Lecture Management of retail buying – Chapter 3: Understanding the consumer

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Lecture Management of retail buying – Chapter 3: Understanding the consumer

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In this chapter, you will learn about: How retailers & their research teams decide what motivates consumers; how economic & social trends impact consumer preferences (& therefore, retail buying); where to find both internal & external data that can help forecast demand for products.

Ch. 3: Understanding the Consumer • How retailers & their research teams decide  what motivates consumers • How economic & social trends impact consumer  preferences (& therefore, retail buying) • Where to find both internal & external data that  can help forecast demand for products Copyright © 2006 by John Wiley & Sons, Inc All rights rese Common Selection Factors • • • • • • • • • Style Type of packaging Configuration of package Ease and/or cost of maintenance Healthfulness (real or perceived) Safety Energy savings or conservation Quality of workmanship Environmental “friendliness” (“green” products) Copyright © 2006 by John Wiley & Sons, Inc All rights rese Demographics & Psychographics Demographics – Age, gender, nationality,  income, occupation, marital status Psychographics – Education level, political or  religious affiliations, household make­up,  spending decisions Types & sources of this information:     Primary Internal Secondary External Copyright © 2006 by John Wiley & Sons, Inc All rights rese Sources of Internal Research • Sales reports • Markdowns • Data about product  turnover • Reports about  promotions (& how  successful they  were) • ‘Want slips’ and  rain­checks filled out  at store • Employee surveys &  opinions • Responses to  catalogs, coupons,  & other mailings Copyright © 2006 by John Wiley & Sons, Inc All rights rese Sources of External Research • U.S. Commerce  Department • U.S. Bureau of  Labor Statistics • Federal Deposit  Insurance Corp • Your state’s Dept. of  Commerce • Trade associations • Industry publications • News clipping  services • Research agencies  and consulting firms • Your own customer  advisory panels &  “focus groups” Copyright © 2006 by John Wiley & Sons, Inc All rights rese ... • • • • • Style Type of packaging Configuration of package Ease and/or cost of maintenance Healthfulness (real or perceived) Safety Energy savings or conservation Quality of workmanship Environmental “friendliness” (“green” products)... Inc All rights rese Sources of External Research • U.S. Commerce  Department • U.S. Bureau of Labor Statistics • Federal Deposit  Insurance Corp • Your state’s Dept. of Commerce • Trade associations... spending decisions Types & sources of this information:     Primary Internal Secondary External Copyright © 2006 by John Wiley & Sons, Inc All rights rese Sources of Internal Research • Sales reports

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Mục lục

  • Ch. 3: Understanding the Consumer

  • Common Selection Factors

  • Demographics & Psychographics

  • Sources of Internal Research

  • Sources of External Research

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