Relationship Marketing and International Marketing Practice Flashcards

This set of vocabulary flashcards covers key concepts from the lecture notes on Relationship Marketing, International Retailing, Retail Research methods, and Ethics in the retail environment.

Relationship Marketing

A strategy focused on building long-term relationships with customers instead of just focusing on one-time sales.

Pareto’s Law

A principle stating that $80\%$ of revenue often comes from $20\%$ of loyal customers.

CRM (Customer Relationship Management)

The merger of database marketing and B2B relationship focus that emerged by the 1990s.

International Retailing

The process of selling goods and services across national borders as retailers expand beyond their home country.

Organised Retailers

Retail entities like malls and branded chains characterized by standardized service, large formats, and formal relationship marketing like loyalty cards.

Unorganised Retailers

Local markets or kirana shops where the USP is convenience and personal touch, with loyalty based on trust in the retailer.

Direct Observation

A research method where an observer is disguised as a shopper to see how long customers spend in a specific area.

Contrived Observation

A method where teams disguised as customers find out what happens during normal interactions between customers and retailers.

Humanistic Enquiry

A qualitative research method where the researcher immerses themselves in the retail environment.

Integrated own branding

A strategy where a retailer sells products under their own house brand and also manufactures those products.

Independent Brand

A strategy where a retailer procures products from other suppliers but sells them under the label of the retail house.

Retail Process Audit

A systematic evaluation focusing on store efficiencies in operating processes to reduce cycle time and improve service.

Retail Store Audit

A method of collecting observable information like shelf prices and inventory levels during physical store visits.

Nielsen Retail Index

A widely used retail research tool that tracks sales, distribution, and pricing for FMCG categories like grocery, drugs, and alcoholic beverages.

Home Audit Approach

A consumer purchase panel audit method where auditors check household stock at specific intervals.

Mail Diary Method

A consumer purchase panel method where panel members record their purchases and mail reports regularly.

Retail Trade Liberalization Act (2023)

A policy in the Philippines that lowered capital requirements to encourage foreign retailers to enter the market.

Omnichannel retail

A trend involving the integration of physical and online stores to provide a seamless customer experience.

Explicit Codes of Ethics

Written policies that define ethical versus unethical behavior within a retail organization.

Implicit Codes of Ethics

Unwritten but widely understood moral standards guiding behavior in the workplace.

Slotting Allowances

Fees paid by manufacturers to retailers specifically for shelf space or product placement.

Consumerism

A social movement intended to strengthen the rights of buyers against sellers and promote transparency and fairness.

Three pillars of Corporate Social Responsibility

The framework consisting of the Environmental Pillar, Social Pillar, and Economic Pillar.