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RMG 400 (49)

Product Trends / Forecasting

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Retail Management
RMG 400
Bharat Sud

Chapter 6 Product Line – Products that are similar Factors that affect product line decisions: • Target Market • Competition –Beating the competition by having a wider variety • Store Location/Layout – May not have enough space to carry enough merchandise • Merchandise Selection • Personnel – A wider variety of products can be carried if the sales staff is knowledgeable Types of products that Customers purchase – Availability • Convenience • Impulse • Shopping – Willing to shop around for (Best price, comparative) • Specialty – Go to a length to purchase a product at a certain store Types of products that Customers purchase – Durability / Quality • Durable • Nondurable Types of products that Customers purchase – Fashion Appeal • Style – Personal style • Fashion – Fashion style (Changes Frequently) Types of products that Customers purchase – New • 90% of “new” products fail within a year • Factors buyers must consider before adding “new” products o Compatibility o Profit potential o Appropriateness o Competitive Actions o Obsolescence of existing Products Types of products that Customers purchase – Fads Product Life Cycle (Stages) • Introduction • Growth
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