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TEST #1

TEST #1. February 14 Chapters 1-5. Retail Market Strategy. Chapter 5 (continued). Retail Market Strategy. Target market Format of the retailer (Retail Mix) Competitive Advantage. Competitive Advantage. Customer loyalty Location Human Resources Management Distribution and Info. Systems

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TEST #1

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  1. TEST #1 February 14 Chapters 1-5

  2. Retail Market Strategy Chapter 5 (continued)

  3. Retail Market Strategy • Target market • Format of the retailer (Retail Mix) • Competitive Advantage

  4. Competitive Advantage • Customer loyalty • Location • Human Resources Management • Distribution and Info. Systems • Unique Merchandise • Vendor relations • Customer Service

  5. Growth Strategies • Market Penetration • Market Expansion • Retail Format Development • Diversification

  6. Global Growth • Sustainable competitive advantage • Adaptability • Global Culture • Financial Resources

  7. Strategic Planning Process

  8. Strategic Planning ProcessDefine Business Mission • What business are we in? • What should be our business in the future? • Who are our customers? • What are our capabilities? • What do we want to accomplish?

  9. Strategic Planning ProcessConduct Situation Audit • Market Factors • Competitive Factors • Environmental Factors • Strengths and Weaknesses

  10. Strategic Planning ProcessIdentify Opportunities • Market penetration • Market expansion • Format development • Diversification

  11. Strategic Planning ProcessEvaluate Opportunities • Market Attractiveness • Competitive Position

  12. Strategic Planning ProcessEstablish Objectives & Allocate Resources • Performance Sought • Timeframe • Level of Investment

  13. Retail Strategy Strategic Planning ProcessDevelop Retail Mix Customer Service Location Communications Mix Merchandise Assortments Store Design & Display Pricing

  14. Strategic Planning ProcessEvaluate Performance • Are objectives being met? • What adjustments are necessary? • Repeat process…

  15. Review Chapters 1-5

  16. Merchandise Management Retailing Strategy Store Management • Planning Merch. Assortments • Buying Systems • Buying Merchandise • Pricing • Retail Communications • Managing the Store • Store Layout, Design, & Visual Merchandise • Customer Service • Retail Marketing • Financial Strategy • Retail Locations • Site Location Retail Management Decision Process The World of Retailing 3. Multichannel Retailing 4. Customer Buying Behavior • Intro • Types of Retailers 9. Org. Structure and HR Mgmt. Info Sys. & Supply Chain Mgmt Customer Relationship Mgmt.

  17. What is Retailing? • Retailing – a set of business activities that adds value to the products and services sold to consumers for their personal or family use. • A retailer is a business that sells products and/or services to consumers for personal or family use. James Darell/Getty Images

  18. Point of Production Point of Sale (POS) The Distribution Channel Manufacturer Wholesaler Retailer Consumer

  19. Manufacturer Wholesaler Retailer Consumer The Distribution Channel:VERTICAL INTEGRATION Backward Integration Forward Integration

  20. How Retailers Add Value • Provide Assortment • Break Bulk • Hold Inventory • Offer Services

  21. Environmental Factors Macro- Environment Micro- Environment Technology Social Issues RETAILER Political & Economic Issues Ethical/Legal Issues Competitors Customers Environmental Issues

  22. Retail Strategy Retail Strategy Decision Areas(Retail Mix) Customer Service Location Communications Mix Merchandise Assortments Store Design & Display Pricing

  23. Variety Pricing Assortment Services A Critical Decision

  24. Types of General Merchandise Retailers • Department Stores • Specialty Stores • Category Specialists • Home Improvement Centers • Discount Stores • Drugstores • Off-Price retailers • Extreme Value Retailers

  25. Types of Ownership • Independent • Corporate Retail chains • Franchise

  26. Catalog Internet Physical Store Steve Cole/Getty Images The McGraw-Hill Companies, Inc./Andrew Resek, photographer Digital Vision / Getty Images “Tri-Channel” Retailing

  27. Store Channel • Browsing • Touching & Feeling Products • Personal Service • Cash Payment • Entertainment and Social Experience • Immediate Gratification • Risk Reduction

  28. Catalog Channel • Convenience • Safety • Quality of Visual Presentation

  29. Internet Channel • Broader Selection • More Information to Evaluate Merchandise • Personalization • Selling Merchandise with “Touch and Feel” Attributes • Perceived Risks in Electronic Shopping

  30. Compare • Browsing • Touching & Feeling Products • Personal Service • Cash Payment • Entertainment and Social Experience • Immediate Gratification • Risk Reduction Store Channel: Internet Channel: • Broader Selection • More Information to Evaluate Merchandise • Personalization • Selling Merchandise with “Touch and Feel” Attributes • Perceived Risks in Electronic Shopping

  31. Issues in Multi-Channel • Integrated Shopping Experience • Brand Image • Merchandise Assortment • Pricing

  32. Stages in the Buying Process

  33. Multiattribute Model

  34. Information needed to use the multiattribute model • Alternative retailers consumers can consider • Characteristic/Benefits Sought in Making Store and Merchandise Choices • Ratings of Alternative Performance on Criteria • Importance weights that consumers attach to the merchandise

  35. SearchConnecting needs with solutions

  36. Language (words) as an expression of interest and/or unmet need

  37. Getting into the Consideration Set • Increase Performance Beliefs of Your Store • Decrease Performance Beliefs About Competitor • Increase Importance Weight of Attributes on which You Have an Advantage • Add a New Benefit on which You Excel

  38. Types of Buying Decisions • Extended Problem Solving • Limited Problem Solving • Habitual Decision Making

  39. Market Segmentation • Geographic • Demographic • Geodemographic • Lifestyle (Psychographic) • Buying Situation • Benefit

  40. Composite Segmentation • Benefit sought • Lifestyle • Demographic

  41. Retail Market Strategy • Target market • Format of the retailer (Retail Mix) • Competitive Advantage

  42. Competitive Advantage • Customer loyalty • Location • Human Resources Management • Distribution and Info. Systems • Unique Merchandise • Vendor relations • Customer Service

  43. Growth Strategies • Market Penetration • Market Expansion • Retail Format Development • Diversification

  44. Global Growth • Sustainable competitive advantage • Adaptability • Global Culture • Financial Resources

  45. Strategic Planning Process

  46. TEST #1 February 14 Chapters 1-5

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