A Project Report On Competitive Advantage In the Retail Industry
Introduction
Value and satisfaction are at the very heart of modern marketing thinking Marketing is indeed an ancient art; it has been practised in one form or the other, since the days of Adam and Eve. Today, it has become the most vital function in the worlds of business. Marketing, more than any other business function, deals with customers. Understanding, creating, communicating, and delivering customer and practice. Marketing is the delivery of customer satisfaction at a profit.
Marketing management is a functional area of business management. it plays a vital role in developing strategies, plans and programs for each market segment in order to satisfy the customer wants. Marketing management represents marketing concept in action. In other words, it refers to the pre-plan demand management under customer oriented marketing philosophy.
In simple words, marketing management is the management of marketing activities that is to involve planning, implementation and control of marketing programmes included in the process of marketing. Martin Zober has described marketing management as follows: “Marketing management is the use of interdisciplinary sciences in the coordinative effort of planning, organizing, and controlling activities that direct the flow of goods and services from producer and to customers. So that they are fully satisfied and the objectives of the enterprise are achieved”.
Marketing management has historically been identified with tasks and personnel dealing with the customer market. It has the task of influencing the level, timing and composition of demand in a way that will help the organization achieving its objective marketing management is essentially demand management.
Store Retailers
Store retailers operate fixed point-of-sale locations, located and designed to attract a high volume of walk-in customers. In general, retail stores have extensive displays of merchandise and use mass-media advertising to attract customers.
They typically sell merchandise to the general public for personal or household consumption, but some also serve business and institutional clients. These include establishments such as office supplies stores, computer and software stores, gasoline stations, building material dealers, plumbing supplies stores and electrical supplies stores.
In addition to selling merchandise, some types of store retailers are also engaged in the provision of after-sales services, such as repair and installation. For example, new automobile dealers, electronic and appliance stores and musical instrument and supplies stores often provide repair services, while floor covering stores and window treatment stores often provide installation services. As a general rule, establishments engaged in retailing merchandise and providing after sales services are classified in this sector. Catalogue sales showrooms, gasoline service stations, and mobile home dealers are treated as store retailers.
Non-Store Retailers
Non-store retailers, like store retailers, are organized to serve the general public, but their retailing methods differ. The establishments of this sub-sector reach customers and market merchandise with methods such as, the broadcasting of infomercials, the broadcasting and publishing of direct-response advertising, the publishing of traditional and electronic catalogues, door-to-door solicitation, in-home demonstration, temporary displaying of merchandise (stalls) and distribution by vending machines.
The methods of transaction and delivery of merchandise vary by type of non-store retailers. For example, non-store retailers that reach their customers using information technologies can receive payment at the time of purchase or at the time of delivery, and the delivery of the merchandise may be done by the retailer or by a third party, such as the post office or a courier. In contrast, non-store retailers that reach their customers by door-to-door solicitation, in-home demonstration, temporary displaying of merchandise (stalls) and vending machines typically receive payment and deliver the merchandise to the customer at the time of the purchase.
Retail Employment
The retail industry accounts for about 11.6 percent of U.S. employment. Annual retail employment averaged 15.3 million people in 2005. Retail unemployment was 5.4 percent compared to 5.1 percent overall. Employment of non supervisory workers in retail averaged 13.0 million in 2005. Non supervisory retail employees averaged 30.6 hours a week during 2005 with average hourly earnings of $12.36. Ten year employment projections expect retail to increase 11.0 percent, versus 14.8 percent overall.
Challenges for retail include operating on razor-thin margins, the retail industry is challenged by static domestic markets, a volatile economic scenario, a need to globalize and exploit unfamiliar segment, the need to achieve critical mass, rapid consumer demand shifts, supply chain coordination, and relentless competition.
Title – A Project Report On Competitive Advantage In Retail Industry
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