Retail Terms: Must Read

Multi attribute attitude modelA model of customer decision making based on the notion that customers see a retailer or a product as a collection of attributes or characteristics. The model can also be used for evaluating a retailer, product, or vendor. The model uses a weighted average score based on the importance of various issues and the performance on those issues.
Post purchase evaluationThe evaluation of merchandise or services after the customer has purchased and consumed them.
Psychological needsNeeds associated with the personal gratification that customers get from shopping or from purchasing and owning a product.
PRIZMA database combining census data, nationwide consumer surveys, and interviews with hundreds of people across the country into a geo-demographic segmentation system.
psychographicsRefers 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.
Reference groupOne r more people whom a person uses as a basis of comparison for his beliefs, feelings, and behaviors.
Retail market segmentA group of customers whose needs will be satisfied by the same retail offering because they have similar needs and go through similar buying processes.
SatisfactionA post-consumption evaluation of the degree to which a store or product meets or exceeds customer expectations.
Store loyaltyA condition in which customers like and habitually visit the same store to purchase a type of merchandise.
SubcultureA distinctive group of people within a culture. Members of a subculture share some customs and norms with the overall society but also have some unique perspectives.
trialabilityThe costs and commitment required to initially adopt a fashion.
trickle-down theoryA theory of how fashion spreads that suggests that the fashion leaders are consumers with the highest social status —wealthy, well-educated consumers. After they adopt a fashion, the fashion trickles down to consumers in lower social classes. When the fashion is accepted in the lowest social class, it is no longer acceptable to the fashion leaders in the highest social class.
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