Retail Management
Retail Management Assignment Tranky Ho
1. When a consumer shops at an upscale furniture store, what factors determine whether the consumer feels that he or she got a fair value? How does the perception of value differ when that same consumer shops at a discount furniture store?
• A retailer must ensure that all of its strategic elements are in place. • For the shopper segment to which a particular retailer appeals, the total retail experience must be aimed at fulfilling customer expectations-and it must be consistent with those experience. • Among the factors that comprise a customer service strategy are store hours, packing, shopper friendliness of the layout, credit acceptance, salespeople, amenities such as gift wrapping, restrooms, employee politeness, etc.
2. Comment on this statement: "Each segment has its own values equation and shops accordingly. Understanding what drives different groups is critical in creating an experience and product offering that satisfies their individual value equations."
As to properly develop a strategy mix, a retailer must identify the characteristics, needs, and attitudes of consumers; understand how consumer make decisions; and enact the proper target market plan. It must study environmental influences, too.
Consumer behavior is the study of how people buy, what they buy, when they buy and why they buy. It blends elements from psychology, sociology, sociopsychology, anthropology and economics. It attempts to understand the buyer decision processes/buyer decision making process, both individually and in groups. It studies characteristics of individual consumers such as demographics, psychographics, and behavioural variables in an attempt to understand people 's wants. It also tries to assess influences on the consumer from groups such as family, friends, reference groups, and society in general.
3. Do you think that non-store retailing will continue to grow faster than store-based retailing?
1. When a consumer shops at an upscale furniture store, what factors determine whether the consumer feels that he or she got a fair value? How does the perception of value differ when that same consumer shops at a discount furniture store?
• A retailer must ensure that all of its strategic elements are in place. • For the shopper segment to which a particular retailer appeals, the total retail experience must be aimed at fulfilling customer expectations-and it must be consistent with those experience. • Among the factors that comprise a customer service strategy are store hours, packing, shopper friendliness of the layout, credit acceptance, salespeople, amenities such as gift wrapping, restrooms, employee politeness, etc.
2. Comment on this statement: "Each segment has its own values equation and shops accordingly. Understanding what drives different groups is critical in creating an experience and product offering that satisfies their individual value equations."
As to properly develop a strategy mix, a retailer must identify the characteristics, needs, and attitudes of consumers; understand how consumer make decisions; and enact the proper target market plan. It must study environmental influences, too.
Consumer behavior is the study of how people buy, what they buy, when they buy and why they buy. It blends elements from psychology, sociology, sociopsychology, anthropology and economics. It attempts to understand the buyer decision processes/buyer decision making process, both individually and in groups. It studies characteristics of individual consumers such as demographics, psychographics, and behavioural variables in an attempt to understand people 's wants. It also tries to assess influences on the consumer from groups such as family, friends, reference groups, and society in general.
3. Do you think that non-store retailing will continue to grow faster than store-based retailing?