Chapter 5
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| ELEMENTS IN RETAIL MARKETING | Target Market & Retail Offering/Format
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| TARGET MARKET | The market segments toward which the retailer plans to focus its resources retail mix.
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| RETAIL OFFERING/FORMAT | Developing sustainable competitive advantage (advantage over the competition).
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| CRITERIA FOR SELECTING ATTRACTION | Attractiveness: large, growing, little competition
"consistent with your competitive advantage"
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| OPPORTUNITIES FOR RETAILERS TO DEVELOP SUSTAINABLE COMPETITIVE ADVANTAGE | 1.Customer loyalty
2.Location
3.HR Management
4.Distribution & IS
5.Unique merchandise
6.Vendor Relations
7.Customer Service
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| CUSTOMER LOYALTY | Retailers build loyalty by:
-developing strong brand
-developing clear and precise positioning strategies
-creating loyalty programs
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| HOW TO BUILD RETAIL BRANDING? | Retailers build an emotional tie with customers and have a concise predictable level of quality.
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| HOW TO BUILD LOYALTY PROGRAMS? | -Part of an CRM [Customer Relationship Management]
-Save purchase behaviors of members of loyalty programs
-Develop personalization marketing effort to customers
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| LOCATION | Location is a competitive advantage
(the 3 most important things in retailing)
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| HUMAN RESOURCES | "Employees are key to build sustainable competitive advantage"; develop a positive organization culture; strategies for recruiting and retaining; employee branding.
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| DISTRIBUTION AND INFORMATION SYSTEMS | vendor>distribution center>store; by decreasing cost in these three you can decrease price, increase breath and depth, and give better services
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| UNIQUE MERCHANDISE [PRIVATE LABELS] | EX: SEAR'S= KENMORE APPLIANCES; Kmart= Martha Stewart
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| VENDOR RELATIONSHIP | Low-cost efficiency: EDI [electronic data interchange]; Collaborative Planning and Forecasting to reduce inventory and distribution cost. "special treatment"=early delivery and shipment of scarce merchandise
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| CUSTOMER SERVICE | Difficult to achieve since people are very inconsistent, goes beyond just hiring and training; its about your organizational culture.
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| GROWTH STRATEGIES | A)Market Penetration B)Market Expansion C)Retail Format Development D)Diversification
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| MARKET PENETRATION | Existing retail format for existing customers, to make existing customer to visit store more often; Cross-selling ex)when sales-person from one department sells from another!
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| MARKET EXPANSION | Existing retail format for new customers ex)Dunking Donuts at their stores and gas stations
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| RETAIL FORMAT DEVELOPMENT | New retail format with a different retail mix, for the same target market ex) Tesco Expres, Tesco Extra, Tesco Metro etc...
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| DIVERSIFICATION | New retail format for new target market: 1)Related diversification 2)Unrelated Diversification
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| IMPORTANT STAGE IN STRATEGIC PROCESS? | 2ND STAGE: Conduct a situation analysis,a market attractiveness analysis,competitor analysis, and a self-analysis.
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| TWO IMPORTANT ELEMENTS IN SITUATION ANALYSIS? | Market factors & Competitive factors
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| MARKET FACTORS | Size ( large markets attract large firms), growth (more attractive then mature or declining stage), seasonality (resources are needed more during peak time), business cycle (economy)
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| COMPETITIVE FACTORS | Barriers to entry, bargaining power of vendors(less attractive if few vendors control the merchandise sold within), competitive rivalry (frequency and intensity of reactions undertaken by competitors)
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