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Copy of Topman SALES - 4 KPI's to complete

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Copy of Exercise 2 COMPANY BEST SELLERS - STUDENT

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Every business should invest time and resources in creating consumer profiles of your ideal customers.

These profiles describe consumers based on different categories so they can be grouped for marketing and advertising purposes. By targeting advertising to a specific market segment, companies and marketers can find more success in selling a particular product and increase profits. Consumer profiles allow you to define and describe these market segments.

Consumer Profile Definition

Before marketing a product to potential customers, you will need to define your target customer based on their:

A consumer profile is a description of a customer, or a set of customers, based on the characteristics that they have in common.

Using Market Segmentation to Create Consumer Profiles

No matter how targeted your product, there will be some variations in your ideal customers. For example:

Your customers might all be the same age but live in different geographic regions.

You offer products at different price points to allow you to reach customers at different income levels.

You offer one product that can appeal to customers with different interests.

Some of your customers watch network TV, while others are more likely to see advertising on social media.

Creating multiple consumer profiles allows you to segment your customers based on these differences. You can then use this market segmentation to create advertising that is more successful with different groups of customers.

There are many different traits that can be used to segment customer groups, such as:

Demographic: Age, city or region of residence, gender, race, ethnicity, or household composition.

Socioeconomic: Income, educational attainment, occupation, neighborhood, or association memberships.

Brand affinity/product usage: Product engagement, purchasing history, or level of brand loyalty.

Psychographics: Lifestyles, life stage, personality, attitudes, opinion, or voting behavior.

Generation: Specific generation cohort group.

Geography: Geographical area in which consumers reside and work.

Geodemographics: Combines geography and demographics, which may cluster into identifiable groups.

Benefits: What consumers are looking for when they shop for products and services.

Consumer profiles are often used by market researchers, many of whom develop proprietary consumer profiles or use panels of consumers who have been classified according to their common attributes.

However, any business can and should create consumer profiles to allow for more targeted marketing and advertising. You don't have to work with a market research firm to develop useful consumer profiles.

Segmentation Systems for Creating Consumer Profiles

If you do want to use preexisting consumer profiles, there are many options available.

Market research firms often make their consumer profiles available for discrete market research projects that are conducted for their market research clients at large companies. There are several different examples of classification categories that market research firms use.

ABC1 is a common grouping strategy based on the professional job role of an individual, a person designated as the head-of-household, or the main contributor of income to a family. The termABC1 is shorthand for the first three socioeconomic groups in the taxonomy, which is:

A = Senior or higher managerial, administrative, or professional

B = Intermediate managerial, administrative, or professional

C1 = Supervisory or clerical, and junior managerial, administrative, or professional

C2 = Skilled manual workers

D = Semiskilled and unskilled manual workers

E = Everyone entirely dependent on public support (chronically ill, unemployed, elderly, disabled, and other reasons)

Lifestage and other special groups are mostly categorized according to proprietary consumer research or census-based research. Different countries associated specific percentages with each of the life stages groups. The standard taxonomy for life stage groups is:

Pre-Family or No Family: Younger than 45 who are not parents.

Family: Any age with at least one child younger than 16 still at home.

Third Age: Ages 45-64 with no children younger than 16 still at home.

Retired: Older than 65 with no children younger than 16 still at home.

ACORN (A Classification of Residential Neighborhoods) is a geodemographic segmentation used in the United Kingdom. The system uses census data on residential areas to categorize consumers based on income, education, ethnicity, and other traits. Postal codes then can be associated with specific ACORN categories because people who live in neighborhoods tend to share a number of attributes.

MOSAIC is a system of consumer classifications that covers consumers in 29 countries, including the United States, Australia, Eastern Asia, and Western Europe. It identifies 10 types of residential neighborhoods that can be found in cities around the globe and classifies more than 400 million households worldwide.

ESRI Community Tapestry is a system for classifying households in the United States. It divides U.S. neighborhoods 14 LifeModes, including:

Affluent Estates, Upscale Avenues, Uptown Individuals

Family Landscapes, GenXurban, Cozy Country Living

Ethnic Enclaves, Middle Ground, Senior Styles

Rustic Outposts, Midtown Singles, Hometown

Next Wave, Scholars and Patriots, Unclassified

These LifeModes are subdivided into more than 60 market segments such as Top Tier, Enterprising Professionals, Rustbelt Traditions, and Urban Villages.

CAMEO is a classification system that divides consumers into segments both within specific countries and around the world. CAMEO UK classifies households within the United Kingdom, while CAMEO International is a global system that segments customers across borders. CAMEO Global is the largest system of segmenting consumers in the world, covering buyers across 40 countries in Eastern and Western Europe, the Americas, Africa, and the Asia Pacific region.

PSYTE HD is a Canadian geodemographic system that uses postal codes to classify consumers into more than 50 groups based on lifestyle and neighborhood. It uses the Canadian census as well as third party data to create a comprehensive map of consumer behavior based on neighborhood.

How to Use a Consumer Profile

Once you have collected relevant information about your current and potential customers, creating consumer profiles that describe specific segments allow you to envision a person interested in your product. This gives you an in-depth understanding of:

What will motivate them to find your business.

The benefits they are looking for.

Where they are most likely to interact with your advertising.

The messaging that will best appeal to their needs and wants.

Once you have a clear picture of the type of customers your business should be targeting, you can create an appropriate marketing strategy. Your ideal customer profile will help you pinpoint the who, where, and how to reach potential consumers interested in what your business has to offer.

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How to Create the Ideal Consumer Profile

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Every business should invest time and resources in creating consumer profiles of your ideal customers. These profiles describe consumers based on different categories so they can be grouped for marketing and advertising purposes. By targeting advertising to a specific market segment, companies and marketers can find more success in selling a particular product and increase profits.

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Ideas on creating a store

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Anyone who has ever run a retail business knows that it can feel a little (or a lot) like a roller coaster. There are so many different factors that go into overall success of a retail business-and many of them aren't directly under the business owner's control.

Still knowing the cause of a disappointing (or exceptionally good) quarter can help you plan your strategy and stay in business even during the tough times. These 5 variables are factors every business owner should pay attention to, since they all affect how-and what-consumers buy.

1. Competition

Being the only vendor of a product is something every retailer wants-they want to be the place to buy, to offer unique value to customers. Consumers, on the other hand, want options-competition what keeps prices in check and allows consumers to have a say in what's offered.

Healthy competition isn't detrimental to a business, but many retailers are seeing changes in how competition affects their sales in the information age.

Now, consumers can easily price check and order online-which can drive down prices and make it more difficult for retailers to make a profit. About 8 in 10 shoppers make at least some of their purchases online, which is why retailers need to understand both the competition down the road-and the competition on the web.

2. Political Climate

You might be surprised to learn that the political climate and election results can have an impact on certain sectors of the retail market, but statistics show that they do. One example of this effect is in the firearms industry.

During the Clinton and Obama administration, more firearms were manufactured than during the two Bush presidencies. More than 10 million guns were manufactured during 2013 -more than double the peak of any Bush presidency year. While politics may not have the biggest impact on retail sales, they do seem to play a role.

3. State of the Economy

When people are feeling confident about their job prospects and the economy, they buy more. That, in turn, drives even more economic growth, resulting in a healthy economy. In December of 2017, retail sales were up 5.5% from the previous year, totaling $5.7 trillion for 2017. Since retail sales up by 3% or more overall indicate robust economic growth, overall sales are a good indicator of how our economy is doing as a whole. During downturns, most retail businesses suffer-along with everyone else.

4. Trends

Consumer trends are important for businesses to pay attention to, because these shifts can have lasting impact on a business's success. For example, many consumers are concerned about how retail products affect the environment, and are more interested in sustainable options when shopping.

Businesses that provide products which are harmful to the environment, or come in bulky, unnecessary packaging lose out on the business opportunity presented by this trend. The same is true for brick-and-mortar vs. online shopping.

Customers still shop in store-but they like to have the option of shopping online. Companies that adapt to consumers' preferences can survive and thrive, however. The good news? These shifts tend to happen slowly, giving retailers time to react.

5. Technology

Technology affects every aspect of our lives, and the retail market is no exception. While the influx of data that is now available to retailers can be very valuable, there are downsides for businesses, especially small retailers. Consumers can now price-check on the fly and see what their other options are in real time.

Technology has completely changed the landscape of some industries, such as travel and health care, thanks to AI, big data, and the Internet of Things (IoT). Retail has also seen its fair share of changes, including mobile payments, targeted advertising, big data, and e-commerce. As time goes on, technology will play an even bigger role in how we shop-and retailers need to be prepared.

Adapting to Changes

Even though these 5 variables can make a difference in sales, they don't mean that businesses are powerless in the face of market variables. Companies that can adapt to changes in the market, whether that means shifting more of their business online, changing their products to be healthier or more sustainable, or simply changing marketing approaches to appeal to a younger audience.

Knowing the economic, political, and social factors that play a role in strong retail sales-and being ready to pivot if necessary-can mean the difference between a flourishing business and a stagnant one.

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5 Important Variables That Affect Retail Business Success | SmallBizClub

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Anyone who has ever run a retail business knows that it can feel a little (or a lot) like a roller coaster. There are so many different factors that go into overall success of a retail business-and many of them aren't directly under the business owner's control.

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For product ideas for range plan

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Could Improve on adding a further development area for the product

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Improve on the Harvard referencing, add books and more links

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https://www.linkedin.com/in/britney-richer-6481901a3/

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Texture theme

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Pretty punk theme