An essay "Retail Business and Consumer Environment" claims that after all, success in retailing is the result of sensitive perceptive decisions that require imaginative and innovative techniques. As the American economy continued in its slow down a few years ago…
Success in retailing is the result of sensitive perceptive decisions that require imaginative and innovative techniques. For example, as the American economy continued in its slow down a few years ago, many retailers were afraid to embrace new ideas. Instead of using their creative power to increase their competitive advantage, these retailers either just continued doing things as they always had done them, cut costs without thinking about the impact on customer satisfaction or copied what their competitors were doing” (Dunne 2008). These decisions are complicated by business environment because of low margins, high capital requirements, often or cyclical consumer demands. In recent years, retailers have turned to new information technologies to fight with these challenges. Indeed, the latest generation of a retail application has become and continues to be, a game changer in this industry. Studies show that those retailers deploying advanced technology solutions realize significant shareholder returns on average, with the help of technology-driven improvements like enhanced customer loyalty, efficient sales channels, advanced supply chain operations, and agiler merchandising. “Three fundamental and interrelated changes have occurred in European retail environment: first, the balance of power has shifted along the distribution channels from the manufactures to the retailers, secondly, traditional independent retailers and cooperatives have lost market share to multiple chain organizations, thirdly, markets have become increasingly consolidated and concentrated” (Gilbert 2003). Long-term business success is becoming more complex, for example, new technologies make it possible for companies to compete for customers in multiple sales channels and venues, including those on the phone, and on the web, allowing retailers to gain market share. The retails need the capacity to serve customers anytime and anywhere. Here is the relevance of the study of retail business and the consumer environment. Starting with a brief description of the retail business, going through the political, socio, economic, cultural factors affecting consumption patterns by applying appropriate theories of retail development in needed portions, it further explains the implication of retailing in urban development, and how advanced technologies can help retail industry to gain market share. When one observes the international retail market, for example, in the United States, the retail industry originated from a community shop where people would shop for necessity items. Single general stores were common because of limited population, and the disconnectivity of the people within the city. Later societies advanced with population increase went to big cities, and new technologies enabled to enhance interconnectivity among people, and easy communication between distanced cities gave further opportunities for the formation of specialty stores. In the current scenario, the US retail industry is booming. With this exponential growth of retail business across the nation can in the very near future come into the category of infrastructure industry. Adaptation is an important fact in the retail industry as trends in society, a taste of various products and people’s demand are more. In business to business market, managing customer relations and fulfilling their need is a vital factor. A customer is the main focus. ...
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In reality retail environments integrate a complex array of inputs, including environmental psychology, servicescapes, visual merchandising, and advanced layout procedures, as a means of gaining greatest sales and product efficiency. Such an understanding adds a significant degree of complexity to one’s generally carefree shopping mall experience, as competing forms of retail psychology compete for the hearts, minds, and pocketbooks of shoppers.
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Tesco which has its stores spread along fourteen countries along a global sphere earns a significant position in the grocery market in United Kingdom. Along with grocery products the company also markets several other products in categories relating to general merchandise like books, garments, and other consumer durable products in both electronic and non-electronic fields.
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For these reasons, companies need to carry out analyses like SWOT, PEST and LE-PEST C. In this paper; the analysis that will be given much attention is the LE-PEST C analysis. It will try to identify the types of
This report will provide a unique opportunity to advance the understanding of consumer behaviors and investigate the marketing strategies companies apply in the duty-free market. The purpose of this paper is to investigate the expectations and perception duty-free customers have on three factors: Offer, Customer Service and Atmosphere.
Then, the research managed to explore on the best retail marketing strategy based on the standard consumer buying behaviour model. The data consisted of a thorough review of the literature from credible authors and
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