RMG 301 Study Guide - Final Guide: Nemain, Psychographic, Customer Relationship Management

• School: Ryerson University
• Department: Retail Management
• Course: RMG 301
• Professor: Norman Shaw

Document Summary

Retailing: consists of all the business activities involved in the selling of goods and services to consumers. Buying: is the business activity that involves selecting and purchasing products to satisfy the wants and needs of consumers. Planning- merchandise assortments to satisfy consumer wants and needs. Marketing concept: the belief that all business activities should be geared toward satisfying the wants and needs of consumers. Retail strategy: over all framework or plan of action that guides a retailer. The owner or management team outlines the philosophy objectives, target customer, tactics, and control activities. How the retailer is perceived by consumers. Example: consumers view you store as innovative, conservative, exclusive, budget, high priced, or a fashion leader. Their perception may or may not agree with your planned strategies. Identifying a group of consumers and developing retail activities to meet their needs. Example: a menswear store could be positioned as upscale, mid priced, or discount.