It requires a blend of diverse knowledge and skills to meet the challenges posed by customers, products, staff and financial resources. It has been moved from the strategic planning stage to the implementation of that particular plan at the organizational level. In particular, the roles and responsibilities of the outlet manager and the centralized departments have been examined in order to give an understanding of the relationship between the departments, and how they support the directional development of the retail corporate strategy. After being appreciated on how well retail companies are organized and set up, it helps us know how logistics and information technology, underpin the smooth running of a retail business. It even concentrates on elements such as retail mix, which contributes to a retailers overall strategic market
The Exchange Process is also known as a ‘Transaction’.Marketplace: Marketplace is physical, when one goes shopping in a store. Marketing: According to the American Marketing Association, “The Activity set of institution and processes for creating, communicating, delivering and exchange offering that have value for customers, clients, partners and society at a large”. It begins with creating the demand and ends at the satisfaction of the consumer. Here the output of each activity is the input for another activity and so on… Therefore process for creating offering means companies comes out with products and services with the final output will be the idea that will be offered to the public to satisfy their needs. The offerings must have some value in the eyes of the consumers.
They may make decisions related to budget pressure, family needs or work demands. You would also want to be conscious of how they shop. This will involve monitoring to understand what their habits are, such as shopping in store or shopping online and whether or not they make spontaneous or carefully planned decisions. Learning About consumer preferences and needs The more a business understands about its customer’s tastes and preferences, the more successful its sales strategies will be. Taking time to learn about customers – what they value, what they know and what their communication preferences are – can help the effectiveness of sales strategies.
In order to ensure that the company meets its target in gaining the required market share, the company should among other things, ensure that it carries out an effective market research to discover the market gaps and have an idea of the best points of entry. This should be coupled with an efficient sales force for product promotion and distribution. The company should also deploy cross-functional teams charged with making key manufacturing and marketing decisions to ensure synergy when it comes to product release. Another key, but often overlooked aspect is getting the required logistics in place early enough. With logistics, the focus should be on the involvement of logistics personnel in developing strategy both marketing and managerial.
The variety and assortment of products in today’s world is growing heavily making consumer decisions harder and harder. Thus, the need of in-store visual merchandising be-comes relevant as never before. The more choices consumers are faced with, the more time they tend to spend while making purchasing decision, and visual merchandising may help to facilitate those choices. This reflection paper is aimed at drawing understanding on how visual merchandising influence consumer behaviour and how it stimulates the purchase de-cision. According to American Marketing Association (2015), visual merchandising is a broad concept that includes set of actions (product placement, point of sales materials placement, additional installations) that are made in store in order to make products stand out and attract consumer’s attention.
Promotion is an integrated and comprehensive terms, and covers the whole gamut of advertising, publicity, packaging, personal selling and commercial. The objective of this study is to provide an additional comprehensive understanding of the method of communicating client values and innovative services provided by the company. Today, it might be tough to seek out a company that doesn 't with pride claim to be a customer-oriented, customer- targeted, or evencustomer driven enterprise. Increasing competition is forcing businesses to pay rather more attention to satisfy customers. The amounts of satisfaction can also vary looking on alternative choices the client may have and alternative products against that the customer can compare the organization’s
Visual merchandising? The most important topic that helps the organisation to build and maintain its standard is visual merchandising. Visual merchandising can be defined as entire thing what the customer views an perceives as per the displays made by the organisation which includes both interiors and exteriors which is aimed to create a favorable image of the respective organisation or goods or services in the minds of the customers which in turn gives effective results to the organisation in terms of good number of sales, increase profits and etc. Visual merchandising is the simple story which communicates about what the store is all about and what products it deals with. Visual merchandising is an dramatic representation of the products
. A thorough understanding of the customer base will enable mall managers to more effectively develop focused marketing and communication strategies that appeal to potential customers. Market segmentation, a well-known business tool used to group customers into practical groups, will assist in developing these strategies. It will also provide some insight into consumer behaviour in the mall context. This literature review will highlight the motivating factor behind loyal customer behaviour as well as the influence of customer satisfaction.
The unstructured is much valuable piece of data which is available as tweets, clicks, feed and blogs. Companies are analysing the buying pattern and path of the customer and tries to improve customer experience by making the process seamless. Companies also use real time analytics to calculate the critical factors that would provide value to the customers. The value can be interpreted in terms of: • Analyzing in real time the geographic area and warehouse proximity to reduce end user product price. • Analyzing in real time, the current inventory levels and demand patterns to automatically trigger price reduction • Analyze current time for shipping, cost of transportation and predict approximate delivery
Customers are first introduced to the product at the retail store. Retail stores in turn serve as communication hubs for customers. The role of retailing in the marketing mix is very significant. Retailing can be divided into two major sections, viz. organized and unorganized.