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Chapter 7 Study Guide - Chapter 7 Demographics retailers...

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Chapter 7 Demographics: retailers need to consider these types of things as well as the market size in order to plan their strategy Most common types -gender -age -population growth rate -life expectancy -literacy -language spoken -household size -marital and family status -income, occupation -education -where they live -ethnicity Discretionary income : money left after paying taxes and buying necessities Disposable income : income left to an individual after taxes have been paid, available for spending and saving Lifestyles : based on social and psychological factors are influenced by demographics Social Factors Culture : heritage shared by group of people based on beliefs, norms, & customs Social Class: informal ranking of people based on income, occupation, & education Reference groups: influence people’s thoughts and behavior ex: family Family life cycle: bachelorhood to children to retirement is traditional for families Time utilization: activities a person is involved in and time allocated to them Psychological Factors Personality: sum of an individual’s traits making them unique Class consciousness: extent to which person desires/pursues a social status Attitudes/opinions: feelings a person has towards different topics Perceived risk: level of risk a consumer believes exists regarding a purchase Importance of purchase: affects how much time/effort allotted to purchase
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MAJOR DEMOGRAPHIC & LIFESTYLE TRENDS THAT AFFECT RETAILERS 1. Gender roles/women in the workplace -more common for women to work these days -makes them more confident, need for convenience, share household tasks, more knowledgeable/demanding as consumers, more hurried when shopping -more men will stay home, care for the children, do more shopping, etc.
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