Understanding the Retail Customer
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2) Retailers must understand their target customers and competitors' customers to select the best market and location. Demographic and geographic factors like population characteristics, transportation access, and local interests are important.
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Information technology plays a growing and essential role in modern retailing. Laser scanners are commonly used in large stores to quickly read product barcodes and provide pricing. Retailers use IT systems for basic functions like sales, inventory, ordering, and financial reporting. Advanced retail IT systems help retailers gain competitive advantages through cost cutting, service differentiation, and customer-valued innovations. The use of IT in areas like data collection and analysis, communications, and e-commerce is transforming the retail industry.
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Walmart began as a single store and grew to become the largest company in the US and one of the top admired corporations. Retailing involves the sale of goods and services to consumers for personal use and includes tangible goods, services, and non-store formats like online sales. There are various theories around the evolution and development of retailing formats, including natural selection theory where the most adapted formats survive, and the wheel of retailing theory where innovative formats mature over time. Retail formats can be classified by ownership type, location, and merchandise offered.
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Service development and design: Challenges of service design, types of new services, core and supplementary elements, new service development process
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The document provides an overview of retail management. It discusses how retail management involves all activities related to selling goods and services to final consumers. The various processes of retail management help customers procure desired merchandise from retail stores for personal use. An effective retail management system saves time for customers and avoids chaos in stores. Retail management in India has evolved from traditional formats like village markets to emerging formats like malls and specialty stores. Key factors influencing retail management include social, legal, economic, political, and technological factors.
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This document discusses factors that influence customer purchase decisions and how retailers can target different types of customers. It covers the stages in the buying process, types of customer needs, and how social factors like family, culture, and reference groups affect purchasing. Retailers are advised to segment their markets using approaches like geography, demographics, lifestyle, buying situations, and customer benefits sought. Understanding these influences can help retailers design effective marketing strategies to attract different kinds of customers.
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1. Successful value delivery requires understanding the entire supply chain and distribution channels that connect suppliers, manufacturers, firms, and customers.
2. Goods and services reach the final consumer through marketing channels, which can include merchants, agents, facilitators, and various sales, delivery, and service channels.
3. Firms must make strategic decisions around channel design, including lot size, delivery time, product variety, and services provided to best meet customer needs and objectives while managing constraints.
Sales territories and quotas
The document discusses how companies manage sales territories and quotas, including how they design sales territories to optimize coverage and evaluate performance, plan efficient routes and schedules for salespeople, and set quotas to motivate salesforce and identify strengths and weaknesses. Territories are assigned based on geographic areas and customers, while quotas are set using various methods like past sales, market estimates, and salesperson input to be realistic goals.
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This document discusses sales territories and how to design them. It defines a sales territory as a geographic area assigned to a salesperson consisting of current and potential customers. There are several reasons for setting up sales territories, such as increasing market coverage and improving salesforce performance. The document outlines the key steps in designing sales territories including selecting a control unit, finding locations and customers, and deciding on basic territories using either a build or breakdown method. It also discusses assigning salespeople to territories, managing territory coverage through routing and scheduling, and time management tools.
Online consumer behavior of e commerce
Online consumer behavior refers to how consumers interact with and make purchasing decisions on e-commerce platforms. There are several stages in the online consumer behavior process, from initial need recognition to post-purchase evaluation. Consumers are drawn to online shopping for its convenience and ability to easily compare prices and products. However, some have privacy, returns, and inability to see products in person concerns. E-commerce companies aim to understand what drives online purchases and builds consumer trust through security, usability, guarantees and reviews. Younger consumers are increasingly using mobile devices to shop online.
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1) Location is an important factor for retailers, as around 90% of retail sales occur in stores. Selecting the right market area and specific store location requires extensive decision making.
2) Retailers must understand their target customers and competitors' customers to select the best market and location. Demographic and geographic factors like population characteristics, transportation access, and local interests are important.
3) Various analytical tools can be used to evaluate potential trading areas and select optimal store locations, including trading area analysis, gravity models, and indices of retail saturation. Factors like population, income, competition, and travel time influence what locations will be most successful.
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This document discusses sales management, including:
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2) The objectives of sales management include increasing sales volume, contributing to profits, and continuing growth.
3) A sales manager's responsibilities include sales planning, administration, policy/strategy development, forecasting, organizing the sales team, and coordinating with other departments like marketing, advertising, and production.
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- 1. Understanding the Retail Customer By- Mohammad Aamir Khan
- 2. THE NEED FOR STUDYING CONSUMER •A key challenge for the retailer is creating products and services which would be successfully in the market •To be successful in the market retailers need to know various influences that leads the consumers to make purchase
- 3. RETAILERS NEED TO KNOW- •Understanding how the need for a product of service was determined •Understanding how information was sought by the customer •The process of evaluation of various products and stores •The payment process •The post purchase behavior
- 4. FACTORS INFLUENCING THE RETAIL SHOPPER •Range of merchandise •Customer enters •Finds same merchandise as near outlets •Walk out •Finds different products •May buy along with other goods •Convenience of shopping •Medicine •Near the doctor’s clinic •Time to travel •Time •Traffic and like
- 5. •Socio economic factors •Region •Religion •Culture •Income •The stage of the family life cycle •Baby •Adult •Women •Men •employee
- 6. THE CUSTOMER DECISION-MAKING PROCESS •Identification of the need for the product or service •Need may be psychological (associated with personal gratification) •Or Functional (related with the function of the product) Reason- •Current product doesn't meet expectation •Current stock exhausted •Advertisement •Trying to copy •Search for information •Internal (memory) •External (friends, family, published source, internet and like
- 7. •Evaluating the alternatives •Other substitutes and alternatives •Which one is better •In quality and price •Gives him satisfaction •The purchase decision -Personality -lifestyle -culture -social class -family and household influences
- 8. Thank You!