RMG 400 Lecture Notes - Mass Customization
Document Summary
Types of products that customers purchase availability. Impulse: convenience, 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, compatibility, profit potential, appropriateness, competitive actions, obsolescence of existing products. Types of products that customers purchase fads. Fashion adaptation theories www. notesolution. com: downward flow, horizontal flow, upward flow teens innovate the fashion. Using product life cycles and fashion adaptation theories: timing, forecasting, product elimination. Creating product differences: brand names, mass customization. Scope of forecasting - purposes: stimulate planning, promote coordination, support control activities. Developing sales forecasts acquiring needed data: primary data sources, secondary data sources.