I. Introduction
This research assignment is about my choice of industry which is the retail industry that been started since 1900’s from a corner store to an e-commerce where the retailers sells their products to the public people. The data that I collected will assist us to understand on how entrepreneurship applied to this particular industry and information regarding this industry will further down to its entrepreneurial activity then to its new venture sector that will be part of the main body of this research paper. II. Retail Industry
This retail industry is about selling products and services such as foods, consumable products and durable goods to their customers through different distribution channel like supermarket, department store,
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For small retail shop their usual problems are the expensive rental of their space area, limited inventory or product range that they can display in their shop because of small place area and as they only spend less to the supplier so they can’t reduce the retail price unlike the large retailer shops.
2. As for this modern days, new technologies are keep coming out that can make the work more faster and convenient for both sides (buyer and seller) but it is also one of the problem that a retailer facing where they need to constantly updates their technology equipment. Like their consumer having smart phones now a days that they use to be more knowledgeable about the products as they have more access to its information to easily compare each different products and they want to consume it in more convenient way.
3. For those who will start a new retail shop the first and most problem that they are facing is about finding a good location where they can easily attract their target customers. Once they find a good location there are still some possible risks that they may face to that particular location for example there are many competitors that are already in that place or once their business keeps growing they might want expand or to target more customers in different
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Retail industry is about having a physical store where it’s not only involves selling your products but also about having your staffs to serve and assist your customers. Having a staff that will support you in handling your shop will also cause some problems like employees turnover as this create problem to your human resource department they need to keep recruit new staffs and also train them as well that’s is why it cause of inefficiency.
IV. Entrepreneurial Activity
The level of entrepreneurial activity is about the measurement of the success or opportunities that public people sees to the new products, services, and job that been created to solve the problems in a particular business in a certain industry or to help to temporary start-ups. It is also about the marketing strategy of advertising their new come out solution to be able to make customer aware about
Therefore, by New Belgium promoting their company as a down to earth company and their wonderful product helps enhance customer satisfaction which will lead to an increase in
The quality is being maintained, and new features and services are continually being added in order to further expand their brand and company. They promote to a wide audience, and gain community and corporate support which allows them to continue to grow and expand (QuickMBA,
The company could expand even more to increase their market share. They must keep communications open through their relationships to avoid miscommunication and confusion. References Karniel. A and Reich.
The demand on these stores it can vary depending on what is sells more. The item or items that sell more is where there would be more jobs. For an example if in the market the whole produce is in high demand that’s where they would need more people. The more they shop for goods in every store it can be from a want to a need it has a high demand to the sellers.
The achieve success in such a dynamic apparel stores industry across various countries is to diversify the systematic risks of political environment. Nordstrom can closely analyze
We will provide on-going development towards our product and customer services in order to become the best in terms of customer value, employee talent and predictable growth so that it may achieve competitive advantage in this
Consumers are opting for online purchasing options that make them buy the products as per their own convenience, which includes in store pickups and home delivery. It also helps them get products that are refurbished, discounted, and have the best reviews. Therefore, the main reason for the closing of the stores is the competition between online and offline retailing. This competition has led to the rapidly declining annual income of major retailers such as Macy’s and Kohl’s. Macy’s and Kohl’s are closing their store and consolidating their strategic positions.
Target corporation has many different location-related decisions to process in more than one aspect. The company must decide on the location of its retail stores, manufactures, and support help. Often the decision to outsource or participate in offshoring can be tempting to a company. Well the impact of outsourcing and offshoring must be examined to ensure that the decision is in the best interest of the company.
Introduction As the world we live in today continues to flatten, new channels begin to emerge across the globe. The technological age that we live in today has forever changed they way retailing functions, creating new opportunities for international success. However, the thought of internationalization can be daunting for many retailers, especially due the large history of retailers who have expanded internationally and then failed. Although this type of expansion can be overwhelming, if done properly, the new retail format can generate a great deal of success for the retailer.
Retail positioning aims to provide competitive edge by differentiating the retailer from its competition. This differentiation can be achieved through retail offerings that appeal to, and are easily identifiable to by its target market. This process is done by selecting market segmentations and matching them to the retail offerings as precisely as possible. It is vital to understand the consumers needs and wants in order to make a proper match and be distinguished from other retailers. Nordstrom distinguishes itself from other retailers by positioning itself as an upscale fashion store with outstanding customer service, and its multichannel approach.
The sector is witnessing a radical change as traditional retail markets are replacing with new formats such as discounts stores, departmental stores, hypermarkets, supermarkets etc. In this competitive environment the retailers are more forced to concentrate towards Customer service & their satisfaction. In retail stores, the customer service is includes like counter service, billing the products, offer explanation to customers, providing them coupons, explain the product
It would aim at establishing a strong customer lifetime value. It would also search for new markets in other
Metro is the largest wholesale center in Pakistan. It was founded in 2007 and created its 15 wholesale centers within a period of 18 months and metro did their wholesale business merger by July 2012 to start up a long term partnership for both companies. The benefit of this merger was to given financial strength and to combine resources. It is a retailor which mainly focuses on dairy products, fruits and vegetables, bakery, detergents, electronics, grocery, home textile, kid’s world, sweets and chocolates, households and imports. Metro is working with over 2300 employees approximately all over Pakistan.
Since the beginning of the 1990’s, e-commerce has radically changed consumer behaviour by introducing new retail channels (Ngai and Gunasekaran, 2007). Serious attempts to trade online started to emerge in the mid-1990s wheninnovative, technically savvy companies responded to the opportunities and challenges posed by the internet, to develop sophisticated web sites to serve customers, in their homes (Rayport and Sviokla, 1994). The present retail environment is characterised by new, store and non- store, retailing formats, a wide range of new products, use of new information and communication technologies and consequently, the changing customer needs. Moreover, the dynamic lifestyle conditions of consumers has resulted a change in their personal environment that contributes to a profound change in customer behaviour (Schröder and Zaharia, 2008). Retailing in the 21st century means doing business with customers on their terms (Mathwicket al., 2002).
Entrepreneurship in the Philippines is currently booming and one of the best things a person can do today is start taking action in putting up its own business or acquiring a franchise (Louren, 2017). Entrepreneurship is a state of mind. It is not identified or measured with the type of business a person is in the success of that business but rather it is the total way of life for entrepreneurs. Being an entrepreneur requires distinct personality traits such as having a risk-taking personality, need for achievement, internal focus of control, tolerance for ambiguity and having a type A behavior or striving to achieve more in less time and general competitiveness (Gilles and Mondejar, 2008). Entrepreneurship has been described as the “capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit” (www.businessdictionary.com).