Retail Consumer

UNDERSTANDING RETAIL CONSUMER

PRESENTED BY:DEEPAK SRIVASTAV ROLL NO-14. PGDM(IB)

RETAIL CONSUMER FACTORS INFLUENCING THE CUSTOMER’S DECISION MAKING DEMOGRAPHIC FACTORS

ENVIROMENTAL FACTORS

FACTORS INFLUENCIN G CUSTOMERS DECISION MAKING

PSYCHOLOGICAL FACTORS

LIFESTYLES

RETAIL CONSUMER FACTORS INFLUENCING THE RETAIL SHOPPER 1.

DEMOGRAPHIC FACTORS

 Gender  Age  Occupation  Education  Family size  Income

RETAIL CONSUMER FACTORS INFLUENCING THE RETAIL SHOPPER

2.

LIFESTYLE

 Activities and interests  Nature of occupation  Availability of leisure

RETAIL CONSUMER FACTORS INFLUENCING THE RETAIL SHOPPER

3.

PSYCHOLOGICAL FACTORS

 Motives  Perception  Learning  Attitude  Personality

RETAIL CONSUMER FACTORS INFLUENCING THE RETAIL SHOPPER 4.

ENVIROMENTAL FACTORS

 Physical Environment.

 Social environment- culture, sub culture , social class.

RETAIL CONSUMER The customer decision making process  After customer’s buying process, it is necessary for the retailer to understand the manner in which the customer makes a decision  This requires an understanding of the consumer behaviour  Need for a product or service starts at the time when the need for that particular product or service is recognized  Need may be psychological or functional  Next stage is where the customer seeks information

RETAIL CONSUMER The customer decision making process  Source of information may be magazine, newspaper, family, friends, the internet or the television  Any earlier experience of buying the product or service would also affect he decision to purchase  Depending upon the criteria, the consumer evaluates the various options available  He then narrows down the choice to a few stores where he may make a purchase  He may visit a couple of stores before making a decision to buy

RETAIL CONSUMER THE CUSTOMER DECISION MAKING PROCESS

INTERNET

MEDIA PRINT & AV

NEED RECOGNIZED

SEARCH FOR INFORMATION

FAMILY & FRIENDS

STORES

STORE VISITS

EVALUATION OF OPTIONS

PURCHASE DECISION

The decision making processExample Identification of a problem Identification of Decision Criteria Allocation of weights to criteria Development of alternatives Analyzing of alternatives Selection of alternatives Implementation of alternatives Evaluation of decision alternatives

“My sales Reps need new computers! Memory and Storage, Display Quality, Better Life, Warranty, Carrying weight Memory and Storage-10, Display Quality -8, Better Life -6,Warranty -4, Carrying weight-3 Toshiba, HP, Soni Vaio, Qosmio, Gateway, Apple iBook, Lenovo, Dell Toshiba, HP, Soni Vaio, Qosmio, Gateway, Apple iBook, Lenovo, Dell Toshiba, HP, Soni Vaio, Qosmio, Gateway, Apple iBook, Lenovo, Dell “ Toshiba!”

RETAIL CONSUMER Level of Consumer Decision

Extensive Decision

Limited decision

Routine decision Impulse decision

Consumer Decision Rules Compensatory Decision Rule

Noncompensatory Decision Rules

Conjunctive Decision Rule Disjunctive Decision Rule

Lexicographic Decision rule