Retail Success

The study of consumers helps firms to develop their marketing strategies by understanding issues such as how consumers think, feel, reason, and select between different alternatives (e.g., brands, products, and retailers). Changing lifestyles are prompting changes in the retail environment across the Globe. Scarcity of time and increase in disposable incomes have created a need for new types of retail formats. This means that retailers will have to become better at knowing their customers and predicting their needs and wants. Retail success in today's competitive environment is all about getting the right product to the right place at the right time, at the lowest cost possible. The major problem confronting retail management executives is identifying the factors that affect store patronage. Research pertaining to store patronage/choice is the need of the hour, because the outcome of any such research work would help the corporate to implement innovative changes in their product portfolio and thereby retain the customers. The book analyses the various factors underlying consumers' choice of a retail store.