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Transcript of Value
Technology and Relationships in
Customer and Supplier Interactions
Sellers undertake a series of activities and processes to provide a given level of value for the consumer.
A retail value chain represents the total bundle of benefits offered by a channel of distribution. It comprises store location, ambience, customer service, the products/brands carried, product quality, the in-stock position, shipping, prices, the retailer’s image, and so forth.
For relationship retailing to work, enduring relationships are needed with other channel members, as well as with customers. More retailers now realize loyal customers are the backbone of their business.
Goods retailing focuses selling tangible products. Service retailing involves transactions where consumers do not purchase or acquire ownership of tangible products.
Technology is advantageous when it leads to an improved information flow between retailers and suppliers, and between retailers and customers, and to faster, smoother transactions.
Ethical retailers act in a trustworthy, fair, honest, and respectful way.
it is the customer's view of all the benefits from a purchase
it varies from one shopper to another
every shopper has a different perception of what a value of a purchase is
Value-expected Retail Strategy
Expected Retail Strategy
represents the minimum value chain elements a given customer segment expects from a retailer
Augmented Retail Strategy
includes extra elements in a value chain that differentiates one retailer from another
Potential Retail Strategy
comprises value chain elements not yet perfected by a competing firm in retailer's category
retailers must always analyze their customer base in terms of population and lifestyle trends, attitudes towards reason for shopping, the level of loyalty and the mix of new versus loyal customers
Retailers perform in a socially responsible manner when they act in the best interests of society through recycling and conservation programs, and other efforts.
Building and Sustaining Relationships
Retail "Value Chain"
a series of activities and processes
What is a Value Chain?
What is Retail Value Chain?
it represents the total bundle of benefits offered to consumers through a channel of distribution
Loyal customers are the backbone of the business.
4 factors to keep in mind:
Customer Base Customer Satisfaction
Customer Service Loyalty Programs and Defection Rates
refers to identifiable but sometimes intangible, activities undertaken by the retailer in conjunction with the goods and services it sells
Two elements of customer service
Expected Customer Service
Augmented Customer Service
value and expectations exceed from consumer's own.
a way in which the retailer rewards his best customers whom which are the few he wants to have a long-lasting relationship with
focuses on selling tangible products
involves transactions in which customers do not purchase or acquire ownership to tangible products