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Business

The dynamic retail environment depends on how well a retail company identifies and understands its customers and forms its business strategy to appeal the consumers’ characteristics, needs and attitudes. Each consumer segment has its own value equation and shops accordingly, Retailers must examine consumers on different levels to identify and understand the target market and generate relevant business strategy, The consumer demographics consists of gender, age, population growth rate, life expectancy, literacy, language, house hold size, marital and family status. All the above factors affect retailing. A retailer should acknowledge such factors and trends to generate business from the store.

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Consumer lifestyle are based on social and psychological factors and influenced by demographics. The developing target market profile the retailer should identify his key consumer for retail perspective understanding his basic shopping requirements. Consumers today spend proportionately less on basic necessities compared to last decade.

 

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