TAILIEUCHUNG - Lecture Management of retail buying – Chapter 3: Understanding the consumer

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 reserved This is the topic overview found at the beginning of Chapter 3. 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 reserved Selection factors are attributes of a product that would cause a consumer to select the product for a certain use based on the consumer’s own lifestyle wants or needs. Note that the factors may not be “real” as long as the consumer perceives them to be real. Demographics & Psychographics Demographics – Age, gender, nationality, income, occupation, marital status. Psychographics – Education level, political or religious affiliations, household make-up, spending decisions. Types & sources of this information: Primary Internal Secondary External Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved The typical information used by most retail buyers to make trend-related decisions can be broken down into a few major categories. Sources of Internal Research Sales reports Markdowns Data about product turnover Reports about promotions (& how successful they were) ‘Want slips’ and rain-checks filled out at store Employee surveys & opinions Responses to catalogs, coupons, & other mailings Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved Internal sources are those that begin with data that is already in the store, extrapolated for use as trend information for the retail buyer. Sources of External Research . Commerce Department . 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 reserved External sources are those that generate their market research outside the company. Customer advisory panels are included here because they involve bringing “outside forces” – the consumers – into the store to ask their opinions.

• Quản trị kinh doanh
• Retail buying
• Management of retail buying
• Lecture Management of retail buying
• Motivates consumers
• Internal research
• Buying groups
• Buying offices
• Selling cycle
• Anticipate customer demand
• Centralized merchandising
• Merchandise managers
• Translating plans
• Market locations
• Buying trips
• Merchandise assortments
• Private label brands
• Assortment planning
• Stock controls
• Staple stock controls
• Seasonal merchandise
• Internet commerce in retailing
• Product labeling terminology
• Radio frequency identification
• Choosing vendors
• Good vendors
• Bad vendors
• International vendors
• Domestic sources
• Foreign sources
• Negotiating the buy
• Price negotiation
• Types of discounts
• The buyer’s order
• Vendor relations
• Typical vendor services
• Profit margin controls
• Pricing individual items
• Price line structures