Ident iying nderstanding Consumers Chapter 7
Chapter 7
Objectives To EXamine the Importance of Identifying Understanding, and Appealing to Customers TO Enumerate Describe Segmentation Factors and their Application To Examine Consumer Attitudes and the Decision Making Process To EXamine Target Market Planning To Note Environmental Factors that affect Consumers
• To Examine the Importance of Identifying, Understanding, and Appealing to Customers • To Enumerate & Describe Segmentation Factors and their Application • To Examine Consumer Attitudes and the Decision Making Process • To Examine Target Market Planning • To Note Environmental Factors that Affect Consumers
What Makes Retail Shoppers Tick 2 Life-styles Needs and Desires 1 Retail Shopping Demographics Shoppers Attitudes and Behavior Environmental Retailer Facto Actions
Retail Shoppers 6. Environmental Factors 2. Life-Styles 1. Demographics 3. Needs and Desires 4. Shopping Attitudes and Behavior 5. Retailer Actions
Demographics Market size Gender °Age Household size Marital and Family Status Income Retail Sales Birth rates What Else?
• Market Size • Gender • Age • Household Size • Marital and Family Status • Income • Retail Sales • Birth Rates • What Else?
Consumer Life- Styles Bases Culture Social Class Reference Groups Family Life Cycle Time Utilization
• Culture • Social Class • Reference Groups • Family Life Cycle • Time Utilization
Psychological Factors ° Personality Class Consciousness Attitudes Opinions Perceived Risk Importance of Purchase
• Personality • Class Consciousness • Attitudes & Opinions • Perceived Risk • Importance of Purchase
Impact of Perceived Risk on Consumers Types of Perceived Risk Functional Physical Financial Psychological Time Outcome Purchase new Product Stick with old brand Consumer Talk to Friends Factors Affecting Perceived Risk Seek More Information Product/Retailer Newness Nonpurchase Consumer's Budget Level of Consumer Experience Number of alternatives Social visibilit Amount of Information Available Time Available to Shop Urgency of Need Price of product Etc
Outcome • Purchase New Product • Stick with Old Brand • Talk to Friends • Seek More Information • Nonpurchase Types of Perceived Risk • Functional • Physical • Financial • Social • Psychological • Time Factors Affecting Perceived Risk • Product/Retailer Newness • Consumer’s Budget • Level of Consumer Experience • Number of Alternatives • Social Visibility • Amount of Information Available • Time Available to Shop • Urgency of Need • Price of Product • Etc. Consumer
Demographic and Life- Style Considerations Gender roles Consumer Sophistication and Confidence Poverty of Time Component of Life-Style
• Gender Roles • Consumer Sophistication and Confidence • Poverty of Time • Component of Life-Style
Consumer Needs and desires In-Home Shopping Online Shopping Outshopping
• In-Home Shopping • Online Shopping • Outshopping
Attitudes Toward Shopping Shopping Enjoyment Attitudes Toward Shopping Time Shifting Feelings about Retailing Why People Buy or Do Not Buy Attitudes by Market Segment Shopping Avoiders Time-Starved Shoppers Responsible Shoppers Traditional Shoppers Attitudes Toward Private Brands
• Shopping Enjoyment • Attitudes Toward Shopping Time • Shifting Feelings about Retailing • Why People Buy or Do Not Buy • Attitudes by Market Segment – Shopping Avoiders – Time-Starved Shoppers – Responsible Shoppers – Traditional Shoppers • Attitudes Toward Private Brands