Retail Business and Consumer Environment

Retail Business and Consumer Environment Essay example
Undergraduate
Essay
Marketing
Pages 10 (2510 words)
Download 0
Retail Business and Consumer Environment Introduction: Retail, long regarded as a low-margin and tough industry, has been characterized by turf battle and waves of innovation, because companies concentrate on consumer tastes and revamp business models to reduce overhead expenses, as well as tap new business hubs…

Introduction

After all, 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 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 more agile merchandising. ...
Download paper
Not exactly what you need?

Related papers

Trust-Mart expansion on to UK’s supermarket retail market
Competitive Strategy of Trust-Mart …
Retail industries in UK
Lynn (2010) also expressed similar opinions as expressed by Inman. “Stakeholders such as the government, customers and dealers often hold a large stake in any negative turn the UK’s economy takes”(Lynn, 2010, p. 65). The retail industry is a sector of the economy in which individuals, employees, consumers and organizations interact each other. UK retail sector is currently facing huge…
Retail business
Due to recession, many retail organizations have reduced their workforce, and the employees feel uncertainty in their jobs. 3. People are likely to lose their jobs, especially men and young employees. The effect of global crisis have been felt by people in different ways, depending on the places they live, industry in which they are employed, occupation, and their personal characteristics. This is…
Retail Marketing and Distribution
Retailing has been a prevalent activity over the years but its systematic study has been necessitated in the present times because of the alterations in the components of retailing along with the conditions in the marketplace. Marketing is considered to be one of the most significant areas for any of the retail operations because of the fact that retailing tends to comprise the activities that are…
Wal-Mart retail marketing
The retailers should therefore purpose to blend traits that have the capability to work together and result to maximum customer satisfaction. Considering the importance of retail mix, it is therefore worth for a company to invest considerable time strategizing its retail mix. It is important to note that the more time and efforts a company puts on ensuring maximum customer satisfaction, the more…
The internal physical surroundings of a retail outlet have important implications for building store image and influencing consu
In-Store Environment Physical environment of the retail stores play a crucial role in influencing consumer behaviors and provide the retail stores with an ability to create un-rivaled image particularly in service businesses. Additionally, retailers rely heavily on store atmosphere as it prolongs the time consumer spend in the store and increases impulse buying of the consumer. More importantly,…
Contemporary Retail Environments
Shopping is no more a simple act based on the human need, exchange of the currency and the goods but much more. The perception of shopping and its experience differs as few people perceive it to be a part of entertainment, act of expression, path for happiness and stress therapy (Tuttle, 2010). The experience of the shopping is judged by the accomplishment of the individual perception in the…