RMG 200 Chapter Notes - Chapter 4: Competitive Advantage, Target Market, Human Resource Management

• School: Ryerson University
• Department: Retail Management
• Course: RMG 200
• Professor: Brent Bar

Document Summary

The for(cid:373)at the retailer pla(cid:374)s to use to satisf(cid:455) the target (cid:373)arket"s (cid:374)eeds. The bases upon which the retailer plans to build a sustainable competitive advantage. Target market the market segment(s) toward which the retailer plans to focus its resources and retail mix. Retail format des(cid:272)ri(cid:271)es the (cid:374)ature of the retailer"s operatio(cid:374)s that is, the retailer"s (cid:373)i(cid:454) (produce, price[value], promotion [communication], place, people, and processes) that is designed to satisfy the needs of its target market. Sustainable competitive advantage is an advantage over competition that cannot be easily copied and can be maintained over a long period of time. Selecting the elements in the retail mix. Developing a sustainable competitive advantage that enables the retailer to reduce the level of competition it faces. Retailing concept a management orientation that focuses a retailer on determining the needs of its target market and satisfying those needs more effectively and efficiently than its competitors. Macro-environment external environment the retailer cannot control.