Retail Management. Globalization of economic (Essay) - 275 Words

Retail Management (Essay Sample) Content: Running Head: Retail Management Case study of retail management Name:University:Tutor:Course: Date:IntroductionWith the increasing globalization of economic and business enterprises marketers have embarked on an effort to ensure that they make use off the available technology to enhance their course. A very good example is where most of the organizations have adapted the use of E-marketing. It is worthy to note that even with the emergence of E-commerce; most of the problems that E-retailers face are not appreciated by most of the store shoppers. When retailers understand their consumers, business relations can be greatly improved because the retailers will seek to improve the shopping experience of the consumers who will in turn come back for more and more (Davies, 1998). This case study will focus on what retailers can do to better understand their consumers and their behaviors for a better business.The most important points a retailer can learn about a consumer A s consumers have to beat the little time they have to accomplish a couple of tasks, most of them look forward to making the best out of the shopping time. It is therefore important for retailers to understand that consumers look for three most important things when going for shopping i.e. quality products, convenience and they need to be well informed before making any choice. This is so because most of the consumers will not compromise on either quality or brand and settle for anything lesser than what they have been looking for (Blythe, 2001). In the era of E-marketing, most of the retailers have decided to make sure that consumers are well informed on the product by having them posted on their websites as well as having the zoom and pan option for the consumer to have a better view. Others have gone the extent of using 3D so that the consumer can have varied view points before making any decisions. On the issue of compromise, consumers will walk out of one store and get to anoth er just to make sure that they get hold of what they want. In order to cater for this demand, most of the stores stock up the different products that the consumer might be in need of. The three main things that retailers need to know about consumers can be summarized into shopping productivity where consumers will get the best while spending the least possible amount of money, one-stop shopping where they can get hold of all they want at a go and convenience in shopping. Consumers are looking forward to great and greater shopping experience every time they go out for shopping. This means that given the way people who mostly are consumers are becoming busy and committed i.e. they have to balance between work, family and household chores not to mention that they need to have some leisure time, most of them would like to enjoy their shopping experience. This means that consumes want a variety of products and brands to choose from while at the same time they should be located within t he same building (Davies, 1998). To ad onto that they still want to be fully informed about the product they are buying their effects and how they will be of value to them. All the products should be of high quality i.e. the consumers should be satisfied with the quality of the product and where possible they should be made in such a manner that they meet their tastes. All these should be accomplished with convenience and at the spending of the least possible amount of money (Blythe, 2001). This means that the consumers are seeking more and more from the retailers while they want to spend less and less of their energy, time and money for getting the best products and services in the market. Customer SegmentationThe use of customer segmentation as a retail strategy is very good idea in that it helps most of the businesses have the greatest impact possible on the market. With the increase in competition most of the firms have no option but differentiate their products. This is also b eneficial to the consumers in that the firms get to concentrate more on how to satisfy their needs i.e. firms start concentrating on quality rather than on voluminous products which have very little impact on their finances (Croft, 1994). If wells elected the segment of consumers usually have the same tastes and therefore it could be much easier for the retailer to satisfy the demands of the consumers. It is also easier for the firm since it will spend much less resources in marketing the products to the segment due to their common tastes (Dibb and Simkin, 1996). The principle behind customer segmentation is that a business is able to focus its resources as effectively as possible hence increasing the chances of success. This includes retailers focusing on the subsection of a community such as the youth elderly, women, children or otherwise who have the greatest potential of becoming resourceful customers i.e. who are able to generate income for the business (Weinstein, 1994). Segm entation is often encouraged by the fact that different sections of the market have the different consumer behaviors while those in the same segment tend to show the same behavior. This is used to help a firm decide on the basis that it is supposed to undertake its customer segmentation in that segmentation can be done on the basis of lifestyles, demographics and other factors that influence consumer behaviors in one way or another (Michman, 1991). Segmentation includes businesses differentiating their products in manner that meets the requirements of their consumers, coming up with new designs or redesigning the existing in order to be in line with the needs of the customers, finding the section of the market that responds greatly to the business products. Segmentation can be made to be more effective if the retailers could find out the buying behaviors of the target group and what influences their decisions to choose one product over another. Other advantages associated with segme ntation include avoiding unproductive markets while at the same time increasing brand loyalty among the market and reducing brand switching (Croft, 1994). Targeting subset of a segment within the market might not be considered as segmentation. For example a firm that deals with women products such as clothes cannot decide that it wants to segment and concentrate more on clothes of women of a certain age group. Even though it might be applicable and prove to be beneficial it might not be considered as customer segmentation (Weinstein, 1994). Consumer segmentation is not usually an easy task because a wrong decision could ensure the end of a business i.e. wrong decision could lead to a business investing in the wrong consumer group only to end up making loses rather than profits. A major challenge has been on how to analyze all the data that is there concerning the consumers before coming up with the right segment that is to be targeted (Dibb and Simkin, 1996). Having what is hot when it is hot In the market something is referred to as ‘hot’ when it is high on demand. This is also the time when most of the retailers want to have the product due to the associated benefits. The best way of retailers having the ‘hot’ when it is hot is by being well connected i.e. being up to date with the market including the desires of their customers. Being up to date with the market means being aware of what is the latest model in the market what most of the consumers think about it and at what the price the product is going at. This will be totally different if the retailer has chosen to undertake customer segmentation in that the retailer will only have to focus on the sort of product that he deals with other than being concerned with every thing in the market (Blythe, 2001). They should also be aware of what their competitors are up to and the sort of products that they are offering to their customers not forgetting the quality. In order to be up to date with the market and to earn more revenues from the consumers, retailers have no option but to offer their more than just products and prices (Davies, 1998). In order to inspire consumers, retailers will have to come up with marketing concepts that have a sense of discovery, seem to capitalize more on consumer desires and not needs, which connects with emotions and which are educative. As already mentioned, the time that consumers have is on the decrease and they are always looking forward to a wonderful shopping experience. With this said the retailers have no option but to ensure that the consumers have fun as they carry out their shopping activities. Retailers will have also to carry out some research in order to find out what it is that their segment likes most. If the retailers are also involved in production then they will have to be more creative innovative inn creating products that will be on high demand among the consumers otherwise they could be outdone by their com petitors. The other aspect which retailers can make use of in enhancing the sales is making the shopping experience enjoyable for the consumers with an aim of improving the shopping frequency (Michman, 1991). Trader Joe’s Website Looking at trader Joe’s web site a competitor can learn a few things including that online display and marketing is not as easy as it seems. This is because the retailers are often faced with a challenge of which product to display given that they need to make as much information as possible available to the consumers in order for them to make an informed choice. Despite this trader Joe display that it is important for E-retailers to display as much information as possible. Another thing is that the retailers should display all the sorts of products that they have i.e. they should display at least one product from the different varieties that they offer in order to give the consumers a glimpse of what is available and wh...

Short Answer Questions on Marketing

Short Answer Questions on Marketing Marketing 1) Explain impulse products. Identify two challenges marketers may have regarding impulse products. Impulse products are over counter goods that are unplanned sale in the business. The products are bought on impulse, and they include items like women magazines, chocolate, candy, key holders and attractive snacks displayed in shops and supermarkets. Some of the challenges facing impulse marketing are competition and difficulties in advertising of their products. A lot of money is invested in convincing the consumers on the efficiency of their products. Online branding is another challenge facing impulse marketing. It involves branding and marketing a product on the internet. The process demands that a firm should use customers approach so as to win the market. 2) Explain durable and nondurable goods. Give an example of each. Durable goods are long-term goods that have future accrued benefits to the consumers. They are products that cannot be directly consumed and are bought on occasional situations. Examples of the products are; farm machinery, electrical appliances, furniture, motor vehicles and weapons. Non-durable goods are short-term direct consumption goods. These are goods like food, clothing and laundry materials. Their consumption is on regular basis and people rely on them in their daily life. 3) Why might ad expenditures remain high in the growth stage of the product lifecycle? The growth stage of a product is a crucial stage after the introduction in the market. A firm spends increased amount of capital in advertising and familiarize the product to the consumers. A producer must convince the customer on the benefits of the product. The marketer tries to show how good the item is compared to others from competing firms. Advertising is done using banners and posters, the media and magazines. Other costs are faced during modification of the products to suit customers opinions and needs. This is done to gain a competitive advantage. When a firm succeeds at this stage, returns are usually high and little costs incurred. 4) A car company is marketing a new car model that is larger and more luxurious than any of the models currently in the product line. It is also significantly more expensive. Explain the strategy this car company is using with its product line. A firm applies the 4 Ps marketing strategy to ensure a successful marketing of the new model in the product line. This strategy involves product, price, place and promotion of a good.Product means the design and specifications of the car model. Price of the model, the discount and time allowed to clear payment of the vehicle. Lastly, is the location of the business and the promotion and advertising techniques used in the marketing of the new model. 5) Why is the appearance and functionality of a service company's Web site important? An attractive website appearance is one of the good qualities of a successful company. A good look attracts a customer and positive judgments are achieved in the consumers. Initial impression to a customer determines the confidence towards a firm and professional website is the key in capturing the customers. Proper functioning of the websites components is another feature that builds trust in the consumer. It prevents frustrations and disillusionment of the organization. Errors in hyperlinks and online forms should be avoided to maintain quality and reliable website. 6) Discuss the social and physical dimensions of the service encounter, explaining how marketers can use these dimensions to improve the quality of the service encounter. Service meeting is the time when a consumer is receiving a service. Physical dimension is the structural business organization. This influences service quality and customers views of utility. Improved physical appearance in a business influences positive consumer perception (Binter, 1990, p 70). Social dimension involves the cultural influence on the consumer behavior. Traditions and beliefs affect the understanding of the people towards particular products. For a business to thrive well, service marketers have to interact and understand different cultural backgrounds and provide products in line with the culture (Bianchi, 2001, p. 48). 7) List and describe the three types of quality attributes that service marketers can use to explain the benefits of their services. Which quality attribute is most likely to be used with tangible products? A service marketer can use the following attributes to illustrate the benefits of their services: Firsts is the design quality. A marketer displays the integrity of the services being offered to consumers. This adds confidence in the customers and encourages consumption and increases the need. Second are the runtime qualities which involve availability, security and reliability of the services they offer. The benefits of firms products are described by the runtime qualities that lead to the effectiveness of the products. The design quality applies to both service and tangible products in marketing. The design of an item to suit customers utility exhibits its effectiveness, efficiency and durability. 8) Describe what a demand curve is and explain how it helps businesses. The demand curve is the locus of points showing the relationship between price amount a customer is willing and able to buy. It is useful in pricing of products in the business. High pricing scares aware the customers while low prices leads to little or no profits to the business. 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