There are numerous techniques are being followed to understand and gauge consumer attitude or behavior for any particular product. Many a research agencies adopt various methodologies in order to find out and analyze consumer behavior. Consumer Attitude plays an important role for a marketer to formulate marketing tactics and strategies to enhance the services of current product/brand or to launch a new product under the same brand name. Understanding Consumers attitude and preferences through Retailers would give a marketer following information needs to develop future strategies for a brand:
- Overall Market Size of a Brand
- Brand Share of each Brand
- Most Selling Brand
- Overall Picture of Features of a Brand
- Granulites of Brand Features and its share
- Different Price Point Share
This type of methodology comes under longitudinal research, collecting face to face data on a regular basis from retailers excluding wholesale data. The higher the sample coverage the higher would be accuracy and authenticity of data on aforementioned objectives. Retail Audit approach extracts concrete hard core data which get marketer out of from grey shades of doubts. This type of technique exactly reflects the true picture of the audited market irrespective of the product; it can be anything FMCG or non FMCG product. Aforementioned information can bring the following benefits for a marketer in order to make productive decisions for its brand and further improvements in its marketing strategies.
- Product Life Cycle of the Brand
- Future Developments of Competitors
- Potential Threats and Opportunities for a Brand
- Enhance Distribution of the Brand
- Improvise Product Availability
- Improvise Promotional Activities
- Improvise Features in New Product
Basically, it can be extracted from ground work, i.e. fieldwork face to face data collection technique along with online EPOS (electronic point of Sale-Barcode) data sharing. The extracted parameters of Retail Audit can help marketer to take some tactical and strategic decisions for the brand. On the other hand it would provide benefits for large retail chains i.e. SharafDG, Jackey’s, Eros, E-City, Carrfour, Dera City Center and many a more to stock the products according to the demands of consumers and products which are in the monthly Top selling hit-list.