UNIT I
INTRODUCTION TO RETAIL MARKETING
1.1 Retail
Retail is the process of selling consumer goods and or services to customers through multiple channels of distribution to earn a profit. Demand is created through varied target markets and promotional tactics, sustaining consumers' wants and needs through a lean supply chain.
Figure: 1.1
Retail
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Retail derives from the French word retailer, which denotes to "cutting off, clip and divide" in terms of tailoring (1365). It first was noted as a noun with the meaning of a "sale in small quantities" in 1433 (French). Its literal implication for retail was to "cut off, shred, paring”. Retail is the last stage of any economic activity. By virtue of this
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1.3 The five principles of retail
i. The customer is the most important person in your business
The customer holds the key to every successful retail operation. Based on experience with a number of different retail businesses, this article will introduce you to the journey to make your business customer, focused, and realize the potential you have to make your retail business a success.
The main retail principle to master is the customer; the customer should be the centreof your business and everything you do must revolve around that customer. Knowing them, and focusing on them in everything you do, will help you grow your business and your team the customer is king. ii. Retail is detail
One of the most famous principles in retailing is, of course, “retail is detail” this is where the challenge lies, how do you become more detailed and what detail should you focus on, You need to address and improve your understanding of your customer. To do this, every retailer must focus on the detail and get the detail right the majority of the time. Mistakes are OK, but you must learn from them and do not repeat your mistakes. Customers will allow you some mistakes, but too many will turn them away; understanding the detail is a key skill to master in
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It is the outcome of socio¬economic factors. India is standing on the threshold of retail revolution. Retail Industry is one of the fastest changing and vibrant industries that has contributed to the economic growth of our country. Within a very sport span of time Indian retail industry has become the supreme attractive, emerging retail market in the world.
Healthy economic growth, changing demographic profile, growing disposable incomes, changing consumer tastes and preferences are some of the key influences that are driving growth in the organized retail market in India.
Some of the factors responsible for the growth of organized retailing are as under:
i. Growth of middle class consumers: In India the number of middle class consumer is growing rapidly. With rising consumer demand and greater disposable income has given opportunity of retail industry to grow and prosper. They expect superiority products at covered prices. Modern retailers offer a wide range of products and value added services to the customers. Hence this has resulted into growth of organized retailing in India. Growing consumerism would be a main driver for organized retail in India. Rising incomes and improvements in infrastructure are enlarging consumer markets and accelerating the convergence (meeting) of consumer
In this assignment i will be explaining how focusing on customers and how providing really good customer service is important in retailing. I will also be looking into the various ways customer service and sales techniques have changed in Tesco. To conclude, i will analyse the impacts made from different customer services and sales techniques in Tesco. As my selected business, i have chosen Tesco.
Mission The company’s mission is to exceed customers’ expectations in sections such as food, health and home retailer through great prices. They also have a purpose of the company, which is to help Canadians – Life Live Well. Values Real Canadian Superstore has many values and principles they follow. They believe in respecting the environment and preserving the land.
In today’s market, Walmart and Target are two of the top competing companies within the market system. According to Loudenback and Lee (2015) research on Walmart and Target stated, “We just released a list of the 50 most powerful companies in America, and Walmart came out on top as the most powerful company in the nation with Target a close second”. Walmart was founded 60 years after Target was founded. The two companies have found different ways and techniques to stay a top of their competitors. Within my SWOT analysis, I plan on pointing out each company’s strengths, weaknesses, opportunities, and threats.
PRE-GROOMING CONSULTATION AND HEALTH-CHECK When a customer arrives with their dog for grooming, you should be expecting to see them. You might know the dog and the customer really well already so you can greet the customer and their dog by name. But, if you don’t, make sure you’ve made a mental note of everybody and their names showing up for the appointed time. It really makes a difference. Treat the customer well.
GameStop is an American video game retailer. It operates primarily in the buying and selling of video game, gaming consoles and sometimes in electronics. The company sells both new and previously used video game hardware; physical and digital video games, pre-owned and value video game products; personal computer (PC) entertainment software in various genres, such as role-playing games (RPG’s), simulators, adventure and many more; digital merchandises, including PlayStation Plus and Xbox Live subscriptions; video game accessories, such as controllers, gaming headsets, and other add-ons for use with gaming hardware and software; strategy guides, magazines, and gaming-related posters and toys. The company is headquartered in Texas and different
I. Strengths of TARGET Corporation Target Corporation is one of the largest and oldest public discount retailing company operate in the United States. The company founded in 1902’s by George Dayton (as also known as Dayton Dry Goods in 1962’s). Target store has a huge store footprint and enjoys considerable brand recognition. Target’s portfolio of owned and exclusive brands is also its strength, which allow retailer to a valuable differentiating lover in high competitive retail environment.
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.
TRADER JOE’S – INDUVIDUAL ASSIGNMENT 1 Part 1 – Introduction What Joe Coulombe did was opening an ordinary supermarket into the industry but the strategies he took were separating the Trader Joe’s from its rivals. What he did was to offer products targeting sophisticated costumers who were searching for good bargains. The offerings of Trader Joe’s were so unique which are not found at rival shelfs. Another crucial decision he made was to take advantage of recent environmental movements such as the rising trend of costumers searching organic foods. The company also decided on selling private labelled products with lower prices than other brands of the same product.
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 study will apply various theoretical models in order to highlight the overall performance of Eataly, evaluating the factors that play an important role for the success of Eataly. Eataly is an Italian market being the largest all around the world; it offers variety of food and beverages, restaurants, retail items, bakery as well as cooling school. The study will provide an overview of Eataly, and the challenges they faced while operating within the market place. Retail industry presents relation between producers and consumers, thus, it allows the industrial firm reaching the market successfully and develop two way information transfer and services. according to Sebastiani & Montagnini (2014), among distributors, the grocery stores covers
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
In marketing, customer relation is very important, since customers play the main role in achieving ones
Customers will be a loyal customer if their opinions and needs are met by a company. I believe this is the most important building block. I have worked as a manager of a retail card and gift store in Wantagh for the past five years. Throughout my five years, I take great pride in the customers that shop with us. If there is something that I can do to help my customers or order them a certain product, I don’t hesitate.
Introduction The following strategic analysis report was carried out for Giant Hypermarket in Malaysia. Giant Hypermarket also popularly known as “Giant” is a subsidiary of Dairy Farm International. The objectives of the study is to advise the Board of Directors into a possibility to revisit and redesign the current business strategy based on the blue ocean strategy (Kim and Mauborgne, 2005) to provide value based innovation via cost reduction with increased value for buyers and to ensure sustainable business operation in Malaysia. Additionally, the analysis also includes the possibility of developing a global strategy for Giant.
First of all customer means A person who buys goods or services from a shop or business, loyalty means the state or quality of being loyal, faithfulness to commitments or obligations. So Customer loyalty is the key objective of customer relationship management and describes the loyalty, which is established between a customer and companies, persons, products or brands. “Customer loyalty is an essential aspect in any organization whether it is offering a good or providing a service. “Many organizations are looking for various ways to increase their customer loyalty as it has a positive effect on the profitability of the organization.” (Gremler 1996: 171, Abdullah et al. 2000: 826).The individual market segments should be targeted in terms of developing customer loyalty.