When Drew wanted a new book, he did what most people would do; he went to the local Bookmaster store. On the way to the store, Drew encountered traffic problems as well as a city bus blocking the store’s parking lot. Upon arrival he had a short wait before speaking with a customer relations associate to check the availability of the book. The associate checked the computer and found the store had two copies available. The associate and Drew looked for the book and discovered the book was out of stock. Drew was given the option of driving 15 miles across town with the assumption that the computer inventory was correct, and the book was actually in stock at another Bookmaster store. With much frustration, Drew was leaving when the associate offered to check for an electronic copy of the book. Indeed, the book was available electronically, but Drew did not have an iPad or Kindle to read the book on. Dissatisfied, Drew returned home without a book. When evaluating Drew’s visit to Bookmaster there were noticeable strengths and weaknesses.
In order for Bookmaster to continue being successful and competitive, the customer’s perceived value in shopping at Bookmaster, needs to be evaluated. Bookmaster needs to be aware that “value is the perception of the benefits associated with a good, service, or bundle of goods and services in relation to what buyers are willing to pay” (Collier & Evans, p. 26). When a consumer visits a book store he/she is expecting specific goods and services to be available, such as, a wide array and adequate inventory, customer assistance when needed, accurate inventory records, and alternatives if desired book is unavailable.
When evaluating Drew’s experience at Bookmaster, there were a few areas of...
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...ng the benefits for the consumer of calling in advance to check the availability. This added service could also increase Bookmaster’s competitive advantage over other local book stores.
To conclude, by Bookmaster addressing a few customer concerns the consumer’s perceived value can be increased drastically as well as stronger professional relationships with the value chain. Many people have very busy schedules and when choosing between similar stores, the average consumer will choose the store with products in stock because they don’t want to or have time to make numerous stops. So with Bookmaster implementing easy access and an accurate inventory system, consumer satisfaction and perceived value will increase over time resulting in increased sales.
Works Cited
Collier, D. A., & Evans, J. R. (2013). OM4 (pp. 24-46). Mason, OH: South-Western, Cengage Learning.
Harry Gordon, as a good entrepreneur, invested about £400,000 in a business opportunity never noticed before. In 1906, while spending his holidays in London, he noticed the absence of department stores adapted to the latest selling ideas used in America. Promoting shopping for pleasure rather than necessity and named after its founder, Selfridges & Co. became an exciting shopping experience, enabling people to experience new releases whether it was an aeroplane displayed in the store or the opening of the biggest bookshop in the world. “I am prepared to sell anything from an aeroplane to a cigar.” (Harry Gordon Selfridge, 1910)
Nordstrom can continue providing their exceptional online experience and client focused approach using their online system by offering an unmatched online experience that copies their in-store customer service. This would allow Nordstrom to raise its revenue considerably as well as further improving their brand image. I will also discuss specific ways of successful execution, and the steps required to provide Nordstrom a stunning picture of how to execute strategy.
11th Ed. Joel Feinberg and Russ Shafer-Landau, eds. Belmont, CA: Wadsworth Group, a division of Thompson Learning, inc. 2002, 53-77.
The purpose of this report is to increase customer traffic in stores and to gain a competitive advantage against other retail stores. Through conducting a survey online, we gained valuable insight in relation to customer experience and expectations pertaining to brick-and-mortar retail, with a focus on Macy’s. With our findings and subsequent analysis, we could provide an astute recommendation aimed to mitigate the challenges facing brick and mortar retail
Customer satisfaction helps to increase customer loyalty, reducing the need to allocate marketing budget to acquire new customers. Keeping customers satisfied may lead to those customers recommending Gogotech’s products or services to other potential customers, increasing the potential for new visitors and additional revenue and profit (Linton, 2014). In order to increase their conversion rates, Gogotech will begin to product reviews on their online store. Product reviews are proven sales drivers and something that most customers will want to view prior to making a purchase. (Charlton, 2012). Increasing the company’s conversion rates will lead to increased revenue and profits. Gogotech can also help increase customer satisfaction by improving their provision of information about delivery, by targeting delivery service offerings to user needs, and by improving delivery performance in terms of more successful delivery attempts and on-time deliveries. The following table illustrates the customer perspective of Gogotech’s Balanced
Michael MacDonald and Andrew A Tadie Eds. Grand Rapids Michigan: William B. Eerdmans Publishing Co., 1989.
Soman,D & Marand, S (2009). Managing Customer Value: One Stage at a Time.: World Scientific Publishing. p9-14.
As the technology improving, some worry that the book industry may one day be withdrawn in our life. Barnes & Noble – the world’s largest bookseller, realized this early on by branching out and selling products other than books. In its foundation since years ago, the company added coffee shop, DVD selection and music selection. At Barnes & Noble, one would be able to find movies, games, toys, stationary, gift and more. Its objective on doing so was to prove that the company is not simply a bookstore, but a place where you can find all your needs, including entertainment.
DeNisi, Angelo S., and Ricky W. Griffin. HR2. [2e Éd.]. ed. Mason: South Western Cengage Learning, 2014. Print.
They sold merchandise at lower cost and also decreased cost associated with procurement by obtaining better discounts from publishers than other book retailers and also by publishing certain old titles themselves. They were able to achieve reduced inventory cost through the business perks provided to them such as longer payment terms and access to books in short supply. By taking advantage of its huge market share, Barnes and Noble was able to leverage economies of scales when it came to reducing
Raso, R. (2013).Value-based Purchasing: What’s the Score? Retrieved June 24, 2016 from Lippincott Williams and Wilkins
In the united sates’ book retailing industry is an advanced industry and borders group have acknowledged little or no growth in recent years. Books epitomize borders main product type in terms of sales. Instead of opening new book superstores, borders group believe that there is bigger short-term chance in improving the efficiency of existing superstores. Snowballing their market share in electronic books and in improving Internet based sales outlets. Precisely borders could see hypothetical transforming their existing superstores by dropping the space that presently used for material books and rearranging that space for which is not books, product that would be convincing for borders customers plus greater subdivisions devoted to electronic book readers, an improved educational toys and games sections for kids and larger cafes and increased gifts and stationery assistances. In my opinion for borders Internet based vending will eventually increase in popularity and at the same time market share as a supply method for material book, music and movie market. I believe that in store sales of material book...
Among every product selling in the market, products are divided into three levels. From the first level to the third level, they are “core customer value”, “actual product” and “augmented product”.
This study is being undertaken to determine the significance of Amazon Kindle on American online book industry as a whole but mainly targeting its customers/clients i.e. American e-book publishers. Moreover, the success of every business/industry is highly linked with its customers who either relates with the business directly or indirectly but are still the business customers so in this regard customer acquisition, retention and satisfaction are extremely important points to be noted here. Moreover, some relevant factors such as customer relationship management, scanning the internal with external environment and evaluating the attractiveness of Kindle for its customers will also be the part of this study. However, putting some light on book retailing will be imperative that has led towards the discovery of E-Book industry. The significance of this study will be self explanatory because of enriching and enlarging the scope of any already conducted research on a similar topic.
It helps in both improved inventory management and CRM. In order to manage the inventory, it keeps the track of the stock available, optimum inventory levels, avoiding stock out and reducing unnecessary ordering. It also results in satisfied customers. The staff can identify the exact location of any retail item at any time. It offers store to store visibility, thus handling customers’ requests quickly. It also boosts customer loyalty, because a hassle free shopping will always result in repeated