RMG 400 Study Guide - Final Guide: Target Market, Focus Group, Volatile Times
8 Dec 2012
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Specific products or services (brands or models) Specific store locations: preparing sales forecasts requires buyers to think in detailed terms about: Target market groups the store is trying to serve. Future trends occurring in the market and the economy. Changes in store hours or physical facilities. Examining external forces: economic conditions, demographic trends, competitive conditions. Economic conditions: both the national and local economic climate should be analysed, headlines from the newspapers affect buyers" decisions. You must be alert to all changes in the composition of your customer base. Even lifestyle changes in your target market are noteworthy. Competitive conditions: be aware of current competitors closing their doors and new competitors" openings. Primary data sources: retailers use customer surveys to forecast future consumer buying patterns. In volatile times, data more than five years old is likely of little value: determine the bias of the source that collected the data.
