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Lecture

RMG 400 Lecture Notes - Mass Customization


Department
Retail Management
Course Code
RMG 400
Professor
Bharat Sud

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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
oCompatibility
oProfit potential
oAppropriateness
oCompetitive Actions
oObsolescence of existing Products
Types of products that Customers purchase Fads
Product Life Cycle (Stages)
Introduction
Growth
Maturity
Decline
Fashion Adaptation Theories
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