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Retailing - Essay Example

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Retailing

Their major focus is on loyalty to customer from wide demographic market segment that caters constantly to their changing preferences.
Kotler and Armstrong (2009) have described marketing as major component of business strategy that helps to meet the changing needs and requirements of the people profitably. The success of LuLu Hypermarkets shows that it understands changing consumer psychology. It continuously strives to update its products line with that of the changing public demands. By introducing latest products and excellent services at competitive prices, it has earned significant customer loyalty that prefer to shop here than elsewhere. LuLu has earned market credibility mainly because of its efforts to maintain high quality of its in-house brands and at the same time, providing its customers with wide range of branded products from across the world, thus promoting customer satisfaction. The main reason it has earned customer loyalty is by providing them with unique shopping experience.
Through strategic business alliances, it has considerably increased its organizational capabilities to meet the challenges of cut throat business. Scholars have asserted that creating values for customer has become the need of the hour (Gabriel, 2005:14). LuLu’s retail strategy has also used customers’ preferences as its major objective to forge business liaisons and partnership so it can cater to the demands of its diverse customers coming from different market segments. Thus, value creation for its customers through customized services and quality has become its hallmark.
LuLu hypermarkets are spread over very large areas keeping in mind all conceivable needs of customers coming from diverse background. They even have banking counters for money exchange and provide shoppers with huge facilities like convenient parking, playground for children, cafeteria. The chic and friendly ambience of ultra ...Show more

Summary

Retailing can be broadly defined as business strategy for expanding business through forging alliances with others so as to meet customers’ requirement and maintain one’s competitive advantage (Levy, Weitz & Pandit, 2008; Gilbert, 2003). The retail strategy therefore becomes…
Author : lindhilma
Retailing essay example
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