Homework: Consumer Behavior
When the marketing era began, companies started realizing that they could attract customers with differentiated offers. One such industry where differentiation was bought at the store level was Retail.
Just like we have seen the rise of E-commerce, Retailing was similarly rising rapidly back in the 80's and 90's and it is still rising in the developing and underdeveloped nations of the world. Retailing has huge costs associated with it but the margins and turnover is high too.
Based on consumer behavior and manufacturers abilities, there are various types of retail stores which exist in the market. Each of these retail outlets are different based on the products they offer and the way they offer it. What are these retail stores and what are they called?
There different types of retailers such as;
• Specialty stores
• Department stores
• Supermarkets
• Convenience Stores
• Drug stores
• Discount stores
Task
• First, you are going to choose one type of the stores write a brief explanation of its meaning, features from a reliable website (google scholar) and list several examples of such store both locally and internationally. (2 marks)
• Select one local store of the above, write a concise history about the outlet, type of products they offer, and its sections.
• Visit the store twice a week for the duration of one hour, the first visit will be on a weekday and the second visit will be on the weekend. Observe the behavior of customers through addressing the questions below.
o What consumers think and how they feel about various alternatives (brands, products, place, promotion, price, people, outlet interior design);
o What influences consumers to choose between various options.
o How consumers' environment (friends, family, media, economic situation etc.) influences their behavior.
o Identify the various types of behavior towards each section inside the store
o What is the section that attracts customers the most and why?
Key words: internal factors, external factors, buying behavior, pandemic, marketing mix
Format your homework according to the give formatting requirements:
• The answer must be using Times New Roman font (size 12), double spaced, typed, with one-inch margins on all sides.
• The response also includes a cover page containing the student's name, the title of the homework, the course title, and the date. The cover page is not included in the required page length.
• Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.