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RMG400 final review notes for ch.5.docx

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Ryerson University
Retail Management
RMG 400
Hong Yu

Chapter 5: UNDERSTANDING YOUR CUSTOMERS • Retailers must respond to events such as: – Changes in the tastes and attitudes of customers – Declines in the size of their target market – Changes in spending patterns of customers • Tastes and attitudes of consumers change, such as shopping online or “going green” • Buyers will want to closely examine growth rates for specific age groups IDENTIFYING CHANGES IN CONSUMER MARKETS • Demographic trends, Consumer behavior trends, Lifestyle trends Demographic and Consumer Behavior Trends • Marital status and birthrates, Households, Age groups and spending patterns Households • There is a growing percentage of working women • The percentage of male homemakers continues to increase, but women will continue to make the majority of purchasing decisions More working women in the country will produce all the following EXCEPT A. More delis and prepared food option B. More microwaveable foods C. More casual clothing D. More stores opening 24/7 Which one of the following does not describe baby boomers? a. Much healthier than previous generations b. Spend more than average households on a per-capita basis c. Typically well-educated d. Can be viewed as a single market segment Age Groups and Spending Patterns • Baby boomers tend to spend lavishly on their children • Products appealing to older customers will probably need to focus on comfort, security, convenience, sociability, and old-fashioned values • As more responsibility is placed on younger children because of latch-key lifestyles, they are learning savvy shopping skills, along with gaining confidence in their role as shoppers Lifestyle Trends  “Busy, Busy, Busy” Lifestyles • Juggling multiple tasks • Shopping has become an activity that many hate • Many retailers are stocking and promoting items directed at calming and relaxing customers Computer Junkies • As the mass market evaporates into smaller and smaller niches–and more people spend time and make purchases online–traditional forms of advertising through TV, radio, newspapers, and magazines have become less effective “We’re Living Large” Lifestyle • Retirement is creeping up on baby boomers, who feel they need to reward themselves for the daily stresses they face •
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