Customer Profile

CUSTOMER PROFILE

•      A good method of identifying and understanding customers is to develop customer profile.

•      This approach is similar to that used in market segmentation.

•      The marketers creates some basis for dividing the various customer groups.

•      The marketer then develops a typical customer profile which helps to analyze and understand consumer behavior.

COMPONENTS OF CUSTOMER PROFILE

•      Customer profile analysis :

Customer profile that gives an indication of who might typically use their outlet. A customer profile is affected by the macro business environment.

A customer profile is also influenced by the micro-environment, the specific business arena in which the individual market operates.

The perspective of changing consumer profile can be very important to the marketer in order to adequately manage the marketing mix and formulate a marketing strategy.

•      Changing customer profile includes into two categories.

Changing customer demography

Changing in consumer values and life style.

CHANGING SHOPPER DEMOGRAPHY

•      Demographics comprise selected characteristics of a population

(Age and income distribution and trends, mobility, educational attainment, home ownership and employment status.)

The study of the population in terms of measurable aspects such as birth rate, age profile, working pattern and occupation, total income and expenditure levels.

The changes are out of the marketer‘scontrol.

Some demographic changes those are likely to impact on the business.

1. Generation cohorts.

2. Age profile

3. Income and Expenditure

4. Ethnic Diversity

5. Working patterns

1. Generational cohorts (buddies or followers)

•      Those who share historical or social life experiences. These life experiences tend to distinguish one generation from another.

•      Members of the generation groups are linked through shared experiences which create a bond tying members together in what has termed as cohorts.

•      Generation cohorts includes

1. Seniors before 1946(conformity, conservatism, traditional family values, team player)

2.Baby boomers 1946-1964(experimental, individualism, free spirited, less optimistic)

3. Generation X 1965-1976 (quest of emotional security, independent, informality, entrepreneurial)

4. Generation Y 1977-1994 (physical security and safety,patriotism, heightened fears, acceptance of change) bal. b/w work and life style.

5. Tweens 1995 to till date (Belief in individuality, technology interpreted, fast face living)

Changing customer demography

1. Age profile (falling population of teenagers)

2. Income and Expenditure

(The changes in income brought changes in spending pattern of the consumers)

3. Ethnic Diversity (Differences in groups, culture, customs, religion etc)

4. Working patterns (The trend of more women's to enter into workplace. Increasing of working time in work place)

CHANGES IN SHOPPERS VALUE AND LIFE STYLE

^v   Changing shopping perspective

^v   Changing patronage for different retail format

^v   Attitude towards shopping:

1. Shopping experience

2. Attitudes towards shopping time

3. Changing feelings about retailing

4. Reasons for buying or not buying

5. Attitude by market segment

6. Attitude towards private brand

^v   Impulse purchase and customer loyalty:

1. Impulse purchase

a. completely unplanned

b. Partially unplanned C.unplanned substitution

2. Customer loyalty.