RMG 200 Lecture Notes - Lecture 4: Business Cycle, Human Resource Management, Customer Relationship Management

• School: Ryerson University
• Department: Retail Management
• Course: RMG 200
• Professor: David Lewis

Document Summary

Retail market- a group of consumers with similar needs and a group of retailers using a similar retail format to satisfy those consumers needs. Swot analysis- an analysis of strengths, weaknesses, opportunities and threats designed to assess both the micro and macro environments and their relation to the retailer. It contains all of the data the firm has collected about its customers and is the foundation of customer relationship management activities. Relationship with suppliers: vendor relations- by strengthening relationships with each other, both retailers and vendors can develop mutually beneficial assets and programs that will give the retailer-vendor pair an advantage over competing pairs. Efficiency of internal operations: human resource management, distribution and information systems, location, multiple sources of advantage. Global growth opportunities international expansion where retailers must learn to deal with differences in government regulations, cultural traditions, supply chain considerations and language. Strategic retail planning process- steps a retailer goes through to develop a strategic retail plan.