Mood refers to our feelings, present attitude, or state of mind. This is an internal factors on consumer decision making. The reputation of the brand, the experience of the brand or product is a kind of mood that will influence the decision making of consumer. Past experience with products or brand may involve known satisfaction or it may involve known dissatisfaction. (11) On the other hand the environment of store can also provide mood of consumer through the setting, lighting and the services.
On the other hand, the consumers buy products depending on their need and wants. In other word, the goods consumers purchase can be used as necessities for survival for instance food items; or sometimes they can be bought for luxury or entertainment. In the world we live in now the consumers have a lot of choices of different products and brands to buy from. Factors such as psychological, social and sometimes personal, generally influence the customers decision on how they select the products as well as what brand to
4 - How would you modify Trader Joe’s strategy going forward? In my opinion, one of the concerns of mine about Trader Joe’s is to eventually gat harm because of not having enough technology inside the company. As technology improve each day, it creates a simple world than before. The technology eases our life and so it should do the same to Trader Joe’s in terms of some operational activities. Self-checkout kiosks vanish endless queues and speed ups the process of shopping both for costumer side and seller side.
As mentioned previously, one can use a product, not based on its function but based on the value it gives them as a consumer. One must also take into consideration the concept of ‘the ideal self’ in order to gain a clearer interpretation. People consume products in order to become who they aspire to be. Marketers utilise this in their campaigns by portraying some sort of ideal realm in the hope that the consumer will buy into it. Consumers have multiple different personalities.
Question 1 answer: Customer relationship management is mainly about building relationships with a company’s targeted profitable customers and maintaining that relationship through delivering customer value, as in how a consumer perceives a certain product and values it enough to buy it rather than buying the competitor’s product, and delivering customer satisfaction where the product meets the exact expectations the consumer had actually expected from the product or more, but not less. Companies can build customer relationships at many levels, depending on the nature of the target market (Kotler and Armstrong, 1988). Companies with many low-margin customers can develop basic relationships by which a company doesn’t get to know it’s consumers
This issue could affect sales in-store, not only would the customer become irritated and disorientated, they could be at the final stage of the decision making process to be faced with products listed in a language they are unfamiliar with. Ensuring all products are listed in English would contribute to an overall pleasant experience. Finally I would like to recommend considering an online transactional website for the future. Although this would not have a drastic impact on their business model immediately, long term it could warrant further investigation. It would take a tremendous investment, but as customers change their habits at an alarming rate it could be the next stage for Lidl to grow their business in the future.
Visual merchandising today has become more complicated as competition between retailers continues. Creativity plays a major role, and consumer purchase decisions are influenced by retailers‟ marketing strategies. Visual merchandising, defined according to Retail Product Management by Rosemary Varley, is a common term for how retailers‟ present their products or merchandise to the best of their ability and the merchandise is displayed “to its best advantage” (Varley, 2001,). Visual merchandising also “allow[s] retailers to make the marketplace innovative, exciting and stimulating by creating product-led stories supported by merchandising solutions” (Varley, 2001). Varley describes details about areas that are included in visual merchandising
A new competitor is a risk occurrence that is completely out of the control of the business. Consumers have different tastes. A new competitor may be able to tap into some of Target’s core customer based with some differentiation. Target will need to have be to tap into and respond to those customer needs by altering its products and services to match those of its competitor. If Target has effective risk management system to track external risk like changes in customer needs or wants, the retailer will be ready if another competitor tries to enter the marker to meet those needs.
Furthermore, such approach will also allow the investment in new business categories. • Moreover, another possible advantage could be that an overhaul of the current product in stores could create a new energy for the brand and encourage shoppers to take a closer look. This way buyers will become familiar with the brand and possibly form a close relationship. CONS: • Indeed, a disadvantage of maintaining the same course is that the problem could arise a few months later. In other words, the competition would continue to gain customers over time while Under Armour would be out of the market.
ARE PROCUREMENT SOURCING AND PURCHASING THE SAME? EXPLAIN Many people use the terms purchasing and procurement interchangeably, but despite their similarities they do have different meanings. Let’s clarify any confusion on the difference between procurement and purchasing. Procurement involves the process of selecting vendors, establishing payment terms, strategic vetting, selection, the negotiation of contracts and actual purchasing of goods. Procurement is concerned with acquiring (procuring) all of the goods, services and work that is vital to an organization.