Chapter 3: retail institutions by store-based strategy mix

The objective that i had learn from this is:

• to describe the wheel of retailing, scrambled merchandising and the retail life cycle and to show they can help explain the performance of retail strategy mixes.
• to examine a variety of food-oriented retailers involved with store-based strategy mixes.
• to study a range of general merchandise firms involved with store-based strategy mixes

Retailer strategy mix is a strategy mix the firm's particular combination of :

• store location

A space you lease for the selling of goods to consumers. when it comes to business, retailer have one overall goal to sell merchandise. that why they focus on sales floor space, adequate parking for customer and an overall image that draws in customers.

• operating procedures

the document process that company has in place to ensure services and product are delivered consistently every time. when a company is growing, it is often highly dependent on the owner for all major decisions.

• good/services offered

in economics, product can be classified into goods and services. good are item that are tangible, such as books, pens, salt, shoes, hats and folders. services are activities provided by other people such as doctors, lawn care worker, dentists, barbers, waiters, or online servers.

• pricing tactics

a short term attempt to manipulate the price of a good or service in order to chieve a particular business objective.

• store atmosphere

the controllable characteristics of retail space, that entice a customer to enter the store and which are designed to influence a customer mood so as to increase the odds of a purchase being made.

• customer services

the assistance and advise provided by a company to those people who buy or use its product or services.

• promotional methods

promotion refer to the method used by a business to make customer aware of its product. advertising is just one of the means a business can use to create publicity.

retail strategy alternative 

retail life cycle

mergers, diversification, and downsizing

• mergers: combination of separately owned firm.
• diversification: retailer become active in businesses outside their normal operation.
• downsizing: unprofitable stores are closed or division.