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MKTG90001 Retail Management Revision Prezi
Transcript of MKTG90001 Retail Management Revision Prezi
Retailing and Society
From the early 19 century to present day retailing went from being inaccessible to the masses to the dominant form of interaction with the marketplace
Originally there was just the brick and mortar store but there are now an increasing number of avenues for retailers to reach consumers
Experiential Retailing aims to…
“create outlets that capture and represent the brand’s essence, while balancing both the functional components of the product (what it does) with its emotional goals (how it makes me feel)”
(Healy, Beverland, Oppewal & Sands, 2007)
When a person buys an experience, they pay to spend time enjoying a series of memorable events that a company stages, to engage them in an inherently personal way (Pine & Gilmore, 2011)
Corporate Social Responsibility… relates to the social aspects of the responsibility a company may adopt for its own business operation within the society it serves (Gilbert, 2003, p. 373)
To be corporately responsible, a company will develop and operate economic, stakeholder, or philanthropic policies which are beyond its required legal duties.
Covers a company’s approach to
Location decisions have strategic importance because they can help to develop sustainable competitive advantage
A good location may let a retailer succeed even if its strategy mix is mediocre
For example a hospital gift shop
A poor location can lead to a loss of revenue regardless of the service
Such as next to a category killer
Pricing decisions are important because customers have alternatives to choose from and are better informed
The Frontiers of Retail Innovation
Merchandising consists of all the activities involved in acquiring particular goods/ or services and making them available at the places, times and prices and in the quantity that enable a retailer to reach its goals
A merchandising philosophy sets the guiding principles for all the merchandise decisions that a retailer makes. It must reflect:
Target market desires
Retailer’s institutional type
New Forms of Retail Channels
This retailing world lead to an exclusive and inaccessible retailing mix
However changes in society and the "discovery" of new consumer segments led to vast changes in the retailing scene
Retailing has evolved to become omnipresent, accessible and increasingly dynamic
n 2013, the retailers that thrive are those that best understand this dynamic retail environment
MKTG90001 Retail Management Revision Lecture
Prepared by Marcus Phipps
This lecture has been created to provide a broad overview of some of the key themes of Retail Management this semester
It is not meant to be an indication of what is on the exam, rather it has been created as a study tool to help guide revision for the exam
All the best in your exams - it has been a pleasure teaching you this semester.
Do not hesitate to contact me if you have any questions.
Retail - here today, gone tomorrow?
This prezi acknowledges Annie Harper, Idea Nation, as the owner of copyright for the ideas in this section
Traditionally, marketing texts and courses have portrayed retailing as a relatively passive link to the consumer
a set of strategies, processes, programs and systems
to develop loyalty and repeat-purchase behaviour among the retailer's best customers