Online Custom «Retail Business Management» Essay Sample

Retail Business Management

Question 1

Online and brick-and-mortar shopping tend to compare as well as contrast in many ways. Most importantly, some of the ways in which they differ seem to be obvious such as online shopping is done through the Internet while brick-and-mortar is done by an actual store. However, there are other means to compare and contrast the two concepts that other people might not think about. Brick-and-mortar and online shopping tend to compare as well as contrast in terms of sales, coupon use and convenience. When one is shopping online, stores may offer exclusive sales to shoppers that only buy online. Hence, this enables one to save money through a cashback service means including ww.ebates.com. Therefore, an online shopper can have an advantage of good deals without justification with a sales associate. On the other hand, brick-and-mortar, there are exclusive sales for those that shop from stores. Stores enable a buyer to match prices from other local stores by showing print add to cashiers, hence, extending their savings. In other words, both types of shopping offer exclusive sales and benefits of savings, but are done differently. Brick-and-mortar shopping has disadvantages of foot traffic and storefront visibility despite their appealing interior designs unlike online shopping that is usually fast and convenient. In other words, brick-and-mortar is being outdone by online shopping since most organizations have opted for online means in carrying out their transactions with customers.

Question 2

As noted in the lectures, customer experiences are not developed in empty space. Customer experiences have their origins in industry conventions, executive orders, expert advices, customer demands and peer exchanges among others. There are various components that indicate positive consumer experiences. A positive or a well-managed customer experience is required to be consistent, valuable, intentional as well as differentiated. Therefore, meeting all these components in consumer experience should be a priority for every business in order to maintain a positive consumer experience. In terms of consistency, consumers are no longer interested on complex layers of advnces in technology and any analysis needed in order to manage every call that they pose to a company. Consumers are interested in having their experience, hence, problems can occur in case they have a perception that such calls are subjective.

Integration of flexible and convenient consumer information systems can enhance positive experiences by consumers. Intentional components require the consumer contact center to clearly articulate as well as understand customer experiences. Calculated intention is usually expressed through various channels that are meant to serve clear purposes and offer value to customers. Differentiated component stipulates that customers should be able to distinguish between all the experiences that they have with products, company or owners from the experiences they get from the competitors. In other words, experiences provided to consumers should be distinguishable from that that they get from other places. Valuable component requires that implementation of strategies aimed at enhancing positive consumer experience should produce value. Consumers strive to have positive values from the entire brand of business.

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Question 3

Many retail businesses have opted for use of RFID technology. RFID enables them to realize huge operational and financial advantages as well as customer satisfaction over their competitors that do not use it. RFID also enables retailers in reduction of stock-outs as well as raising on-floor space availability that saves costs and shelf spaces that can be used for display of products. Therefore, RFID seems to be playing a vital role to retailers since it is able to drive and enhance that the current retailers dealing with merchandise are visibly doing so and consequently enhancing positive consumer experience. In addition, RFID is crucial to retailers since it acts as a vehicle that is used to collect location-based data regarding the location of merchandise in an enterprise. Moreover, RFID helps in saving of time and costs by a retail business. It has also become clear that RFID will continue being used by most other retail businesses that have not being using it in the past since it offers a solution to inventory management and customer satisfaction to rettail businesses. They would be able to have the same experiences that customers will experience with the use of RFID.

Question 4

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Gearing up at REI describes major leadership practices provided by Dennis Madsen in order to enhance improved performance. These leadership practices can contribute to REI’s financial performance in various dimensions. Dennis advocates for various types of leadership practice including engaging employees in decision making, customer satisfaction, and outsourcing of operations outside the United States, focusing on profits as much as customer satisfaction, web-based retailing and team work. These are effective ways to boost performance by any business. Engaging employees in decision making can play a vital role in enhancing effective decisions that have been evaluated and measured by every employee. Therefore, project and investment decisions can play a vital role in enhancing profitability. That is due to the returns that emerge from effective projects, hence, boosting the co-operatives financial health. Customer satisfaction can enhance increased sales meaning that more revenue would be earned by REI. Customers are the main assets of any business since they determine the revenue that will be earned from a company’s operations to provide goods and services.

Therefore, increasing customer satisfaction can lead to a healthy financial position in REI. Outsourcing of operations can help to save on expenses and expansion of international market for REI. In case the business decided to move some of its operations to other nations, it will benefit from a wide market and increased sales leading to improved financial performance. Web-based retailing will also boost financial performance since customers will be able to access the products using the Internet and complete their transactions using the same, hence, saving on costs and time. That will also ease transaction burden for REI, thus, saving on costs and time that will in turn boost its financial health. Lastly, Dennis advocates for team work whereby groups are involved in solving problems of business. That way, groups ease the burden of time and costs since they combine efforts to enhance maximized productivity.

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