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Final

RMG 400 Study Guide - Final Guide: Juggling, Sexual Attraction, Affinity Analysis


Department
Retail Management
Course Code
RMG 400
Professor
Hong Yu
Study Guide
Final

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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 nichesand more people spend time
and make purchases onlinetraditional 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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