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Previous Next A FULL SALES & BRAND PROMOTION AGENCY. Local Event Management Companies Fulcrum’s Team is Delivering the RIGHT PRODUCT, at the RIGHT PRICE, through the RIGHT CHANNEL, to the RIGHT AUDIENCE, at the RIGHT TIME!” We’ll conduct the research, develop the strategy, manage the schedule and budget, develop killer creative and execute everything for you. We offer a wide
Sales Promoter
Job Summary Fulcrum is Mumbai & Pune base Company that is dedicated to Marketing and advertising companies with high quality, ethical, outsourced sales through transparent and effective business programs. We are a branding and advertising company. We promote business locally with many different ideas and things, we want the sales promoter. The candidate has an
Market Research Interviewer Career
We support brand enterprises willing to learn by means of efficient market research for better decisions and strategies. If you are keen to perform and develop yourself in a company in which … enthusiasm, passion and quality commitment come before short-term profit maximisation.fast decisions and customer-oriented processes have priority over hierarchies and departments.you quickly take
Sales Executive
Job Summary 1- Acquire the new customers.2- Generate the new sales leads.3- Responsible to follow up and closure of the leads & achieve the target.4- Maintaining fruitful relationships with the clients.5- Achieve sales goals & targets. Responsibilities and Duties -Excellent communication and computing skills-The ability to get on with people at all levels and influence
Manager HR & Admin
Responsibilities Develop and implement HR strategies and initiatives aligned with the overall businessstrategy Bridge management and employee relations by addressing demands, grievances or otherissues Manage the IT, Senior Management Recruitment and selection process Support current and future business needs through the development, engagement, motivationand preservation of human capital Develop and monitor overall HR strategies, systems,
Join Our Team
The unique success of our business is down to the relationships that our staff build and maintain in the field. And that’s why so we are proud of the calibre of the people we employ and work with on a daily basis. Highly-skilled, motivated and enthusiastic, we know we’ve got something pretty special. We implement
Social Media Marketing Internship
Responsibilities and Duties Selected intern’s day-to-day responsibilities include: Manage and maintain the organization’s social media accounts Write and optimize content for social networking accounts such as Twitter and Instagram Post interesting and related stuff regularly Build and execute social media strategy through competitive and audience research Work on product branding Engage in social media profile
Digital Marketing Internship
About the internship Selected interns day-to-day responsibilities include: 1. Conducting online marketing campaigns on email and social media2. Understand and work on SEO concepts, maintain and monitor keyword bids, account dailyand monthly budget caps, impression share, quality score3. Monitor and administer web analytics dashboards, and point out key areas of importance4. Work on lead generation
Sales Force Management
Sales Force Management Giving your sales force the attention it deserves. At Fulcrum, our sales force optimization expertise enables business owners to begin maximizing their sales efforts. We have the unique capability to analyze and improve how your sales force, Sales Force Management goes about its daily work. We’ll help you take a hard look
How We Work
You get a consultative approach to your assignments Here’s what you can expect by contracting with Fulcrum resources. Depending upon the scope of your assignment, we do our homework by getting to know your customer, your products, your selling processes, your database and any test results. This review alone almost always uncovers ways to increase
Recruitment Process
Fulcrum was founded in 2007 to fill the gap in the market that existed for well trained promotional staff and hosts for events. Many of our promotional staff have worked with us for several years. As we are well known in the industry, we receive a host of applications through our website every day. Join
OUR PROCESS
OUR PROCESS We focus on you, your business, your audience and your market…By getting a clear understanding of what you do, your business objectives, the market you are operating in and who you need to reach out to, we can develop a highly informed communications strategy linked to your business objectives. Our Three-Phase Process Encompasses
EXPERIENCE
PEOPLE TO PEOPLE MARKETING ALWAYS WINS. There are not many marketing companies in Adelaide that have marketing consultants with national and international experience. With our extensive experience, Fulcrum have the expertise to service any industry of any size. Our marketing consultants specialise in Marketing Strategy, Marketing Planning and On Ground Marketing throughout Mumbai and Pune. Our team at Fulcrum helps you to increase your
Srinagar
SRINAGAR SRINAGAR Srinagar Kashmiri pronunciation: [siriːnagar]) is the largest city and the summer capital of Jammu and Kashmir, India. It lies in the Kashmir Valley on the banks of the Jhelum River, a tributary of the Indus, and Dal and Anchar lakes. The city is known for its natural environment, gardens, waterfronts and houseboats. It
varanasi
varanasi varanasi Varanasi (Hindustani pronunciation: [ʋaːˈraːɳəsi] ( listen)), also known as Kashi or Benares,[11] or Banaras (IAST: Banāras [bəˈnaːrəs] ( listen)), is a city on the banks of the river Ganges in Uttar Pradesh, India, 320 kilometres (200 mi) south-east of the state capital, Lucknow, and 121 kilometres (75 mi) east of Allahabad. A major religious hub in India, it is the holiest of the seven sacred cities in Hinduism and Jainism, and played an important role in the development of Buddhism and Ravidassia.
Salem
salem salem Salem is a major city in Salem district, located on the banks of Thirumanimutharu river in the Indian state of Tamil Nadu. It is located about 140 kilometres (87 mi) northwest of Tiruchirappalli, 170 kilometres (106 mi) northeast of Coimbatore, 206 kilometres (128 mi) southeast of Bangalore and about 340 kilometres (210 mi)
Pune
PUNE PUNE Pune, is the second largest city in the state of Maharashtra and the seventh most populous city in India, with an estimated population of 7.4 million as of 2020.[23] It has been ranked as “the most livable city in India” several times.[24] Along with the municipal corporation limits of PCMC and the three
meerut
meerut meerut Meerut is a city in the western part of the Indian state of Uttar Pradesh. It is an ancient city, with settlements dating back to the Indus Valley civilisation having been found in and around the area. The city lies 70 km (43 mi) northeast of the national capital New Delhi, within the
Communicating the Value Proposition
Communicating the Value Proposition LEARNING OBJECTIVE Define and communicate an organization’s value proposition in a competitive marketplace What Is a Value Proposition? We have discussed the complexity of understanding customer perceptions of value. As the company seeks to understand and optimize the value of its offering, it also must communicate the core elements of value to
define and communicate an organization’s value proposition in a competitive marketplace
Introduction to the Value Proposition What you’ll be able to do: define and communicate an organization’s value proposition in a competitive marketplace Once you know your target market, you must have a compelling way to communicate your value proposition. This requires the marketer to answer a number of questions: What is value? Each customer will weigh the
Value for the Customer
Value for the Customer LEARNING OBJECTIVE Define and communicate an organization’s value proposition in a competitive marketplace What Is Value? Earlier in this module we discussed that marketing exists to help organizations understand, reach, and deliver value to their customers. In it’s simplest form, value is the measure of the benefit gained from a product or service relative to the
Your Target Market : Whom Are You Trying to Reach?
Defining Your Target Market LEARNING OBJECTIVE Briefly explain the concepts of segmentation and targeting Whom Are You Trying to Reach? Suppose you are selling automotive detailing products. Is your target “anyone with money to pay for your product?” Or are you focusing your efforts on a tightly defined market niche of people with an identified need
Introduction to Segmentation and Targeting
Introduction to Segmentation and Targeting What you’ll learn to do: briefly explain the concepts of segmentation and targeting We have established that the customer is at the center of marketing and arguably of business, as well. How do businesses find and communicate with customers? Let’s think about a couple of realities in the business world.
Focus on Customers: The “Marketing Orientation”
Focus on Customers: The “Marketing Orientation” The purpose of marketing is to gain a balance between creating more value for customers against making profits for the organization. To achieve this, many firms have adopted a marketing philosophy or what is generally termed a “marketing orientation.” A marketing orientation can be defined as focusing the organization
why the customer is the cornerstone of marketing
Introduction to the Importance of Customers What you’ll learn to do: explain why the customer is the cornerstone of marketing As we dive into the mechanics of marketing, we begin by locking our focus on the customer. “Customers” are the people or organizations with needs or wants that a business aspires to address. The act of obtaining
Marketing Function
Why It Matters: Marketing Function Why learn about the marketing function? It’s springtime. You’ve just graduated from college, and the Instagram photos of you wearing your cap, gown, and huge smile are still fresh. But your mind has quickly turned to other things, or rather, to one major thing: a job. You have a newly minted
Putting It Together: What Is Marketing?
Putting It Together: What Is Marketing? Marketing is a powerful tool that serves a variety of functions for organizations, individuals, and society. Let’s take a moment to revisit some notable examples of marketing activity from earlier in the module. What’s happening to make each of these examples effective? Marketing sells products. Marketing informs organizations about what
The Value of Marketing
The Value of Marketing LEARNING OBJECTIVES Explain the benefits consumers derive from marketing activity Explain the benefits companies and organizations derive from marketing activity Explain the benefits society derives from marketing activity Describe how an understanding of marketing makes people more informed as both consumers and participants in society Marketing can mobilize attitudes and behavior
how marketing creates value for the consumer, the company, and society
how marketing creates value for the consumer, the company, and society For some people, marketing has a reputation as being fluffy, superficial, and light. Certainly a lot of marketing activities have earned that reputation over the years. One goal of this course is to help you understand the important role marketing plays in business and everyday
How Organizations Use Marketing
How Organizations Use Marketing LEARNING OBJECTIVES Explain the difference between a customer and a consumer Define different types of organizations including B2C, B2B, and nonprofit organizations Provide examples of how each type of organization uses marketing Although we often think of marketing in the context of for-profit businesses and product sales, a wide variety of
how different types of organizations, such as nonprofits, consumer product (B2C) firms, and business-to-business (B2B) organizations, use marketing
Introduction to the Way Organizations Use Marketing What you’ll learn to do: describe how different types of organizations, such as nonprofits, consumer product (B2C) firms, and business-to-business (B2B) organizations, use marketing Although marketing activities come in many different forms, the fundamental principles of marketing apply, regardless of what you’re trying to sell, advocate, or promote. Grounding
Marketing and Customer Relationships
Introduction to Marketing and Customer Relationships What you’ll learn to do: describe the role of marketing in building and managing customer relationships The marketing concept provides exactly the right mindset for what we ultimately want to achieve: building strong relationships with customers. Next we’ll explore how marketing plays a central role in each stage of building
Introduction to the Marketing Concept
Introduction to the Marketing Concept What you’ll learn to do: demonstrate a clear understanding of the marketing concept You’re probably very skilled at recognizing the signs of marketing. We’ve all had the experience of being on the receiving or customer end of marketing efforts—whether through advertising or sales tactics. In this section you’ll get to understand the marketing
Introduction to Marketing in Action
Introduction to Marketing in Action What you’ll learn to do: identify evidence of marketing in everyday life In this section, you’ll get a chance to explore the concept of marketing further and see how it’s at work in the world around you. It may surprise you to discover how much the term encompasses . . . Marketing in Action
Marketing Creates Value for Customers
Marketing Creates Value for Customers According to the influential economist and Harvard Business School professor Theodore Levitt, the purpose of all business is to “find and keep customers.” Marketing is instrumental to helping businesses achieve this purpose. It’s a way of thinking about business, rather than just a collection of techniques. It’s much more than
Marketing Defined
Marketing Defined LEARNING OBJECTIVES Explain how the marketplace addresses customer wants and needs by creating opportunities for the exchange of products, services, and experiences Describe the role marketing plays in facilitating the exchange of value What Is Marketing? Marketing is a set of activities related to creating, communicating, delivering, and exchanging offerings that have value
Introduction to Marketing
Introduction to Marketing What you’ll learn to do: define marketing Marketing is more than just banner ads, television commercials, and people standing on roadsides dressed up like the Statue of Liberty during tax time. It’s a complex set of activities and strategies that influences where we live, what we wear, how we conduct business, and
Why learn about marketing?
Why It Matters: What Is Marketing? Why learn about marketing? When you hear the term “marketing,” what comes to mind? Based on what you know about marketing right now, what one word would you use to describe it? Take a moment to write it down. We’ll come back to it shortly. Marketing is a tool used by companies,
Principles of Marketing
1: What Is Marketing? 2: Marketing Function 3: Segmentation and Targeting 4: Marketing Strategy 5: Ethics and Social Responsibility 6: Marketing Information and Research 7: Consumer Behavior 8: Positioning 9: Branding 10: Product Marketing 11: Pricing Strategies 12: Place: Distribution Channels 13: Promotion: Integrated Marketing Communication (IMC) 14: Marketing Globally 15: Marketing Plan 1: What
Gap 5: Actual Performance vs. Perceived Service Gap
Gap 5: Actual Performance vs. Perceived Service Gap Gap between expected service and experienced service: This gap arises when the consumer misinterprets the service quality. The physician may keep visiting the patient to show and ensure care, but the patient may interpret this as an indication that something is really wrong. The fifth or Customer
Gap 4: Service Delivery vs. External Communications
Gap 4: Service Delivery vs. External Communications Gap between service delivery and external communication: Consumer expectations are highly influenced by statements made by company representatives and advertisements. The gap arises when these assumed expectations are not fulfilled at the time of delivery of the service. For example – a hospital printed on its brochure may
Gap 3: Quality Specifications vs. Service Delivery
Gap 3: Quality Specifications vs. Service Delivery Gap between service quality specification and service delivery: This gap may arise in situations pertaining to the service personnel. It could happen due to poor training, incapability or unwillingness to meet the set service standard. An example would be when a doctor’s office has very specific standards of
Gap 2: Management Perception vs. Quality Specifications
Gap 2: Management Perception vs. Quality Specifications Gap between management perception and service quality specification: This is when the management or service provider might correctly perceive what the customer wants, but may not set a performance standard. An example here would be that hospital administrators may tell the nurse to respond to a request ‘fast’,
The Gap Model of Service Quality
The Gap Model of Service Quality What you’ll learn to do: Discuss the gap model of service quality In the London Underground, “Mind the Gap” signage is ubiquitous, warning passengers of the gap between the platform and the train’s entry/exit stairs. In the retail environment, the danger zone is the gap between customer service expectations and
the key components of the customer evaluation process
The Customer Evaluation Process What you’ll learn to do: explain the key components of the customer evaluation process Customers are constantly deciding what to buy and where to buy it. In order to retain customers, businesses must ensure their customers are satisfied. But just what does it mean to have a satisfied customer? And how
Problem Resolution Through Excellent Customer Service
Problem Resolution Through Excellent Customer Service Ultimately, the best method of resolving simple problems – often before they arise – is through the delivery of excellent customer service. By ensuring a close relationship with the customer, knowing their wants and needs and avoiding any misunderstandings, a company is able to ensure that problems of a
Customer Expectations
Customer Expectations Successful businesses work proactively to obtain information from their customers to ensure they are meeting their needs. Customer Feedback Service quality generally refers to a customer’s comparison of service expectations as it relates to a company’s performance. A business with a high level of service quality is likely capable of meeting customer needs
Service Quality Perceptions
Service Quality Perceptions Post-Purchase Behavior Post-purchase behavior is when the customer assesses whether he is satisfied or dissatisfied with a purchase. Post-purchase behavior is the final stage in the consumer decision process when the customer assesses whether he is satisfied or dissatisfied with a purchase. How the customer feels about a purchase will significantly influence
The Customer Evaluation Process
The Customer Evaluation Process What you’ll learn to do: explain the key components of the customer evaluation process Customers are constantly deciding what to buy and where to buy it. In order to retain customers, businesses must ensure their customers are satisfied. But just what does it mean to have a satisfied customer? And how
Personalized vs. Standardized Service
Personalized vs. Standardized Service The industrial age and the advent of mass merchandising introduced the concept of ready-to-wear garments to the fashion industry. Before industrialization, clothing was handmade. Each dress, shirt, pant, or suit was individually measured, cut, and sewn by a tailor to fit one person. This process was both time-consuming and relatively expensive
Offered Services
Offered Services Customer service, including complimentary services offered, is one way that retailers differentiate themselves in a crowded marketplace. Perspective point: According to a 2011 survey conducted by Harris Interactive, 86% consumers indicated they would pay more for a better customer experience and 89% switched to a competitor following a poor customer experience.[2] Looking forward, customer
External Customers
External Customers Being able to answer five fundamental questions, the “5Ws,” who, what, when, where, and why about any customer, is vital in providing excellent customer service. The answers to the 5Ws create a profile of varying demographic, psychographic, and product usage characteristics. “Who”question factors, for example, may include age, gender, income, race, religion, sexual
Customer Profiles
Customer Profiles What is a customer? When asked, most people understand what a customer is since virtually everyone on the planet is, at one time or another, a customer of something or somebody else. Whether buying socks at a clothing store, eating at a restaurant, or streaming an online movie, the customer is, in fact,
Identify how retailers can use excellent customer service as a differentiation tool
Customer Service Strategies What you’ll learn to do: Identify how retailers can use excellent customer service as a differentiation tool In biology, cells sometime differentiate by changing form from a relatively generalized state to a more specialized life form. Likewise, retailers have found success in differentiating themselves from other similar businesses by distinguishing themselves by
Customer Service Strategies
Customer Service Strategies Why learn about customer service strategies? In this module you’ll learn why customer service strategies are an integral part of making all aspects of retail operations successful. In fact, customer service is arguably the most important aspect of retail. Walmart founder Sam Walton himself once said, “There is only one boss. The
Putting It Together: Integrated Marketing Communications and Promotions
Putting It Together: Integrated Marketing Communications and Promotions The emergence of digital technology, social media and mobile devices has led to significant changes in how consumers shop for and engage with brands—the emergence of an omni-channel, i.e. the varied interactions in the shopping process that consumers have pre-, during and post-purchase. The resulting proliferation of
key elements of the integrated marketing communications mix
What you’ll learn to do: Evaluate the key elements of the integrated marketing communications mix As we begin the next section, it’s important to keep in mind that the limits of marketing and advertising budgets combined with the complexity of managing campaigns and content will constrain channel selection. Further, we’ll also want to be mindful that
Social Media and Retail
Social Media and Retail Social Media can be a powerful element of the IMC Mix for three (3) important reasons: Consumers opt-in to engage with the firm, its brand or products The firm, its brand or products can optimize their message for the channel Social Media allows for two-way communication and a multiplier effect The
Online Media and Retail
Online Media and Retail It’s likely very easy to conflate on-line activity with e-commerce, thinking only of the web as a place to transact, not necessarily as a channel through which marketers advertise and promote. Yet, it’s important to step back from e-commerce efforts and evaluate on-line search as a tool that helps consumers interact
Direct Marketing in Retail
Direct Marketing in Retail In the section on Traditional and New Media, a distinction was made between types of media. New Media referred to channels that allow for nuance or hyper-targeting. It can be interactive and comparatively decentralized, allowing consumers to engage in two-way communication with firms and their brands. It can be optimized to have higher resonance
Sales Promotions in Retail
Sales Promotions in Retail The variety of sales promotions in retail is limited by only the creativity of the marketer. That’s to say, if you can imagine a way to convey value to the consumer, you can create a compelling promotion. That said, it is best to focus on value and simplicity. Simplicity ensures that consumers easily
Integrated Marketing Communications Mix
The Integrated Marketing Communications Mix What you’ll learn to do: Evaluate the key elements of the integrated marketing communications mix As we begin the next section, it’s important to keep in mind that the limits of marketing and advertising budgets combined with the complexity of managing campaigns and content will constrain channel selection. Further, we’ll also
how retailers build a brand image and increase customer loyalty by using imc programs
Explain how retailers build a brand image and increase customer loyalty by using communication programs Marketing and promotion help facilitate exchange by providing information and context to consumers to help them understand how specific good and services can meet their needs. Integrated Marketing Communication plays an essential role in this process, made even more important
Marketing Communication Program (SMART)
Marketing Communication Program (SMART) As you consider your advertising and promotion plan, it’s important to keep three (3) things in-mind: How can we maximize coverage, given budgets? What channels will be the most effective? How will we assess campaign performance? The first should be self-evident. While there may be temptation to match the proliferation of
Communication Programs
Communication Programs What you’ll learn to do: Explain how retailers build a brand image and increase customer loyalty by using communication programs Marketing and promotion help facilitate exchange by providing information and context to consumers to help them understand how specific good and services can meet their needs. Integrated Marketing Communication plays an essential role in
Explore the concept of integrated marketing communications and retail promotions
Integrated Marketing Communications and Promotions What you’ll learn to do: Explore the concept of integrated marketing communications and retail promotions As we begin, we need to emphasize the relevance of integrated in our discussion of Marketing Communication. As you know, the emergence of digital technology, social media and mobile devices has led to significant changes in how consumers
Integrated Marketing Communications and Promotions
Why It Matters: Integrated Marketing Communications and Promotions Let’s assume you’ve done all the work to establish your retail business. You’ve conducted rigorous strategic planning, evaluating opportunities… You’ve evaluated channels of distribution, selecting the one(s) that fit with your capabilities and growth prospects… You’ve selected a market, targeting a specific customer segment… You’ve built channel
Putting It Together: Retail Image: Layout and Visual Merchandising
Putting It Together: Retail Image: Layout and Visual Merchandising Whether a retailer is putting the rules of visual merchandising to work in a brick-and-mortar store, or on an online retail platform, he’s working to maximize sales. Visual merchandising is just that – a tool to encourage a shopper to buy more. Luckily for us, shoppers
Pros and Cons of an Online Store
Pros and Cons of an Online Store Online, brick-and-mortar, or both? There are advantages and disadvantages to both: Brick-and-mortar only The advantages of a brick-and-mortar store are pretty clear. The shopper can have an entirely immersive shopping experience, where you control everything from the product he sees to the music he hears while he views
User Experience
User Experience The shopping experience. Brick-and-mortar retail stores are reinventing themselves to provide better, more engaging experiences for their shoppers, knowing that the physical shopping experience is what differentiates them from the crushing trends of online shopping. At the same time, ecommerce platforms are looking to up the ante on the shopping experiences they provide.
Online Store Design
Online Store Design Layout, traffic flow and environment are an important part of the online shopping experience, and a web retailer must leverage those features of a site in order to maximize conversions. An appealing landing page This is like the front of the store. A good page doesn’t sell the shopper anything just yet—she’s
Atmosphere in Web Retailing
Atmosphere in Web Retailing What you’ll learn to do: Use nonstore-retailing atmospheric principles to analyze current web retailers Consider Macy’s, Kohl’s, and JC Penney. They are three huge names in retail. Two of the three of them are over a hundred years old. They’ve withstood the test of time by changing when they needed to, adapting
how the store environment can create a rewarding shopping experience
Rewarding Shopping Experiences What you’ll learn to do: Illustrate how the store environment can create a rewarding shopping experience A store layout determines how your merchandise will be displayed and how your shoppers will move through your store. But add all the environmental elements—from the flooring to the building materials to the lighting—and then you’re starting
Store Interior Design
Store Interior Design A retailer’s store layout isn’t the only thing that informs the shopper of the kind of experience he or she is about to have. In fact, everything about the store helps add to the environment of the shopping experience. The options for interior store design are as limitless as the imagination of
Presentation Techniques
Presentation Techniques Every display method a retailer uses for his merchandise has its benefits and drawbacks. When choosing a type of display, one should consider if the display works for the type of store layout and the kind of environment you’ve created for the shopping experience. Let’s look at each type now and determine where
Rewarding Shopping Experiences
Rewarding Shopping Experiences What you’ll learn to do: Illustrate how the store environment can create a rewarding shopping experience A store layout determines how your merchandise will be displayed and how your shoppers will move through your store. But add all the environmental elements—from the flooring to the building materials to the lighting—and then you’re starting
Product Layout
Product Layout An excellent cut of bacon and some fresh eggs off the farm . . . each of those is an example of good grocery store merchandise. Displaying some of that bacon near the eggs in the refrigerator section of the grocery store . . . that’s an example of good grocery store merchandising. You can have all
Store Layout Designs
Store Layout Designs Each store layout has its pros and cons, and each layout provides a retailer with some ways to influence traffic flow. Here we’ll look at a couple of different layouts, what the pros and cons are for shoppers who are experiencing this type of layout, and some ways that retailers can maximize
Store Layout
Store Layout What you’ll learn to do: Explain the value of a thoughtful store layout A retailer measures so many things: the average ticket sale for each customer that comes through, the sales per square foot of the store, the penetration of particular product brands, and more. But one thing matters more than any other—customer foot
Store Layout Design and Costs
Design and Costs If a store layout can drive sales, it can also help you control your costs. Let’s take a look at a couple of examples. Angular Layout An angular layout can help you control inventory costs. As we mentioned above, angular layouts allow for the display of a minimal amount of merchandise and
Design and Sales : Case Study in Leveraging Store Layout to Impact Sales
Design and Sales IKEA: A Case Study in Leveraging Store Layout to Impact Sales We mentioned in the last section that the forced path layout is not the most logical or pleasant shopping experience for the customer, who more often likes to wander around at his leisure, looking at the things he wants to see,
Store Design: Identify the key objectives of good store design
Store Design What you’ll learn to do: Identify the key objectives of good store design As a store owner, it would be great if you could be standing at the door every time a customer enters. You could greet that customer, tell him you want him to feel welcome and relaxed, and show him all the
Retail Image: Layout and Visual Merchandising
Retail Image: Layout and Visual Merchandising Visual merchandising is the way a retail store speaks to its shopper. It may not be the only way, but it’s a very important way. Visual merchandising engages the customer. A retailer can use bold colors to draw attention, light a product in a way that makes it attractive,
Putting It Together: Retail Pricing and Sales Strategies
Putting It Together: Retail Pricing and Sales Strategies In this module we have covered a significant number of concepts that drive retailer’s pricing decisions. We started with a set of tactical pricing techniques that included keystone, premium, discount, psychological and bundle pricing. We began to understand that pricing is a component of an overall strategy
History of Odd Pricing
History of Odd Pricing One of the latest pricing strategies used by retailers is based on the concept of KVCs and KVIs. Key Value Categories and Key Value Items are a holistic method of pricing that do not rely exclusively on cost, demand or competition to make pricing decisions. In the 1970s and 1980s, mass
Price Lining
Price Lining Price lining is a technique used by retailers to group common items at set price-points. Rather than setting the retail price based on cost or competition, price lining is a way to simplify the pricing of assorted goods by establishing tiered price points that can support assortments of goods. This technique fits well
Loss Leader
Loss Leader A loss leader (also leader) is a pricing strategy where a product is sold at a price at or below its market cost to stimulate other sales of more profitable goods or services. “Loss lead” describes the concept that an item is offered for sale at a reduced price and is intended to “lead” to the
pricing techniques used by retailers to increase sales and profits
Pricing Techniques What you’ll learn to do: Examine pricing techniques used by retailers to increase sales and profits Are the business objectives of increasing sales and increasing profits mutually exclusive? We may think that the easiest way to increase sales is to lower prices, and that will only serve to lower profits. Conversely, will higher prices
Liquidating Markdown Merchandise
Liquidating Markdown Merchandise Once retailers decide to markdown a product or product category, it remains in inventory until sold out. How do retailers handle the process from initial markdown to final liquidation? The first method we discussed in an earlier section. Most retailers will have a set process, including markdown percent thresholds, that will be
Reducing Product Markdowns
Reducing Product Markdowns Every retail buyer or store owner wants to reduce markdowns. The old-school adages that address this issue is “buy the right stuff” or “buy less and sell more.” Markdowns should not be regarded as necessarily a bad thing—they are a constant factor in retailing and a cost of doing business. Therefore, markdowns
Demand-Oriented Pricing
Demand-Oriented Pricing In addition to cost-oriented or competition-oriented pricing, demand-oriented pricing is also seen in the retail industry. It is a strategy based on known periods or high or low demand and the elasticity of price during those periods. We will explain this strategy using a few examples. One of the simplest examples would be
Competition-Oriented Pricing
Competition-Oriented Pricing Let us examine another method to develop retail pricing strategy based not on cost but instead based on competition. Competitor-based pricing, or market pricing, uses competitor’s pricing, promotions and inventory position to set a retailer’s pricing strategy. Depending on the retailer’s overall pricing strategy and business objectives, pricing may be higher, lower, or
Break-Even Point
Break-Even Point When we bring the topic of break-even analysis in to our discussion, we will need to add some additional components to our thinking. A retailer will need to understand that there is more than just selling an item for more than it costs (or even the added cost of acquiring the product and
Product Pricing Methods
Product Pricing Methods What you’ll learn to do: Use various pricing methods to determine product pricing We’ll go into a bit more depth on the math of a cost-oriented approach to retail pricing. First, we will learn more about the three components of retail pricing math: cost, markup percentage, and retail price. Additional components will then
Price Elasticity Calculations
Price Elasticity Calculations Remember, elasticity measures the responsiveness of one variable to changes in another variable. In the last section we looked at price elasticity of demand, or how much a change in price affects the quantity demanded. In this section we will look at both elasticity of demand and elasticity of supply. Supply can also be elastic, since
Price Elasticity
Price Elasticity Elasticity is a classic economic principle that helps us understand how much a change in price will affect market behaviors. If we make a change in price, how will that impact the demand for the product? Price elasticity is the measure of the market’s response to price changes. Elasticity is important to pricing decisions because it
Pricing Strategies
Pricing Strategies Our discussion of retail pricing strategies has so far covered some important high-level concepts. We started with the basic principles of value and markup. We then explored some common methods of pricing a retailer can employ: keystone, premium, discount, psychological, bundle, and tiered. That was followed with a discussion of how pricing is
Pricing Objectives
Pricing Objectives What you’ll learn to do: Explain how retailers determine pricing objectives We will examine the connection between retail pricing strategies and retailer’s business models/objectives in this section. In addition to thinking like retailers, we will take a step back to examine some general economic principles that retail businesses must understand and contend with. LEARNING
Pricing and the Retail Mix
Pricing and the Retail Mix At the beginning of this module, we state that retail pricing strategy does not exist in a vacuum and is dependent and interrelated to other business factors. Retailers have used the “Six P’s of Retail” model to visualize how various combinations of these factors combine to form the right “mix”
Retail Pricing Strategies
Retail Pricing Strategies As we stated earlier, there are a large number of retail pricing strategies and methods. We will discuss a number of them in this section. One major common denominator that runs through all of the pricing decisions made by retailers is the concept of “markup”. Markup is simply the difference between the
Pricing in Retail
Pricing in Retail What you’ll learn to do: Identify how pricing fits into the goals of a retail establishment We will take our candy store scenario a little further in this section as we learn about the definition of value, some basic retail pricing strategies we are probably all familiar with, and how pricing is an
Retail Pricing and Sales Strategies
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Putting It Together: Merchandise Management
Putting It Together: Merchandise Management In this section, we have delved into the nuts and bolts of retail merchandise management- a topic at the very heart of the retail business. We started with a discussion of the organization and function of retail buying organizations. We broke down the primary roles of Buyer, Planner, and Operations
Outline the considerations taken by retailers when buying merchandise
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Ethical and Social Responsibilities
Ethical and Social Responsibilities Ethical and Social responsibility is the idea that businesses should balance profit-making activities with activities that benefit society. It involves developing businesses with a positive relationship to the society in which they operate. Social responsibility takes on different meanings within industries and companies. For example, Starbucks Corporation and Ben & Jerry’s
Building Partner Relationships
Building Partner Relationships Individuals and businesses alike need strong partner relationships to be successful. We have all learned of the benefits of individual connections and networking: information, advice, introductions, referrals and more. This is true in business in general and the retail industry in particular, especially between retailers and suppliers. First, strong partner relationships between
Negotiations
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Sourcing Decisions : retailers when buying merchandise
Sourcing Decisions Sourcing is simply the process of finding goods or services, but it is not a simple matter. Retailers share the same issues and considerations as most other businesses with the procurement function. What are some of the key issues involved when making sourcing decisions? Company. First, retailers review the potential companies with which
Buying Merchandise
Buying Merchandise What you’ll learn to do: Outline the considerations taken by retailers when buying merchandise In an earlier section, we discussed in general terms how buyers help create their seasonal plans and make their purchase commitments. In this section, we will go into a bit more detail about the thought process that buyers use to
Merchandising Decisions
Merchandising Decisions Like all businesses, retailers must evaluate their performance on a regular basis in order to continue success, improve results, or turn-around sub-par situations. Based on the condition of the retail industry today, one might say that it is more crucial than ever to get it right. Given the different kinds of retailers it
Merchandise Allocations
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Merchandise Flow
Merchandise Flow The most important goal of any buyer is to achieve their sales plan. The second most important priority is to keep inventory levels on plan. If you exceed or fall short of your sales plan, the only adjustment you can make to keep your inventory in line is to adjust the flow of
Inventory Levels : inventory planning
Inventory Levels As we start this section on inventory planning here is a brief video on Inventory Planning in Apparel. In this video Will Weidman, SVP of Apparel Retail will discuss why proper inventory planning is challenging as well as some approaches to take on inventory levels in specific stores. Let’s discuss some important characteristics
Merchandise Assortment Options
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Merchandise Planning Process
Merchandise Planning Process What you’ll learn to do: Examine the merchandise planning process Imagine you are a Merchandise Planner for a large department store chain and you have been asked to help prepare the plans for the upcoming fall season. How will you assist the buyers in developing their buying plan? Where to start? You would
Merchandise Buying Systems
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Retail Buying Organizations
Retail Buying Organizations What are the characteristics and functions performed within the retail buying organization? As you think about the sheer size and the value of each individual industry within the global apparel market, imagine how many functions are performed due to all of the individual contributions. Retail organization merchandise management functions can be categorized
Merchandise Planning and Management
Merchandise Planning and Management What you’ll learn to do: Identify the important aspects of merchandise planning and management Merchandise management and planning are an essential part of successful apparel retailers. Here are a few statistics to consider regarding the size of the apparel market on a global level. In total the global apparel market is approximately $3
Merchandise Management
Merchandise Management You are the buyer of Mens activewear at Dick’s Sporting Goods It is high-demand job as you are constantly chasing the biggest trends and working with your suppliers to ensure the inventory is delivered at the right time to your stores. You are facing increased pressure from discounters such as Walmart and Target
Putting It Together: Retail Operations and Managing the Store
Putting It Together: Retail Operations and Managing the Store So human resources is a huge part of the retail business landscape. From screening potential employees, interviewing, hiring and training, each step of the process requires skill and planning. New employees must be onboarded effectively to feel comfortable in their new role. Then continued training
How To Create The Perfect Work Schedule For Your Team
The perfect work schedule is something many managers strive for. Unfortunately, few actually achieve it. This is despite the fact that technology makes it easier than ever to streamline the process and get it right the first time. Whether you use online scheduling apps, have your own tools like Excel, or rely on the pen-and-paper method,
Operating Functions
Operating Functions What you’ll learn to do: Describe the operating functions that can reduce costs You walk into your store on Monday afternoon, and there are three employees looking for something to do (and some are killing time on their phones). This is a typical occurrence on Monday afternoons, but what can you do? The employees
100 Ways to Reward Employees
When it comes to rewarding your employees, cash is king—but only for a few hours. Money is not a long-term motivator. Sure, employees love a check—who doesn’t?—but finding ways to engage with them rather than pay them off will result in more loyal, harder working employees. Here are 101 ways to say, “I appreciate you
Rewards and Compensation Plans
Rewards and Compensation Plans You have a bunch of great employees at your business, and you would love to compensate them for all of their hard work and commitment to the company. Not all compensation needs to be financial. Employees need a variety of rewards and compensation to feel valued and appreciated in their work! Financial rewards,
Retaining Personnel
Retaining Personnel What you’ll learn to do: Explain how retailers keep the best personnel Once you hire great employees, then it is important to keep them! We live in a time of low unemployment, and unhappy employees have the opportunity to seek employment elsewhere. How do the best companies keep their employees? LEARNING OUTCOMES Describe how
Training New Employees
Training New Employees You have hired who you think is the perfect new addition to your sales floor at your new retail home improvement store. No matter how perfect the fit is, the next step is making sure to train the employee effectively to help them feel comfortable in the position, and to insure they are meeting
Interviewing Prospective Employees
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Finding Personnel
Finding Personnel What you’ll learn to do: Explain how retailers find the best personnel Retail experiencing high staff turnover. This means that retail owners and managers need a comprehensive strategy for identifying, finding and hiring the best people. Harver, an online blog, lists 7 reasons for high retail turnover here. One of the top issues is (thankfully)
Retail Operations and Managing the Store
Retail Operations and Managing the Store What you’ll learn to do: Define the operational policies and tasks to be implemented in a retail business Good employees are the backbone of any company. In a retail company, employees are the first people your customers meet! Without an excellent workforce, who are happy with their work, your
Putting It Together: Financial Strategies in Retail
Putting It Together: Financial Strategies in Retail As we began this module, we asked, “how does a retailer know the right prices to charge to ensure they’re able to manage operating costs and mitigate risk associated with holding inventory?” While this is an important question, it really just served as a way to introduce concepts
Seasonality and Cash Flow
Seasonality and Cash Flow Seasonality refers to an imbalance in the timing of sales revenue for a given class of merchandise. To simplify this, think about pumpkins and bulk candy, for example. Certainly, shoppers might buy pumpkins and bulk assorted candy throughout the year, but we might expect that these purchases peak in October, building
Ongoing Budgeting Process
Ongoing Budgeting Process For effective budgeting, the firm must first select its approach—zero-based or incremental. For zero-based budgeting, a manager needs a full list of expected revenue and expense items for the upcoming season. In this way, they can build their budget plan to show all the necessary information. That said, most retailers use incremental budgeting.
Zero-Based vs. Incremental Budgeting
Zero-Based vs. Incremental Budgeting Given the pressure to budget effectively, firms scrutinize the process. Ultimately, there are two common approaches for establishing an annual budget: zero-based and incremental. Zero-based budgeting assumes that the budget is built from “zero.” That is, nothing is carried-over or assumed from previous periods. Often, there is a temptation within organizations
Budgeting and Cash Flow
Budgeting and Cash Flow What you’ll learn to do: Explain the purpose and logistics of budgeting and cash flow The budgeting process helps retailers balance expenditures with incoming revenue. As you have read previously, retailers manage a host of operational expenses like: rent, utilities, labor, and inventory costs. And, while the sale of products does provide
Balance Sheets
Balance Sheets What you’ll learn to do: Explain how a balance sheet is used to evaluate an asset management path The balance sheet shows a financial picture of what a business is worth at a particular point in time—usually the end of a month. It is not the same thing as an income statement, which provides
Income Statements
Income Statements What you’ll learn to do: Explain how an income statement is used to evaluate a profit management path In the next sections, we’ll focus on accounting tools, which help decision-makers better understand what is happening within the business. The income statement, also known as the profit and loss statement or statement of operations, is
Performance Objectives and Measurements
Performance Objectives and Measurements A performance metric measures an organization’s behavior, activities, and performance. It should support a range of stakeholder needs from customers to shareholders to employees. While traditionally many metrics are finance based, inwardly focusing on the performance of the organization, metrics may also focus on the performance against customer requirements and value.
Financial Plans
Financial Plans What you’ll learn to do: Use strategic profit modeling to create a financial plan In the coming sections, we will consider how best to assess the financial performance of a company, comparing it to past performance or others within the competitive environment. We’ll focus on tools retailers use to measure, summarize, and assess their
Financial Strategies in Retail
Financial Strategies in Retail In Module 3, you learned about distribution channels, the ways that products or services get to the end user and all the activities that bridge the producers with consumers, including: Logistics: assembly, warehousing, sorting, and transportation Facilitation: channel coordination, marketing, promotion, financing, and post-purchase service and maintenance Transaction: buying, selling, and
Putting It Together: Retail Human Resources
Putting It Together: Retail Human Resources So the structure of the staff from the CEO or president to the cashiers, stockers and maintenance staff are all important and necessary components of a well run retail business. Whether you are managing a single store or are part of a larger national chain store, similar tasks need
Legal Issues in Human Resource Management
Legal Issues in Human Resource Management What you’ll learn to do: Examine legal issues involved in human resource management As modern day society moves forward many new legal issues arise that would never before have been anticipated. This is true within any realm of business but most considerably retail management. The best way to manage potential
Diverse and Inclusive Workforce
Diverse and Inclusive Workforce Understanding and responding to changing societal expectations is necessary when running a retail organization. When HR management sets out to build their workforce it is important to practice good corporate social responsibility. “Corporate social responsibility is the responsibility of an organization for the impacts of its decisions and activities on society
Motivating Employees
Motivating Employees Productivity is a great measuring tool for retail managers when evaluating how well their workforce is performing. But how does a retail organization motivate its employees to keep productivity levels functioning at maximum capacity? As with any business the nature of incentives, motivational techniques and methods will vary depending on the type and
Developing Star Employees
Developing Star Employees The selection of a new employee consists of steps for HR managers involved in the hiring process. Managers of a particular department will ultimately have the final say in who is hired for their opening “but the role of human resource management is to define and guide managers in this process.”[4] After the
how retailers can attract the best employees
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Attracting the Best Employees
Attracting the Best Employees What you’ll learn to do: Explain how retailers can attract the best employees In a good economy with low unemployment, the challenge of finding the best employees becomes even more important. Retail has been a historically low-paying industry, so attracting great talent may involve non-monetary incentives such as great work hours, an
Challenges in Human Resource Management
Challenges in Human Resource Management Regardless of the size or type of retail store one is managing, human resource management will face unique challenges that are exclusive to their division of the organizational structure. Besides just turnover being a challenge, HR might face some other issues such as organizational change, compliance with laws and liability
Steps of Human Resource Management
Steps of Human Resource Management Human resource management must take various steps in order to properly execute their jobs in building a productive workforce for their retail business. A new employee would witness HR from the outset recruiting new employees and then hiring them. As a new employee goes through the processes of their particular
requirements of human resource management
Human Resource Management What you’ll learn to do: Discuss the overarching requirements of human resource management Human resources is involved in every aspect of the employment process from creating the job descriptions, advertising for positions, interviewing, hiring and onboarding of new staff. Then they need to insure that all employment laws are followed and employees are
Retail Organizational Structure
Retail Organizational Structure Have you ever taken a moment to think about the structure that is around us every day? Structure can come in many different forms. For example, a sports team without a coach and a game plan is destined for failure. The same is true for retail stores. Understanding a retail store’s organizational structure is
Divisions of a Retail Business
Divisions of a Retail Business Larger stores, such as national chains, will have multiple sectors where daily operations are handled. Depending on the retail organization, the exact terminology for each division and title held by each individual employee may vary but are typically similar in nature from store to store. “Titles demonstrate the importance of
Retailer Structures
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Organizational Patterns of a Retail Business
Organizational Patterns of a Retail Business What you’ll learn to do: Describe the organizational patterns of a retail business Varying sizes of retail businesses utilize different organizational patterns and organizational charts. Each level of a business from executive to floor staff of a retail business need to have a job description, and clear outline of the
Retail Human Resources
Retail Human Resources Human resources management and structuring a team are huge components of a successful business. As a retail establishment grows larger, these areas become even more relevant. Making sure to stay current on all changes to employment laws can be a full time job. Creating proper documentation including job descriptions and personnel
Information Systems in Retail and CRM Software
Information Systems in Retail and CRM Software The economic environment for retailers today is obviously extremely challenging and retailers continue to search for the right business strategy to keep their companies relevant. As they refine their business model to find the best multi-channel mix of online, brick and mortar, and all of the hybrids, they
Customer Retention Techniques
Customer Retention Techniques Based on the CRM data of their customers, retail businesses use multiple techniques to encourage customer retention. We are all willing or unwilling participants in these activities on an everyday basis. Your morning email inbox is stuffed with news or offers regarding some sale or incentive from your favorite retailer. Your trip
Frequent-Shopper and Rewards Programs
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Goals of Data Analysis
Goals of Data Analysis Market basket analysis gives clues as to what a customer might have bought if the idea had occurred or been suggested to them. Other terms used are “impulse purchasing’ or “cross selling” to describe this consumer purchasing behavior. The availability of detailed information on customer transactions has led to the development
Analyzing the Customer Database
Analyzing the Customer Database What you’ll learn to do: Examine the objectives for analyzing the customer database We will explore some of the techniques behind customer retention and customer loyalty programs. How does a retailer identify their best customers? What is market basket analysis and how does it help retailers tailor their product mix? How do
Privacy Issues
Privacy Issues Retailers, among other businesses, push for greater customer service and transaction security through better information about their customers. CRM systems are becoming more sophisticated in order to handle the increased amount of data and provide management with better decision-making analysis. We can see that as retailers and their partners move to make retail
Collecting Identifying Information
Collecting Identifying Information Retailers have collected identifying information since the business of retail was born. Before modern technology, retail proprietors would rely on their memory to know their frequent customers by name and use basic technology such as pen and paper to keep track of their clientele. With the advent of Point-of-Sale technology (POS), retailers
Customer Database
Customer Database For retailers, CRM systems store three primary categories of information: Customer profiles Customer activities Customer management Since CRM systems evolved from contact information applications from the 1960s and 1970s, customer profile data would include customer’s names, contact information, birthdays, etc. Customer activity would include purchase history data: what is being purchased, how much
how customer shopping data is collected
Shopping Data Collection What you’ll learn to do: Discuss how customer shopping data is collected We will learn how retailers use technology to keep track of their customers. What is Customer Relationship Management? What information do CRM systems collect and how can this benefit the retail business? How do CRM systems capture customer information? Do CRM
Supplier and Retailer Coordination
Supplier and Retailer Coordination Vendors and retailers can coordinate their efforts in several ways. They can coordinate in planning sales and inventory levels, as well as in planning promotions and by sharing real-time sales data. Retailers have a variety of methods to plan their business. One of the most common is to predict future sales
Sales and Information Systems
Sales and Information Systems Given the definition of a supply chain and some brief examples, one can imagine how difficult it must be to manage all of the moving parts of the process. Supply Chain Management systems (SCM) have been developed to help organizations do exactly that. A good SCM system ensures that the right
Flow of Goods :Based on the type of retailer, supply chains
Flow of Goods Based on the type of retailer, supply chains can range from simple to complex. For example, Mom or Dad supplying fresh pitchers of lemonade to the children’s corner drink stand would represent a small-scale supply chain (of course the lemons and water had to come from somewhere, but for the sake of
use of information systems to manage the supply chain
Supply Chain Management What you’ll learn to do: Explore the use of information systems to manage the supply chain We will explore how retail businesses leverage technology to manage the supply chain. What is a supply chain? How can retailers have the right products at the right place at the right time to maximize sales? How
UPC, RFID, and QR Codes technologies retailers use
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Data Warehousing and Data Mining
Data Warehousing and Data Mining All of the RIS we have discussed so far have one major thing in common—an underlying database to store their unique data. Through the process of mergers and acquisitions, most large retailers inherit duplicative systems that continue to exist independent of each other due to the large cost of consolidation.
Retail Information Systems
Retail Information Systems Retail information systems have evolved in similar fashion as business computing in general. More data has created the need for larger storage and faster processors. The need to give wider data access to more employees, so-called “data democratization,” has necessitated de-centralizing information platforms and increasing ease-of-use. We have seen platform evolution from
why retailers need a centralized data hub
Centralized Data Hubs What you’ll learn to do: Explain why retailers need a centralized data hub We will explore some of the key technologies retail businesses have adopted to meet their goals. How do retailers keep track of all of the products they sell? What are the benefits of data-driven information technology? What are the key
Information Systems in Retail and CRM Software
Information Systems in Retail and CRM Software Retail businesses are facing some of most daunting challenges to their survival ever. Retail bankruptcies, re-organizations and store closures are at an all-time high. With the disruption caused by online companies such as Amazon.com, once-thriving shopping malls and strip centers are closing or being converted to other commercial
Putting It Together: Trade-Area Analysis and Site Selection
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Common Lease Types
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Huff Gravity Model
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Influence of Societal Views
Influence of Societal Views Society plays an important role in determining where to locate a business. In earlier units, we talked about an upscale, high end steak house. You would not locate this type of a restaurant in a community with a low median income, where they would be unable to patronize your business, right?
Things to Consider When Choosing a Location for Your Business
Some of the items in this list can be part of a good review of the census or a GIS review. Some of these need to be done in person, walking the area! Let’s take a look: Your style of operation. If you are going to start an upscale steak house in a neighborhood filled with
Retail Site Selection Decisions
Site Selection Decisions What you’ll learn to do: Summarize the factors considered in site selection decisions The site for a new business or an additional business location can be the difference between a successful start and an unsuccessful one. Making sure to take into account all of the aspects of selecting the correct site is extremely
Retail Locations: variety of locations available to retailers
Available Retail Locations What you’ll learn to do: Examine the variety of locations available to retailers There are multiple location options available to retailers. Downtown areas, enclosed malls, strip malls, stand alone or online. Where you locate depends on your product or service and where people looking for the product or service shop! We went through
Explain the significance of selecting a store location
Retail trading areas can be primary, secondary or fringe. We will discuss each and determine ways to identify the trading areas for a new or expanding retail establishment. census gathers information from every household in the every 10 years. This data includes: Number of people in the household. Household relationships Age, sex, race and marital
GIS and Location Decisions
GIS and Location Decisions So you looked at your census data for your area, and you are still feeling pretty confident that you have chosen a good location for a retail business. It seems like the population will support your endeavor with a suitable income and education level, among other components. So what is next?
Retail Trading Area
Retail Trading Area What you’ll learn to do: Explain the significance of selecting a store location Retail trading areas can be primary, secondary or fringe. We will discuss each and determine ways to identify the trading areas for a new or expanding retail establishment. LEARN MORE Review this website for trading area information. This article on
Location Effects on Planning
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Data Analysis for Store Location Selection
Data Analysis for Location Selection There is a fun little storefront available that would be perfect for your new boutique! As cute and affordable as this space is, how will you know if it will be a successful space to locate? Can you do what you want here? Are there competing boutiques, enough parking, and proper zoning?
Selecting a Store Location
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Trade-Area Analysis and Site Selection
Trade-Area Analysis and Site Selection Your company is planning a second site for your upscale steakhouse. You have three options available to you. A large space in one of the largest indoor malls in the city A medium-sized space already setup for a restaurant in the lower level of downtown corner building Picking one is
Strategic Retail Planning and Management
Strategic Retail Planning and Management Indeed, you can’t be all things to all people. As you’ve read, finite budgets force firms to prioritize and focus. Regardless of how well resourced or capable a firm is, it must determine a single strategic direction, making trade-offs between alternatives. To do this, the decision-makers within a firm must
Retail Growth Opportunities
Retail Growth Opportunities Growth is an imperative in business. And, while it may be tempting to cynically question whether growth should be an objective in its own right, it’s important to understand that growth has two benefits. The first is that firms often access capital through loans or other financial instruments. Thus, growth is required
create sustainable competitive advantage
Building a Competitive Advantage Regardless of the industry, market or segment in which a firm competes, their over-arching goal is to create sustainable competitive advantage. Sustainable competitive advantage means that a firm has an edge over their competition, which competitors cannot easily overcome and is thus enduring over time. These advantages can be in intellectual
Retail Strategic Planning Opportunities
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Retail Audits
Retail Audits Audits are reviews to assess how well store operations meet organizational standards, provide satisfactory shopping experiences, and implement and support priority initiatives. There are three types of audits you might encounter in retail: Health and Safety Audits Loss Prevention Audits Merchandising Audits And while each is relevant in a retail environment, we’ll focus
Tactical Decisions
Tactical Decisions Earlier, we introduced the concept of tactical planning. Tactical plans are the short-term actions the firm takes to affect the controllable elements of the strategy. Thus, tactical decisions relate to how a strategy is implemented and ultimately achieved. Tactics are the initiatives and activities that, when combined and successful, deliver the strategic objective.
Key Variables in retailers strategic Planning
Key Variables in Planning Firms use strategic planning to develop comprehensive plans for how best to compete by taking a holistic view of the market and the factors that influence it. Decision-makers try to understand all the variables that shape the firm’s internal capabilities and resources relative to external opportunities and threats. In doing so,
Target Market Techniques
Target Market Techniques Effective customer analysis includes work around how the firm will position itself as uniquely differentiated from others within the competitive set, so that it is best suited to meet the needs of its target customers. To do this, the firm needs to understand what consumers think of it relative to their needs
Target Market Techniques
Target Market Techniques Effective customer analysis includes work around how the firm will position itself as uniquely differentiated from others within the competitive set, so that it is best suited to meet the needs of its target customers. To do this, the firm needs to understand what consumers think of it relative to their needs
Short and Long-Run Objectives
Short and Long-Run Objectives Earlier, you read that a firm might pursue any number of objectives for any number of reasons. Of course, we cautioned that objective setting is not just stating a goal, ambition or target. It isn’t only about WHAT the firm plans to accomplish, but also HOW the firm can accomplish that
step-by-step how retailers create a strategic plan
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Decisions and Strategy : strategic planning is a formal process that evaluates the marke
Decisions and Strategy As you read earlier, strategic planning is a formal process that evaluates the market and the factors that influence it, the needs of the consumer, the relative position of the competition, the firm’s own capabilities, the financial implications, given required trade-offs. The output of this process is a strategic plan, a shared document
importance of strategic planning to retailers
Strategic planning is the formal process firms (should) undergo to develop a plan for how best to compete, understanding the market and the factors that influence it, the needs of the consumer, the relative position of the competition, the firm’s own capabilities, and the financial implications, given required trade-offs. The outcome of this process, which
Strategic Planning in Retail
Strategic Planning in Retail What you’ll learn to do: Explain the importance of strategic planning to retailers Strategic planning is the formal process firms (should) undergo to develop a plan for how best to compete, understanding the market and the factors that influence it, the needs of the consumer, the relative position of the competition,
Strategic Retail Planning and Management
Why It Matters: Strategic Retail Planning and Management “You can’t be all things to all people.” -Michael Porter This is an absolute truth and particularly appropriate in business, where finite budgets force prioritization and focus. Every firm, no matter how well resourced or capable, must determine its strategic direction. In making that decision, they look
Identifying and Understanding Customer Behavior
Putting It Together: Identifying and Understanding Customer Behavior You started this module considering a customer faced with a multitude of options in the yogurt section, watching as they made their choice. And, you considered, what made them pick the selection they did? Was it brand, flavor, or price? Health credentials? Maybe advertising? Their previous experience
Predicting a Retail Strategy Mix
Predicting a Retail Strategy Mix Marketing strategy involves not just stating an objective, but also includes identifying the method for achieving it. For instance, grow sales by 12% by introducing a new line or improve customer satisfaction to 65% by increasing “on-time/ in-full” order fulfillment for high velocity items or increase net profit by 1.0
Differentiated, Mass, and Concentrated Marketing Strategies
Differentiated, Mass, and Concentrated Marketing Strategies At its most basic level, a firm’s strategy begins with decisions around how it will compete in the marketplace. Will it compete with products that are differentiated from the rest of the competition, leveraging technology to innovate in ways that provide additional value for consumers? Or, will it compete
Retailer Decisions Based on Target Market planning
Target Market Planning What you’ll learn to do: Examine retailer decisions based on target market planning We defined target markets earlier as the segment at which a firm will focus its marketing activity. In the following sections, we will explore how firms tailor their strategies to their target market. It’s important for a firm’s strategy to be
Customers Buying Choices main factors used : Motivation, Attitude, and Buying Choices
Motivation, Attitude, and Buying Choices As you learned, when reading about the multi-attribute attitude model, attitudes are the enduring assessment a consumer makes about a product or brand or firm, based on their personal experiences, positive and negative. Typically, attitudes are described as being composed of three parts, reflected in the ABC model. Affect Behavior
Describing Customers
Describing Customers What you’ll learn to do: Summarize the main factors used to describe customers It’s important for retailers to understand their customers because their needs and desires shape their actions and purchases. Consumers are influenced by their life experiences, as well as demographic factors, so understanding how they make decisions can help retailers with promotions.
why it is important for retailers to research and understand their customers
Understanding Customers What you’ll learn to do: Describe why it is important for retailers to research and understand their customers Previously, you learned that no matter how similar consumers might appear to be, they are seldom the same. Their needs, motivations, assumptions, beliefs and biases are unique, informed by individual experiences and perspective. Understanding how to
Understanding Customers
Understanding Customers What you’ll learn to do: Describe why it is important for retailers to research and understand their customers Previously, you learned that no matter how similar consumers might appear to be, they are seldom the same. Their needs, motivations, assumptions, beliefs and biases are unique, informed by individual experiences and perspective. Understanding how to
Habitual Decision-Making
Habitual Decision-Making As you read, some consumers have an extended problem solving mindset, putting a great deal of effort into their purchase decisions. Others have a limited problem solving mindset, putting in little consideration because their purchase is trivial. Still, there is another way that consumers arrive at their purchase decisions and that is routinized
Increasing Sales with Limited Problem Solving
Increasing Sales with Limited Problem Solving By contrast, consumers with a limited problem solving mindset put in little consideration before arriving at a decision. Because of the minimal time and energy committed to the search, this mindset is most common with the selection and purchase of low-consideration or low-value items. These may also be purchases
Models of the Buying Process
Models of the Buying Process What you’ll learn to do: Identify the various models of buying processes In the sections titled Consumer Decision-Making Process and The Steps of the Buying Process, we introduced processes or steps consumers engage in as they prepare to make a purchase. In particular, we described three models: AIDA, path-to-purchase, and the consumer buying process.
Multiattribute Model
Multiattribute Model “You can’t be all things to all people.” -Michael Porter All firms, when making strategic decisions, must choose between alternative courses they could pursue. In doing so, they make appropriate trade-offs, which they believe will best position them for future success. Part of this requires understanding what they are and what they are
Information Used in Buying Decisions
Information Used in Buying Decisions As you saw in the previous module, there is no shortage of ways that consumers can collect information to support their purchase decisions. This fact is underscored in the description of the buying process, as each model (AIDA, path-to-purchase, and the consumer buying process) includes a stage where consumers gather
Conflicting Needs of Customers
Conflicting Needs of Customers How can a customer have conflicting needs? If they need something, shouldn’t it be clear what they want? How can there be conflict? We’ll work toward this by evaluating needs in multiple contexts. First, we’ll consider them as abstractions of what is and what is not communicated. Next, we’ll consider how
The Customer Decision-Making Process
The Customer Decision-Making Process What you’ll learn to do: Explain the consumer decision-making process No matter how similar consumers might appear to be, they are rarely the same. They do not move and act in uniform blocks. Instead, their needs, motivations, assumptions, beliefs, and biases are unique, informed by individual experiences and perspective. Thus, it’s critical
Identifying and Understanding Customer Behavior
Identifying and Understanding Customer Behavior Imagine you’re in-store at your local supermarket, watching customers in the dairy section as they shop for yogurt. Think about the products on the shelves; the various brands, styles and flavors. Think about the different sizes and configurations—jars, cups, tubs and tubes. Think about product placement—eye level or in the
Putting It Together: Multi-Channel Retailing
Putting It Together: Multi-Channel Retailing Online, engaged and connected without interruption, consumers encounter brands and retailers, expecting accessibility, consistency, and service. They easily shift among a host of retail formats and channels–online and offline, in-store and at-home, to suit their needs. And, empowered by technology, they have high expectations for their shopping experience, the speed
Data to Support the Multichannel Shopping Experience
Data to Support the Multichannel Shopping Experience Measurement of retail performance is important, but especially for multi-channel retailers as it provides a basis for comparing performance across channels. Among a number of other details, brick & mortar stores track: Traffic: the number of shoppers in-store within a given period Average Inventory: (beginning inventory for a
Customer Impressions and the Seamless Experience
Customer Impressions and the Seamless Experience As you’ve seen throughout this chapter and in examining your own shopper behavior, consumers engage with companies through any number of channels—brick & mortar, social, .com, chat and more. Moreover, consumers want consistent, seamless, and collaborative interactions, optimized for whatever channel they’ve chosen. That is, consumers select the channel
Challenges of Multichannel Retailers
Challenges of Multichannel Retailers What you’ll learn to do: Recognize the challenges faced by multichannel retailers and how retailers must adapt Multi-channel retailers work to engage shoppers at the point of purchase in a variety of channels, in order to be present where and when these potential customers are ready to buy. The complexity of doing
Role of the Web to Retailers
Role of the Web to Retailers Let’s think again about your own shopping behavior. What was the last thing you bought online? Why did you decide to purchase it this way? Was it the only way the item was sold? Was it the most convenient way to shop? Was it because you were able to
Mobile Apps and Customer Interaction
Mobile Apps and Customer Interaction Mobile software applications or “Apps,” as they’re most commonly known, are computer programs designed to run on mobile devices like smartphones and tablets. They are distinguished from desktop or web applications, which run on desktop or laptop computers and web browsers, respectively. Originally, apps were developed as productivity tools and
Advantages and Disadvantages of Electronic Retailing
Advantages and Disadvantages of Electronic Retailing As you learned in the previous section, e-tailing has some tremendous benefits for a retailer. It allows the retailer to reach consumers outside their immediate market area, as well as makes the retailer more convenient, as consumers can shop when and where they want, regardless of actual store locations
Electronic Retailing
Electronic Retailing What you’ll learn to do: Discuss the rise of electronic retailing through the internet As we begin, it’s necessary to distinguish between electronic retailing (e-tailing) and broader e-commerce. While closely related and sometimes used synonymously, e-tailing is actually a subset of e-commerce. That is, e-commerce refers to any exchange of goods on-line, while e-tailing
Comparison of Store, Catalog, and Internet Retail Channels
Comparison of Store, Catalog, and Internet Channels The most pronounced difference between store and non-store retail channels is the cost structure. Retail stores have comparatively higher costs than their non-store counter-parts because their costs include rent, utilities, inventory, and staffing. By comparison, non-store retail outlets have eliminated rent and utilities and greatly reduced carried inventory
Retailers and Non-store Channel Types
Retailers and Non-store Channel Types Non-store retailing is the selling of goods and services outside the confines of a retail store, off the premises of fixed retail locations. This distribution channel can be divided into direct selling and distance selling. Modern direct selling includes sales made through one-on-one demonstrations, hosted product sales events in-home, and other personal contact.
Non-Store Retail Channels
Non-Store Retail Channels What you’ll learn to do: Describe a wide variety of non-store retail channels It’s easy to confuse “retail” with the brick & mortar store experience. Or, if thinking of non-store retailing, extend “retail” only to the on-line domain. But, it’s important to expand this consideration to include multiple alternative outlets to get an
Key Differences Between Single Channel, Multi-Channel, and Omni-Channel Retailing
Key Differences Between Single Channel, Multi-Channel, and Omni-Channel Retailing Think again about your own shopping behavior. Perhaps you’re frequently in-store to see the products in-person. Maybe you shop on-line, visiting the store or brand’s websites? Are you connected with retailers or brands on Facebook? Do you follow them on Twitter to learn about new items,
development of Retailing channel strategies
Single Channel, Multi-Channel, and Omni-Channel Retailing Let’s imagine you’re planning to buy a new phone. How would you decide on the right one? Would you research online? Would you go to the manufacturers’ websites? What about blogs where users give their feedback and product reviews? Would you visit a store to see all the options
Single Channel, Multi-Channel, and Omni-Channel Retailing
Single Channel, Multi-Channel, and Omni-Channel Retailing What you’ll learn to do: Compare and contrast single channel, multi-channel, and omnichannel retailing Technology has enabled consumers to search and shop across channels very easily, blurring the differences between them. In response, manufacturers, especially those with leading brands, have worked hard to develop their presence in alternative channels to
Multi-Channel Retailing
Multi-Channel Retailing In the previous module, you spent time learning about changes in the grocery industry over the past 20 years, reflected in the emergence of new distribution channels and non-traditional formats. While this has dramatically changed the competitive landscape, it’s important that we also consider how the rise of technology is changing shopper behavior.
Putting It Together: Retail Environment Analysis
Putting It Together: Retail Environment Analysis In the last 20 years, groceries have moved from the grocery store and supermarket to a whole host of other channels, where different retail formats are using food to increase store traffic and to increase revenue. This is important because our existing grocery and supermarket formats, largely unchanged in
Competitive Analysis
Competitive Analysis What you’ll learn to do: Evaluate the elements of a competitive analysis Competitive analysis is an integral part of developing an organization’s marketing strategy. It is done by identifying competitors, then evaluating their strategies for strengths and weaknesses relative to your own. When done effectively, competitive analysis helps you understand your competitors’ capabilities, which
Evolving Through Mergers, Diversification, and Downsizing
Evolving Through Mergers, Diversification, and Downsizing Throughout the late 1990s, the retail food industry underwent a period of massive consolidation as retailers reacted to the emergence of new distribution channels and the sophisticated supply chain of new competitors. Traditional grocery retailers reasoned that the only way to compete with the encroachment of new formats selling
Scrambled Merchandising
Scrambled Merchandising Scrambled merchandising refers to a retail tactic in which a retailer broadens their assortment to include items that are generally outside their focus or are usually sold in a different retail format. It might be easiest to think about scrambled merchandising by considering it in practice. For example, think about how the traditional
Store-Based Strategy Mixes
Store-Based Strategy Mixes What you’ll learn to do: Discuss store-based strategy mixes Retailers target specific consumers and shopping occasions. Think about consumers on their commute home from work on a Tuesday evening. Their purchase of a carton of milk at an AM/PM convenience store where they’ve also stopped for gas is very different than their purchase of
Types of Service Retailers
Types of Service Retailers To some degree, customer service is fundamental to all retail because it supports customer loyalty and contributes to the customer’s overall retail experience. However, retailers must decide what level of service they will provide for their customers: No service, such as Amazon Go concept stores that do not have associates or
Assortment Levels and Types of Retailers
Assortment Levels and Types of Retailers A lack of product differentiation between retail formats is one of the reasons some retailers have developed private label or store brand items. These products help retailers customize their distribution. Typically, they are positioned as lower-cost alternatives to regional, national, or international brands. However, some private label brands have been
Service and Merchandise Retailers
Service and Merchandise Retailers What you’ll learn to do: Compare and contrast service and merchandise retailers For many retailers, it is difficult to differentiate themselves because the items they carry are also available at their competition. Therefore retailers are left to compete in other ways, either through unique products or on exceptional customer service. Retailers who
Current Trends in Food Retail
Current Trends in Food Retail While the growth of channels and competitive outlets has had massive implications over the past twenty years, there are other significant factors influencing food retailing in the United States, including demographic changes, consumer demand for convenience and solutions, and cost pressure. Specific to demographics, food retailing is being influenced by baby
Variety and Assortment of Goods in Food Retail
Variety and Assortment of Goods in Food Retail Let’s examine again how food retailers can vary from one another, considering assortment. Let’s say you want to purchase a can of soup. How would you find the soup in each of the different stores? You might check a specific aisle or section of the store. How
Food Retailers
Food Retailers What you’ll learn to do: Categorize the wide-variety of food retailers As you’ve seen in previous sections, the surge of retail channels and retailer formats selling food has had a tremendous effect upon grocery retailing. Yet the landscape promises even more change, as consumer behavior evolves in a connected, on-demand world. The next several
Advantages and Disadvantages of Retailer Types
Advantages and Disadvantages of Retailer Types Consider the number of formats within the retail industry selling food: club and warehouse mass merchandisers / supercenters / superstores convenience and drug dollar and discount natural and organic specialty .com and at-home delivery traditional grocers Each of these formats and the retailers within them are targeting a distinct
Retailer Classification
Retailer Classification What you’ll learn to do: list the classification characteristics of various types of retailers by ownership A retailer is the last step of the supply chain. It is where consumers go to obtain goods and services. Without retailers, consumers cannot get what they want, where they want it, and when they want it.
Why It Matters: Retail Environmental Analysis
Why It Matters: Retail Environmental Analysis Why evaluate different types of retail institutions? Think about your local grocery store or supermarket. You probably enter into the produce section or perhaps the deli or bakery departments. The milk, butter, and meat sections are probably located at the back of the store, while the center of the
Putting It Together: Introduction to Retailing
Putting It Together: Introduction to Retailing Do you remember identifying your favorite retailer on the first page? Hopefully you can now think about them in a different way or give you some insight as to why your favorite pair of jeans in your size are sold out at your local GAP? If you will recall