Example Of Strategic Retail Management Essay
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In the Retailing concept products and services are sold directly to the final consumer for their individual non-business use. It seeks to explain how businesses start on a low scale, develop until they become large-scale activities. Retailing refers to activities and steps applied to sell a product or service to end consumer for their personal use. The individual demands of the user should be well matched with supplies of all manufacturers. Some of the activities performed under retailing predicting customer's wants, sorting products, financing and acquiring market information. Even a manufacturer can retail by selling directly to customers.
Value chain elements
Incoming shipping that brings goods and products to the depot.
After the goods are received in the warehouse, an inventory control and operations is done for those goods.
Preparation for outgoing shipping and logistics
Offering customer service like coordination and scheduling
Marketing and sales
Accounting and finance
Purchases of materials
Manufacturing and operations
Estimating the cost
Accounting and finance
Local fruit and vegetable store
Purchases of supplies
Marketing and sales
They refer to organized marketing strategies that reward thus encouraging local buying behavior that is advantageous to a company. Members of the loyalty programs can be easily identified by a loyalty card, advantage card, club card and rewards card depending on the location. I will device the following customer loyalty program for Barnes and Noble.
Using a simple points system
Consumers earn points that are then exchanged for a reward. Thus, customers are encouraged to strive to reach a certain amount of points in order to redeem their prize.
Using a tier system
The system can be used to award initial loyalty and lead to more purchases. By doing so, more customers can enjoy their rewards especially those who forget to redeem their points.
Charge an upfront fee for VIP benefits
One-time fee that allows consumers to bypass usual purchase blockers can prove quite beneficial for Barnes and Noble and even the customers.
Organize non-monetary programs following customer’s values
Understanding the customers will help the company understand their value and what they consider most thus the organization can consider giving those non-monetary gifts if that is what they value most.
Provide all-inclusive offers
Barnes and Noble can partner with other companies to give inclusive offers that can be efficient for buyer retention and business growth.
Make a game out of it
Turning a loyalty program into a game is an attractive way of encouraging customers and solidifying the brand’s image.
Unethical but legal acts
Somebody bought a shoe from a friend and later returned it with a mindset of buying it cheaply. I rebuked the person but since it is not illegal to do so we let him go on his way.
Recently we went with a friend for shopping; we found some bags on discount, and he bought them then went to sell them later on eBay for a premium price. I tried to reason with him; he argued a lot, I left him.
In my cloth store, somebody bought a cloth wore it and then brought it back. I stood my ground and refused to refund her.
Pros and cons of starting a new saloon
You will get better equipment and new ones for usage
You an opportunity to build your reputation since you already don't have one like an existing salon may have a bad reputation for doing poor quality job.
It is expensive to start a new salon
It will take time to start attracting customers
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