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RETAIL MANAGEMENT A STRATEGIC APPROACH 11TH EDITION PDF

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RETAIL MANAGEMENT A Strategic Approach eleventh edition Barry Berman Hofstra University Joel R. Evans Hofstra Univeristy ISBN Boston. Retail Management: A Strategic Approach (11th Edition) Barry R. Berman, Joel R . Evans Approach (11th Edition) by Barry R. Berman, Joel R. Evans Free PDF. 69 Free Test Bank for Retail Management A Strategic Approach Edition by . of Anatomy & Physiology Global Edition by Frederic H. Martini (E-Book, PDF).


Retail Management A Strategic Approach 11th Edition Pdf

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Retail management: a strategic approach/Barry Berman, Joel R. Evans.—11th ed. p. cm. Includes index. ISBN ISBN . Retail Management: A Strategic Approach, 11th Edition. Barry R. Berman, Hofstra University. Joel R. Evans, Hofstra University. © | Pearson. Share this. Read Free Book Retail Management: A Strategic Approach (13th Edition) | Online PDF Free Download Here.

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This title is out of print. Retail Management: A Strategic Approach, 11th Edition. Barry R. Berman, Hofstra University Joel R.

Evans, Hofstra University. Availability This title is out of print. The eleventh edition of Retail Management: A Strategic Approach highlights how retailing has changed in the new millennium. A six-step, strategic approach and decision-making orientation prepare readers to become effective retail planners and decision-makers.

Starting from the very first chapter, the six steps used in developing and applying a retail strategy give students a comprehensive process to follow throughout the text as they learn about the mission, goals, consumer market, overall and specific activities, and control mechanisms that are involved in a successful strategy.

The six steps include: Situation Analysis 2. Do we say thank you at times other than after a purchase? Do we respect employees? Do employees, who are expected to respect customers, get respectful treatment themselves?

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So please visit our Web site www. The best retailers know it is in their interest to engage in relationship retailing, whereby they seek to establish and maintain long-term bonds with customers, rather than act as if each sales transaction is a completely new encounter. This means concentrating on the total retail experience, monitoring satisfaction with customer service, and staying in touch with customers. Figure shows a customer respect checklist that retailers could use to assess their relationship efforts.

To be effective in relationship retailing, a rm should keep two points in mind: 1. Because it is harder to lure new customers than to make existing ones happy, a winwin approach is critical. For a retailer to win in the long run attract shoppers, make sales, earn prots , the customer must also win in the long run receive good value, be treated with respect, feel welcome by the rm. Otherwise, that retailer loses shoppers patronize competitors and customers lose by spending time and money to learn about other retailers.

Due to the advances in computer technology, it is now much easier to develop a customer data base with information on peoples attributes and past shopping behavior. Ongoing customer contact can be better, more frequent, and more focused.

This topic is covered further in Chapter 2. The Focus and Format of the Text There are various approaches to the study of retailing: an institutional approach, which describes the types of retailers and their development; a functional approach, which concentrates on the activities that retailers perform such as buying, pricing, and personnel practices ; and a strategic approach, which centers on dening the retail business, setting objectives, appealing to an appropriate customer market, developing an overall plan, implementing an integrated strategy, and regularly reviewing operations.

We will study retailing from each perspective but center on a strategic approach. Our basic premise is that the retailer has to plan for and adapt to a complex, changing environment. Stress testing and load testing are also important when a retailer signicantly revises its Web site design.

Load testing can be done with in-house developed applications, through licensed software, and through use of outsourced service operators. Without proper load testing, a rm may lose signicant sales and prots. According to a recent report by Jupiter Research www. An additional 28 percent state that error messages are a cause of dissatisfaction. Three-quarters of online shoppers state that when a site freezes or has a confusing ordering process, they will never shop from that site again.

Twenty-seven percent note that they will tell their friends and family members about these negative experiences. To guard against such issues, retailers need to regularly stress test and load test their Web under full capacity and transaction conditions.

Through such testing, retailers simulate what will actually occur when Web site trafc Both opportunities and threats must be considered. By engaging in strategic retail management, the retailer is encouraged to study competitors, suppliers, economic factors, consumer changes, marketplace trends, legal restrictions, and other elements.

A rm prospers if its competitive strengths match the opportunities in the environment, weaknesses are eliminated or minimized, and plans look to the future as well as the past. Look at the appendix to Chapter 1, which examines the impact of a weak economic situation on retailers and consumers alike. Retail Management: A Strategic Approach is divided into eight parts.

The balance of Part One looks at building relationships and strategic planning in retailing. Part Two characterizes retailing institutions on the basis of their ownership; store-based strategy mix; and Web, nonstore-based, and other nontraditional retailing format.

Part Three deals with consumer behavior and information gathering in retailing. Parts Four through Seven discuss the specic elements of a retailing strategy: planning the store location; managing a retail business; planning, handling, and pricing merchandise; and communicating with the customer.

Part Eight shows how a retailing strategy may be integrated, analyzed, and improved. These topics have special end-of-chapter appendixes: the impact of the economy Chapter 1 , service retailing Chapter 2 , global retailing Chapter 3 , franchising Chapter 4 , and multi-channel retailing Chapter 6. There are also three end-of-text appendixes: retailing careers, an overview of the comprehensive Web site accompanying Retail Management, and a glossary.

To underscore retailings exciting nature, four real-world boxes appear in each chapter: Careers in Retailing, Ethics in Retailing, Retailing Around the World, and Technology in Retailing.

Chapter Summary ISBN In this and every chapter, the summary is related to the objectives stated at the beginning of the chapter. To dene retailing, consider it from various perspectives, demonstrate its impact, and note its special characteristics. Retailing comprises the business activities involved in selling goods and services to consumers for personal, family, or household use.

It is the last stage in the distribution process. Today, retailing is at a complex crossroads, with many challenges ahead. Retailing may be viewed from multiple perspectives. It includes tangible and intangible items, does not have to involve a store, and can be done by manufacturers and othersas well as retailers. About 25 million people in the United States work for retailers including food and beverage service rms , which understates the number of those actually employed in a retailing capacity.

Retail rms receive up to 40 cents or more of every sales dollar as compensation for operating costs, the functions performed, and the prots earned. Retailing encompasses all of the businesses and people involved in physically moving and transferring ownership of goods and services from producer to consumer. In a distribution channel, retailers perform valuable functions as the contact for manufacturers, wholesalers, and nal consumers.

They collect assortments from various suppliers and offer them to customers. They communicate with both customers and other channel members.

They may ship, store, mark, advertise, and pre-pay for items. They complete transactions with customers and often provide customer services. They may offer multiple formats multi-channel retailing to facilitate shopping.

Retailers and their suppliers have complex relationships because retailers serve in two capacities. They are part of a distribution channel aimed at the nal consumer, and they are major customers for suppliers. Channel relations are smoothest with exclusive distribution; they are most volatile with intensive distribution.

Selective distribution is a way to balance sales goals and channel cooperation. Retailing has several special characteristics. The average sales transaction is small. Final consumers make many unplanned purchases. Most customers visit a store location. To introduce the concept of strategic planning and apply it. The range of typical customer services is shown in Table and described next.

In that case. Once a broad customer service plan is outlined. Most retailers let customers make credit purchases. How can customer services be terminated? Once a customer service strategy is set. When a person makes a partial payment. All bank cards and most retailer cards involve a revolving credit account. Bank and other commercial credit cards enable small and medium retailers to offer credit. A department store may offer credit. An option credit account is a form of revolving account.

There are also disadvantages to retailer cards: Startup costs are high. A retailer should plan augmented customer services based on its experience. Retailer-sponsored credit cards have three key advantages: Small retailers serving limited trading areas may use personal vehicles. The shipping method can be car. Trade-ins also induce new and regular shoppers to shop. Within a store. To keep the excitement going and the merchandise fresh.

Some appliance retailers may hook up washing machines but not do plumbing work. Sales events not open to the general public and extended hours are provided.

Mail and phone orders are handled for convenience. Many of the stores have personal shoppers. The chain also has Topshop Express units.

Low Price. For some retailers. These amenities are unusual for a mass-market retailer that attracts young shoppers.

People may feel they are getting a bargain. Many small. Retailers increasingly offer special customer services to regular customers. Centralized packaging counters and complaints and returns areas have key advantages: They may be situated in otherwise dead spaces. They do not adjust jacket shoulders or width. They feel the services are too ancillary to their business and not worth the effort.

In either case. Other retailers offer only basic alterations: This also lets them advertise the company name. The advantages of decentralized facilities are that shoppers are not inconvenienced. Pulling Out All the Stops rock concert tickets for customers. Elizabeth Esfahani. For a retailer that offers delivery.

The costs and appropriateness of the methods depend on the products. If the expectations of value and customer service are not met. Use phrases like. They just shop elsewhere. To improve matters. Dissatisfaction with any of the three aspects could lead to customer disloyalty. That means repeating and paraphrasing. This will shift a negative situation into one that is positive.

Gasoline stations usually rate lowest in the retailing category with scores around On top of an exchange or refund. How well are retailers doing in customer satisfaction? Many have much work to do. To obtain more feedback. The American Customer Satisfaction Index www. Figure and its discussion developed by the authors from information in Jeff Mowatt.

Rewards stimulate both short. There are features that are unique to particular retailers and not redeemable elsewhere.

Customer defections may be viewed in absolute terms people who no longer buy from the firm at all and in relative terms people who shop less often. What do good customer loyalty programs have in common? Their rewards are useful and appealing. These rewards have more emotional value and will attract people who shop for pleasure. A retailer may feel it is okay if shoppers who always look for sales.

The programs honor shopping behavior the greater the purchases. Shoppers will change their buying behavior in response to a reward if they judge the value of that reward to be higher than its cost to make a future purchase or to give out an E-mail address. When consumers shop with a certain retailer. People most concerned about their budgets will perceive these types of rewards as valuable. An important step in designing rewards is to make sure customers perceive them as being valuable.

A data base tracks behavior. They will attract consumers who like to stick with one brand or store. Each retailer must define its acceptable defection rate.

When a retailer studies customer defections by tracking data bases or surveying consumers. Customer communications are personalized. Consumers who want to reduce the time they spend shopping will value these most. When they forge strong positive channel relationships. No matter how well a retailer performs its activities.

Although large retailers may be able to buy directly from manufacturers. Figure shows various factors that contribute to effective channel relationships. This questionnaire includes step-by-step instructions and requirements for becoming one of our local suppliers. Ace www. Category management is discussed further in Chapter Working closely with our suppliers to drive out unnecessary costs allows us to pass the savings on to our shoppers.

Successful category management is based on these actions: To initiate the partnership process. Your Ace Hardware store will also be equipped with a proprietary computerized management system. Tangible goods are leased for a fixed time. Examples are Hertz car rentals. The latter format is the fastest growing. Goods retailing focuses on the sale of tangible physical products. Some retailers engage in either goods retailing such as hardware stores or service retailing such as travel agencies.

Consider how many pharmacies offer film developing.

ISBN 10: 0-13-608758-2 ISBN 13: 978-0-13-608758-8

In this grouping. Service retailing encompasses such diverse businesses as personal services. Service retailing involves transactions in which consumers do not purchase or acquire ownership of tangible products. There are three kinds of service retailing: Illustrations include watch repair. Service retailing refers to situations in which services are sold to consumers. Two dimensions of quality judgment are process quality judged by the customer during the service and output quality judged by the customer after the service is performed.

Variability means service quality may differ for each shopping experience. Cheap Tickets www. Adapted by the authors from Valarie A. The inseparability of the service provider and his or her services means the owner-operator is often indispensable and good customer relations are pivotal. Some examples are stockbrokers. Please note: The terms customer service and service retailing are not interchangeable.

Perishability presents a risk that in many cases cannot be overcome. The appendix at the end of this chapter presents an additional discussion on the unique aspects of operating a service retailing business. For services that are personally important. Kathleen Seiders. These two points are key in studying technology and its impact on relationships in retailing: Relationship marketing does not apply to every service situation.

The heterogeneity of labor-intensive services encourages customer loyalty when excellent service is experienced. Although technology can facilitate customer service. It is also viewed as impersonal by some consumers. Retailer understanding of consumer needs Convenience of service Promptness of service Clarity of service benefits The service environment Service quality and reliability Quality of employees Overall Consumer Perceptions of Service Retailing Reliable self-service technologies Readiness to respond to a customer request Services performed right the first time Dependability in handling problems Services provided as promised Respectful contact with customers Information about the service Service retailing is much more dependent on personal interactions and word-ofmouth communication than goods retailing: A key to improving security—and reducing payments fraud—might be payment smart cards.

These cards have an embedded computer chip that encrypts messages to aid authorization.

This can upset consumers. Throughout this book. Its acceptance is important for retailers and shoppers alike: There is a downside to scanning: By enacting other advances.

Personal information. Firms have to deploy some advances such as a computerized checkout system simply to be competitive. Here are several illustrations. These groups would be less vulnerable to the effects of fraud and the cost of fraud prevention would fall. If applied well. If not. Retailers widely use point-of-sale scanning equipment. A highly touted new version of electronic payment is called the smart card by industry observers.

Shoppers expect certain operations to be in place. A serious weakness of this system is that criminals who obtain personal information can impersonate an honest consumer and commit payments fraud. Electronic Banking Electronic banking involves both the use of automatic teller machines ATMs and the instant processing of retail purchases. Many retailers accept some form of electronic debit payment plan discussed further in Chapter It allows centralized record keeping and lets customers complete transactions 24 hours a day.

Smart cards have already been adopted in other countries. With sharing systems. By providing pharmacies with the right information at the right time.

An increasingly popular point-of-sale system involves self-scanning which is discussed further in Chapter Consumerism entails protecting consumer rights. The station includes a touch-screen display. With a simple swipe of a credit card.

And even the most gracious recipients sometimes hate the gifts they receive. If the weight of the additional item does not jive with the item just scanned. Social responsibility involves acts benefiting society. One way to assure consumers is to display more information at the point of purchase.

Here are three examples: Neiman Marcus pioneered the electronic gift card www. Here we study the broader effects of ethics. As the link between manufacturers. When a retailer has a sense of ethics. Ethics In dealing with their constituencies customers. Executives must articulate to employees and channel partners which kinds of behavior are acceptable and which are not.

The best way to avoid unethical acts is for firms to have written ethics codes. Unlike card-based credit transactions. To increase acceptance of contactless technology. Contactless in Canada. Strong Ethical Sensibilities Source: Reprinted by permission of Eddie Bauer. Unlike traditional credit cards with magnetic stripes. American Express. Contactless cards are a natural for fast-food restaurants.

Article 5: Disparagement of any person or group on grounds addressed by federal or state laws that prohibit discrimination is unacceptable. This is what some retailers are doing. Most observers would agree that practices such as these are unethical and sometimes illegal. Still others mean going above and beyond the letter of the law. Most retailers know socially responsible acts do not go unnoticed.

Article Firms should be sensitive to the issue of consumer privacy. If a retailer donates excess inventory to a charity that cares for the ill. Some are more costly. Target is among the many retailers that no longer sells cigarettes. The Direct Marketing Association makes its complete ethics code available at its Web site www. Some forms of social responsibility are virtually cost-free.

The challenge is to balance corporate citizenship with a fair level of profits for stockholders. No sweepstakes promotion should represent that a recipient or entrant has won a prize or that any entry stands a greater chance of winning a prize than any other entry when this is not the case.

Article 8: All contacts should disclose the name of the sponsor and each purpose of the contact. To do this. Article 1: All offers should be clear. With the help of customers and associates. Hannaford also raises hundreds of thousands of dollars through in-store fundraising programs. Our business depends on the people who shop at our stores and the people who work for us. This is especially true for popular destinations during peak periods. These are some reasons: Learn more about ADA www.

These actions recognize that consumers have basic rights that should be safeguarded. There several ethical issues to keep in mind with regard to loyalty programs. When we help our communities. As President Kennedy said nearly 50 years ago.

Retailers also need to rethink the notion that their regular customers are loyal. They come back for more. Each year. According to some analysts. Joan S. Even though a large proportion of retailers have loyalty programs.

Hannaford Bros.

Retailers and their channel partners need to avoid business practices violating these rights and to do all they can to understand and protect them. Hannaford gives millions of pounds of groceries to hunger-relief programs.

Fred Reichheld. These funds go to community health programs and programs dedicated to families and children. For almost years. Innovative technology is unsettling to many consumers. Large retailers may be viewed as indifferent to consumers. A consumer-oriented approach. They may not provide enough personal attention for shoppers or may have inadequate control over employees.

Here are examples. One troublesome issue for consumers involves how retailers handle customer privacy. To serve the public. Retailers are in direct customer contact. For some shoppers. Among the other consumerism activities undertaken by many retailers are setting clear procedures for handling customer complaints. Wrong toys for the wrong age Toys that may be safe for older children can be dangerous when played with by little ones.

ISBN Noise-making guns and other toys can produce sounds at noise levels that can damage hearing. Consumer Product Safety Regulations. A grocery store can set up displays featuring environmentally safe detergents.

Electrical shock Electrically operated toys that are improperly constructed can shock or cause burns. Arrows or darts should have protective soft tips. Target also utilizes an independent testing agency. All toys sold at Target are tested to be certain they are free from these dangers: Sharp edges Toys of brittle plastic or glass can be broken to expose cutting edges. Propelled objects Projectiles and similar flying toys can injure eyes in particular.

Consumer-oriented activities are not limited to large chains. Reprinted by permission of Target Stores. A neighborhood restaurant can cook foods in low-fat vegetable oil.

Loud noises Sharp points Broken toys can expose dangerous points. Poorly made metal or wood toys may have sharp edges.

Electric toys must meet mandatory safety requirements. A sporting goods store can give a money-back guarantee on exercise equipment. A local toy store can separate toys by age group. Stuffed toys can have barbed eyes or wired limbs that can cut. Electronic banking involves both the use of ATMs and the instant processing of retail purchases. Customer service refers to activities that are part of the total retail experience.

Service retailing involves transactions where consumers do not purchase or acquire ownership of tangible products. Technology is also changing the nature of supplier—retailer—customer interactions via point-ofsale equipment. To succeed. To discuss the impact of technology on relationships in retailing. Sellers undertake a series of activities and processes to provide a given level of value for the consumer. Goods retailing focuses on selling tangible products. Consumers then perceive the value offered by sellers.

Social responsibility has to do with benefiting society. Loyalty programs reward the best customers. Others are not. Consumerism entails the protection of consumer rights. With service retailing. Each one depends on the others. To examine the differences in relationship building between goods and service retailers.

The unique features of service retailing that influence relationship building and retention are the intangible nature of many services. A relationshiporiented technique that some manufacturers and retailers are trying. The attributes of personnel who interact with customers. More retailers now realize loyal customers are the backbone of their business. Members of a distribution channel jointly represent a value delivery system.

Customer service has two components: In devising a strategy. It allows centralized records and lets customers complete transactions 24 hours a day. Some shoppers are more worth nurturing than others. An expected retail strategy represents the minimum value chain elements a given customer segment expects from a given retailer type. A delivery system is as good as its weakest link. An augmented retail strategy includes the extra elements that differentiate retailers. For relationship retailing to work.

Retailer challenges fall into three related categories: It comprises store location. In terms of the customer base. Perceived value varies by type of shopper. By studying defections. To engage in relationship retailing with consumers. Customer satisfaction occurs when the value and customer service provided in a retail experience meet or exceed expectations. Small retailers may have to use suppliers outside the normal channel to get the items they want and gain supplier support.

How does the perception of value differ when that same consumer shops at a fastfood restaurant? What are the pros and cons of ATMs?

Test Bank for Retail Management A Strategic Approach 11th Edition by Berman

As a retailer. Differentiate between social responsibility and consumerism from the perspective of a retailer. Best Buy. When a consumer dines at an upscale restaurant. How have you reacted in each case? Consumerism activities involve government.

ISBN Note: What is the connection between customer service and employee empowerment? Is employee empowerment always a good idea? Why or why not? Key Terms value p. Four consumer rights are basic: What are the unique aspects of service retailing? Give an example of each. Devise a consumer loyalty program for Radio Shack. Explain your answer.

Why should a retailer devote special attention to its core customers? How should it do so? How would you measure the level of customer satisfaction with your favorite electronics store? How would you deal with consumer concerns about privacy in their relationships with retailers? Web Exercise Visit the U. Retailers perform in a socially responsible manner when they act in the best interests of society through recycling and conservation programs and other efforts.

Firms are more apt to avoid unethical behavior if they have written ethics codes.

What are the expected and augmented value chain elements for each of these retailers? Local hair salon. Describe three unethical. Will the time come when most consumer purchases are made with self-scanners? Some businesses. The time commitment of a service retailer differs by type of business opportunity.

Because of the close personal contact with customers. These sites are a tangible representation of the airlines and their logos. Due to technological advances. Improving the Performance of Service Retailers Service tangibility can be increased by stressing service provider reliability. About 80 percent of the labor force works in services. Many service retailers can operate on lower overall investments and succeed on less yearly revenues than goods retailers.

Operating costs can be held down accordingly. There are Abilities Required to Be a Successful Service Retailer The personal abilities required to succeed in service retailing are usually quite distinct from those in goods retailing: The owners of appliance stores.

Other businesses. A watch repair business needs one repairperson. Consumers spend billions of dollars each year to rent such products as power tools and party goods coffee urns. A taxpreparation firm can succeed with one accountant. Owners of service businesses must enjoy their jobs and have the aptitude for them.

During the past 35 years. TV repairpeople. Besides standardizing services. The location of a service retailer must be carefully considered.. A real-estate broker earns a fee only when a house purchaser who is ready. And the number of do-it-yourselfers in the United States is growing. Standardizing services reduces their variability. A small store can often be used because little or no room is needed for displaying merchandise. A broker may show a house 25 times. A travel agency may have six salespeople and book millions of dollars in trips.

It is related to the concept of cost leadership. A moving company charges different fees. This means more consistency in the way documents look. Negotiated pricing occurs when a retailer works out pricing arrangements with individual customers because a unique or complex service is involved and a one-time price must be agreed on.

This technique presents risks to a retailer because considerable time and effort may be spent without payment. Relationship pricing encourages long-term relationships with valuable customers.Value is tied to two factors: Neighborhood retailers generally have a tough time competing in the low-price part of the market. The attributes of per- Electronic banking involves both the use of ATMs sonnel who interact with customers, as well as the num- and the instant processing of retail purchases.

These two points are key in studying technology and its impact on relationships in retailing: In the purchase of the business, are you assuming existing debts of the seller? Stress testing and load testing are also important when a retailer signicantly revises its Web site design.

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