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Retail Management (Essay Sample)

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Retail Management source..
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Running Head: Retail Management
Case study of retail management
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Introduction
With the increasing globalization of economic and business enterprises marketers have embarked on an effort to ensure that they make use off the available technology to enhance their course. A very good example is where most of the organizations have adapted the use of E-marketing. It is worthy to note that even with the emergence of E-commerce; most of the problems that E-retailers face are not appreciated by most of the store shoppers. When retailers understand their consumers, business relations can be greatly improved because the retailers will seek to improve the shopping experience of the consumers who will in turn come back for more and more (Davies, 1998). This case study will focus on what retailers can do to better understand their consumers and their behaviors for a better business.
The most important points a retailer can learn about a consumer
As consumers have to beat the little time they have to accomplish a couple of tasks, most of them look forward to making the best out of the shopping time. It is therefore important for retailers to understand that consumers look for three most important things when going for shopping i.e. quality products, convenience and they need to be well informed before making any choice. This is so because most of the consumers will not compromise on either quality or brand and settle for anything lesser than what they have been looking for (Blythe, 2001). In the era of E-marketing, most of the retailers have decided to make sure that consumers are well informed on the product by having them posted on their websites as well as having the zoom and pan option for the consumer to have a better view. Others have gone the extent of using 3D so that the consumer can have varied view points before making any decisions.
On the issue of compromise, consumers will walk out of one store and get to another just to make sure that they get hold of what they want. In order to cater for this demand, most of the stores stock up the different products that the consumer might be in need of. The three main things that retailers need to know about consumers can be summarized into shopping productivity where consumers will get the best while spending the least possible amount of money, one-stop shopping where they can get hold of all they want at a go and convenience in shopping.
Consumers are looking forward to great and greater shopping experience every time they go out for shopping. This means that given the way people who mostly are consumers are becoming busy and committed i.e. they have to balance between work, family and household chores not to mention that they need to have some leisure time, most of them would like to enjoy their shopping experience. This means that consumes want a variety of products and brands to choose from while at the same time they should be located within the same building (Davies, 1998). To ad onto that they still want to be fully informed about the product they are buying their effects and how they will be of value to them. All the products should be of high quality i.e. the consumers should be satisfied with the quality of the product and where possible they should be made in such a manner that they meet their tastes. All these should be accomplished with convenience and at the spending of the least possible amount of money (Blythe, 2001). This means that the consumers are seeking more and more from the retailers while they want to spend less and less of their energy, time and money for getting the best products and services in the market.
Customer Segmentation
The use of customer segmentation as a retail strategy is very good idea in that it helps most of the businesses have the greatest impact possible on the market. With the increase in competition most of the firms have no option but differentiate their products. This is also beneficial to the consumers in that the firms get to concentrate more on how to satisfy their needs i.e. firms start concentrating on quality rather than on voluminous products which have very little impact on their finances (Croft, 1994). If wells elected the segment of consumers usually have the same tastes and therefore it could be much easier for the retailer to satisfy the demands of the consumers. It is also easier for the firm since it will spend much less resources in marketing the products to the segment due to their common tastes (Dibb and Simkin, 1996).
The principle behind customer segmentation is that a business is able to focus its resources as effectively as possible hence increasing the chances of success. This includes retailers focusing on the subsection of a community such as the youth elderly, women, children or otherwise who have the greatest potential of becoming resourceful customers i.e. who are able to generate income for the business (Weinstein, 1994). Segmentation is often encouraged by the fact that different sections of the market have the different consumer behaviors while those in the same segment tend to show the same behavior. This is used to help a firm decide on the basis that it is supposed to undertake its customer segmentation in that segmentation can be done on the basis of lifestyles, demographics and other factors that influence consumer behaviors in one way or another (Michman, 1991).
Segmentation includes businesses differentiating their products in manner that meets the requirements of their consumers, coming up with new designs or redesigning the existing in order to be in line with the needs of the customers, finding the section of the market that responds greatly to...
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