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Chapter 4

RMG 400 Chapter Notes - Chapter 4: Fashion Capital, Sql Server Reporting Services, American Apparel & Footwear Association


Department
Retail Management
Course Code
RMG 400
Professor
Janice Rudkowski
Chapter
4

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Marketing Research - gathering, recording, and analyzing information about problems relating
to the market, and uses many sources of procuring data
- Used to better understand the retail environment and build more reliable customer profiles
- Age, income level, education, spending patterns
Size of store determines method of acquisition: small stores without resources rely on general
findings in newspapers since they have less capital, whereas larger firms with more
resources may have a department set up to conduct their own research
- There are private firms that specialize in market research
Collecting Data
Secondary data is data that already exists – someone else has done the work for you
- Government agencies, trade journals, newspapers
Primary data is information collected for the specific purpose at hand
- Consists of interviewing consumers
- Time consuming and expensive
Analyzing and Interpreting Data
Not just to collect information, but get answers. You have to find the meaning of the results
Internal Sources
Store Records
Particularly valuable for buyers at a HQ who can’t visit a store themselves
- Can have valuable insights, for example what customers purchase together and the
characteristics of customers who purchase particular goods
- The problem with these is that they’re all based on past data, and only reflect customers
who make purchases. What about the ones that don’t? Why did they come and leave
without buying anything? What about the ones who couldn’t find what they wanted?
-Want slips attempt to fill this void by having customers fill out a slip whenever
they’re looking for something that isn’t offered in store
- These can help plan future merchandise assortments
Loyalty cards are good indicators of demand and also provide insight into the type of consumer
purchasing a certain product, and buyers can react accordingly
Management
Your merchandise manager approves or suggests changes to your merchandise plan
Your financial officer approves your budget for your buying plan
Store managers should be consulted to gain insight into regional demand and trends
Sales Associates
It’s always important to check with the people who are actually on the floor; they have the most
direct contact with consumers, and thus the most valuable input
If possible, visit the store yourself; as the buyer you see the store through a different lens
find more resources at oneclass.com
find more resources at oneclass.com
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