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In this chapter, you will learn about: How retailers & their research teams decide what motivates consumers; how economic & social trends impact consumer preferences (& therefore, retail buying); where to find both internal & external data that can help forecast demand for products.
Ch. 3: Understanding the Consumer • How retailers & their research teams decide what motivates consumers • How economic & social trends impact consumer preferences (& therefore, retail buying) • Where to find both internal & external data that can help forecast demand for products Copyright © 2006 by John Wiley & Sons, Inc All rights rese Common Selection Factors • • • • • • • • • Style Type of packaging Configuration of package Ease and/or cost of maintenance Healthfulness (real or perceived) Safety Energy savings or conservation Quality of workmanship Environmental “friendliness” (“green” products) Copyright © 2006 by John Wiley & Sons, Inc All rights rese Demographics & Psychographics Demographics – Age, gender, nationality, income, occupation, marital status Psychographics – Education level, political or religious affiliations, household makeup, spending decisions Types & sources of this information: Primary Internal Secondary External Copyright © 2006 by John Wiley & Sons, Inc All rights rese Sources of Internal Research • Sales reports • Markdowns • Data about product turnover • Reports about promotions (& how successful they were) • ‘Want slips’ and rainchecks filled out at store • Employee surveys & opinions • Responses to catalogs, coupons, & other mailings Copyright © 2006 by John Wiley & Sons, Inc All rights rese Sources of External Research • U.S. Commerce Department • U.S. Bureau of Labor Statistics • Federal Deposit Insurance Corp • Your state’s Dept. of Commerce • Trade associations • Industry publications • News clipping services • Research agencies and consulting firms • Your own customer advisory panels & “focus groups” Copyright © 2006 by John Wiley & Sons, Inc All rights rese ... • • • • • Style Type of packaging Configuration of package Ease and/or cost of maintenance Healthfulness (real or perceived) Safety Energy savings or conservation Quality of workmanship Environmental “friendliness” (“green” products)... Inc All rights rese Sources of External Research • U.S. Commerce Department • U.S. Bureau of Labor Statistics • Federal Deposit Insurance Corp • Your state’s Dept. of Commerce • Trade associations... spending decisions Types & sources of this information: Primary Internal Secondary External Copyright © 2006 by John Wiley & Sons, Inc All rights rese Sources of Internal Research • Sales reports