FAS 351 Lecture 4: Ch4- Retail Market Strategy
Document Summary
Just beginning to scratch the surface with mobile. Opens the door to improved customer experience. At tesco you can scan the item in store, pay online and have the item delivered. A retail market is a group of consumers with similar needs (a market segment) and a group of retailers using a similar retail format to satisfy those customers needs. Elements that we control and can change. Elements that we cannot control: competitive, economic, technological, social and cultural, ethical, regulatory and political. An analysis of strengths, weaknesses (internal), opportunities and threats (external) designed to assess both the micro and macro environments and their relationship to the retailer: strength, weakness, opportunity, threat. Customer loyalty is a commitment to shopping at a specific store or location. Assurance they will receive exceptional service quality and satisfaction. Associations that consumer have about a brand. Strong brand for the store or store brands (reduces risks associated with purchase)
