If I was hired as a consultant for Target, I would be sure to use the four functions of management: planning, organizing, leading, and controlling in those order to overcome the problem of showrooming (Bethel University, 2014). Planning is fundamental to set goal, and decide how to achieve those goals (Kinicki & Williams, 2013). Organizing, in the business world is “arranging tasks, people and resource to accomplish the work that needs to be done” (Bethel University, 2014, Slide 12). Get different people from different departments to work together. Bring everyone together to accomplish the set goals and working as one.
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Data from the National Retail Federation last year found that 32 percent of consumers who shopped over Black Friday weekend did so on Thanksgiving Day. That was flat with the prior year, despite the fact that retailers extended their hours. The need of retailers' to stay open boils down to what type of products they sell and the nature of their relationship to their shoppers. In other words, do consumers expect them to offer robust promotions? Regardless, it is admitted that Black Friday weekend in general is becoming less crucial to retailers and consumers alike, as shoppers can find steep discounts year-round.
With the rapid growth of the retail industry came the increase of discount advertising marketing strategies. Discount marketing strategies, often referred to as anchor pricing, rely heavily on the psyche of the consumer. The theory explains the “human tendency to cast disproportionate weight on the first piece of information [you] receive when making subsequent decisions” (Friedman, 934). The initial information is viewed as the “anchor”, and in discount advertising the “anchor” is the original price. Companies anchor a sale price to a “former price” to drive consumers to purchase.
The 2017 Brick and Mortar Evolution: Biggest trends and impact on QSRs Turning a problem into an opportunity! One could argue based on 2016 retail trends that brick and mortar is dying. After all, in-store traffic is down with mobile accounting for nearly 1/3 of all black Friday sales and sales at online merchant warehouses like Amazon have nearly doubled from year to year. Mobile sales are being driven by four primary factors, which include: • Larger Handsets – While smartphones are getting lighter, the screens are getting wider, which equals a better online shopping experience. • 4G - Bandwidth is higher, which makes internet transactions faster.
Melissa Lin, a journalist with The Straits Times, states, “Hit by rising vacancy rates and competition from e-commerce websites, shopping malls are turning to a temporary solution to attract shoppers- pop-up stores” (1). There have been more than a handful of larger retail brands announcing that they are closing multiple stores and the reason, they cannot give the shoppers what they want. Shoppers want convenience, which means no long lines to try on items or to check out and some do not want the hassle of being bombarded to buy items they had not planned on purchasing. Pop-up stores help consumers fall back in love with shopping in person. Shan Li, a graduate from the business school at New York University, majoring in journalism states, “[that] in recent years, shopping centers have realized that pop-up stores are a way to gin up excitement among shoppers by making under-the-radar brands accessible and bringing in start-ups linked to celebrities” (C.1).
Improving Best Buy Gregory C. Long Athens State University LSM 301: Introduction to Logistics & Supply Chain Management October 26, 2014 Abstract Best Buy is a business that can thrive with a few changes to the company. There are several improvements that the company could make to help with areas like sales and in becoming more competitive with the other retailers in the industry. Some of those areas include online sales, the size of retail locations, merchandise display, return policies, loyalty program, the Geek squad, and public relations.
To compete in this rapidly changing market, retailers must understand how to reach their customers. Retailers are now taking an omni-channel approach to this. “The challenge facing manufacturers and their retail partners is not only how best to capitalize on this fortuitous event, but
In the debate of retailing versus etailing, the truth today is somewhere in the middle. While e-tailers worldwide are a growing breed, it is also true that the e-retailers are feeling the need of getting into physical formats be it small stores where customers can walk in, feel and see products and then order online for convenient delivery, lenskart being an example of that. On the other hand, retailers are upping the game by going the multi-channel route and we see the line between etailing and retailing blur somewhere. To be able to capitalise on these trends, it’s important for the physical store retailers to understand the reasons behind the changing behaviours.
