RETAIL BRANDING

Def : Brand is the product’s essence, its meaning and its direction. It defines its identity in time and space.

Successful Retail Branding starts with:

• 1.      A clear definition of what the retailer stands for
• 2.      An identification of what the customers associate it with
• 3.      When customers think the brand is a reflection of them
• 4.      When the retailer is in the minds of the customer when he think of brand.

Brand

True branding effort

• 1.      Communication that inspires emotional reaction
• 2.      Customer Service
• 3.      How salespersons greet customers
• 4.      How fast product is shipped and delivered
• 5.      Involves every single contact occurring between any product and a human

• Role of Brand
• 1.      Successful Retail Branding ensures Stable long term demands
• 2.      Better margins
• 3.      Differentiation by way of creating long term association
• 4.      Adds value to the product
• 5.      Trust of fulfillment of service expectations
• 6.      Protection from growing competition
• 7.      Image as a company attractive enough to work for
• 8.      Negotiation with suppliers from a position of improved strength

Brand Loyalty

Brand or store loyalty will ensure

• ·         Positive disposal to the brand based on brand loyalty
• ·         Brand preference : Frequent utilization of the store over other stores
• ·         Brand allegiance: Continuous utilization of the store overtime 

Brand loyalty may be expressed for one or more brands

• 1.      Hard core loyalty : Buying one brand all the time
• 2.      Soft core loyalty : Buying a combination of two competing brands
• 3.      Shifting loyalty : Buying preference shifting from one brand to another
• 4.      Switchers: No loyalty to any one brand based on the deal given.

Positioning of brands Determined on the basis of

·         Product usage

·         Price

·         Price

For successful brand positioning Brand Managers should

• ·         Regularly assess the customer’s opinions
• ·         Clearly identify the target
• ·         Plan the brand
• ·         Differentiate the brand from others in the sub group

Differentiate the brand from others in the sub group

Personality of the brand

• ·         It is created by way of adding psychological values through
• ·         Packaging
• ·         Advertising
•     Other aspects of the marketing mix

Importance

• ·         Encourages customers to build a relationship with a brand
• ·         Gives strength to the brand
• ·         Ensures the staying power of the brand

Concept has two non-functional aspects of brands

• 1.      Brand image
• 2.      Brand identity

Brand image

• ·         Customers regard brands possess human-like characteristics
• ·         Customers experience brands as bundles of association
• ·         Customers see, hear, smell, taste and get gut feelings about different brands
• ·         This profile or essence is called brand image

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Retail Promotional Strategy

Retail Promotional Strategy

•  Any communication by a retailer that informs, persuades, and/or reminds the target market about any aspect of that firm

Elements of the Promotional Mix

Advertising Sales promotion Store atmosphere Web site SEM	Personal selling E-mail marketing
Publicity SEM	Word of mouth

Planning a Retail Promotional Strategy

Promotional Objectives

•          Increase sales

•          Stimulate impulse and reminder buying

•          Raise customer traffic

•          Get leads for sales personnel

•          Present and reinforce the retailer image

•          Inform customers about goods and services

•          Popularize new stores and Web sites

•          Capitalize on manufacturer support

•          Enhance customer relations

•          Maintain customer loyalty

•          Have consumers pass along positive information to friends and others

Public Relations

•          Public Relations - Any communication that fosters a favorable image for the retailer among its publics

–        Nonpersonal or personal

–        Paid or nonpaid

–        Sponsor-controlled or not

–        Publicity – Any nonpersonal form of public relations whereby messages are transmitted through mass media, the time or space provided by the media is not paid for, and there is no identified commercial sponsor

Advantages

•          Image can be presented or enhanced

•          More credible source

•          No costs for message’s time or space

•          Mass audience addressed

•          Carryover effects possible

•          People pay more attention than to clearly identified ads

Disadvantages

•          Some retailers do not believe in spending on image-related communication

•          Little control over publicity message

•          More suitable for short run

•          Costs for PR staff, planning activities, and events

Advertising

•          Paid, nonpersonal communication transmitted through out-of-store mass media by an identified sponsor

•          Key aspects

–        Paid form

–        Nonpersonal presentation

–        Out-of-store mass media

–        Identified sponsor

        Advantages

•          Attracts a large audience

•          Gains pass along readership (for print)

•          Low cost per contact

•          Many alternatives available

•          Control over message content; message can be standardized

•          Message study possible

•          Editorial content surrounds ad

•          Self-service operations possible

Disadvantages

•          Standardized messages lack flexibility

•          Some media require large investments

•          Geographic flexibility limited

•          Some media require long lead time

•          Some media have high throwaway rate

•          Some media limit the ability to provide detailed information

Personal Selling

Oral communication with one or more prospective customers for the purpose of making a sale

Advantages

•          Message can be adapted

•          Many ways to meet customer needs

•          High attention span

•          Less waste

•          Better response

•          Immediate feedback

Disadvantages

•          Limited number of customers handled at one time

•          High costs

•          Doesn’t get customer in store

•          Self-service discouraged

•          Negative attitudes toward salespeople (aggressive, unhelpful)

Sales Promotion

Encompasses the paid communication activities other than advertising, public relations, and personal selling that stimulate consumer purchases and dealer effectiveness

Advantages

•          Eye-catching appeal

•          Distinctive themes and tools

•          Additional value for customer

•          Draws customer traffic

•          Maintains customer loyalty

•          Increases impulse purchases

Fun for customers

Disadvantages

•          Difficult to terminate

•          Possible damage to retailer’s image

•          More stress on frivolous selling points

•          Short-term effects only

•          Used as a supplement

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EMERGING TRENDS IN INDIAN ORGANIZED RETAIL SECTOR

The emerging trends in the Indian organized retail sector would help the economic growth in India.

There is a fantastic rise in the Indian organized retail sector in a very short period of time between 2001 and 2006. Eventually, out of the shadows of the unorganized retail sector, India has a chance of tremendous economic growth, both in India and abroad. 

The emerging trends in the Indian organized retail sector are also adding up to the development of the Indian organized retail sector. The relaxation by the government on regulatory controls on foreign direct investments has added to the process of the growth of the Indian organized retail sector.

The infrastructure of the retail sector will evolve radically in the recent future. The emergence of shopping 

The trends to follow in the future:

• The Indian Organized retail sector will grow up to 10% of total retailing by 2010. 

For details please visit-
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Retail Inventory Management

The retail industry can be extremely competitive and one of the biggest challenges is managing a store’s retail inventory. Businesses need to have space to store a wide number of products along with a wide variety. If a retail store does not carry enough of a product, then they are losing potential customers who will shop elsewhere.

Retail inventory is different from other forms of inventory because of the quantities needed. Retail chains need warehouses to keep all of their stock and the means to transport it to their stores. Keeping up with such large quantities can be difficult for anyone, even with the help of an automated system. To track a company’s products, a retail inventory management system needs to be successfully implemented.

What Is Retail Inventory Management?

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http://www.mbachannel.blogspot.in/2014/05/retail-inventory-management.html

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Industrial Relations

Industrial relation means the relationship between employers and employees in course of employment in industrial organisations. However, the concept of Industrial Relations has a broader meaning. In a broad sense, the term Industrial Relations includes the relationship between the various unions, between the state and the unions as well as those between the various employers and the government. Relations of all those associated in an industry may be called Industrial Relations.

                          According to International Labour Organisation, Industrial relations comprise relationships between the state on one hand and the employer’s and employee’s organisation on the other, and the relationship among the occupational organisations themselves.

Definition: According to J.T. Dunlop, “Industrial relations are the complex interrelations among managers, workers and agencies of the government”

Features of Industrial Relations:

1. Industrial relations are outcomes of employment relationships in an industrial enterprise. These relations cannot exist without the two parties namely employers and employees.

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Industrial Disputes

                      Industrial disputes are organised protests against existing terms of employment or conditions of work. According to the Industrial Dispute Act, 1947, an Industrial dispute means

“Any dispute or difference between employer and employer or between employer and workmen or between workmen and workmen, which is connected with the employment or non-employment or terms of employment or with the conditions of labour of any person”

                In practice, Industrial dispute mainly refers to the strife between employers and their employees. An Industrial dispute is not a personal dispute of any one person. It generally affects a large number of workers’ community having common interests.

Prevention of Industrial Disputes:

The consequences of an Industrial dispute will be harmful to the owners of industries, workers, economy and the nation as a whole, which results in loss of productivity, profits, market share and even closure of the plant. Hence, Industrial disputes need to be averted by all means.

                               Prevention of Industrial disputes is a pro-active approach in which an organisation undertakes various actions through which the occurrence of Industrial disputes is prevented. Like the old saying goes, “prevention is better then cure”.

1.       Model Standing Orders: Standing orders define and regulate terms and conditions of employment and bring about uniformity in them. They also specify the duties and responsibilities of both employers and employees thereby regulating standards of their behaviour.

    For details please visit-http://www.mbachannel.blogspot.in/2014/05/industrial-disputes.html

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Collective Bargaining

Good relations between the employer and employees are essential for the success of industry. In order to maintain good relations, it is necessary that industrial disputes are settled quickly and amicably. One of the efficient methods of resolving industrial disputes and deciding the employment conditions is Collective Bargaining. Industrial disputes essentially refer to differences or conflicts between employers and employees.

                         Collective Bargaining is a process in which the management and employee representatives meet and negotiate the terms and conditions of employment for mutual benefit. 

According to Walton and McKersie the process of Collective Bargaining consists of four types of activities:

1)      Distributive Bargaining: 

2)      Integrative Bargaining: 

3)      Attitudinal structuring:

4)      Intra-Organisational Bargaining:

Objectives of Collective Bargaining:

Characteristics of Collective Bargaining:

                 Process of Collective Bargaining

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1.       Preparation for Negotiation:

From the employees’ side also, preparation is required for the following reasons:

2.       Identifying issues for Bargaining: 

3.       Negotiation: When the first two steps are completed, both parties engage in actual negotiation process at a time and place fixed for the purpose. There a re two types of negotiations:

• Boulwarism: 
• Continuous Bargaining:  

4.       Initial negotiated agreement: 

5.       Ratification of agreement: 

6.       Implementation of agreement: 

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Workers’ Participation in Management

Workers’ participation in management is an essential ingredient of Industrial democracy. The concept of workers’ participation in management is based on Human Relations approach to Management which brought about a new set of values to labour and management.

                Traditionally the concept of Workers’ Participation in Management (WPM) refers to participation of non-managerial employees in the decision-making process of the organization. Workers’ participation is also known as ‘labour participation’ or ‘employee participation’ in management. In Germany it is known as co-determination while in Yugoslavia it is known as self-management. The International Labour Organization has been encouraging member nations to promote the scheme of Workers’ Participation in Management.

Workers’ participation in management implies mental and emotional involvement of workers in the management of Enterprise. It is considered as a mechanism where workers have a say in the decision-making.

Definition: According to Keith Davis, Participation refers to the mental and emotional involvement of a person in a group situation which encourages him to contribute to group goals and share the responsibility of achievement.

According to Walpole, Participation in Management gives the worker a sense of importance, pride and accomplishment; it gives him the freedom of opportunity for self-expression; a feeling of belongingness with the place of work and a sense of workmanship and creativity. 

The concept of workers’ participation in management encompasses the following:

ð  It provides scope for employees in decision-making of the organization.

ð  The participation may be at the shop level, departmental level or at the top level.

ð  The participation includes the willingness to share the responsibility of the organization by the workers.

Features of WPM:

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Right to Consumer Education

Right to Consumer Education means right to acquire knowledge and skill needed to become an informed service receiver for or on behalf of persons with disabilities, their caregivers or families throughout their lives. Ignorance of consumers, particularly the illiterate and rural service receivers, is mainly responsible for their exploitation. Appropriate forum for consumer education, enlightenment and protection of their rights is therefore mandatory to prevent such unhealthy practices in the service delivery organization for persons with disabilities.

CONSUMER MOVEMENT IN THE MODERN PERIOD

Consumer  movement in the present form  came into  being only  in  the 1930's  in the

West  and only in the 60's  in India.

The basic objectives  of consumer movement  world wide  are as  follows :

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The basic reason  for the development  of  consumer  movement in  India 

In India, the basic reasons  for the  consumers movement have been:

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The  factors  which  stimulated the consumer movement in  recent  years  are:

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Extra topics related to consumer education

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Definition of Retail Marketing

Retailing is defined as a conclusive set of activities or steps used to sell a product or a service to consumers for their personal or family use. It is responsible for matching individual demands of the consumer with supplies of all the manufacturers. The word ‘retail’ is derived from the French work retailer, meaning ‘to cut a piece off’ or ‘to break bulk’.

The successful implementation of the components of the traditional marketing mix (product, place, price and promotion) is essential for success in retail marketing. The savvy marketer must have a thorough understanding of his or her customers to answer the questions that are implied by each of the 4 P's.

<!->Product

A retail business typically opens within a specific business category, such as men's clothes. The retailer must decide questions relating to price range, fashion and selection. All of these issues are answered by the assumptions that the retailer makes on the products most likely to attract his targeted customer base. The ability to match products and customers is as much art as science.

<!->Place

  

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<!>Price

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<!>Promotion
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