RMG 400 Lecture Notes - Lecture 3: Psychographic, Affinity Analysis, Target Market

• School: Ryerson University
• Department: Retail Management
• Course: RMG 400
• Professor: Janice Rudkowski

Document Summary

Week 3 chapter 4: obtaining assistance for making buying decisions. Marketing research: the systemic process of gathering, recording, and analyzing information about problems related to marketing. Too general, dated, may not help with decision making. E(cid:454)pe(cid:374)si(cid:448)e a(cid:374)d ti(cid:373)e (cid:272)o(cid:374)su(cid:373)i(cid:374)g, (cid:373)a(cid:455) u(cid:374)(cid:272)o(cid:448)er i(cid:374)sights (cid:455)ou do(cid:374)"t (cid:449)a(cid:374)t to hear. Internal sources: store records, management, sales associates. External sources: customers, magazines and trade publications, vendors, trade associations, trade shows, comparison shoppers, fashion forecasters, reporting services, the internet, buying offices. Buyers must be able to forecast trends, and understand the implications on their customers, store, department and product category. Demographics: marital status, birth rates, households, age groups, ethnic backgrounds, spending & shopping patterns consumer behaviour, attitudes psychographics. 3 buying motives: rational motives: economy, savings, durability, dependability, reliability, gain, emotional motives: social acceptance, curiosity, change, sex appeal, self-esteem, group approval, patronage motives: convenience, value, assortment, services offered, customer experience. Data warehousing: storing all customer, inventory and financial data in one place.