The department store retailers offer products at various pricing levels. This type of retailer adds high levels of customer service by adding convenience enabling a large variety of products to be purchased from one
Some of the retailers even offer additional services when u purchase merchandise from them like gift wrapping and personal shopping consultations to attract new buyers or to detain old buyers. Furthermore, consumer is able to give their thoughts and feedbacks after they purchased their products. The knowledge and skills offered by retailers are key for generating sales, profits, and customer loyalty for suppliers. (Martin Taison 2013) Lastly, retailing business is one of the world widely used marketing channel as it could easily improve the profit of the company and be able to enter the international market. Sales agent doesn’t buy goods directly like a distributor.
Notes on Category management what is category management? Category management is the grouping of similar or related items that the customer would like to find together in a store. Category management is mainly used as organasational aid to better manage and monitor predefined groups of products. Category management is linked to the four PS because its aim is to have the right product at the right price at the right place at the right time in order for the business to meet its projected sales targets and generate required margins and maintaining good stock cover of its categories in order to avoid stock out situations. “Product category is controlled by the consumer behavior, the consumer drives what happens in the category.
If approved, the order will be transmitted electronically to the corporate office and the regional distribution center. At the distribution center, many stores’ orders are received, and all these requisitions are used to request orders from its supplier, MARs. Because demand can be difficult to predict, and because Target utilizes its own distribution centers that support multiple stores, they can place larger orders, and they can be almost assured that the goods purchased will be used at a store somewhere. Another advantage Target might recognize through its distribution centers is if one store has too much product, a request can be generated to return
Newell Company: Corporate Strategy Newell Company has an advantage by following there company’s mission and philosophy. The philosophy is “Build on what we do best” started by CEO Dan Ferguson. Newell focuses on selling multiproduct to large mass retailers with high-volume and low-cost. Their mission is “Newell is a manufacturer and full-service marketer of consumer products for serving the needs of volume purchasers.” One of Newell’s main strategies is serving the mass retailer. The strategy of acquiring new businesses helps to improve manufacturing processes in order to get high-volume and low cost product.
Promotion is defined by Merriam Webster as “the furtherance of the acceptance and sale of merchandise through advertising, publicity, or discounting”. Consumer Buying Behaviour is defined as “the result of the attitudes, preferences, intentions and decisions made by the consumer s in a marketplace before buying a product”. There are four types of consumer buying behaviour. They are: complex buying behaviour, variety seeking buying behaviour, Promotional Activities, makes consumers communicate with producers, such as media advertising, direct mail, personal selling, sales promotion, business promotion, trade promotion, public relations, packaging, store displays, website design, and direct personnel. The promotional strategy has become an important part of the business organization; because the success of the business organization basically depends on the different types of sales promotion schemes in order to attract the customers.
In an age, where the customer is the king and marketers are focusing on customer delight retail may be redefine as the first point of customer contact. The retailer as the link between the producer and the consumer: from the customer’s point of view the retailer serves him by providing the goods that he needs in the required assortment at the required time and place. From an economic stand point the role of a retailer is to provide real added value or utility to the customer. It is necessary for retailers to fully understand the motivations that drive the customers. The retailer serves the consumer by functioning as a marketing intermediary and creating time, place and ownership utility for the consumer.
Company leaders first need to establish their brand attributes and determine the implications for interaction with customers across all touch points. Companies also need to determine how different customer tiers – from steadfast and highly profitable segments to occasional shoppers – are to be treated. That means training employees thoroughly, steering customers to the appropriate channel, and satisfying customers so well that they become advocates. Establishing a sound CRM foundation is essential for any industry intending to implement a loyalty program – since success depends on achieving a complete view of the customer. This is true for business-to-consumer industries, such as travel, hospitality, and wireless services – as well as for business-tobusiness industries, such as construction and energy, where loyalty programs are becoming increasingly relevant to enhance customer relationships.
There are several factors that can influence customer loyalty. First the place and product, which means how easy is it for customer to access the place, Second is promotion There are many ways to promote the business, from pricing specials to free gift with purchase. As we
1 Introduction 1.1 Background As Per the Economic Survey of Pakistan (2013-14), this reveals that retail and wholesale being the largest subsector of services contributing around 31.94%in the service sector & has a contribution 18.6% in GDP. There is a substantial growth of 5.18% in comparison with 3.38%in previous year. This sub-sector is considered as the 3rd leading share as a % of Gross Domestic Product after the Industrial and Agriculture Sector (Fedral Budget Publication 2014-15, 2014). In preceding five years, as a result of massive growth in the wholesale & retail sectors & the advent of supermarkets or malls has vigorously influenced the behavior of the consumer i.e. fashioning a new community of passionate & enthusiastic consumers from the upper & middle classes.