Retail Management
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Textbook:
Pages : 487;
Paperback;
210 X 275 mm approx.
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Textbook Price: Rs. 900;
Available only in INDIA
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Detail Table of Contents
Understanding the Retail Customer : Chapter 3
SUMMARY:
Any organization's growth and survival in the highly competitive market depends on how well it understands its customers and responds to their current and potential needs. In the retail industry, understanding the retail customers plays an important role in the success of a retail store. The development of technology and globalization has led to a new era of consumerism where retailers focus completely on meeting the needs, wants and priorities of the consumer. In this chapter, we discussed about the market and the various factors influencing the buying behavior of a retail customer.
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potential markets. The population of an area is based on various parameters, like immigration and emigration rates, race and ethnicity. Immigration and emigration rates help the retailer to understand the actual population of a particular area. Race and ethnicity help the retailer to understand the choices and buying patterns of the consumers.
Under demographic analysis, the retailer classifies customers on the basis of their age, sex, education, income, occupation, race, nationality, etc. This allows the retailer to understand the customers in a better way and customize its products and service accordingly.
Geographic analysis allows the retailers to understand the buying population, based on the total population. Moreover, the population is classified on the basis of region - metro and non – metro- which helps the retailer to have more accurate data about the buying population.
At the end of the chapter, we discussed various factors relating to consumer buying behavior and the buying process.
