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. |
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fashion | Category of merchandise that typically lasts several seasons, and sales can vary dramatically from one season to the next. |
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functional needs | The needs satisfied by a product or service that are directly related to its performance. |
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Geo-demographic segmentation | A market segmentation system that uses both geographic and demographic characteristics to classify consumers. |
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Geographic segmentation | Segmentation of potential customers by where they live. A retail market can be segmented by countries, states, cities, and neighborhoods. |
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habitual decision making | A purchase decision involving little or no conscious effort. |
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identifiably | Permits a retailer to determine a market segment ’s size and with whom the retailer should communicate when promoting its retail offering. |
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impulse buying | A buying decision made by customers on the spot after seeing the merchandise. |
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information search | The stage in the buying process in which a customer seeks additional information to satisfy a need. |
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internal sources of information | Information in a customer’s memory such as the names, images, and past experiences with different stores. |
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knockoff | A 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. |
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lifestyle | Refers 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. |
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lifestyle segmentation | A 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. |
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Mass-market theory | A 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. |