Example Of Essay On Retail Marketing:
Google Opens Its Retail Store in London
Google Opens Its Retail Store in London
For many years, companies depended on product differentiation and services to sustain their clients and likewise to provide customer satisfaction (Phuc 1). With time, because of the extreme competition from various players that participate in the market, the application of new features as well as the increase in new offers, a lot of s obtain new selections and they likewise become price sensitive which enabled marketers to become accustomed to differentiated as well as customer oriented approaches so as to allow them to emerge in the competition and achieve a competitive advantage (Phuc 1). One of the basic significant drivers of administrative success is that entrepreneurs should take into account the desires and needs of their clients.
Massive changes transpire in the marketplace. Customers expect greater service, high quality, and customization (Obaga et al. 43). The internet serves as the main source of a wide array of product information. In addition, the internet functions as an easy access for people to shop. Producers of brands confront intensive competition thus leading to an increasing promotion costs and decreasing profit margins (Obaga et al. 43). In this competition, retailers suffer from the oversaturation of retailing. It is significant to remember that there is a constant change happening in the retail sector (Obaga et al. 43). Retailers who fail to innovate will ultimately experience losses. Retailing is a developing business which should handle all the changes that take place. The capacity of the retail stores to respond to recognized changes in the customer behavior or the market is a critical component that a number of companies exhibit.
Consumers access information on brands, such as prices, costs, quality, and features, without depending on retailers or manufacturers (Obaga et al. 43). In a lot of cases, consumers stipulate the customized services they desire. They also have the opportunity to specify the costs they are ready to pay. The outcome is the dramatic change of economic power from manufacturers or retailers to clients or consumers (Obaga et al. 43).
In a New York Daily News article title Google opens its first retail store in London, sells Android and Chrome OS products by Alejandro Alba, the author discusses Google’s decision to join Microsoft and Apple in the retail space through the opening of the company’s store in London. The new store is situated in Currys PC World. Chrome and Android OS products will be the main products focus of the shop. In addition, Google Shop will likewise provide Chromecasts to consumers to educate them how the devices of the shop work together. According to the marketing director of Google in the United Kingdom, James Elias, the Google shop intends to provide people a venue where they experiment, learn, and play everything that Google provides.
In line with Google’s expansion in London, the shop plans to feature tech installations for customers to interact with. Moreover, the shop plans to set up a screen installation termed as “Portal” that will enable consumers to navigate the world through the use of Google Earth. Google likewise plans to add a Doodle Wall feature that will guests in the shop utilize digital spray cans to create their own interpretation of Google logo. Tech events and classes will also be provided to the public. Consumers can participate and learn the proper way to establish Cloud storage or be familiarized with phone shortcuts.
Classes will be made available to children and adults. Children will have the opportunity to participate in Virtual Space Camps and it will likewise enable teachers to invent open house events and take advantage of the many free tools for education.
Retail Marketing Concepts
The news article about Google Shop in London highlighted two important retail marketing concepts – location and products. Karadeniz claims that the location of retail site is a very important retail marketing concept due to the following reasons: First, the location of a retail site is one of the most significant factors that customers utilize in selecting a store (80). Retails location sites often take a while to find. Location also offers competitive advantage. For a retail store, locations often determine the failure or success of the business. However, a good location is linked with rivals, costs, and target market (Karadeniz 80).
In various retail businesses, failure or achievement is associated with the characteristics of trade sites that surround the location. In addition, sales in retail shops are not merely linked to the number of people and families that are next to the trade site, but likewise the consumers that come from other countries. Retail shops can also be situated in the malls. In this case, the manufacturer or retailer can typically be certain that it will have the right mix of customers, enough parking places, and moderate traffic (Yakhlef; Trigg).
Deciding for a retail site location is often very complex because of the big number of factors that need to be taken into account, as well as the costs related to it, for instance, the opening of stores, can be extremely high (Tanase). Selection of sites is thus a long-term decision that signifies long-term commitment to capital. As soon as the site of the retail shop is selected, there is merely little flexibility, since this decision generally cannot be altered easily in the absence of high losses (Tanase). Due to its fixed characteristic, location cannot be altered over the short-term, counter to other fundamentals of the retail marketing mix including customer service, prices, advertising, and the product assortment (Ellis-Chadwick). These factors can be changed if the environment, including competition and consumer behavior changes. The primary focus in the framework of retail location approaches generally concentrates on the opening of new retail shops. Nevertheless, decisions concerning location is associated with the entire physical arrangement of retail shops and is therefore a lot comprehensive. In considering the retail stores, there are several decisions that have to be made. These include the opening of new stores, the floor space extension; and the movement or relocation of a shop from one area to another; rationalization decisions; location repositioning; refurbishment; and alteration of the product range (Tanase).
Complex decisions evolve when opening new retail shops because it is generally the beginning point of many activities in a certain geographic location. There are three fundamental forms of locations accessible for retail stores. These include unplanned shopping sites; solitary sites; and planned shopping districts. Each of the fundamental types of location is related to certain disadvantages and advantages bases on the size of the area, occupancy value, vehicle or pedestrian customer traffic, and limitations placed on the operations of the store. For solitary sites or the free-standing locations, this often relates to a free standing outlet that is secluded from other retailers. These sites are utilized by large store formats. Unplanned shopping sites are those with various outlets in close proximity to one another that have developed over time. The retail mix is not the outcome of a long range planning. For this type of location, there is absence of a centralized management. Planned shopping sites or centers are those that have been planned architecturally to offer a unified theme for a lot of outlets. These types of sites are established deliberately and generally have a number of large retail stores.
Google’s decision to put up a retail store in London is a strategic move to widen its consumer base, increase profit, and introduce products to new markets. The retail location of Google shop can be considered a planned shopping site. In London, companies such as Apple have already established their stores in big shopping malls. Malls are often the preferred site because of its greater accessibility to consumers.
Another retail marketing concept involved in the article is product. Ensuring quality of product is critical for businesses. Product quality aids in maintaining customer satisfaction and customer loyalty and diminishes the risk as well as value of substituting faulty products (Ray, Ipshita, and Chiagouris). Companies can establish a reputation for product quality by obtaining accreditation with ISO 9001. Customers expect the best product in exchange for their purchase. In the absence of providing quality products, customers are quickly looking for other alternatives. Quality is crucial is bringing satisfaction to the customers and ensuring that they remain loyal to the company’s products (Ray, Ipshita, and Chiagouris). The products of the company make a significant contribution to the business’ long-term profitability and revenue (Mich and Mazze). They likewise allow the business to maintain or charge higher costs. The quality of the product impacts the reputations of the company. The increasing significance of social media signifies that the clients and prospect customers can share both satisfactory criticism and opinions of the quality of products on forums, social networking sites, and product review sites (Knotts et al.; Michman). A robust reputation for product quality can provide the company a competitive edge (Obaga et al.). Product failure or poor quality of product can offer negative publicity as well as damage to the reputation.
When a product is accredited by renowned quality standards, this can be essential in handling certain clients, or abiding by the rules of the legislation. Companies in the public sector may demand that their suppliers obtain accreditation with the standard of quality products. Selling products in markets, including food, healthcare, and electrical products should comply with the safety and health standards made particularly to offer protection to the consumers.
A poor product quality tends to increase costs (Davies and Ward). If the business does not possess an effective form of quality control system, this may incur the value of examining products and services that are non-conforming to recognize the main causes as well as re-evaluating the products after restructuring them. In a lot of cases, this may scrap defective goods and incur more production costs to substitute them. If the product is defective and it reaches the customers, the company will have to pay for replacements and returns, and can even incur legal costs for inability to comply with the industry standards.
Google always ensures high quality products. One of the factors that motivate the company to the do better is the tight competition in the market. The company’s retail marketing idea in London is very interactive and advantageous. The main objective of the company is to offer enjoyment and products to all customers.
Retail marketing concepts are gems that direct the company to where it should go. Retail marketing concepts design the marketing of products through retail stores. It encompasses promotion and displays of products in the shop. Google Shop’s expansion to London shows how the company is aggressively expanding its business by considering the product quality, price, location, and a lot more. Retail marketing can help the company increase its profitability and revenue.
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