RMG 400 Chapter Notes - Chapter 5: Data Warehouse, Psychographic, Zip Code

• School: Ryerson University
• Department: Retail Management
• Course: RMG 400
• Professor: Janice Rudkowski

Document Summary

Data can be collected and future data can be forecast (size of markets, age/status of a demographic); What can"t be predicted with certainty is the taste and attitudes of customers in the future. Collecting data isn"t the issue, interpreting it correctly to make a business strategy is. The us population has shifted south: more than half of us population growth in the past decade has occurred in the south. A browning has occurred: nonwhites accounted for an estimated 85% of the net population growth in the past decade. A simultaneous graying: 8,000 americans will turn over the age of 65 every day for the next 5y. Women are also getting a better foothold in the us: nearly half of all paid jobs and 40% of businesses owned. Retailers have to respond quickly to changes in attitudes/tastes of customers, declines in size of target markets, and changes in spending patterns. Related to characteristics and lifestyles of a particular group.