Presentation on theme: "Chapter 7. To Examine the Importance of Identifying, Understanding, and Appealing to Customers To Enumerate & Describe Segmentation Factors and their."— Presentation transcript:
To Examine the Importance of Identifying, Understanding, and Appealing to Customers To Enumerate & Describe Segmentation Factors and their Application To Examine Consumer Attitudes and the Decision Making Process To Examine Target Market Planning To Note Environmental Factors that Affect Consumers
Market Size Gender Age Household Size Marital and Family Status Income Retail Sales Birth Rates What Else?
Culture Social Class Reference Groups Family Life Cycle Time Utilization
Personality Class Consciousness Attitudes & Opinions Perceived Risk Importance of Purchase
Outcome Purchase New Product Stick with Old Brand Talk to Friends Seek More Information Nonpurchase Types of Perceived Risk Functional Physical Financial Social Psychological Time Factors Affecting Perceived Risk Product/Retailer Newness Consumer’s Budget Level of Consumer Experience Number of Alternatives Social Visibility Amount of Information Available Time Available to Shop Urgency of Need Price of Product Etc. Consumer
Gender Roles Consumer Sophistication and Confidence Poverty of Time Component of Life-Style
Shopping Enjoyment Attitudes Toward Shopping Time Shifting Feelings about Retailing Why People Buy or Do Not Buy Attitudes by Market Segment –Shopping Avoiders –Time-Starved Shoppers –Responsible Shoppers –Traditional Shoppers Attitudes Toward Private Brands
More than One Retail Format More than One Retailer
Stimulus Problem Awareness Information Search Evaluation of Alternatives Purchase Post- purchase Behavior The Decision Process DemographicsLife-Style (a) (b) (a) Impact of Life-Style on Demographics (b) Impact of Purchases on Life-Style
Consumer’s Purchase or Nonpurchase Retailer’s Place of Purchase Store Home Office/school World Wide Web Retailer’s Good/Service Availability Stock on Hand Delivery Retailer’s Purchase Terms Price Cash vs. Credit Acceptance
Extended Decision Making Limited Decision Making Routine Decision Making
Determine Target Market Approach Study Characteristics, Needs, and Attitudes of Target Market(s) Examine How Consumers Make Decisions--by Product Category Develop and Enact-- Appropriate Retail Strategy Mix(es) for the Target Market(s) Chosen Select Specific Target Market(s)
State of Economy Rate of Inflation Price Wars New Retail Formats Government Regulations What else?
Mass Marketing Concentrated Marketing Differentiated Marketing
Importance of Identifying, Understanding, and Appealing to Customers Demographic and Life-style Factors and their Application to Retailing Consumer Decision Making Process Target Market Planning Environmental Factors that Affect Consumer Shopping