ch5-3042

ch5-3042 - ch. 5 17:55 2Consumer analysis New venturethose...

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ch. 5 17:55 2Consumer analysis New venture-those responsible for merchandise purchase must obtain a detailed  composite of their target market The demographics of their trade area The specifics about potential customers Experienced venture Re-study customer bases to learn of any changes  Demographic analysis Make a determination regarding his or her trading area and can more carefully tailor  product needs to those within market boundaries Demographics Population size Age Occupation Geographic concentration Education  Income  PRIZM [potential rating index zip code market] developed by Claritas, Inc www.claritas.com ACORN [a classification of residential neighborhoods] by ESRI business information  solutions-believe that varifications amont neighborhoods can be explained by social  rank, household composition, mobility, ethnicity, population density, and housing  information  www.infods.com population concentration
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urban vs suburban different model stock inventory age-vary some concentrate on designations such as baby boomers [1945-1959], generation x  [those in their twenties], generation y [those in their teens] department of commerce classifications children [0-3], teenagers [13-19], young adults [20-34], young middle-aged [35-49, older  middle aged [50-55], elderly/retirees [56-older] climate warm vs cold occupation plays a significant role in the planning of purchase; e.g., the trend toward working at  home has required buyers to rethink of some of their purchase income  lifestyle: VALS study the brainchild of SRI consulting business, focuses on a psychographics segmentation  system that divides consumer into 8 profiles actualizes fulfilled achievers experiencers believers strivers makers and strugglers  consumer behavior 
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buying process buying motives  better planning=better buying know what the customer likes and normally buys  types of needs utilitarian needs satisfied when purchases accomplished a specific task. Shopping needs to be easy, and  effortless like Sam’s or a grocery store hedonic needs satisfied when purchases accomplished a need for entertainment, emotional, and  recreational experiences as in department stores or specialty stores  want to look professional/nice  hedonic needs that retailers can satisfy stimulation  background music, visual displays, scents social experience mixed-used developments, lifestyle centers learn new trends and fashions  the body shop learn how can live an environmentally friendly lifestyle satisfy need for power and status canyon ranch upscale health resorts
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self rewards personalized makeovers adventure treasure hunting for bargains  conflicting needs Eva’s hedonic needs [wearing DKNY suit to enhance self-image] conflict with her 
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ch5-3042 - ch. 5 17:55 2Consumer analysis New venturethose...

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