Retail Management Essay Example

Targeting Customers and Gathering Information

1. Supermarkets find the mass market approach better than the concentrated marketing approach used by fruit-and-vegetable stores simply because they have a wider base of products that meets the demand of a wider customer base. Supermarkets not only sell vegetables and fruits, but they sell a whole lot of other consumable and non consumable products that require them to concentrate on a wider consumer network. Since supermarkets cater to all kinds of consumers and have products to meet the requirements of a larger consumer base, and that too all under a single roof, they are sure to have a bigger market share than fruit-and-vegetable stores. Even if they are not able to meet the quality standards of fruit-and-vegetable stores, who specifically target customers in need of quality fruits and vegetables, they are able to attract more customers with their larger assortment of consumer products. They can also offer fruits and vegetables at a lower cost than fruit-and-vegetable stores offer. 2. Radio Shack targets consumers on the move, and those who have a heart for entertainment. Their strategy is simple; offer products at prices that are unbelievably hard to resist. With huge discounts and irresistible promos, Radio Shack offers a wide range of electronic goods to consumers who are in the age group of 5-50 years. Their unique market strategy involves associating with customers who require customized products and services. This way, Radio Shack offers anyone and everyone who had a unique need work in tandem with Radio Shack’s experts to launch innovative technological devices. This is why Radio Shack says, “It Can Be Done, When We Do It Together” (Radioshackcorporation.com). 3. When appealing to the consumer motives for shopping, there are a number of questions that need to be resolved. There is the question of whether the shopping will be worth the trouble, and if so, how. Another question that would probably come to mind would be the benefits consumers draw from shopping at a particular store. A third question that comes to mind is whether after shopping, there will be any form of follow-up from the seller, and whether they will offer full support if after-sales support is required. One other question that can be considered is whether the shopping destination has all or most products that consumers will shop for when they do shop. 4. As a casual dining restaurant owner, the kinds of secondary data he would use to learn more about his industry and consumer trends in leisure activities would come from specific business-related magazines, journals and the internet. Some of these data would include the kind of food customers eat, what sort of ambience they seek, what is the occasion that drives them to casual dining restaurants, and what could be the right price. These tools allow the casual dining restaurant owner to design and include in his restaurant that appeal to his targeted audience.
5. A retailer would use mystery shoppers rather than other forms of observation because it will save them the embarrassment or run the risk of losing credibility. It is a method used to study customer behaviour. As such observations involve intruding into a shopper’s privacy, if a retailer is found to use some form of monitoring of customers, they could find themselves in a pretty uncomfortable position. Such methods can be used in banks and high security areas for the simple reason that there is security issues concerned in such establishments. 6. The five steps to approach data-base management are to review and refine business processes, training of personnel to run and maintain the database, adhere to standards, ensure continuous update of data, and prioritize and understand what kind of data is required from the database.