Page 89 - DMGT550_RETAIL_MANAGEMENT

Retail Management

Notes Self Assessment

Fill in the blanks:
3. An organization’s ........................ defines where it wants to go and how it intends to get
there.

4. At ........................ level, decision-makers are primarily concerned with the immediate
industry or product-market issue, and with policies bearing on the integration of the
functional units.
5. Decisions at the functional level are often described as ........................ decisions.
6. Big Bazaar have a philosophy of customer satisfaction through ‘manufacturing retailing’.
This is their ........................ .
7. The objective of studying the internal environment of its own store is to identify the
store’s ........................ .
8. The ........................ is the blend of various retail activities that in totally present the whole
concept of retailing.

9. Retail ........................ is a plan of the store’s action for how the retailer will enter the target
market and will compete with its main competitors.

5.4 International Retailing

International retailing is an essential ingredient for the global economy. International retailing
satisfies the increasingly complex and demanding needs of global consumers.
Global retailers are at the forefront of technology change to manage their operations and
consumer interface. Consumers are international in their outlook through traveling for business
through accessing the Internet, music, television and magazines, and so are looking for new
experiences and a global appeal when shopping. Progressive retailers have to meet this demand
through keeping abreast of global trends and working with suppliers to optimize the appropriate
product mix in store. Sustainability and ethical aspects of retailing are particularly apt when
working globally. This is a challenging area for retailers and is an aspect of their quality
management.
Addressing the dynamics of the market for teenagers and youth market is another demanding
area. Young consumers have their own finance and make their own decisions about what products
they chose to buy and where from. They tend to be strongly influenced by celebrities, brands
and peer-group pressure. Retailers need to understand their shopping habits and cater for the
needs of this cohort. In general, consumers are increasingly brand aware and want to have access
to luxury products. Own brands, or private labels, have to offer premium quality and a sense of
uniqueness to attract and retain consumers’ loyalty.
Retailers have long operated on global basis, yet it is only since the last decade or so of the
twentieth century that they have done so on any significant scale. In the past, companies trading
outside their home market were rare by comparison with number of retailers operating solely
within the domestic market. Also global operation usually accounted for a much smaller part of
the business than domestic trade. However, the larger retail companies that have successfully
developed their marketing strategy and human resource base in the domestic market are well
suited to extend development into global markets.
Other smaller players that have powerful brand and a strong retail concept also have the ability
to globalize successfully through using a lower cost and risk strategy such as that of franchise.

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