Retail Management
In a world where people have constant needs, the use of skills and expertise are employed in order to meet the demands of the people through the goods and services produced by such skills and expertise. Because not everyone is able to produce goods and services, there rises the existence of producers, manufacturers, retailers, and so on. In retail management, retailers offer their customers several benefits (Levy, 2011). Such benefits include making merchandise which is made available to the customers whenever they want it, wherever they want it and how they want it (Levy, 2011). Retailers also provide services which give customers the opportunity to see and try out merchandise before they purchase it (Levy, 2011). In order
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It is through retailing that products and services are made organized and available on a large scale and customers are able to benefit from the supply of such products and services on a relatively small scale (Kotni, 2011). The retail service does not only seek to produce products and services but it is also designed to enhance the level of customer satisfaction (Kotni, 2011). Retailers use various strategic plans in order to make sure that their customers are satisfied with what they produce. However, the concept of competition frequently makes strategic and operating differences among retailers unclear and challenging (Sharma, 2008). In retail management, there is a need to understand the complexities and interrelationships of the retailers and the customers in order for the former to acquire more opportunities of gain and profit offered in the market. Retailers must be able to attract new customers and the former must be helpful to the latter's need. Furthermore, a recent managerial evidence and academic research shows that the decision of customers is not only influenced by the prices of individual items but with the retailer’s price image (Hamilton and Chemev, 2013). This is reflected upon a consumer’s impression of the overall price level of retailer. It should be the goal of …show more content…
(01/19/2011). Retailing Management, 8th Edition. [VitalSource Bookshelf Online]. Retrieved from https://bookshelf.vitalsource.com/#/books/1259215237/
V V Devi Prasad Kotni. (2011). Impact of retail services on retail sales. Journal of Business and Retail Management Research, 6(1)
Sharma, B. M. (2008;2007;). Strategic retail management(1st ed.). IN: Book Enclave.
Hamilton, R., & Chernev, A. (2013). Low prices are just the beginning: Price image in retail management. Journal of Marketing, 77(6), 1-20. doi:10.1509/jm.08.0204
Kraljević, S. S. (2007). Strategy of image management in retail shops. Tržište/market, 19(2), 189-199.
Kaifi, B. A., & Mendenhall, S. (2012). Strategic leadership applied to retail management: Joe contrucci discusses the 21st century dynamic organization. Journal of Applied Management and Entrepreneurship, 17(4), 103.
Lukic, R. (2013). Sustainable cost management in retail. Revista De Management Comparat International, 14(2), 268.
Jones, P., Comfort, D., Hillier, D., & Eastwood, I. (2005). Retailers and sustainable development in the UK.International Journal of Retail & Distribution Management,33(3), 207-214.
Nordstrom is one of the top retailers in the United States. With a solid brand image and a sound financial situation, Nordstrom is relentless in their expansion in the US, and are beginning to expand into international markets. Nordstrom takes pleasure in providing state of the art client support and having experienced sales people. In order to hold their position as the most successful high-end retailer in the United States, Nordstrom must continue to figure out ways to improve their brand image and customer satisfaction. Nordstrom’s current business working strategy is successful but I believe there are a few ideal solutions that the organization could apply to further enhance the organization. Due to the aggressive characteristics of the fashion retail store market, it is crucial that Nordstrom preserves an aggressive advantage providing the highest level of customer support as possible.
Many researchers have made efforts to study retail change, based on the assumption that they can gain an...
Due to the good establishment of the business, it has huge market national. The company has therefore opened many retail shops and stores all over the country to ensure that their products are accessible to the customers. The entity provides a favorable environment, and many clients view the place as a fun shopping place to be. The retailer has targeted a big pool of customer because of the variety of products it sells. The stores products vary from kitchen goods, jewelry, and electronics clothes to hardware
This is not different with the retailing industry as this is one of the largest growing companies globally. Over the past years, this market was regarded to have less concern on environmental aspects but has since attracted significant changes. In terms of capacity, productivity and revenue, Tesco PLC boasts of being the third largest retailer globally. The firm is based in UK but operates in 14 states (Profile, 2014). The company also is known for its well established social respo...
Over the summer I experienced my first real job in retail. It was fun because I didn’t have to always stand behind the cash register and deal with customers. I could be working at customer service one day and apparel the next day. While there were pros to having that job there were also cons. If I had to work in apparel I knew that I would be working hard the entire shift, and depending on what manager was in that day and what shift I got would determine how that day would end. For example, if I had to work in customer service during a closing shift I knew I would probably be in the front by myself for about half of time I worked and would be there longer than I planned. In all my experience with working in retail I have dealt with three
Retail today is part of the American spirit. Nothing excites an American consumer more when they are convinced that they are saving money and getting a great deal. Consumers today are familiar with popular mass-market discount retailers such as Walmart and Target. Both of these discount retailers undeniably offer great value on their products that convinced the American public that shopping experience will lower their cost of living, which just can’t get shoppers off their fix. Additionally, Walmart and Target competitively sell the same goods such as apparel, home goods, and grocery to offer a more convenient way to shop for their consumers. However, what makes these companies have their own niche, is that they both offer attractive ways to entice the customer to
As reported by Janow and Guerreiro (1991) that retailers were selling goods and service to the ultimate consumer. At the time they have also provided service in terms of the information sources for customers, and encouraged a need in order to apparel merchandise. In the United States has the retail store about 2 million. Moreover, about these retail stores were approximately 135,000 retail stores that have specialized in apparel and accessories, and about 70,000 retailers have involved apparel and accessories in their selling mix (Frings, 1991).
On to Walmart one of the biggest supply retail chains in the world and their social responsibility takes a radical turn. Under all that ‘save money, live better’ is a world that not many people see or experience. Walmart uses differesnt tactics to hide, manipulate, and operate under the scrutiny of the public. With such things as the environment, giving back to the community, responsible resourcing the wrongs have succeeded in being in the forefront of what consumers, employees, and the world sees. By setting up a smoke screen Walmart portrays themselves as a great company however, evidence shows the opposite.
Hansen, Torben, and Hans S. Solgaard. New Perspectives on Retailing and Store Patronage Behavior: A Study of the Interface between Retailers and Consumers. Boston, Mass: Kluwer Academic Publishers, 2004. USC Upstate Ebook. Web. 28 February 2011.
Pricing is an important aspect of every business. Chief Financial Officer’s (CFO) use pricing to create financial projections, establish a break-even point, and calculate profit and loss margins (Power Point, 2005). It is the only element in the marketing mix that produces revenue. Price is also one of the most flexible elements of the marketing mix as it can be changed very quickly. This is usually done to beat competitor prices in an attempt to fix the product’s market value position very low (Anderson & Bailey, 1998). After all, high prices make it difficult to become the market share leader. The leading US retailer, Wal-Mart, is an expert at low product pricing as evident in 2004 with $250 billion dollars in sales to their 138 million weekly shoppers. However, they are also responsible for reducing prices so low that it drives specialty stores out of business. This is the effect Wal-mart has had on many toy stores and has almost closed the doors of the famous toy store Toys “R” Us Inc.
12. Raman, K., and Naik, P.A., (2005), Integrated Marketing Communications in Retailing, [online] Available at: http://ramanassoc.com/yahoo_site_admin/assets/docs/IMC_in_Retailing.26100503.pdf, Accessed on: 1st April 2014
Even the slowdown in current global economies could not bring retail sector down as retailers keep seeking for opportunities overseas to avoid challenging economic condition, which make this sector becoming more globalised and competitive. As an heir of an industrial components retailer, I also believe there are bountiful opportunities to grow in this emerging industry. But without deeply and truly understanding in every aspect of retailing, one could not survive in the battle. For this reason, I would like to pursue my education further by studying Master in retail management to obtain knowledge in retailing and hopefully become successful in the field.
As the retail industry is confronted with extraordinary challenges (Deloitte LLP, 2011), firms are facing increased competition. Porters leading authority on competitive strategy is largely accountable for the increased importance to a firm’s strategy. The retail industry is becoming highly saturated as the world is becoming smaller; this point alone makes strategy a vital component to a firms success.
Environmental pressures have caused green supply chain management to emerge as an important corporate environmental strategy for organisations’ processes. Our discussion will describe, illustrate and critically evaluate the purchasing process of Woolworths. It will further identify the steps of the purchasing process, the effect of green purchasing and sustainable purchasing. Moreover, the essay will go on to look at the effort that Woolworths has made through their programmes and initiatives of green purchasing.
The food and staples retailing is an increasingly competitive industry. The market giants (competitors) are Coles (owned by Wesfarmers) which has 741 stores across Australia and plans to add 70 m...