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management studies

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Downloads to date: N/A | Words: 6191 | Submitted: 18-Nov-2011
Spelling accuracy: 98.1% | Number of pages: 41 | Filetype: Word .doc

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about the various strategies of business management


With the growing realization that branches are one of a firm’s most valuable intangible assets, branding has emerged as a top management priority in the last decade. Given its highly competitive nature, branding can be especially important in the retailing industry to influence customer perceptions and drive store choice and loyalty.
Although many important branding principles apply, retailer brands are sufficiently different from product brands that the actual application of those branding principles can vary. Retailer brands are typically more multi-sensory in nature than product brands and can rely on rich consumer experiences to impact their equity. Retailers are create their brand images in different ways, such as by attaching unique associations to the quality of their service, their product assortment and merchandising, pricing and credit policy, etc.
In most consumer industries, the image and equity of retailer brands also depends on the manufacturer brands they carry and the equity of those brands, Retailers use manufacturer brands to generate consumer interest, patronage, and loyalty in a store. Manufacturer brands operate almost as “ingredient brands” that wield significant consumer pull often more than the retailer brand does. To the extent “you are what you sell,” manufacturer brands help to create and image and establish a position for the store. Understanding how a retailer should be positioned and how the brand assortment sold by the retailer is related to its image are thus of critical importance.
Researchers have studied a multitude of retailer attributes that influence overall image. For example, the variety and quality of products, services, and brands sold; the physical store appearance; the appearance, behaviour and service quality of employees; the price levels, depth and frequency of promotions; and so on.
Creating and maintaining a retail image is complex, multi-step, ongoing process. With so many people have little time for shopping and others having less interest in it, retailers must work hard to entertain shoppers.
The Major components of retail image are:
1. Store location and ease of access
2. Atomosphere
3. Price and Promotion
4. Merchandise attributes (cross-category product/service assortment & within-category brand/item assortment)
5. Customer services
6. Community service
7. Shopping experiences
This is not an exhaustive list of factors that influence the retail image. In addition to these, the following also contribute”
Characteristics of the target market of the retailer
Positioning of the firm/retail organization
Advertising and other promotional activities.
The location of a store and the distance that the consumer must travel to shop there are basic criteria in their store choice decisions. Today, suburban sprawl, greater driving distances, the appearance of new warehouse retail formats that are often located in large spaces away from residential areas, and online retailing have made location somewhat less central as a store choice criterion.
It has been found that location no longer explains most of the variance in store choice ...

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