Their son, William Henry Smith took over the business and was joined by his son, William Henry Jr. and WH Smith and Son was born.
The firm based its growth on the railway boom and capitalized on it by its presence in the railway stations and using the railroads as a means of distribution. For many years, the main rival to both W H Smith's railway station and news distribution business was John Menzies. WH Smith addressed this competition by buying out all retail outlets of Menzies in 1988. This has resulted in an amazing presence for WH Smith in every single railway station in Britain.
In the year to 31 August 2004, W H Smith plc had a turnover of 2,834 million, on which it made a pre-tax loss of 130 million, due to significant "exceptional items" and losses on the sales of subsidiaries. Disposals during the year reduced the group's net assets from 409 million to 256 million. At its December 2004 share price of around 323p, the company's market capitalization was just under 600 million. (wikipedia.org)
The company had been having a series of problems including the retail where it has faced tough competition on diverse fronts, significant fall in pension funds that has caused internal tensions and from the threat from its distribution side that all contributed to its financial downfall. There is no doubt that the company has to try to revamp on all fronts to recap its former glory.
The main The main disadvantage of WH Smith is that it lacks a distinct retail identity and that shoppers no longer have a real reason to visit its stores. It has lost its niche and needs to re-find it in order that it builds itself a solid identity. It has suffered the onslaught of specialised competitors and its sales have declined due to it losing customers.
Specialist retailers such as HMV, Waterstone's and Ottakar's offer a far wider range of music and books. Amazon burst on the scene as an online retailer and built its base so quickly and this has influenced WH Smith's sales.
It has also been squeezed by Asda and Tesco, which sell basic stationery and magazines more cheaply. In addition, shoppers seeking DVDs and compact discs are just as likely to pick them up at their local Tesco too, along with their envelopes and greetings cards, other traditional WH Smith staples.
Attempts at diversification such as publishing have not been as successful as expected.
Kate Swann, WH Smith's chief executive, said the company aimed to "reinvigorate" itself. "We aim to return the UK High Street Retail business to its role as Britain's most popular stationer, bookseller and newsagent," she said. Ms Swann admitted the firm had lost out to competition from supermarkets and had not helped itself by providing "an inconsistent product offer and an inadequate strategic response to competition". However, she said the stores still had great potential. "The business has unique strengths through its extensive store portfolio, strong market shares and high customer footfall. "Our plans encompass improved efficiency through cost savings and margin enhancement, while rebuilding the competitiveness and depth of our product ranges."
Relationship Marketing is a marketing method in which businesses consistently maintain two-way communication with their prospective, current and inactive customers in order to gain a deeper understanding of their needs while delivering personal and compelling marketing
WH Smith PLC (known simply as "Weskit") is the UK's largest magazine and book retailer. It is well known for its presence of its High Street retail stores and has about approximately 550 of them. They sell books, magazines, stationery, music, computer games, and videos…
The discussion seeks to answer the question: How can a company use new technologies and IDIC task to build a Learning Relationship not possible before e-commerce? How should that chart be changed in order to facilitate customer management and to make sure people are evaluated, measured, and compensated for building the value of the customer base?
I understand that wherever 6 or more consecutive words are extracted from a source they must be acknowledged and 10 consecutive words that are unacknowledged will be regarded as proof of plagiarism.
Special thanks and gratitude is given to ---- who helped me with his valuable guidance.
Customer Relationship Management (CRM) is one such tool that integrates technologies and business processes to satisfy the needs of the customer. CRM has been defined as an interactive process that achieves an optimum balance between corporate investments and the satisfaction of customer needs to generate the maximum profit
wth in the e-commerce industry is due to a single factor that is the most vital part for any kind of business; this factor is the need of communication. The people who saw internet as the novel and innovative trend or technique to conduct business realized the meaning of the
According to the article, customer relationship management has become an essential tool to successful sales strategies and has similarly become cheaper. The management approach involves a track of customer’s database with the aim of understanding customers who are becoming more complex with time.
The author states that applications of software such as Microsoft Excel and Statistical Package for Social Science (SPSS) are examples of technological uses that facilitate data analysis into customer care process. Similarly, technology has facilitated communication between involved stakeholders in customer relationship management.
The author of the paper states that there are many advantages of customer types. Customer types have a big role in profiling customers, personalizing offerings, building relationships and determining customer life-time value. Customer life-time value is an important database marketing technique.
stomers, and it is limited to activities taking place in the customer facing functions such as marketing customer service, and sales among others (Kincaid 2003, p.42). In most cases, CRM software is used to control lead information, marketing campaigns and market participation,