This paper intends to provide a better understanding of consumer behavior and market research in order to explore and gather insights on the customer’s of Simply Meg’s women’s clothing boutique. The first portion of the paper discusses the research problems and objectives, introduces the selected case retailer, and states the research question and purpose. Subsequently, a summary of secondary market research and literature on consumer behavior will provide a contextual preface. The remainder of the paper will explore the primary research in order to gather customer insights and to facilitate recommendations that will be provided for the owner.
1.1 Research Purpose and Objectives Owning and operating a retail store is not as simple as in
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Focus on the customer is often lost and innovation becomes a common area of neglect.
The objectives for the study are:
1. To examine and present current market industry research,
2. to provide a brief summary on the study of market research and consumer behavior,
3. to evaluate the case retailers existing customers’ responses in order to investigate the proposed research questions of
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Based on the research, recommendations are provided for the owner to foster the development of potential business decisions for improving customer experience and long-term profitability.
1.4 Retailer Introduction
As mentioned previously, this study will focus on a case retailer. The following portion of the paper will provide information on the retailer and bring familiarity to its current business concepts, merchandise and store attributes.
Simply Meg’s is an upscale women’s boutique owned and operated by a Greensboro local, Margaret Strader. Simply Meg’s, previously Scout and Molly’s, was opened in 2007 at The New Shops of Friendly Center located in Greensboro, NC. The shops location has provided steady foot traffic, as the center is a hub for shopping and dining. However, Simply Meg’s will be relocating to a new space in January of 2018. The new store location will be in Dover Square off of Battleground Avenue, also in Greensboro, North Carolina. The new store space is located in what can be classified as a small strip mall, facing Battleground Avenue. The space is adjacent to other stores such as a nail salon, gift shop, shoe store, yoga studio, alterations shop,
Macy’s intended to deliver enhanced shopping experiences to its consumers through dynamic department stores and online sites. In this regard, the company developed a North Star strategy that allows it to improve its sales growth and to develop its existing core activities. The company’s consumer research monitors, analyze and anticipate their needs and wants based on the changing market trends. This allows it to strengthen its customer base and also helps it in identifying new markets and customers. Macy’s also identifies different styles and designs based on various occasions and events that allow it to capture the changing preferences of its customers. The company also celebrates various iconic events to interact with its customers which
Despite a weak economy, sells have been steady and Chris and Pat have decided to open a second location 45 miles away in Monroe, WI. Their business plan for the new store will be similar to their current operation. The new store will have the same office and bakery hours just like the Janesville location. In addition, they plan to have the same amount of staffing in the new location, nine bakers, an accountant, an office manager, and a salesperson.
...h the stores are located in the south, the business is expanding its chain and opening stores in North Carolina in 2014.
Nordstrom is one of the top retailers in the United States. With a solid brand image and a sound financial situation, Nordstrom is relentless in their expansion in the US, and are beginning to expand into international markets. Nordstrom takes pleasure in providing state of the art client support and having experienced sales people. In order to hold their position as the most successful high-end retailer in the United States, Nordstrom must continue to figure out ways to improve their brand image and customer satisfaction. Nordstrom’s current business working strategy is successful but I believe there are a few ideal solutions that the organization could apply to further enhance the organization. Due to the aggressive characteristics of the fashion retail store market, it is crucial that Nordstrom preserves an aggressive advantage providing the highest level of customer support as possible.
I would suggest that they incorporate more diversity in their ads and campaigns to reach different ethnicities if they want to continue to expand. Also, in stores, particularly the Willow Grove, PA location, is very large and spacious. Upon entering the store it is primarily women’s apparel and accessories, as well as men’s. Maybe the company can incorporate more of its products in this location, to provide consumers with more of a product assortment.
Levy, Michael, Barton A. Weitz, and Dhruv Grewal. Retailing Management. ed. New York, NY: McGraw-Hill Education, 2014. Print.
However, conducting research on consumers’ behavior is a core competitive power for a company to compete and extend their profit, and this competition will finally benefits
The data have shown customers’ interest; the retailers can serve their customers more effective when they know what their customer want. The product will catch customers’ attention because they know where exactly to put it. That lead to more product being sales and more money being generated. According to the video “How store track your shopping behavior”, from the study of men’s habit of shopping, they know how to get men pay attention to their products. They change it up a little bit and get a really interesting result:”85% increase in product touch, 44% increase in sales, and 38% increase in dollar sales”; that is huge increase numbers. That number show how impactful the study effects their business performances. It is the result of understanding their customers’ need and desire. The ultimate goal is to increase product sales. They have to depend on the customer to reach that goal. Making the customer feel comfortable and encourage them to buy more goods is a process toward that
Retail stores consider many factors when designing the store to assist with maximizing the experience that the customer will encounter. The average customer has no idea that the store places such amount of thought into the setup and design layout. Everything from the merchandise displays to the locations of certain departments are designed to increase the revenue and success of the store. The target market for the retail store is classified as the type of customer that will contribute to the success and can evolve over time if the store is experiencing difficult times. The ability to be fluid in decision-making is required because change is constant with any customer driven business. The majority of retail customers desire the convenience of knowing that they are getting their money’s
Ron Johnson spent a great deal of time and money to promote his ideas of “stores-within-stores” by turning floor space into an area to house several branded boutiques. He did this in order to attract a target market of a wider demographic which includes age, gender, and generation. One of the m...
A brand new Wal-Mart opens in a small town and instantly it puts all local retailers on edge. Store owners can only hope and pray that customer loyalty will allow them to succeed against the big box store who is known for deep price cuts and large selections. A plan has to be made, because only the strongest will survive this battle. The first thing for the local retailer to consider is that while they may not be able to compete with Wal-Mart prices, they can however offer the best customer experience. Knowing their customer base and the preferences of their customers will be monumental for any business, but particularly for a small business.
Furthermore, I will explain the application of theory relating to me and my purchase. I will also review the marketing activity of the organization where I purchased from. This is to explain how the two theories have been used in the marketing strategy. In addition, recommendations regarding how the marketing strategy could have been improved by applying the 2 buyer behaviour theories are given.
"Organize Your Retail Spaces To Encourage Buying." Firmology. N.p., 1 Oct. 2013. Web. 25 Apr. 2014.
Grover, R & Vriens, M 2006, The handbook of marketing research: Uses, misuses, and future
On the other hand, most factors prove otherwise. The retail industry does not have high Economies of Scale to be exploited in general . Yet, it is impossible to run department stores like Metro on a small scale . A large retail space, inventory, and warehouse are necessary to host a specialized portfolio of brands and products to better attract both customers and suppliers. Heavy capital requirements and operational expen...