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RMG 400 Lecture Notes - Data Mining

Retail Management
Course Code
RMG 400
Bharat Sud

of 2
Chapter 4
Marketing Research The systematic process of gathering, recording, and analyzing
information about marketing-related problems.
What is the purpose of conducting marketing research?
Understand environment
Understand customers/develop customer profile
Analyze competition
Build forecasts
Primary Collection of new information
Secondary Collection of information already out there
Internal Sources: Store Records, Management, Sales Associates
External Sources: Customers, Magazines, Vendors, Internet
Buying Offices Firms located in major market centres for the purpose of providing buying
advice and market related services to client stores
Buying specialists and advisers
Can get best prices and sometimes the best goods
More efficient
Can get access to unique products
Types of Buying Offices:
oSalaried or Fixed-fee
oCommission or Merchandise-broker
Determine if you need a buying office:
Check references and merchandise lines carried
Fit with your needs
Firm size
Chapter 5
Marketing trends in the market must be constantly be monitored to know exactly what to
Important trends to monitor: Sales Levels, Store Traffic, Staple Items
Demographics: Marital status and birthrates, Households, Age groups and spending
patterns, Ethnic origin
At age 65, baby boomers say they will purchase:
Health Care 93%
Computer-Related Products 80%
Legal Counsel 78%
Financial Consultants 74%
Recreation-Focused Products 73%
Entertainment 71%
Retirement Housing 67%
Fitness-Focused Products 57%
Travel Consultants 53%
Lifestyle Trends:
Busy Lifestyle = Tries to save time
Computer Junkies
Living Large = Spending more money than they can afford
Buying Motives:
Patronage Only buy from certain stores
Learning more about customers:
Data Warehousing
Data Mining Analysis of data
Database Marketing