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Informative Speech on Current Marketing
Speech or Presentation
Pages 4 (1004 words)
Due to the coming up of up-to-the-minute competing channels along with store formats, retailers are finding themselves faced with great challenges that call for innovation. Coupled with the fact that consumers themselves now have a different, ever-changing behavior and needs structure.
Researchers have found that shopping habits are ingrained in consumers and they are often characterized by collecting certain items from one store and other items from a different store, that is, consumers will go to a toy store to get toys and go to a supermarket to get basic household commodities. Retailers must therefore place themselves in a position that allows them to take advantage of this complex environment (Krafft and Mantrala 7). Having been in existence for over a century, the Target Corporation an American retailing company has proved to be up to the challenge and has subsequently thrived in the retail industry. Through one of its employees, Target was able to create a model that allows the store to predict human behavior and thus preempt their competitors by meeting the individual needs of their customers. The challenge the store was facing was convincing their customers that they could shop for all they need at their store as opposed to getting specific items only where mostly it has been toiletries, cleaning supplies and socks. The biggest constraint was that consumers’ having their shopping habits ingrained which makes it difficult to convince them to adopt new ones. This restraint was presented by the marketers to one of the employees at the store that is a statistician. ...
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