RMG 200 Chapter Notes - Chapter 3: Observability, Geodemographic Segmentation, Psychographic

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The buying process: the stages customers go through to purchase merchandise or services. Stages: needs recognition: the needs that motivate customers to go shopping and purchase. 3. merchandise can be classified as utilitarian or hedonic. Information: once customers identify a need, they may need to seek information about retailers or products to help them satisfy that need. After the customer determines if its satisfactory or not. Family: many purchase decisions are made for products that the entire family consume or use. Reference: composed of two or more people whom a person use as a basis of comparison for his or her beliefs, feelings and behaviors. These reference groups make decisions by: offering information providing rewards for specific purchasing behavior enhancing a consumer"s self image. Market segmentation: a group of customers whose needs will be satisfied by the same retail offering because they have similar needs and go through similar buying process.

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