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7/28/2019 Buying Behavior & Retail
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The Retail Consumer Behavior
There is only one boss, the
customer and he can fire anybodyin the company, from Chairman on
down, simply by spending his
money somewhere else.
- Sam Walton
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Chapter Flow
Why the need to study the consumer?
Which factors affect the retail shopper?
Which stages of DM does the consumer pass
through?
How can research help in understanding
consumers and markets?
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Need for studying CB
Understanding of CB is the starting point of
strategy creation
CB study helps in determining positioning
To identify the influencers of purchase
decision
Consumers perception of competition?
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Factors influencing the retail shopper
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Factors influencing the retail shopper
Range of merchandise Unique merchandise is a competitive advantage
Location convenience
Grocery purchase at Reliance Fresh versus
Bhatar market
Time to Travel Localized centers, chain of stores
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Factors influencing the retail shopper
Socio-economic factors Determines the consumers lifestyle
Some indicators
Life expectancy
Death rate Literacy rate
Per capita consumption
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Factors influencing the retail shopper
Average Household income in 2007-08 (`/household)
Surat 4,57,671Chandigarh 4,22,503
Mumbai 4,03,059
Delhi 3,37,678
Ahmedabad 3,28,267
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Consumer Decision-making Process
NeedRecognized
Search forInformation
Store visitsEvaluationof options
Purchasedecision
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Consumer Decision-making Process
Store ------ Product -------- Brand
Product ------- Brand -------- Store
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Family Life Cycle & RetailStage Characteristics Relevance & Traits
Bachelor Independent, young, earlycareer, entry level earnings
Clothing, car stereo, travel,entertainment, status consc.
Newly Married Two incomes, relative
independence, present & future
oriented
Furnishing, travel, clothing,
durables, fun & entertainment
Full Nest I One child < 6 yrs., limited
independence, future oriented
Items related to child, family use
items, economy
Full Nest II Youngest child > 6, but
dependent, future oriented
Savings, home, education,
vacations, children related
products
Full Nest III Youngest child at home, but
independent, highest income
slab, planning for retirement
Expensive durables,
replacement of durables,
comfort and luxury
Empty Nest I No child at home, good income,thinking of retirement
Retirement home, travel,entertainment, clothing
Empty Nest II Retirement, limited income,
present oriented
Travel, recreation, new home,
health related items
Sole Survivor I One souse alive, employed,
good income, present oriented
Friends, travel, clothing health,
recreation
Sole survivor II One spouse, retired, low income Travel, recreation, health relateditems, social security
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Buying Situations
Extensive Problem Solving
Limited Problem Solving
Routine Purchase situation
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Marketing Research Prior to setting up a store
Demographic data
Diversity of the population
Understanding consumer profiles
Population & composition of population
GDP & PPP
Consumer Data Buying behavior, pattern