1 / 22

Retail Management

Retail Management. Identifying and Understanding Customer Behavior. The Customer Decision-Making Process. Steps of the Buying Process. There are three models of the buying process AIDA Path to Purchase Consumer Buying Process. Conflicting Needs of Customers. Types of needs:

peak
Télécharger la présentation

Retail Management

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Retail Management Identifying and Understanding Customer Behavior

  2. The Customer Decision-Making Process

  3. Steps of the Buying Process There are three models of the buying process • AIDA • Path to Purchase • Consumer Buying Process

  4. Conflicting Needs of Customers Types of needs: • Stated or explicit: the “what” • Real: what the stated need actually means • Unstated: what the customer expects implicit with the good or service • Unexpected: needs that are not expected or required but would delight the customer • Secret: needs that the customer does not express, largely because they’re intangible

  5. Information Used in Buying Decisions What influences consumers? • Packaging • Displays • Advertisements • Social media • Spokespeople • Word of mouth

  6. Multiattribute Model 3 Components: • Attributes • Beliefs • Weights Attribute as Differentiator = Beliefs (1-10 Scale) x Weight (1-10 Scale)

  7. Models of the Buying Process

  8. Increasing Sales with Extended Problem Solving • Engaging the customer is crucial • Why is the customer buying that item? What benefits will it provide? • Sales people will need to be able to explain specifically how the product will meet the needs and benefits desired by the consumer

  9. Increasing Sales with Limited Problem Solving • Consumers with a limited problem mindset don’t need a high level of engagement • They need to be cued to make a purchase • Advertising, promotion, and in-store merchandising can be especially helpful in influencing the decision

  10. Habitual Decision-Making • Consumers that make purchasing decisions based on habit don’t think about their purchase • They don’t need to dedicate more thought or consideration because their needs are already being met (or exceeded) • This results in customer loyalty!

  11. Introduction to Understanding Customers

  12. Target Markets Segmentation: The process of identifying homogeneous groups within a population- groups that share a common trait or characteristic • By identifying segments marketers can decide which segment is most attractive to target and position their product or service to develop them as customers

  13. Meeting the Needs of Specific Groups • Segmentation, targeting, and positioning are critical activities because they help focus marketing and sales resources more efficiently • In this way, the firm can optimize its marketing mix to position its offerings to meet these consumers’ needs • This ensures that consumers’ needs are satisfied and creates a cycle where the firm can continue to innovate, developing products that suits its core customers

  14. Introduction to Describing Customers

  15. Demographic Measurements Common demographic data: • Age • Gender • Race • Religion • Income • Education • Employment/Marital Status

  16. Consumer Lifestyle Factors Psychographic and Lifestyle Data: • Attitudes • Values • Beliefs • Perceptions • Interests

  17. Motivation, Attitude, and Buying Choices Attitudes are described as being composed of three parts: • Affect • Behavior • Cognition Hierarchy of Effects: • Standard-learning hierarchy • Low-involvement hierarchy • Experiential hierarchy of effects

  18. Target Market Planning

  19. Brand Community • A brand community is a community formed on the basis of attachment to a product or brand, stressing the connection between brand, individual identity, and culture “The people out in the marketplace who embrace the values of the brand, as customers and/or purchase influencers, are the brand’s true “owners””. - Blade Creative Branding

  20. Differentiated, Mass, and Concentrated Marketing Strategies • A firm’s strategy begins with decisions around how it will compete in the marketplace • Which strategy will help to best manage the marketing mix? • Differentiated vs. low cost • Mass vs. niche • How is each aspect of the marketing mix affected depending on what strategy is chosen?

  21. Predicting a Retail Strategy Mix Use the 6 P’s! Product, Place, Price, Promotion, People, Presence • People: People are the face of an organization. High service environments have lots of helpful people • Presence: A retailers participation across multiple channels. This is helpful in managing multi and omni level challenges to meet consumer expectations around accessibility, consistency, and service.

  22. Quick Review • Steps of the Buying Process • AIDA • Path to Purchase • Consumer Buying Process • Needs of customers • How do they make their buying decisions? • What is the best way to identify and select a target market? • Say NO to demographics • What are the last two P’s in the Marketing Mix? • People • Presence

More Related