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Retailers Extensions or New Format based upon changing Consumers and Markets - Assignment Example

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Retailers Extensions or New Format based upon changing Consumers and Markets

My document examines effects of demographic shifts on consumption patterns. In addition, it highlights effects of changing consumer behavior on the performance off-price retailers and the marketing function numerous sources have revealed that demographic shifts pose significant impacts on the production, distribution, and individual consumer behavior. Significantly, demographic factors play a critical role in marketing. For instance, demographic trends can forecast change in the commodity demand. In addition, demographic variables influence profoundly on brand choice. Examples of off-price retailers include; the TJX companies, Ross Stores, and Big lots. These retail stores sell clothing and its accessories from major brands at relative discount. They take advantage of surplus and cancelled orders. In addition, they speculate on the mistakes made by counter parts in the full-price sector. Consequently, due to the increasing aging population, the declining middle class, and the high population of working women, it implies that there numerous surplus in the markets. In response, there off-price retailers are able to purchaser commodities in large quantities. Additionally, since they get the commodities at considerable discounts, they sell the commodities at relative cheap prices. Symbolically the consumers are able to multiply their savings significantly; due to their friendly prices, the off-price retailers retain more customers than the full-price retailers. As a matter of reciprocation, there is a considerable change in the customer behavior. Accordingly, if the above trend in the demographic composition remains, the off-price retailers would be better positioned. Additionally, they make supernormal profits due to the large commodity margins. However, this demographic trend may influence negatively on the off-price retailers. For instance, due to the existence of online off-price retailers such as the Overstock Company and the Bluefly Company, the off-price retailers may not enjoy the said supernormal profits. Actually, e-commerce enables companies to offer enormous discounts on various commodities such jewelry and kitchen products. In addition, the bluefly companies offer numerous brands at discounted prices. Consequently, the consumers may decide to get goods through online despite the cheap prices offered by the normal off-price retailers. Generally, the full-price retailers stand better positions because they are immune such market uncertainties. Sources have revealed that, the current changing demographics coupled with consumer spending strategies, and the emerging numerous stores, have created a new retail environment. Additionally, new retail concepts have brought significant competition in retail trade influenced by the rapidly changing consumer demand. Moreover, the competition has intensified widely thus affecting both full-price retailers and off-price retailers because they are trying to maintain their share in the market (Carr, Babin, & Zikmund, 2012). In fact, there is the need for retailers to device appropriate strategies in order to reinvent themselves. For instance, they can ensure that they offer convenience, assortment, and value. In addition, some retail stores ...Show more

Summary

Retailer’s Extension Name: Instructor: Task: Date: Retailer’s Extension The United States Demographics Profile (USDP) 2012 has revealed that, currently the estimated population growth rate (PGR) in US is 0.899%. In addition, the birth rate (BR) estimate is 13.68 births per every thousand people in the total population while the death rate estimates portrays 8.39 deaths per every thousand people in the total population…
Author : xernser
Retailers Extensions or New Format based upon changing Consumers and Markets essay example
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