RETAIL MANAGEMENT-3

1. Presented by : www.InfoFanz.com Prepared by Dr. Pooja Sharma 1 RETAIL MANAGEMENT-3 Prepared by : Dr. Pooja Sharma Presented by : Education & Information Network http://www.InfoFanz.com Info@InfoFanz.com

2. Presented by : www.InfoFanz.com Prepared by Dr. Pooja Sharma 2 UNIT 3 Understanding the Retail Consumer: Factors influencing the Retail Shoppers, The Customer Decision Making Process.

3. Presented by : www.InfoFanz.com Prepared by Dr. Pooja Sharma 3 Introduction Peter Drucker quoted �Business Exists to satisfy Customers�. The existence o the customer is integral to the existence of the Retailer. The Integral Part of understanding customers is identifying the customer for the product or service, i.e. The target segment, and the demographics of this segment, their need and buying behavior

4. Presented by : www.InfoFanz.com Prepared by Dr. Pooja Sharma 4 Consumer understanding or an understanding of the consumer buying behavior is the starting point of strategy creation. It is not important to understand consumers know about a product, but also what they do not know. Shopping is an activity that everybody perform with high level of regularity ad involvement. It has been found that shoppers behave differently depending on the type of shopping situation. They tend to change their information search process depending on the type of store and product

5. Presented by : www.InfoFanz.com Prepared by Dr. Pooja Sharma 5 Need for studying consumer behavior The accurate understanding of consumer helps the retailer create a product that is likely to be successful in the market. Retailers need to know the various influences that lead up to a purchase and they consider the external and internal influences. Some important and external and internal influences are as:

6. Presented by : www.InfoFanz.com Prepared by Dr. Pooja Sharma 6 Understanding how the need for a product/service was determined. Understanding how information was sought by the customer. The process of evaluation of various products and store. The payment process. The post purchase behavior.

7. Presented by : www.InfoFanz.com Prepared by Dr. Pooja Sharma 7 The retailer also needs to understand its competitors and how the customers perceive them. The retailer need to understand why customer choose the competition over its products. This analysis may reveal some startling facts and provide a direction for future differentiation. as quoted �some various aspects like signage�s , shelf position, display space and fixtures, all influences the shopper in his buying decision

8. Presented by : www.InfoFanz.com Prepared by Dr. Pooja Sharma 8 Factors Influencing the retail Shoppers Shopping is the act of identifying the store and purchasing the product. Shopping is a function of the nature of the product, the degree of perceived risk inherent in the product class, and the level of knowledge or amount of information about alternatives. In India retailers and retail formats are still evolving. Local bania and other option available in the ,market. Therefore understanding the reasons behind consumers choosing or selected a store is important for retailer

9. Presented by : www.InfoFanz.com Prepared by Dr. Pooja Sharma 9