This website uses cookies to ensure you have the best experience. Learn more

Retail Data Opens New Global Territory

1342 words - 6 pages

Market plans must target today’s market, as well as adapt and change to reach tomorrows market. Additionally a market plan must be able to forecast what the market will look like 20-50+ years from now and provide a prediction on how to meet market trends of the future.
A retailer collects data from various countries to: develop and implement a strategic plan, reach a given target market, and determine if there is a viable need for the given product. Data researched and analyzed can uncover who the target market is today, proving consumers with products to entice them. Understanding the psychographics, demographics and how target markets will change as our global community does, uncovers the market of tomorrow. Using the aforementioned tools, marketeers and retailers are given a glimpse into the future of consumer behavior, and how they might use behavior patterns and data to market their product or services within a particular country. Predictions of upcoming markets is vital to the sustainability and growth of a company long term. In order to provide for long term growth, retailers today must develop and implement market plans capturing multiple generations a the same time. The use of demographics and psychographics, layered with critical data will help marketeer and retailers achieve market success in a global marketplace.
Understanding Demographic and Psychographics
“The success of a retail strategy depends on how well a firm identifies and understands its customers and how well it forms a strategy mix that appeals to consumers” (Bergman & Evans 2013 pg.173). The strategy mix starts by understanding the demographics and psychographics of it’s consumer base and the use of information collected (data) to apply, develop and implement a strategy directing consumers toward a given product or service in store. Companies learn to predict consumer buying habits through the combination of demographic, psychographics and the use of calculated data, which will determine how retailers present new products consumers, connivence consumers to change shopping venues and keep loyal consumers.
Population data is another way to determine how to approach a strategic plan for retailers and can be layered with the given demographic and psychographics at hand. Berman & Evans collected data on population demographics from many different countries from a global perspective, but Mexico’s show a larger market share with furture generations to come. (2012, pg.175.) Marketers and retailer use information collected to determine purchasing habits, trends and where a retailer focus for greatest growth, profit and margin. Mexico’s lower than average literacy rate might pose some problems in written advertising but can be directed toward other media sources that are more visual like, radio, T.V, visual billboards and attractive retail store fronts located in prime real estate. All other print copy can be printed in Spanish, the primary language...

Find Another Essay On Retail Data Opens New Global Territory

Factors Affecting Customer Loyalty Programs Essay

1797 words - 7 pages of CRM in late 1990s, marketers are of the opinion that appropriate vigil and analysis of customer data might bring wonders for the organization. Indian apparel retail sector is booming, leading to intense competition. The war is to attract new customers but most importantly to retain the old ones. The companies are continuously adopting the process of generating custom CRM initiatives to increase their customer base. The study is focussed at

Global Individulaism Essay

2198 words - 9 pages be seen as stemming from the same historical development towards a ?global culture?.So, if we attempt to conceptualize a new marketing for today, we must take into account both the process of globalizing cultural diversity and the postmodern trend towards fragmentation and individualism (axes 1 and 2, in Figure 1). As a result, the globalization dispute in marketing must avoid ?globalization myopia? and incorporate contributions both fro the

Apparel Industry

2931 words - 12 pages displacing rail for many goods shipments 1961--1970: NEW FORMATS AND NEW TECHNIQUES 1962 Discounters appear: Kmart from Kresge, Woolco from Woolworth, Target from Dayton's, and Wal-Mart Discount City from Sam Walton's Ben Franklin variety store... Sears opens its first data center... IBM introduces Wholesale IMPACT (Inventory Program and Control Techniques), an automated replenishment system (and the forerunner of INFOREM) that uses statistics and a

mid-semester report

996 words - 4 pages . Sikich LLP. [Online] December 16, 2013. [Cited: March 14, 2014.] 3. Dawson, John. Retailing At Century End: Some Challenges For Management And Research. Australian & New Zealand Marketing Academy (ANZMAC). [Online] 1999. [Cited: March 14, 2014.] 4. Fortune Magazine. Global 500 2013: Full list. Fortune. [Online] 2013. [Cited

Gap Inc.: Analysis of the Retail/Specialty Retail Industry

3594 words - 14 pages ' increasingly demanding expectations and differentiate their products. Though threats are always looming. As customers get off the high of their spending, the latter half of the year does not look as opportunistic. Also department stores are starting to target the age groups that specialty retailers have captured. With a new store design, more competition is finding its way into the specialty retail industry.Table Of ContentsGap Inc.History of the Firm

Supermarkets In India: Is India Ready to Open Its Golden Retail Gate for the World? A Case Study

8744 words - 35 pages changing rapidly. The average consumer today is richer, younger and more aspirational in his/her needs than ever before. Consumers now value convenience and choice at par with getting value for their hard-earned money. A range of modern retailers are attempting to serve the needs of the 'new' Indian consumer. The last few years have witnessed an explosion of organised retail formats like supermarkets and hypermarkets in an otherwise fragmented

sales management - project report

5692 words - 23 pages market leader in self-service wholesale. Company opens new stores and enters new markets every year. The main focus has been on Eastern Europe and Asia. In accordance with METRO Group official website, two thirds of all new business locations are founded in these growth regions, with special focus on expansion in China and Russia.The project of METRO Cash and Carry development in Russia started officially on the 1st November 2000. Russia has become

Study on Organised retail: Pantaloon Retail Industries Limited

2399 words - 10 pages characteristics of India which influence the trend in favour of organized retail are:1.Large and growing population: Indian population is 1065 million and is expected to grow at 1.7 % this year. It is a young population with 35 % of the people below 14 years of age and median age as 24 years. Youth are generally early adopters of modern products and concepts, thus a promising consumer base for new retail formats.2.The income and buying power is on the

Business Intelligence and Big Data

1614 words - 7 pages . Improved ability to introduce new products and services Example: HDFC Bank collate your cash withdrawal patterns, credit card usage, search preferences and come up with customized plans for savings, insurance and home loan products. 2. Retail Distribution: With intense competition in retail industry, to create differentiation and build competitive advantage, retailers need to use big data analysis to increase revenue and operate more

The Benetton group

1537 words - 6 pages words, the agency system encourages the 'free-rider' effect.It is recommended that Benetton alter its strategy in four steps to defend its core markets, and to prepare itself for future global expansion into new markets. In other words, Benetton needs to achieve globalization for its long-term growth, and to achieve production efficiencies to compete, but must first address structural problems in its current core markets.The drawbacks in the current

Information Systems in Supply Chain Management

6098 words - 24 pages dominated by globalization, hyper-competition and the knowledge and information revolution, has revolutionized the way business is conducted. This new technological epoch is apparent through intensified investment in computer-processing and data preparation appliances in the manufacturing and service industries and telecommunications infrastructure, and also to its widespread usage in government agencies, educational organizations, and, more

Similar Essays

Population Data Opens New Global Territory

1310 words - 5 pages The globe can be daunting to retailers, but the use of calculated demographic data can educates retailers toward the country who shows greatest promise for retail growth. Retail is fast paced every changing environment and retailers look beyond their current customer base setting their sights abroad to expand into the uncharted fast growing markets of other countries. Global market penetration can seem risky business to retailer who are

Title: Labor Markets And Diversity Coles Myer

3448 words - 14 pages economic issues and cultureThe Retail industry sector has a diverse mix of jobs, ranging from cashier to stock handler. Increasing competition from large discount stores and super markets will either force smaller stores to sell out to larger ones, or encourage them to become more efficient by adopting new technologies and procedures. The Retail industry is particularly sensitive to changes in technology, global trade, business practices, and consumer

Bharti Walmart Retail Store Essay

9344 words - 37 pages liberalization policies to support and promote this sector. According to the policy, henceforth, foreign retailers will be allowed to hold 51 percent stake in multi-brand retailing and 100 percent in single brand formats. This has opened up new dimensions in the Indian retail sector. Hence, some heavy weighted brands of the global retail industry such as Walmart and Tesco are expected to put a foot in the door to investment in India's retail sector

Seven Eleven Japan Essay

3063 words - 12 pages virtue in allowing new Japanese suppliers to put in bids over the Internet. But this may be quite indispensable while Seven-Eleven is developing its global strategy in a context of the global market, thus purchasing cost may be reduced amazingly by utilizing the benefit of unbalanced material or labor costs in different countries.Seven-Eleven is, however, hedging its bets by studying how international rivals such as Wal-Mart use the Internet for