcatedRetailingPositioningObjectivesPositioningMapMassMarketingConcentratedMarketingDifferentiatedMarketingTargetMarketSelectionTechniquesOverallStrategyRetailStrategyControllableVariables

StoreLocationManagingaBusinessMerchandiseManagement

andPricingCommunicatingwiththe

CustomerUncontrollableVariablesConsumersCompetitionTechnologyEconomicConditionsSeasonalityLegalRestrictionsWhatYouShouldKnowValueofStrategicPlanningStepsinStrategicPlanningControllableandUncontrollableElementsofRetailStrategyQuestions?Questions?Chapter4RetailInstitutionsbyOwnershipToShowRetailClassificationsToStudyRetailOwnershipTypeToExploreInfluencesintheChannelofDistributionObjectivesRetailClassificationII.Store-BasedRetailStrategyMixIII.Servicevs.GoodsRetailStrategyMixIV.Nonstore-BasedRetailStrategyMixandNontraditionalRetailingI.OwnershipRetailClassificationI.OwnershipIndependentChainFranchiseLeaseDepartmentVerticalMarketingSystemConsumerCooperativeFlexibilityInvestmentCostsDownSpecialistsStrongControlImageConsistencyIndependenceEntrepreneurialDriveIndependentAdvantagesLackofPowerNoEconomiesofScaleLaborIntensiveLimitedAccesstoAdvertisingOver-dependenceonOwnerLimitedResourcesforLong-runPlanningIndependentDisadvantagesBargainingPowerCostEfficienciesOperatingEfficienciesTechnicalAbilitiesAdvertisingAvailabilityDefinedManagementPhilosophiesChainAdvantagesTimeandResourcesSpentonLong-runPlanningLimitedFlexibilityInvestmentsHighManagerialControlDifficultLimitedIndependenceforPersonnelChainDisadvantagesProduct/TrademarkBusinessFormatFranchisingTypesFranchisingArrangementManufacturer-RetailerServiceSponsor-RetailerWholesaler-RetailerCooperativeVoluntarySmallCapitalInvestmentBrandAwarenessOperationProceduresandManagementSkillsCooperativeMarketingExclusiveSellingRightsPurchasingCostsFranchiseeBenefitsOversaturationFranchisorOversellingContractProvisionsCancellationClausesShortDurationGrossSalesBasedRoyaltiesFranchiseeProblemsNationalorGlobalPresenceOwnershipQualificationsSetMoneyObtainedon

DeliveryStringentRulesforFranchiseesFranchiseeWorkIncentiveRoyaltiesContinueFranchisorBenefitsDamagedReputationLossofCustomerLoyaltyIntra-franchiseCompetitionReducedResaleValueInjuredProfitabilityFranchiseeDesireforIndependenceFranchisorProblemsFillsMerchandiseandExpertiseGapsEnlargedMarketReducesStoreCostsLesseeAssumesAdministrationRolPercentofRevenuesLeaseDepartmentAdvantagesStorePerspectiveConflictsinOperatingProceduresDamagedImageCustomerBlameLeaseDepartmentDisadvantagesStorePerspectiveWellKnowStoreReducedCostsEconomiesofScaleLeaseDepartmentAdvantagesLeaseePerspectiveInflexibilityinHoursProductLineRestrictionsRaisedRentSalesExpectationsNotMetLeaseDepartmentDisadvantagesLeaseePerspectiveRetailClassificationFOOD-ORIENTEDRETAILERSConvenienceStoreConventionalSupermarketFood-BasedSuperstoreCombinedStoreBox(limited-line)StoreWarehouseStoreII.Store-BasedRetailStrategyMixRetailClassificationGENERALMERCHANDISERETAILERSSpecialtyStoreVarietyStoreTraditionalDepartmentStoreFull-LineDiscountStoreOff-PriceChainFactoryOutletMembershipClubFleaMarketII.Store-BasedRetailStrategyMixRetailClassificationIII.Servicevs.GoodsRetailStrategyMixRentedGoodsOwnedGoodsNongoodsRetailClassification

DirectMarketingDirectSellingVendingMachineWorldWideWebOtherEmergingRetailFormatsIV.Nonstore-BasedRetailStrategyMixandNontraditionalRetailingVerticalMarketingSystemIndependentManufacturerIndependentManufacturerOwnershipWholesalerIndependentWholesalerOwnershipRetailerIndependentRetailerOwnershipVerticalMarketingSystemPartiallyIntegratedManufacturerWholesalerRetailerTwoChannelMembersOwnAllFacilitiesandPerformAllFunctionsVerticalMarketingSystemPartiallyIntegratedManufacturerWholesalerRetailerAllProductionandDistributionFunctionsarePerformedByOneChannelMemberOwnedbyConsumersMostPopularinGroceryRetailingConsumerCooperativeWaysRetailInstitutesCanBeClassifiedRetailOwnershipTypesandCharacteristicsofEachExertionofInfluenceintheChannelofDistributionByManufacturersByWholesalersByRetailersWhatYouShouldKnowQuestions?Questions?Questions?Chapter5RetailInstitutionsbyStore-BasedStrategyMixDescribeWheelofRetailingScrambledMerchandisingRetailLifeCycleDiscussRetailStrategyEvolutionExamineStore-BasedRetailStrategiesFood-OrientedGeneralMerchandiseObjectivesLocationOperatingProceduresGoods/ServicesOfferedPricingTacticsAtmosphericsCustomerServicesPromotionalMethodsStrategyMixBePrice-OrientedandCost-EfficientBeUpscaleBeConvenientOfferDominantAssortmentOfferSuperiorCustomerServiceBeInnovativeorExclusiveProvideAUniqueWayofOperatingEstablishingDestinationRetailerStatusWheelofRetailingLow-EndStrategyLowPricesLimitedFacilitiesandServicesPriceSensitiveConsumersMediumStrategyModeratePricesImprovedFacilitiesBroaderBaseofValue-andService-ConsciousConsumersHigh-EndedStrategyHighPricesExcellentFacilitiesandServicesUpscaleCustomersRetailStrategyAlternativesLow-EndedStrategyHigh-EndedStrategyNoServicesorServicesChargedatAdditionalFee(orServicesMayBeLimitedtoCreditandReturnsElaborateServicesAvailableIncludedinPrice,SuchAs:CreditDecoratingDeliveryGiftWrappingAlterationsLayawaySpartanFixturesandDisplaysElaborateFixturesandDisplaysSimpleRetailPersonnelOrganizationElaborateRetailPersonnelOrganizationPriceEmphasisinPromotionNoPriceEmphasisinPromotionSelf-ServiceorHighSalesperStorePersonnelRatioProductDemonstrations,LowSalesPerStorePersonnelRatioCrowdedStoreInteriorSpaciousStoreInteriorMostMerchandiseVisibleMostMerchandiseinBackroomLowRentallocation--SideStreetHighRentalShoppingCenterorCentralBusinessDistrictLocationMerchandisingOriginalMerchandiseMixShoesShoePolishSandalsSlippersScrambledMerchandisingScrambledMerchandiseMixShoesShoePolishSandalsSlippersHandbagsGlovesBeltsSocksRetailLifeCycleInnovationMaturityDeclineAcceleratedDevelopmentMaturityInnovationDeclineAcceleratedDevelopmentRetailLifeCycleNumberofCompetitorsVeryFew

VeryFewModerateManyDirectModerateDirectModerateIndirectManyIndirectLMaturityInnovationDeclineAcceleratedDevelopmentRetailLifeCycleGrowth/Profitability/DurationVeryFew

VeryRapidRapidModeratetoSlowSloworNegativeLowtoModerateHighModerateVeryLow3-5Years8YearsIndefiniteIndefiniteLMaturityInnovationDeclineAcceleratedDevelopmentRetailLifeCycleInvestment/Growth/RiskDecisionsVeryFew

InvestmentMinInvestmentHighTightlyControlledGrowthMarginalCapitalHighRisktoSustaininUntappedMarketsExpenditures,&AcceptedGrowthOnlyifNecessaryLMaturityInnovationDeclineAcceleratedDevelopmentRetailLifeCycleCentralManagementConcernsVeryFewConceptRefinementEstablishingaExcessCapacity&EngaginginaThroughAdjustmentPreemptiveOverstoring;ProlongingRun-Out&ExperimentingMarketPositionMaturity&RevisingtheStrategyBusinessConceptMaturityInnovationDeclineAcceleratedDevelopmentRetailLifeCycleUseofManagementControlTechniquesVeryFew

MinimalModerateExtensiveModerateMaturityInnovationDeclineAcceleratedDevelopmentRetailLifeCycleMostSuccessfulManagementStyleVeryFew

EntrepreneurialCentralizedProfessionalCaretakerMergersDiversificationDownsizingCostContainmentValue-DrivenRetailingInstitutionEvolutionConvenienceStoreConventionalSupermarketFood-BasedSuperstoreCombinationStoreSupercenterHypermartBox(Limited-Line)StoreWarehouseStoreFood-OrientedRetailersFood-OrientedRetailersSpecialtyCategoryKillerTraditionalDepartmentStoreFull-LineDiscountStoreVarietyStoreOff-PriceChainFactoryOutletMembershipClubFleaMarketGeneralMerchandiseRetailersHowtheWheelofRetailing,ScrambledMerchandising,andRetailLifeCycleHelpExplainPerformanceTheEvolutionofRetailStrategyMixTheNatureofStore-BasedRetailersFood-OrientedGeneralMerchandiseWhatYouShouldKnowQuestions?Chapter6WebNonstore-Based,andOtherFormsofNontraditionalRetailingToExamineCharacteristicsofNon-StoreRetailStrategyMixesToExploreEmergenceofElectronicRetailingToDiscussTwoOtherNontraditionalFormsofRetailingObjectivesSoldThroughNonpersonalMediumTwoCategoriesGeneralSpecialtyDirectMarketingReducedCostsLowerPricesShoppingConvenienceMarketSegmentationEasyGeographicExpansionDirectMarketingAdvantagesLimitedProductExaminationUnderestimatedEntryCostsLessThan10%PurchaseClutterPricesandStylesDifficulttoPlanIndustryBadNameDirectMarketingLimitationsMailTVRadioMagazineNewspaperPhoneDirectoryFaxDirectMarketingDomainEvolvingAttitudesandActivitiesofDirectMarketersChangingConsumerLife-StylesIncreasedCompetitionAmongFirmsGreaterUseofDualDistributionChannelsNewerRolesforCatalogsandTVTechnologicalAdvancesMountingInterestinGlobalDirectMarketingEmergingTrendsExecutingaDirectMarketingStrategyBusinessDefinitionGeneratingCustomersMediaSelectionPresentingtheMessageCustomerContactCustomerResponseMeasuringResults&MaintainingtheDataBaseOrderFulfillmentPeopleDislikeCustomerPrivacyDualDistributionRequiresConsistencyRisingPostalRatesLegalEnvironmentDirectMarketingIssuesPersonalContactinHomesPhoneSolicitationsStrategyMixConvenientShoppingPersonalTouchDirectSellingWorkingWomenSmallApplicantPoolLowSalesProductivityHighSalesForceTurnoverAboveAveragePricesLegalRestrictionsHighPressureSalesPoorImageSlowGrowthProductTypesPricingMostCommonPlacesforPurchaseVendingMachinesInternetWorldWideWebElectronicRetailingProjectaRetailPresenceGenerateSalesEnhanceImageGeographicDiversityProvideInformationCustomerServiceAddPersonalizationCost-efficientCustomerFeedbackSpecialOffersJobOpportunitiesRoleoftheWebU.S.WebCustomersBrandIdentityConvenienceCross-MerchandisingCultureCustomerServiceDesignFreeShippingFashionFulfillmentFunandEntertainmentInformationIntegrationPersonalizationPublicRelations/MarketingOne-ClickOrderingSelectionE-TailingTipsDevelopingaRetailWebPresenceStage1:BrochureWebSiteStage2:CommerceWebSiteStage3:WebSiteIntegratedw/ExistingProcessesStage4:The“Webified”StoreStage5:SiteIntegratedw/ManufacturerSystemsFindingThingsSeeingPurchasesCustomerServiceDualDistributionContinuityCustomerPrivacyWebSiteConsiderationsVideoKiosksAirportRetailingOtherTypesofDirectMarketingTheCharacteristicsof:DirectMarketingDirectSellingandVendingMachinesVendingMachinesElectronicRetailingThroughtheWorldWideWebVideoKiosksAirportRetailingWhatYouShouldKnowQuestions?Questions?Questions?Questions?Chapter7IdentifyingandUnderstandingConsumersToExaminetheImportanceofIdentifying,Understanding,andAppealingtoCustomersToEnumerate&DescribeSegmentationFactorsandtheirApplicationToExamineConsumerAttitudesandtheDecisionMakingProcessToExamineTargetMarketPlanningToNoteEnvironmentalFactorsthatAffectConsumersObjectivesRetailShoppersWhatMakesRetailShoppersTick6.EnvironmentalFactors2.Life-Styles1.Demographics3.NeedsandDesires4.ShoppingAttitudesandBehavior5.RetailerActionsMarketSizeGenderAgeHouseholdSizeMaritalandFamilyStatusIncomeRetailSalesBirthRatesWhatElse?DemographicsCultureSocialClassReferenceGroupsFamilyLifeCycleTimeUtilizationConsumerLife-StylesBasesPersonalityClassConsciousnessAttitudes&OpinionsPerceivedRiskImportanceofPurchasePsychologicalFactorsImpactofPerceivedRiskonConsumersOutcomePurchaseNewProductStickwithOldBrandTalktoFriendsSeekMoreInformationNonpurchaseTypesofPerceivedRiskFunctionalPhysicalFinancialSocialPsychologicalTimeFactorsAffectingPerceivedRiskProduct/RetailerNewnessConsumer’sBudgetLevelofConsumerExperienceNumberofAlternativesSocialVisibilityAmountofInformationAvailableTimeAvailabletoShopUrgencyofNeedPriceofProductEtc.ConsumerGenderRolesConsumerSophisticationandConfidencePovertyofTimeComponentofLife-StyleDemographicandLife-StyleConsiderationsIn-HomeShoppingOnlineShoppingOutshoppingConsumerNeedsandDesiresShoppingEnjoymentAttitudesTowardShoppingTimeShiftingFeelingsaboutRetailingWhyPeopleBuyorDoNotBuyAttitudesbyMarketSegmentShoppingAvoidersTime-StarvedShoppersResponsibleShoppersTraditionalShoppersAttitudesTowardPrivateBrandsAttitudesTowardShoppingMorethanOneRetailFormatMorethanOneRetailerCross-ShoppingWhattoBuyWheretoBuyConsumerDecisionPerspectivesConsumerDecisionProcessStimulusProblemAwarenessInformationSearchEvaluationofAlternativesPurchasePost-purchaseBehaviorTheDecisionProcessDemographicsLife-Style(a)(b)(a)ImpactofLife-StyleonDemographics(b)ImpactofPurchasesonLife-StylePurchaseActInfluencesConsumer’sPurchaseorNonpurchaseRetailer’sPlaceofPurchaseStoreHomeOffice/schoolWorldWideWebRetailer’sGood/ServiceAvailability

StockonHandDeliveryRetailer’sPurchaseTermsPriceCashvs.CreditAcceptanceExtendedDecisionMakingLimitedDecisionMakingRoutineDecisionMakingTypesofDecisionsImpulsePurchasesCompletelyUnplannedPartiallyUnplannedUnplannedSubstitutionCustomerLoyaltyOtherAspectsConsumerDecisionProcessDetermineTargetMarketApproachStudyCharacteristics,Needs,andAttitudesofTargetMarket(s)ExamineHowConsumersMakeDecisions--byProductCategoryDevelopandEnact--AppropriateRetailStrategyMix(es)fortheTargetMarket(s)ChosenSelectSpecificTargetMarket(s)StateofEconomyRateofInflationPriceWarsNewRetailFormatsGovernmentRegulationsWhatelse?EnvironmentalFactorsMassMarketingConcentratedMarketingDifferentiatedMarketingRetailerActionsImportanceofIdentifying,Understanding,andAppealingtoCustomersDemographicandLife-styleFactorsandtheirApplicationtoRetailingConsumerDecisionMakingProcessTargetMarketPlanningEnvironmentalFactorsthatAffectConsumerShoppingWhatYouShouldKnowQuestions?Questions?Chapter8InformationGatheringandProcessinginRetailingToShowWhyRetailersShouldResearchToExamineRetailInformationSystemsToDescribetheMarketingResearchProcessToDiscusstheDataCollectionProcessObjectivesIntuitionStatusQuoCopyingaCompetitorTalktoOnlyaFewAssumePastwillContinueintoFutureWhyAreTheseaProblem?NonsystematicResearchRetailInformationSystemEnvironmentRetailOperationsImplementationFeedbackStrategicPlansRetailer’sPhilosophyandObjectives(a)Datacollection,analysis,andinterpretationInformationcontrolcenter(b)Datastorageandretrieval(c)UpdatingoffilesInformationOrganizedandBroadRegularDataCollectionandStorageCoordinatedStrategyNewStrategiesDevisedQuicklyRISStrengthsRoleInternalorOutsourceCostTechnologyHowMuchDataDataDisseminationDataStorageRISDecisionsData-BaseManagementPlanDataBase&ComponentsDetermineInformationNeedsRetainInformationinUsable&AccessibleFormatUpdateDataBaseRegularlyAnalyzeDataBaseAcquireNecessaryInformationInternalCustomerVendorProductCategoryExternalDataBaseInformationDataWarehousingDataMiningMicromarketingData-BaseTypesData-BaseManagementinActionDataWarehousingDataMiningExecutives&OtherCompanyEmployeesChannelPartnersCustomersMicromarketingDisseminationofInformationPhysicalStoringSoftwaretoCopy&TransferDataInteractiveSoftwareDirectoryDataWarehouseComponentsInformationAccessandInconsistencyProblemsEliminatedQuick&EasyAccesstoInformationbyAllDataCentrallyStoredDataWarehouseAdvantagesUniversalProductCode(UPC)ElectronicDataInterchange(EDI)GatheringInformationMarketingResearchProcessDefineIssueorProblemtobeResearchedMakeRecommendationsImplementFindingsAnalyzeDataGeneratePrimaryDataExamineSecondaryDataInexpensiveQuickSeveralSourcesInformationOtherwiseUnavailableResultsCredibleHelpDefineIssueMoreSpecificallyAdvantagesofSecondaryDataMayNotSuitPurposesIncompleteDatedPossibleInaccuracyPossiblePoorDataCollectionTechniquesReliabilityNotAlwaysKnownDisadvantagesofSecondaryDataInternalSalesH