100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
All lectures from ROM $6.42
Add to cart

Class notes

All lectures from ROM

 6 views  0 purchase
  • Course
  • Institution

All lecture notes from lecture 1-9 for ROM

Preview 4 out of 49  pages

  • January 13, 2022
  • 49
  • 2021/2022
  • Class notes
  • Noordhoff
  • All classes
avatar-seller
Retail & omnichannel marketing
Lecture 1




Retailing: all activities that companies and organizations engage in that focus on
the direct delivery of goods, services, and information through all available
channels to consumers (end users), where the goods and services are paid for
out of the net income of consumers.
Retail marketing: all the activities the retail organization engages in to increase
the number of customer transactions.

Development of marketing over time:
Product Era  Consumer Era  Relationship Era
1. Inform: product era. Marketing informs people about products.
2. Seduce: consumer era. Marketing persuades people to buy.  only listen
what to buy.
3. Connect: relationship era. Marketing fosters sustainable relationships.  a
brand, an authentic connection and a person.

Changing customer needs driven by
1. Demographics
2. Competition
3. Environment (covid, health, be careful)
4. Technology (so much info we can consult before we buy)
5. Etc.
It changed the customer journey 
 Convergent commerce (buying through every channel available)  digital
is the starting point nowadays
 Blurring (offering multiple purposes)
 Sustainability (our global food and farming systems are a major cause of
nature’s decline. Retailers and their supply chains have a critical role to
play in tackling the climate crisis by reducing emissions and ensuring the
food on our plates doesn’t drive nature loss at home and overseas).

Transaction-cost matrix




T1 = costs of direct distribution from producer to consumer

,T2 = costs of delivery from producer to retailer
T3 = costs of delivery from retailer to consumer

Retail can exist if T1 > T2 + T3

What are the two 2 major differences between the old economy and the new
economy?
Old Economy New Economy

It is time-consuming Time and distance is irrelevant

It is labour-based It is based on knowledge

The time for transaction is very slow Transaction time is very fast

Cost of transaction is high Cost of transaction is low

Retail marketing practices
- The elements with which the retailer responds to consumer needs are
known as the marketing mix
- Hence, a retail concept is a composition of the elements
If the consumer has confidence in the immediate and near future economy and
his/her personal finance, then the consumer will spend more than save.




Guest lecture part:
People – living alone is most expensive way of living. A 50+ population is also not
so good, they were supposed to spent a lot but they don’t, they save more for
their children. The most life changing moments have past already.
Economy – retail sales should keep up with inflation otherwise you have a crisis.
Shoes/clothes is down extremely due to home culture.
Retail – food is growing in numbers of square meters as everyone orders in. the
new retail approach is  mobile first and everything at the same time. Also
because infrastructure isn’t as good everywhere.

,The new retail approach is based on mobile first.

5 E’s:
1. Efficiency. Example: face recognition payment, robot tally monitors stocks.
2. Environment. Example: transparency through blockchain. (my personal
favorite, to have all apps in one  wechat)
3. Experience.
4. Expertise
5. Ecosystems

, Lecture 2
5 entities:
1. Retailer
2. Supplier
3. Products
4. Customer shopper
5. Store

For a retailer, you also have to first attract the customer to your store. First you
have to get the shopper in your store to make a visitor, once it is in your store
you want them to shop, to buy and in the end become a loyal buyer. Two-fold
consumer buying behavior. Not just (in traditional marketing) choose of a
product. But you also have to get this shopper in your store.

Retailing, then and now
- Farmers, markets, small stores
- Department stores
- Self-service supermarkets
- Electronics, (self)scanning
- Online retailing
- Omnichannel retailing. Multichannel you have 2 channels that exist
alongside of each other.
- Smart retailing. Importance of data is more important due to omnichannel
retailing.
- Platforms
 Battle for the shopper!

Smart retailing
- Mobile
- Big data
- Augmented reality
- Virtual reality
- Artificial intelligence
- Internet of things

Battle for the shopper
- Retailer become more powerful
- Retailers also become brands themselves
- Market share increase of private labels
- Market share increase of online channels
- Digitalization of retail and shopper
- “Shopper marketing”
 Customer journey
 Who is the shopper?
 How does she shop in-store (+link with store environment)?

Customer experience creation
- Consumption has experiential aspects
- Constructed through interpretations of all encounters across channels and
time
- Customer experience is widely recognized as the internal and subjective
response customers have to any interaction with a company
 Controllable and uncontrollable antecedents

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller georgie_vw. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $6.42. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

53068 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$6.42
  • (0)
Add to cart
Added