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Chapter 1 An Introduction to retailing

Strategic Retail Management

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Dr Waheed Asghar
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3 views

Chapter 1 An Introduction to retailing

Strategic Retail Management

Uploaded by

Dr Waheed Asghar
Copyright
© © All Rights Reserved
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
You are on page 1/ 26

DEVELOPING AND APPLYING A RETAIL STRATEGY

1. Define the type of business in terms of the goods or


service category and the company’s specific orientation
2. Set long term and short term objectives for sales and
profit, market share, image, and so on.
3. Determine the customer market to target on the basis of
its characteristics (such as gender and income level) and
needs (such as product and brand preferences).
4. Implement an integrated strategy that combines such
factors as store location, product assortment, pricing, and
advertising and displays to achieve objectives.
5. Regularly evaluate performance and correct weaknesses or
problems when observed.
The Home Depot Corporation’s Strategy: Keys to Success
Page 32 of Text Book
Write a summary covering all Headings in your own words.
Must be Handwritten
Submission Date: 19th October
Applying the Retailing Concept
03 issues that relate to a retailer’s performance

1. The Total Retail Experience,


2. Customer Service, and
3. Relationship Retailing
1. Total Retail experience
• It includes all the elements of a customer’s journey
with a retailer. Many elements, such as the number
of salespeople, displays, prices, brand names,
mobile app or Web , page design, accurate product
and pricing information, and inventory on hand
• If some part of the total retail experience is
unsatisfactory, customer may not purchase
2. Customer Service
• CUSTOMER SERVICE Customer service refers to the
identifiable, but sometimes intangible, activities
undertaken by a retailer in conjunction with the
basic goods and services it sells.
• Among the factors comprising a customer service
strategy are store hours, parking, shopper-friendly
store layout, credit acceptance, helpful salespeople,
amenities such as gift wrapping, clean restrooms,
reasonable delivery policies, the time shoppers
spend in checkout lines, and customer follow-up.
• Rating may be different by different people due to
intangibility, expectation and .
3. Relationship Retailing
• Two types of relations
• One-off or transactional relation
• Relational or marketing relation
• The best retailers engage in relationship retailing,
whereby they seek to establish and maintain long-
term bonds with customers, rather than act as if
each sales transaction is a completely new
encounter.
• A “win–win” approach is critical.
• IT has made it possible to maintain customer data
and loyalty programmes

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