Competition is at the center of the victory or disappointment of firms. Competition decides the suitability of a firm’s exercises that can contribute to its execution, such as advancements, a cohesive culture, or great execution. Competitive Advantage is the seek for a favorable competitive position in an industry, the elemental field in which competition happens. Competitive advantage points to set up a beneficial and economical position against the powers that decide industry competition. A firm’s competition is expected to incorporate not as it were all of its current competitors, but moreover, potential competitors balanced to enter an industry at a future date.… Read the rest
Strategic Retail Management
Retail Store’s Front Design Considerations
A retail store’s front is the first impression that consumer has for a store. Three components make up retail store’s front namely, front configurations, window displays and store’s entrances.
1. The Store-front ConfigurationThere are three possible front configurations namely, Straight front Angled front and Arcade front. The “straight front” is a store configuration that runs parallel to the side-walk, street, mall or a parking lot. Usually the only break in the front is a small recess for an entrance. This store front design is operationally efficient because it does not reduce the interior selling space. However, it lacks consumer appeal because it is monotonous and less attractive than either of the other configurations.… Read the rest
Store Positioning in Retail Management
Attracting the customers is the crux of the issue of retail trade. How and where the store is positioned on the site affects the retailer’s ability to attract the customers. Therefore in evaluating the existing store facilities or planning future site layouts, the retailer should answer effectively and satisfactorily these three questions. These are:
- How visible is the store?
- Is the store compatible with its surroundings?
- Are store facilities placed for customer convenience ?
The customers must see the store if the retailer wants to achieve the goals of stopping, attracting and inviting the customers.… Read the rest
Retail Store Environment
Environment is something that stands for an atmosphere which is external to the retail organisation. Retail store is a subsystem of a supra-system namely, environment because retail units cannot exist in vacuum. In selecting and developing a retail store environment, the retailer must consider its physical and psychological impacts on customer attraction, employee moral and store’s operations. Store’s operations and consumer shopping are both enhanced by a well planned and creatively designed setting. It is a mad, mad-world where ad, ad plays very important role. To appeal to the fashion conscious, hedonistic and up-scaled shopper, the store must create a theatrical environment enhanced by colorful displays and high-tech lighting and audio presentations.… Read the rest
Key Elements of Retail Displays
A retailer must carefully consider and plan each element of retail displays. Display elements include the merchandise, shelf display areas or window displays, props, colors, background materials, lighting and signs. The retailer is to compare contrast, repetition, motion, harmony, balance, rhythm and proportion of each display to draw the consumer’s attention to it.
Display elements must be evaluated to determine how well and if they attract and hold the attention of the passersby. “Contrast” is one way to attract attention. Contrast is achieved by using different colors, lighting, form i.e., size and shape, lettering or textures. “Repetition” attracts consumer attention by duplicating an object to reinforce and strengthen the impression.… Read the rest
Concept of Retail Store Displays
Displays are the terminal part of the retail store’s interior. Advertising does attract the consumers to the store. However, visual displays have much more to play once the customer gets into the store. Retail store displays are non-personal, in-store presentations and exhibitions of merchandise together with related information. In actual practice, retail store displays are used to:
- Maximize product exposure.
- To enhance product appearance.
- To stimulate product interest.
- To exhibit product information.
- To facilitate sales transactions.
- To ensure product security.
- To provide product storage.
- To remind customers of planned purchases.
- To generate additional sales of impulse items and
- To improve the image and prestige of a retailer.