Weekly assignment 1
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Weeklyassigment1.1copy.pptxRetail Management
BA 446/546
Week 2: A
Picking Up Where We Left Off:
Reminder About Grading & Classroom Etiquette
How grades will be posted. #moodle
This Thursday’s Assignment (Upper Div – Current Affairs)
#gratitude
Relationship Retailing (p. 16-17)
“The best retailers know it is in their interest to engage in relationship retailing, whereby they seek to establish and maintain long-term bonds with customers, rather than act as if each sales transaction is a completely new customer.” #oldnavy
Firms must keep 2 Points in mind (para. 9+) <group>
Review Figure 1-11 “A Customer Respect Checklist” (p. 17)
Chapter 2: Building & Sustaining Relationships
Value
“To prosper, a retailer must properly apply the concepts of value and relationships so (1) customers strongly believe the firm offers a good value for the money and (2) both customers and channel members want to do business with that retailer” (p. 25).
Defining Value <group>
p. 25 <group>
Gamestop Logo Source: https://www.gamestop.com/
Building & Sustaining Relationships Cont. (p. 25)
Berman, Evens, and Chatterdee contend that “consumers expect more for less, especially from their stores than from their online or mobile shopping experience,” adding that “time budget-constrained consumers will spend less time shopping, make fewer trips, visit fewer stores, and shop more purposefully. Different strokes for different folks.”
#theresmorethanonewaytoskinacat #allroadsleadtorome cp. Supermarkets of Ol’ (few options at play)
Keeping in Mind
Key: “Consumers will shop for different formats for a variety of needs. Specifically, they will split the commodity shopping trip from the value-added shopping trip.”
Ex’s: #dollarstore #apple #thinkgeek
What else? <group>
Value Added Chain (p. 26)
What is the “Value Chain”? <group>
“From the perspective of the manufacturer; the wholesaler, and retailer, value is embodied by a series of activities and processes—a value chain—that provides a certain value for the consumer,” adding that “[from] the customer’s perspective, value is the perception a shopper has of a value chain.”
KEY:
“Value is the perceived benefits received verses the price paid.”
Retailer Relationships
“whereby retailers seek to form and maintain long-term bonds with customers, rather than act as if each sales transaction is a new encounter with them.”
SEE: Figure 2.2 - A Value-Oriented Retailing Checklist
Too, customer relationships matter in retail. They “are the backbone of a business. Thus, it is important that retailers retain their loyal customers through repeated sales in a trusted relationship.” [Untrustworthy Cucumber water @ Wholefoods]
Trusted = <group>
Shifting Currents
Aging population[s]/population trends
Generational Shifts [builder>boomers>GenX>Mill./Y>PostMill/Z...]
IN THE NEWS: Millennials – “Diminutive Storefronts” – The Holidays
“It is worth more to nurture relationships with some shoppers than with others [cp. Tommy Bahama,
Tech in Retailing (p. 39-42)
“In each firm, the roles of technology and “human” must be clear and consistent with the goals and style of that business”
electronic banking #mobility/lean
Credit/Debit, ATMs, Apps, etc. [cp. artisan markets]
Customer Exchange
Gift Cards = $1 billion annually
Smart Kiosks accounting for over $1.2 billion annually (ex: Red Robin [Seattle], Buffalo Wild Wings [NC], Airlines, McD’s, vending, Costco, etc)
Ethics in Retailing
Coercion, manipulation, and control...
Dee Figure 1.1 on pg. 43
Newport Cigs and coal in Oakland (plus LAFB)
Go over list at the bottom of page 42 and top of 43
Chapter 3: Strategic Planning (Final Project Cpt.)
Good/service, Name, etc.
Establish a “mission statement” (p. 53-54)
Type of Business (sole proprietorship, partnership, or corporation)
...the PLAN
Figures 3-2, 3-3, and 3-5 (pgs. 56-58)
3-2: A Checklist to Consider When Starting a New Retail Business <group>
3-3: A Checklist for Purchasing an Existing Retail Business <group>
3-5: Selected Kinds of Retail Goods and Services Establishments
FINAL PROJECT PLUG Instructional TBD
