Retail Marketing and Consumer Behavior Quiz

Impulse buying involves spontaneous purchases driven by immediate desires.

Visual merchandising focuses on organizing store layouts and displays to attract customers.

Loyalty programs aim to incentivize repeat purchases and foster customer retention by offering rewards or discounts to loyal customers.

Category management involves managing product categories within a store to optimize assortment, pricing, and promotion strategies to maximize profitability and meet consumer demand.

Shelf positioning involves deciding which products to place on each shelf within a store and determining their placement to maximize visibility, accessibility, and sales.

POP stands for Point of Purchase, referring to the location where a transaction takes place, typically at the checkout counter or other designated areas within a retail store.

Social influence plays a key role in consumer behavior by motivating individuals to seek acceptance or approval from others.

The 'foot-in-the-door' technique involves starting with a small request to increase the likelihood of compliance with a larger request later on.

Omnichannel retailing involves integrating multiple channels, such as online, brick-and-mortar, and mobile, to provide customers with a seamless shopping experience.

Odd pricing is a psychological pricing strategy that involves setting prices slightly below whole numbers to create the perception of a better deal.

Perceived value influences consumer decision-making by comparing the perceived benefits of a product or service against the perceived sacrifices, such as cost or effort.

Word-of-mouth marketing refers to the process of consumers sharing information about a product or service with others through informal channels, such as conversations or social media.

Brand reputation is a primary factor that influences consumer perception of product quality, as consumers often associate well-known brands with higher quality.

Product abandonment is not a stage in the consumer decision-making process; it refers to the act of consumers discarding or discontinuing use of a product.

The 'hedonic treadmill' refers to the tendency of individuals to continually seek increased pleasure without achieving lasting satisfaction, leading to a cycle of desire and consumption.

Choice architecture refers to the design of choices and the way they are presented, which can influence consumer decision-making and lead to irrational choices.