MKT 3260 berman_ch_08 11e

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Retail Information Systems and Data Warehousing. Included new Tag Technology

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Chapter 8:

8- 1 Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall Chapter 8 Information Gathering and Processing in Retailing RETAIL MANAGEMENT: A STRATEGIC APPROACH 11th Edition BERMAN EVANS 1

Chapter Objectives:

8- 2 Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall Chapter Objectives To discuss how information flows in a retail distribution channel To show why retailers should avoid strategies based on inadequate information To look at the retail information system, its components, and recent advances To describe the marketing research process 2

Figure 8-1: How Information Flows in a Retail Distribution Channel:

8- 3 Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall Figure 8-1: How Information Flows in a Retail Distribution Channel Information and the Supplier Information and the Retailer Information and the Consumer 3

Suppliers Need To Know:

8- 4 Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall Suppliers Need To Know From the Retailer Estimates of category sales Inventory turnover rates Feedback on competitors Level of customer returns From the Customer Attitudes toward styles and models Extent of brand loyalty Willingness to pay a premium for superior quality 4

Retailers Need To Know:

8- 5 Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall Retailers Need To Know From the Supplier Advance notice of new models and model changes Training materials Sales forecasts Justifications for price changes From the Customer Why people shop there Customers’ likes and dislikes Where else people shop 5

Consumers Need To Know:

8- 6 Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall Consumers Need To Know From the Supplier Assembly and operating instructions Extent of warranty coverage Where to send a complaint From the Retailer Where specific merchandise is stocked in the store Methods of payment acceptable Rain check and other policies 6

Retail Information System (RIS):

8- 7 Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall Retail Information System (RIS) Anticipates the information needs of retail managers Collects, organizes, and stores relevant data on a continuous basis Directs the flow of information to the proper decision makers 7

Figure 8-2: A Retail Information System:

8- 8 Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall Figure 8-2: A Retail Information System 8

Data-Base Management:

8- 9 Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall Data-Base Management A major element in an RIS System gathers, integrates, applies, and stores information in related subject areas Used for Frequent shopper programs Customer analysis Promotion evaluation Inventory planning Trading area analysis 9

Figure 8-4: Data-Base Management in Action:

8- 10 Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall Figure 8-4: Data-Base Management in Action 10

Figure 8-5: Data Warehousing:

8- 11 Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall Figure 8-5: Data Warehousing 11

Components of a Data Warehouse:

8- 12 Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall Components of a Data Warehouse Physical storage location for data – the warehouse Software to copy original databases and transfer them to warehouse Interactive software to allow processing of inquiries A directory for the categories of information kept in the warehouse 12

Data Mining and Micromarketing:

8- 13 Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall Data Mining and Micromarketing Data mining is the in-depth analysis of information to gain specific insights about customers, product categories, vendors, etc. Micromarketing is an application of data mining whereby retailers use differentiated marketing and develop focused retail strategy mixes for specific customer segments 13

Figure 8-6: Applying UPC Technology to Gain Better Information:

8- 14 Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall Figure 8-6: Applying UPC Technology to Gain Better Information 14

QR Barcodes OR Tags:

QR Barcodes OR Tags Hold substantially more data vs. UPC Not just a 10 digit number Changing the dynamics of Retail 8- 15 Refer to class blog for videos and latest updates

Secondary Data:

8- 16 Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall Secondary Data Advantages Inexpensive Fast Several sources and perspectives Generally credible Provides background information Disadvantages May not suit current study May be incomplete May be dated May not be accurate or credible May suffer from poor collection techniques 16

Secondary Data Sources:

8- 17 Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall Secondary Data Sources Internal Sales reports Billing reports Inventory records Performance reports External Data bases Academic Search Premier Government U.S. Census of Retail Trade Statistical Abstract of the U.S. Public records 17

Primary Data:

8- 18 Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall Primary Data Advantages Collected for specific purpose Current Relevant Known and controlled source Disadvantages May be more expensive Tends to be more time consuming Information may not be acquired Limited perspectives 18

Primary Data Decisions:

8- 19 Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall Primary Data Decisions In-house or outsource? Sampling method? Probability Non-probability Data collection method? Survey Observation Experiment Simulation 19

Survey Methods:

8- 20 Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall Survey Methods In person Over the telephone By mail Online Disguised Non-disguised 20

Figure 8-9: A Semantic Differential for Two Furniture Stores:

8- 21 Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall Figure 8-9: A Semantic Differential for Two Furniture Stores 21

Mystery Shoppers:

8- 22 Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall Mystery Shoppers Retailers hire people to pose as customers in order to evaluate aspects of the store environment (e.g. sales presentations, display maintenance, and service calls) 22

Slide 23:

8- 23 Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher. Printed in the United States of America.