Cb in Retail
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Transcript of Cb in Retail
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Chapter 4
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Media Explosion
Increase in disposable income
Rise in middle class people
Increase in earning young people
Changes in Expenditure pattern
Increase in no. of working women
Analysis for changes in Indian Consumer
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Factors Influencing the Retail ShopperUnderstanding the reason behind the consumers choosing or
patronizing a store over others is important for retailers.
Range of merchandise
Factors influencing
customers decision making
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RANGE OF MERCHANDISE
It is the most important reason for patronize aparticular outlet.
To convert a initial buyer into a loyal customer
and retain him is largely dependent on themerchandise offered.
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LOCATION CONVENIENCE
The element of convenience is fast gaining
importance in the world of organized retail.
This is true in case of grocery, fruits, chemists.
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TIME TO TRAVEL
It is the time required to reach a particular
location.
This is especially true in the case of metros like
Mumbai.
This has resulted many local areas developing
in terms of shopping.
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SOCIO ECONOMIC BACKGROUND AND CULTURE
It determines his / her lifestyle.
This influences the kind of store that he / she maybe comfortable shopping in.
Consumer Buying Behaviour varies from market
to market and largely dependent on the culture ofthat region.
The need hierarchy is different for different
market.
The retailer can fulfill needs to be clearly
understood by him.
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THE STAGE OF THE FAMILY LIFE CYCLE
The stage of the family life cycle that the
customer belongs to , is also influences hisneeds.
The needs of a young bachelor will be different
from the requirements of a family with children inteens, which will again be different from the
requirements of an elderly retired people.
The retailer needs to be clear about the target
market that he is catering to, as he can not be
everything to everybody.
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Factors Influencing Consumer BehaviorCultural
Culture
Subculture
Social Class
Social
ReferenceGroups
Family
Roles &Status
Personal
Age & Life-Cycle Stage
Occupation
Economic
SituationLifestyle
Personality &
Self-Concept
Psychological
Motivation
Perception
Learning
Beliefs &
Attitudes
Gender Roles Poverty of Time
Component of Life-Style
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Retail
Shoppers
6.
Environmental
Factors
2.
Life-Styles
1.
Demographics
3.
Needs and
Desires
4.
Shopping
Attitudes and
Behavior
5.
Retailer
Actions
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Outcome
Purchase New Product
Stick with Old Brand
Talk to Friends
Seek More Information
Non-purchase
Types of Perceived Risk
Functional
Physical
Financial
Social
Psychological
Time
Factors Affecting Perceived Risk
Product/Retailer Newness
Consumers 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
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In-Home Shopping
Online Shopping
Out-shopping
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What to Buy
Where to Buy
VALS
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StimulusProblem
Awareness
Information
Search
Evaluation
of
Alternatives
Purchase
Post-
purchase
Behavior
The Decision Process
Demographics Life-Style
(a)
(b)
(a) Impact of Life-Style on Demographics
(b) Impact of Purchases on Life-Style
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x
Need
recogni
zed
Searchfor
Inform-
ation
Store
visits
Purchase
decision
Evaluatio
n of
options
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Determine
Target
Market
Approach
Study
Characteristics,
Needs, and
Attitudes of
Target Market(s)
Examine How
Consumers Make
Decisions--byProduct Category
Develop andEnact--
Appropriate
Retail Strategy
Mix(es) for the
Target Market(s)
Chosen
Select
Specific
Target
Market(s)
Retailers Action
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Consumers
Purchase or
Non-purchase
Retailers
Place of Purchase
Store
Home
Office/school World Wide Web
Retailers
Good/Service
Availability
Stock on Hand
Delivery
Retailers
Purchase Terms
Price
Cash vs. Credit
Acceptance
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Mass Marketing
Concentrated Marketing
Differentiated Marketing
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Research after setting up Retail Store
Evaluation of customer satisfaction
Generating ideas for developing / introducing
new product
Evaluating the acceptability and pricing of the
new products
Understanding the customer profiles