Page 99 - DMGT554_RETAIL_BUYING

Retail Buying

Notes
Benefit
Using the newly gained predictive knowledge, the client was able to:

 Recommend the right actions to convert those likely prospects into customers.
 Make better marketing and business decisions based on knowing customer
preferences and behavior

 Identify up-selling and cross-selling opportunities by matching specific product or
group of products for customers and predicting what they might buy next.

 Lead potential and prospective clients to capitalize on new revenue opportunities
 Develop effective marketing campaigns by knowing what product to sell to which
person at what time and with what marketing message.

 Achieve an advantage in the marketplace by knowing how to sell against the
competition.
 Realize cost savings by shortening the sales process and increasing return on
marketing investment.
Source: http://www.theedison.com/marketingCaseStudyCustomerAnalysis.php

Self Assessment

Fill in the blanks:
7. A .............................. sequence is to first research and analyzes what consumers think, feel,
and do relative to a company’s offerings and those of competitors.
8. Consumer research and analysis should not .............................. when a strategy has been
implemented.
9. Research should .............................. to investigate the effects of the strategy and whether it
could be made more effective.

7.4 Marketing Strategy

From a consumer analysis point of view, a marketing strategy is a set of stimuli placed in
consumers’ environments designed to influence their affect, cognition, and behavior. These
stimuli include such things as products, brands, packaging advertisements, coupons, stores,
credit cards, price tags, salespeople’s communications, and, in some cases, sounds (music), smells
(perfume), and other sensory cues.
Figure 7.4 presents our complete framework, which we call the Wheel of Consumer Analysis. It
is a wheel because it is constantly rotating with changes in consumers and in marketing strategy.
Marketing strategy is treated as the hub of the wheel because it is a central marketing activity
and is designed by marketing organizations to influence consumers.

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