RETAIL MARKETING

Contemporary Retail Marketing

Contemporary Retail Marketing

Introduction

Consumption and consumerism are the core elements of the contemporary culture and society. It is because shoppers and consumers do not only buy products but a lifestyle. The choices of customers depend on what is stylish in the society. The rapid surge of advanced technology has influenced retail marketing. The penetration of the Internet and technology has made it easier for buyers to gather information than before. The Internet allows customers to gather and share opinions. It also allows them to monitor global trends. Marketers use the insights of customers to make effective marketing strategies (Hawkins and Best, 2007, pp. 118).

Retailing includes diverse activities that are involved in the selling of goods or services. Retailing is the ultimate step of merchandise. It is the process that connects the bulk of commodities to the final customer. There are diverse products that are involved in retailing. For instance, retailing involves fast moving consumer goods, apparels, financial services, and leisure. Retail businesses can gain a competitive edge by utilising their marketing capabilities (Barney, 1991, pp. 99). The marketing capabilities of firms are valuable. It is because these skills cannot be duplicated by competitors.

Discussion

During the last few years, retailers in the United Kingdom have become actively involved in the development of their value-chain model. The major retail businesses have initiated their retail operations in western economies. In addition, these businesses are also expanding their operations abroad. Retail businesses have also started to develop their brands (Floor, 2006, pp. 12). Retailers' brands are sold with retailers' labels. The quality of retailer brands is similar to or higher than that of manufactured brands. In the current era, businesses have realised that retailing should be the main focus of business strategy. Retailing should also be an important part of marketing, operations management, and other business disciplines.

Retailers are often considered resellers of products. Nowadays, retailers are not only considered an important link in the manufacturer's supply chain. In fact, retailers comprise an independent market. Retailers provide a gamut of essential services to customers. They also provide peculiar locations to sell the product to customers. Therefore, the importance of retailing cannot be ignored. Retailing is a vital economic activity. This activity bridges the gap between production and consumption.

One of the most crucial elements in retail marketing is customised service. Customised service is the key to developing and managing customer relationships. An important area of marketing is consumer behaviour. Marketing managers can develop long term relationships with their customers by predicting their needs and demands. In order to analyse changes in consumer behaviour, diverse techniques are used. Initially, marketers used to rely on statistical surveys to study consumer behaviour. However, nowadays, they rely on data mining techniques.

Data mining techniques rely on databases to analyse changes in consumer behaviour. It is important for data retail marketing managers to provide high quality products and services to customers. In addition, managers must also analyse changes in consumer behaviour by analysing data through data mining ...