Retailing Management Study Set 4

Business

Quiz 4 :

Customer Buying Behavior

Quiz 4 :

Customer Buying Behavior

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Does the customer buying process end when a customer buys some merchandise Explain your answer.
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Customer buying process refers to the process through which a customer undergoes before buying a product or a service. It includes steps- need recognition, information search, evaluation of alternatives, purchase decision, and post-purchase behavior.
It is not correct that the customer buying process ends when a customer buys some merchandise. This is because the seller does not sell a product to the customer only for the sake of selling it, instead the seller desires to retain the customer making him loyal towards the product and inculcate frequent buying habit in him. This can only be achieved when the seller will offer excellent after-sales service to the buyer.
For this, the seller has to continuously communicate with the buyer asking for his experience of product consumption. Especially, when it comes to expensive products like television sets, computer software, jewelleries, etc. it is required that the seller inquire about the product's performance from the buyer taking his feedback and offering valuable inputs towards it. The seller has to constantly remind the buyer about its new products and services using multiple channels like emails, telephone, catalogues, etc. This will make the buyer to keep in mind the seller and his brand and the products he sells. It will make the buyer the loyal one and highly retained by the firm. This way the customer buying process does not end when a customer buys some merchandise, instead it offers the seller an opportunity to provide excellent after-purchase services to the buyer.

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Considering the steps in the consumer buying process (Exhibit 4-1), describe how you (and your family) used this process to select your college/university. How many schools did you consider How much time did you invest in this purchase decision When you were deciding on which college to attend, what objective and subjective criteria did you use in the alternative evaluation portion of the consumer buying process Reference Exhibit 4-1: img
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To answer this question, students need to consider the following steps in the decision making process:
Need recognition -What stimulates the student to first think about going to college?  What types of needs was the student attempting to satisfy by going to college?
Information search -What information did the student collect about college and the different colleges?  Who provided the information-the colleges through the mail, school counselors, friends, family, visits to the colleges?
Evaluation of alternatives -What were the characteristics on which the students compared the various colleges?  Did the student use something like a multi-attribute model to compare the strengths and weaknesses of various alternatives?
Choosing a college -What were the key factors influencing the final choice and what was the final choice?
Post-choice evaluation -How satisfied is the student with the choice?  Would the student recommend the college to a friend?
A habitual decision would be choosing the same college that a sibling or parent went to without much thought.  Extensive problem solving would be searching for a lot of information and making a detailed comparison of alternatives.

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How does the buying decision process differ when consumers are shopping on the Internet compared with shopping in a store in terms of locations or sites visited, time spent, and brands
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Today customers use multiple channels to buy products they desire which includes channels like physical stores, online shopping sites, mobile browsing, catalogue shopping, etc.
There is a huge difference in the buying process decision when a consumer buys using internet or mobile devices as compared to shopping in store. When a person shops at internet platforms, it can be undertaken at the comfort of the person without the need of moving at specific location, however, when shopping is done in store, the customer has to move to a specific location within the store's time.
The amount of time when spent by a customer when shopping online is as per the choice of the customer and the amount of time available with him. Above this, the person can shortlist the products and add them in the cart to shop and buy later. However, when it comes to store shopping, the person has to buy all the required products within a specific time available with him and has to spend time in searching, evaluating, choosing, and paying for the products alongwith the time spent in entering and exiting the store.
The customer can easily evaluate the various brands on the basis of their availability, price, quantity, quality, etc. using the internet platform, while, in the case of store shopping, it becomes very difficult to review and evaluate every product as they are stocked in large space requiring the person to move and devote huge time in evaluating all the products. Above this, it is not easy for the customer to examine all the brands at once at store shopping.

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Using the multiattribute attitude model, identify the probable choice of a local car dealer for a young, single woman and for a retired couple with limited income (See the table). What can the national retail chain do to increase the chances of the retired couple patronizing its dealership You can use the multiattribute model template on the student side of the book's Web site to analyze this information. Reference Table: img
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Describe how service retailers, such as hotels, provide information to potential customers to answer questions about rates, services offered, rates and other amenities. How is this similar and different from the information provided by product manufacturers
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Any retailer's goal is to get customers in its store so that they can find the merchandise that they are looking for and make a purchase at this location. How could a sporting goods retailer ensure that the customer buys athletic equipment at its outlet
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In Exhibit 4-6, The Inner City Tenant is described. How should banks, restrurants, drugstores, and car dealers alter their retail mixes to meet the needs of this segment compared to the Top Rugn segment Reference Exhibit 4-6: img
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A family-owned used book store across the street from a major university campus wants to identify the various segments in its market. What approaches might the store owner use to segment its market List two potential target market segments based on this segmentation approach. Then contrast the retail mix that would be most appropriate for the two potential target segments.
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Think about the merchandise sold at Office Depot, Staples and Office Max and list three to four types of merchandise that fall into extended problem solving, limited problem solving and habitual decision making for college students. Explain how the categories of merchandise would change for each type of buying decision if the customer was the owner of a medium-sized business.
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Think of a recent purchase that you made, and describe how social environmental factors, including reference group, family and culture, influenced your buying decision. How are retailers using social media to impact your buying decisions
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