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MKTG30006 Retail Management Revision Lecture
Transcript of MKTG30006 Retail Management Revision Lecture
Retailing 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 Important to remember that all these theories have flaws 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
Environment A retail strategy is a statement identifying
The retailer’s target market
The format the retailer plans to use to satisfy the target market’s needs
The bases upon which the retailer plans to build a sustainable competitive advantage Retail Locations 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 Retail Pricing Pricing decisions are important because customers have alternatives to choose from and are better informed Retail Branding Customer Relationship Management A business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty with a retailer’s most valuable customers All customers are not equally profitable, and more or less profitable customers need to be treated differently Managing Merchandise 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
Products Trends Retail Opportunities http://www.sbs.com.au/documentary/program/seductioninthecitythebirthofshopping 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 in 2013, the retailers that thrive are those that best understand this dynamic retail environment What did you learn about the type of retailing opportunities that Woolworth offers? How diverse is a retailing career? MKTG30006 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 The World of Retail 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.