Essential Elements Of Effective Retailing

Requirement:

You are to write a blog in an essay format.  In the blogs you need to reference the articles you are analysing (using Harvard Style referencing) and include a reference list at the end of your blog (not included in the word limit). You are to use clear headings for each of the retail topics listed below. You do not have to divide the 1800 word limit evenly between the topics (however there is a minimum of 300 words per topic). Due date: 15th Sept 2015 (11.59pm)

You are to select five of the following nine topics:

Topic 1 – Electronic retailing (e-tailing/internet retailing)

Topic 2 – Multi-channel retailing

Topic 3 – Disintermediation in retailing

Topic 4 – Location – cumulative attraction

Topic 5 – Location – destination store

Topic 6 – Private label branding

Topic 7 – Retail – HRM – employee turnover or compensation-based incentives

Topic 8 – Retail – Logistics  / Supply Chain Management

Topic 9 – Retail – ‘out-of-stock’ (o.o.s) or stockouts

You have to link five topics together in this essay but separate in different sub-heading (use the topic title as sub-heading).  Each topic must use at least three (3) e-journal (total at least 15 e-journal because each topic is required to have at least 3 journal to support). You also have to come out with a main topic for this essay.

Marking Criteria:

• Quality of analysis of relevant journal articles or other secondary research 30%
• Justification and relevance of examples provided 30%
• Engaging and effective writing style 20%
• Engaging and effective oral communication style 20%

Introduction

Strategic marketing is considered to be one of the main prerequisites for the success of retailing business and also for the purpose to meet with the fundamental goals and objectives of the retail organization. However, goal achievement and meeting with the business targets pose to be challenging for the business firms in the retail sector, owing to the ever-growing competitions. Therefore, in order to enhance the performance of the business, this has been all the more essential for the business managers to make use of the strategic marketing and business management factors that enable them to meet with the requirements of effective marketing and also to reduce the adverse effect of competitions from the business. This essay has dealt with the study of the some of the most essential factors that contribute to effective retailing and enables the management to meet with the strategic interests of the retail houses.    

The Factors associated with effective retailing

Increasing the marketing opportunities is accounted as one of the main targets for retail organizations, as this would further render the business to expand the market and explore new markets on the global floor for competing with the market. In the process of effective retailing employment of effectual strategies by the way of considering the factors like electronic retailing, multichannel retailing, private label branding, management of employee turnover and other considerations associated with human resource, and also planning and framing of an efficient supply chain management system, is very essential of retail business organizations. 

Devising of the effective marketing plan and assessment of the role played by each of the essential factors of retailing is the way that the retail organizations would be able to attain sustainability in the ever-evolving retail sector (Sorescu et al., 2011). Studies suggest that with the growing days the number of players in the retail sector is also enhancing, such as in the UK retail market there are a number of leading retail business organizations which are competing with each other and maintaining customers loyalty has become all the more tough for retail houses. This has become increasingly important for the business managers to consider the essential elements of effective retailing for gaining business sustainability.

Role of Electronic retailing

The concept of Electronic retailing also known as e-retailing has been introduced in the business sector, a few decades back, but with the improved reach of technology among the consumers that the process of has been well recognized. As the matter of fact the process of e-retailing has proved to be one of the effective tools used by retail business organizations sell their products and services with the help of electronic medium  and is also used  for the purpose to bridge the gap between the business and the consumers of the market (Shankar and Yadav, 2011). Thus, facilitates effective communications between the sellers and buyers and in the hitherto times, consumers prefer using the online stores more than going to the physical stores. Owing to such factors, number of retail houses are making use of electronic media or the digital platform for the purpose of selling their products and services. In the UK and also in other counties, on an average there is more than 50 percent of consumers prefer to shop from the online retail stores (Doherty, et al., 2015). 

Therefore, for the retailers the use of technology and e-retailing is considered to be an important option to meet with the changing trend of the market more number of retail business organizations have launched their online stores, such as the Tesco Plc, Sainsbury, Wal-Mart, ASDA all leading and the small retail houses are having their online stores apart from the traditional stores. To retain the consumers this has been all the more essential for the retail houses to change their way of selling products and services to the end users, and at the same time, the use of a digital platform has also proved to be cost-effective for the sellers as well as for buyers (Tomczak, et al., 2004). As the cost of maintenance of online stores is less than maintaining the cost of the physical store and the retail houses are also able to offer their products with attractive discounts to the consumers. Moreover, the retail organizations are able to have greater access to the market with the help presence of the internet anywhere in the world.