Retail Terms: Must Read

demographic segmentationA method of segmenting a retail market that groups consumers on the basis of easily measured, objective characteristics such as age, gender, income and education.
fashionCategory of merchandise that typically lasts several seasons, and sales can vary dramatically from one season to the next.
functional needsThe needs satisfied by a product or service that are directly related to its performance.
Geo-demographic segmentationA market segmentation system that uses both geographic and demographic characteristics to classify consumers.
Geographic segmentationSegmentation of potential customers by where they live. A retail market can be segmented by countries, states, cities, and neighborhoods.
habitual decision makingA purchase decision involving little or no conscious effort.

identifiablyPermits a retailer to determine a market segment ’s size and with whom the retailer should communicate when promoting its retail offering.
impulse buyingA buying decision made by customers on the spot after seeing the merchandise.
information searchThe stage in the buying process in which a customer seeks additional information to satisfy a need.
internal sources of informationInformation in a customer’s memory such as the names, images, and past experiences with different stores.
knockoffA copy of the latest styles displayed at designer fashion shows and sold in exclusive specialty stores. These copies are sold at lower prices through retailers targeting a broader market.
lifestyleRefers to how people live, how they spend their time and money, what activities they pursue, and their attitudes and opinions about the world they live in.
lifestyle segmentationA method of segmenting a retail market based on how consumers live, how they spend time and money, what activities they pursue, and their attitudes and opinions about the world they live in.
Mass-market theoryA theory of how fashion spreads that suggests that each social class has its own fashion leaders who play a key role in their own social networks. Fashion information trickles across social classes rather than down from the upper classes to the lower classes.
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