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From this research, it is clear that consumer behavior mainly focuses on how an individual is making decisions about spending their time, money and effort on various products or services. It also includes what and why they are buying, place and time of buying, how often they buy the product and use how often use it and how they are evaluating it after purchasing the product or service and most important the effect of such evaluations on their future purchasing behavior.
This study will help to understand the consumer behavior and the retail marketing strategy of the duty-free market in order to take decisions regarding the correct retail marketing strategy.
Duty-free goods are found at ports, international airports, border towns, cruise ships, on-board international flights and in some other stores of downtown. These retail stores generally offer a wide range of products like alcohol and tobacco, fragrances, cosmetics, chocolates, sweets and luxury goods. From these duty free retailers, airports are earning higher profits. Many organizations have started to invest in the duty free market as it is a good opportunity for successful expansion of their business and it is mainly seen in the fashion industry.
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Tatum states, “Consumer behavior consists of the actions that consumers take in regard to making decisions about purchasing various goods and services”. The study of consumer behavior focuses on the factors that make consumers buy or reject a product.
rs for both personal and non-business use. A retailer or the retail store can be determined as a business entity whose sales volume generally comes from retailing. It can be stated that an organization making its goods and services available to the final consumers be it manufacture, wholesalers or retailer is said to be doing retailing.
However, these products are primarily the ones which are produced on a commercial basis produced by capitalist producers, rather than government initiatives. These cultures are nurtured primarily by private producers and marketers who stimulate the cultural roots of people to increase the demand for their goods.
The loose regulations that arisen contributed to the emergence of super rich class known as the “robber barons” who owned extremely large companies. The “robber robins” were known for their ways of lavish lifestyles and exuberant spending. Thorstein criticized the type of the behaviour and called it as being a waste, and he believes that the behaviour did not help the economy at all.
On top of retailing as one of the ways of distribution, Burberry team is also involved in wholesaling, and channel licensing across the globe. Burberry group has selling outlets in most parts of the world. Products sold range from clothes to fashion accessories.
The recent era of globalization has turned the entire market into a single marketplace. This practice is being continuously supported by technological up gradation as well as the innovative trends of marketing. Earlier, the marketers used to consider a specific market and used to design their products according to the needs of that particular market.
Also it is important to know that hat type of an image would a retail store project for its customers in the target segment harbor and what Retail Market Strategy needs to be applied.
Positioning of a retail store is important because usually people are buying brands when they come in a particular retail store.
This assignment is about consumer behavior and the buyer decision process as observed from real-life setting. The method employed in determining the subject’s buyer decision process is in-depth interview.
There are two subjects
The paper describes some of the trends in retail marketing which include incorporation of technology in retailing, self-service, automated vending machines, branding, use of barcodes, after sale service provision, e-commerce, store and loyalty cards, electronic point of sales (EPOS), and the use of mobile wallet
Then, the research managed to explore on the best retail marketing strategy based on the standard consumer buying behaviour model. The data consisted of a thorough review of the literature from credible authors and
15 Pages(3750 words)Essay
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