MKTG 355 Lecture Notes - Lecture 5: Information System, Organizational Culture, Vertical Integration
17 Feb 2017
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Document Summary
More attention to long-term strategic planning than ever before: Due to the emergence of: new competitors, new formats, new technologies, shifts in customer needs. Target market- the market segment(s) toward which the retailer plans to focus its resources and retail mix. Retail format- the nature of the retailer"s operations- its retail mix easily duplicated and can be maintained over a long time. Sustainable competitive advantage- an advantage over the competition that is not. Retail market- a group of consumers with similar needs and a group of retailers that satisfy those needs using a similar retail channel and format. Can a retailer develop a sustainable competitive advantage by: Developing a strong brand for the store or store brands. Creating an emotional attachment with customers through loyalty programs. Can create an emotional tie with customers that build their trust and loyalty. Facilitates store loyalty because it stands for a predictable level of quality.
