Needs from Retailing Management [Md. Abdur Rakib]
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Needs from Retailing Management [Md. Abdur Rakib]

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This is a presentation slide on Chapter of Needs on Retailing Management Course. It is prepared solely by me.

This is a presentation slide on Chapter of Needs on Retailing Management Course. It is prepared solely by me.

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Needs from Retailing Management [Md. Abdur Rakib] Needs from Retailing Management [Md. Abdur Rakib] Presentation Transcript

  • MD. ABDUR RAKIB ID No: 041
  • Need Recognition Buying process starts with an unsatisfied need which arises when a customer’s desired level of satisfaction differs from the present one. Visiting stores, surfing the internet & purchasing products are approaches to satisfying different types of needs. However, need recognition is an important concern for the retailers.
  • Types of Needs Needs Functional Needs 1. Directly related to performance 2. Often referred to as rational Exp: Buying Sprite to meet thirst Psychological Needs 1. Associated with personal gratification 2. Often called as emotional or irrational Exp: Buying Rolex watch to feel like a fashionable & smart person
  • Why People Go Shopping & Purchase Merchandise? People go shopping and buy merchandise to fulfill their desired psychological needs. These psychological needs are: 1. Stimulation created by the retailers among the customers 2. To satisfy their individual need for social experience 3. Learning new trends, fashion, ideas & environment 4. Satisfy need for social status and power 5. Satisfy the need for self-reward while buying
  • Conflicting Needs • Most people usually have multiple needs which create conflict between needs. Exp: A student desires to buy a new watch to build his image among friends but he requires to buy his books with that money for studying. • Consumer’s shopping behavior is inconsistent which is called as cross-shipping. Exp: A person owning a car buys clothes and vegetables from pavements parking it there. • In case of conflicting needs, customer needs to adjust the price or features by cutting back the another need.
  • Stimulating need Recognition A customer may be motivated or stimulated towards his/her desired needs & thus fulfills the unsatisfied needs very often. Retailers, distributors, or manufacturers stimulate a customer to satisfy the desired needs. Advertisement, publicity, direct mail, newspaper, salespeople, visual merchandise etc. are the motivating or stimulating factors. However, a seller must consider how to stimulate the need recognition among the customer to increase sales and thereby profit.