Retail Trends & Strategies


  • Better market positioning: This involves more careful identification of market segments and providing service superior to that of competition.
  • Market intensification: This involves clustering more stores in the same metropolitan area and contiguous markets.
  • Secondary markets: Expansion will be increasingly focused on secondary markets  of under 100,000 population because there may be less competition from larger retailers, and costs, such as wages, may be lower.
  • Differences in store size: Retailers will have a more flexible portfolio of different sized stores depending on the size of the community and existing retail competition. More use of second-hand space will occur because this can result in savings of 30 percent or more in rent.
  • Productivity increases: The application of central checkout, self-selection, and low gross margins to areas of trade where these techniques have not been used before will occur. Look now at toy supermarkets, home-decorating centers, and self-service shoe stores.
  • Fewer product options: Product lines will increasingly be consolidated, and new product development will be cut back.
  • Service growth: Services retailing will continue to grow as a percentage of total retail sales. Services already represent about 50 percent of the gross national product.
  • More mergers: Increasingly, smaller and weaker firms will be absorbed as more retail outlets struggle to survive.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

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Business Needs Analysis


As you analyze your business scheduling needs, consider these questions:

  • What is the core and discretionary workload?
  • Can idle time and overtime be improved?
  • Is the workload balanced or unbalanced? Does it fluctuate?
  • How is the current schedule working? Is it completely broken, or it can be modified?
  • Is keeping the current schedule an acceptable alternative for the stated business objectives?
  • Where are the cost saving opportunities?

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Postponement


Postponement is the delay to the last possible moment of the final formulation or commitment of a product. The most general method which can be applied in promoting the efficiency of a marketing system is the postponement of differentiation for example, to postpone changes in form and identity to the latest point in the marketing flow or to postpone changes in  inventory location to the latest possible time. Minimization of the risk of speculation is achieved by delaying differentiation of the product to the time of purchase. Savings in transportation of goods are achieved because merchandise is moved in larger quantities, in bulk, or in relatively undifferentiated places.

Postponement is the opposite of speculation. A speculative inventory is put into a distribution center whenever the cost of carrying that inventory is less than the profit derived from having that inventory readily available to stimulate purchases.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Benefits of Quality Function Deployment


Focus on Customer

  • Focus mainly on customer needs and wants.
  • Compare their product with competitors.
  • Prioritize according to customer’s level of importance.
  • Identify the vital item to be acted upon.

Time Saving

  • Enables to change the design in the starting itself.
  • Limits the problems after introduction of the product.
  • Gives opportunities for future applications.
  • Reduce the time for redesigning since all changes are made in first step itself.

Encourages teamwork

  • Based on everyone’ ideas
  • Creates communication at interfaces.
  • Team members are recognized.

Success depends on:

  • Quality consciousness of each member.
  • Prevailing team spirit.
  • Correctness of customer requirements.
  • Knowledge of members on management tools.
  • Knowledge of members on process details.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Internet Support to Marketing


Market Research

  1. Market information
  2. Competitor information
  3. Customer information
  4. Miscellaneous information
  5. Collect saving ideas

Database Building

  1. World-wide club
  2. Dynamic relationship marketing

Customer Service

  1. Self-servicing customers
  2. Self-service customer abuse
  3. Self-service cost savings

New Product Development

  1. Collecting new ideas
  2. Tailor-made products
  3. Accelerating new product development

Internal Communications

  1. Intranets
  2. Extranets

Cost Reduction

  1. Print and distribution
  2. Phone calls
  3. Customer service
  4. Collecting cost-saving tips
  5. Revenue generation

Distribution

  1. Products
  2. Services
  3. Purchases

Selling

  1. Few fairytale  sales stories
  2. New markets
  3. Small value, big turnover
  4. Sales management tool

Promotion

  1. Have a presence
  2. Interactive advertising creative sponsorship
  3. Sales promotions
  4. Public relations
  5. Database marketing

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

 

Convenience Stores


Convenience stores are actually mini supermarkets. They carry many of the same food and nonfood items that are sold in supermarkets, but they offer a limited selection of brands. The products are normally packaged in small sizes, to allow shelf space for other items. Convenience stores do not have meat or fresh produce departments. One of the most significant changes in convenience stores has been the addition of gasoline.

Since convenience store prices on non-gasoline items are typically higher than supermarket prices, we should ask why people shop at them. Many shoppers tolerate the higher prices because the total of their convenience store purchases is quite small. They are willing to pay a little extra for the convenience of being able to make purchases quickly and easily. Consumers recognize that they are paying a little more for these products than they would at a supermarket. But most people are not willing to invest the extra time and effort to go to the supermarket to save a few cents on one or two items. In effect, the convenience store retailer charges the consumer a premium for this time savings.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

 

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