Retailing has several special characteristics :
Retailing has several special characteristics Pages 10 & 11. Requirements. Low Average Sales a. Costs need to be controlled. b. The number of customers needs to be maximized through advertising and special promotions. c. Impulse sales need to be increased by more aggressive selling. d. Inventory management is complex. For example, a typical supermarket has several thousand transactions per week; this makes it difficult to determine the levels of existing stock and the popularity of various brands, sizes, and prices of merchandise. Impulse Purchases a. This signifies the importance of in-store displays, attractive store layouts, and well-organized stores, catalogs, and Web sites. b. Forecasting, budgeting, ordering of merchandise, and staffing level decisions are made more difficult. Popularity of Stores. Most retail customers must be drawn to a store location. a. This is due to the number of consumers; interest in shopping in person; the desire to touch, smell, and/or try on products; unplanned purchases; and consumers’ desire for privacy. b. Factors such as location, transportation, store hours, proximity of competitors, product selection, parking, and advertising need to be considered.
Summarize how you will be applying the Retailing Concept:
Summarize how you will be applying the Retailing Concept The Retailing Concept Pg 15 Customer Orientation Coordinated Effort Value Driven Goal Orientation The 3 issues that relate to a retailer’s performance in terms of the retailing concept are The Total Retail Experience [Pg 15] Customer Service [Pg 16] Relationship Retailing [Pg 18]
Attractive Features of a Retail Strategy:
Attractive Features of a Retail Strategy Explain the attractive features of a Retail Strategy and how it applies to your store.[Pg 58] It provides a thorough analysis of the requirements for doing business for different types of retailers. It outlines retailer goals. It enables a firm to differentiate itself from competitors. The legal, economic, and competitive environment is studied. It coordinates a firm’s total efforts. It helps to anticipate and avoid crises.
Retail Strategy Mix:
Retail Strategy Mix Address these considerations in planning your Retail Strategy Mix [pg 124] Store Location Operating Procedures Goods/Services Offered Pricing Tactics Store Atmosphere Customer Services Promotional Methods.
Attributes of a Destination Retailer:
Attributes of a Destination Retailer What are the approaches? Select two or three approaches that will clearly position your retail store to be a destination retailer and give a short explanation of how you envision being successful in the approaches you have selected. 1. Be price-oriented and cost-efficient. 2. Be upscale. 3. Be convenient. 4. Offer a dominant assortment in the product lines carried. 5. Offer superior customer service. 6. Be innovative or exclusive and provide a unique way of operating.