Targeting the female consumers

Women are responsible for the majority of shopping in most of the world economies. The female consumers are usually the one’s purchasing the grocery, cloth and school supplies for the kids. But the role of that that the women consumers play goes deeper than simply shopping for the household regulars. The role that the female consumer plays in the economy as developed over the years and marketers are beginning to understand the importance of the female consumers in the market place. According to Kelly Westman, “Today's woman is sophisticated, educated, savvy and, most importantly, more independent than ever before”.
MasterCard Canada conducted a detailed study of 2,088 women that explores their attitude and behavior over their lifetime. The findings identified 5 life stages of the female consumers: Emerging Consumers, New Earners, Moms, The Established and Silver Spenders.

The key findings are as follow:     

• Canadian women are cast in many financial roles through the course of their lifetime, and those roles shape how they spend, where they shop, and how they feel about their finances
• At each life stage, women's economic circumstances are markedly different and their behavior and attitudes as consumers change.
• Canada's most powerful female consumers are the New Earners. Simply put, working full-time equates to more disposable income.
• Motherhood is the turning point that transforms women from individual spenders into the Chief Purchasing Officer of their households, a role they embrace.
• Indulgences: when asked what one thing they would always spend money on to treat themselves, women were most likely to say a food/restaurant purchase (25 per cent), followed by new clothes or shoes (14 per cent). Among Moms, simple treats like coffee in the morning (nine per cent) or a magazine or book (eight per cent) rise in significance

 Another major survey, recently conducted by market researchers ACNeilsen Panel Track and Hardliners, an electronic news service for the home improvement industry, indicates that women now make 80 percent of the decisions about where to go shopping. Women  love to shop but it is important to understand that it is not only the purchase that women love; it's the shopping experience itself that make them tick. Most Companies are finding ways to appeal to women consumers while others are struggling to find their footings and as result women are still underserved in many consumer categories.  The companies that are capitalizing on the opportunities to satisfy the women consumers are the one’s who understand the things that makes them tick. Women consumers, more so than men, care about whom they purchase from. Women will pay a premium for a product or choose to shop at a particular store if they feel that the business owner is trying to make a difference in the world. Most females will support a retailer or identify with a brand if they feel that they can trust the company and its products. Once they find a store that they feel comfortable dealing with, they are loyal supporters. Jennier Reed, vice-president of public affairs says, "Canadian women generally embrace their role as important drivers of the consumer economy

Woman, none the less, aren’t hardwired and they are enticed by different taste. "Advertising to women is about learning the truth, and the truth isn't about the product- it's about the person using it," wrote Joanne Thomas Yaccato, president of the Thomas Yaccato Group in Toronto, in her bestselling marketing book, the 80% Minority (Viking Canada, 2003).
Women spend more time and put more effort in their shopping habits than men do. Women spend a greater deal of time seeking out bargains and deals. Working with a limited budget, women consumers are the ones that find the means and ways to manage the household. Jennier Reed, vice-president of public affairs says, "Canadian women generally embrace their role as important drivers of the consumer economy. Understanding women consumers and targeting them successfully takes good market research, good marking and the offering of quality products.

Canadian Own vs. Internationally Own

The Canadian economy is one of the most stable economies in the world. Although Canada is sometimes seen as the smaller cousin of the United States, Canada has always been proud of its own achievements. There is countless number of proudly owned Canadian companies around the world today. In the case internationally owned companies in Canada; it has always been matter of political debate. Nonetheless, the paradigm of free trade as old firm. Today, Canada’s has one of the most of diverse population in the world, and this diversity is also present in the business sectors.

Some in Canada will argue that too much foreign own companies are bad for the economy, while others will argue the opposite. The definition of “foreign owned” can also be a matter of debate at as well.

Despite the concerns of some, the Canadian economy has a large number of foreign owned companies competing with those locally owned. Many would say that the foreign companies are actually doing better than Canadian companies, at least in some sectors. The retail sector for example comes to mind first because of the number large American retailers in Canada. Large establish retailers like, Home Depot, Lowes and Wal-Mart are all top performers in the Canadian retail market. Many new foreign retailers are also looking to get into the Canadian market. Stores like Ann Taylor, Nordstrom and Target are set to establish business in Canada, following the footstep of J. Crew and Marshall that came to Canada in 2011. The impact of these companies coming to the market is seeing in the closing down of many companies that was considered Canadian. Most recent was Zellers, which is being converted to outlets for Targets.

Canadian market is getting more appealing to outside companies and more foreign business will be looking get into Canada. A number of things is contributing to the appeal of the Canadian market are; the increase in value of the Canadian dollar, Canadians now have more disposable income, There is less competition in Canada and the retail market in Canada is growing fast. The US retailers, also doesn’t have to do much advertising cause they are already well known in Canada. No matter which side of the flip coin you’re on, the main concern is the state of the Canadian economy. If the foreign companies are benefiting the economy then by all means they should be welcome to Canada.

The Banking Sector of Canada

Canada has a very stable and well run financial sector, which heavily regulated by the Canadian Government. The strength of the Canadian economy was tried and tested during the most recent depression, but it stood firm.  America, who has a more “hands off “, approach to their economy, paid the price. Unfortunately, many other countries around the world also had to pay the price. The thing is what must acknowledge is that the financial industry of a country is different from other industries and must be paid close attention. It’s easy for companies to abuse policies and take advantage of customers for profit. 

The financial sector in Canada has number of different financial institutions which provide a number of financial services. Canada has about 76 different Banks, some more recognize than others. The major banks in Canada, more popular called the big five are; Royal Bank Canada (RBC), Toronto Dominion bank (TD), Canada Imperial Bank of Commerce (CIBC), Bank of Montreal (BMO) and the Bank of Nova Scotia. Canada’s big five banks are all classified as schedule 1 banks and they are among the strongest banks in the world. The banking sector of a country is very complicated and involves allot of know how to operate. All of Canada’s’ big five banks have large asset base, and they have the necessary people that can operate them successful. Another major reason not be overlooked is that Canada’s banks are largely capitalized when compared to other countries.

Canada with so many strong banks and other financial institutions, like credit unions and mutual funds companies, has made the industry very competitive. A competitive market is good for the consumers and is vital to any country’s economy. However, being much regulated, the banks in Canada have specified markets and boundaries of operations. None the less it does not by any means reduce the competitiveness in the Canadian financial sector. Canadian consumers are looking basically for three things from a financial institution, these are; a place to grow their money, a source of capital and provider of financial advice. A consumer will likely walking into a financial institution with one of those three things and there mind or all of them.

Customer service is still a big part of the financial sector and consumers are expecting the best services when it involves their hard working money. All the banks recognize the need of quality customer service, none so more TD banks, which well recognized for its customer service. Banks in Canada have to structure their service in particular ways that beneficial to consumers, within the law and profitable to them. Seeing that all the big five banks of Canada are operating on the same platform, you have to wonder how they separate themselves from the competition. Again customer service is the key in the banking sector of Canada. The reason is that customer service in the financial sector is more detailed and involves much more than just a smiling and having a nice voice when talking to customers.  Consumers are looking for profession advice to make important financial decisions. Knowing that financial information can be complicated and hard to understand, banks must find ways to convey the right information to customers.