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Identifying and Understanding Consumers

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1 Identifying and Understanding Consumers
Chapter 7 Identifying and Understanding Consumers RETAIL MANAGEMENT: A STRATEGIC APPROACH, 10th Edition BERMAN EVANS

2 Chapter Objectives To discuss why it is important for a retailer to properly identify, understand, and appeal to its customers To enumerate and describe a number of consumer demographics, lifestyle factors, and needs and desires – and to explain how these concepts can be applied to retailing

3 Chapter Objectives (cont.)
To examine consumer attitudes toward shopping and consumer shopping behavior, including the consumer decision process and its stages To look at retailer actions based on target market planning To note some of the environmental factors that affect consumer shopping

4 Figure 7-1: What Makes Retail Shoppers Tick

5 Demographics and Lifestyles
consumer data that is objective, quantifiable, easily identifiable, measurable Lifestyles ways in which consumers and families live and spend time and spend money

6 Understanding Consumer Lifestyles: Social Factors
Culture Reference Groups Lifestyle Time Utilization; less time shopping Social Class Household Life Cycle; life stage for both Family Life Cycle: bachelorhood to children , solitary

7 Understanding Consumer Lifestyles: Psychological Factors
Personality Attitudes Lifestyle Class Consciousness: Desire and pursue social status Perceived Risk Purchase Importance: spend time

8 Figure 7-3: Blurring Gender Roles

9 Three Special Market Segments
In-Home Shoppers Online Shoppers Outshoppers

10 In-Home Shoppers Shopping is discretionary, not necessary
Convenience is important Active, affluent, well-educated Self-confident, younger, adventuresome Time scarcity is not a motivator

11 Online Shoppers Use of Web for decision- making process as well as buying process Convenience is important Above average incomes, well-educated Time scarcity is a motivator

12 Outshoppers Out-of-hometown shopping
Young, members of a large family, and new to the community Income and education vary They like to travel, enjoy fine food, are active, and read out-of-town newspapers

13 Attitudes Towards Shopping
Shopping enjoyment Shopping time Shifting feelings about retailing (Spending ,value &shopping) Why people buy or not on a shopping trip Attitudes toward private brands they think that its better than manufacturer brand

14 Top Reasons for Leaving an Apparel Store Without Buying
Cannot find an appealing style Cannot find the right size No sales help is available Cannot get in and out of the store easily Prices are too high

15 Cross-Shopping Shopping for a product category at more than one retail format during the year Visiting multiple retailers on one shopping trip

16 Figure 7-5: The Consumer Decision Process
Demographics Lifestyle

17 Figure 7-6: Key Factors in the Purchase Act

18 Types of Consumer Decisions
Extended Limited Routine High RISK & TIME Low

19 Types of Impulse Shopping
Completely unplanned Partially unplanned Unplanned substitution

20 Figure 7-7: Stimulating Impulse Purchases


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