DEFINITION OF CUSTOMER
The father of our nation, Mahatma Gandhi’s famous statement is worth recollection-
“A customer is the most important visitor on our premises .He is to dependant on us ,we are dependant on him .He is not dependant on us, we are dependant on him. He is not an outsider on our business. He is a part of it .We are not doing a favor by serving him, he is doing us a favor by giving us an opportunity to do so.”
According to Peter Drucker.
“The purpose of a business is to create customers.”
Implied in his words and his work, is the importance of keeping those same customers and of growing the depth of their relationship with them.
Hence a customer is the most significant part of any business concern. Without a customer, there is no purpose to a business. Hence there is a direct relationship between number of customers to the profits of the concern .Large number of customers bring larger profits.
A retailer is any business that sells products to consumers for personal use. Restaurants, supermarkets, banks, mail-order catalogs are all retailers .Retailing is the final link in the marketing channel bringing products and services from the producers and providers to consumers Retailing is important because it creates economic utility, it helps manufacturers reach consumers, and it makes a significant contribution to the economy Producers rely on retailers to offer the right products at the right place.
Retailing is in the midst of tremendous change today, making it one of the most dynamic and challenging areas in marketing. The demand for time saving services continues to grow, making services retailing one of the hottest marketing trends from the 1990’s.
THE EVOLUTION OF RETAILING
The development of shopping malls can be traced back to 1850’s, when the first Department store was opened in Paris starting the era of mass consumption. Mass Production and consumption rationalized and industrialized shopping .The development of department stores meant major transforms in the landscape of cities. Commercial activities moved from public streets to privately owned buildings. Department stores changed the concept of shopping and liberated people to enjoy it. Understanding the categories is very important because successful strategies and tactics vary from one type or retailer to the next, and knowing what kind of store is to be run is the first step in designing the marketing programs.
DEFINITION OF SHOPPING MALL
A shopping center, shopping mall, or shopping plaza, is the modern adaptation of the historical market place. The mall is a collection of independent retail stores, services, and a parking area, which is conceived, constructed and maintained by a separate management firm as a unit. They may also contain restaurants, banks, professional offices, services stations etc.
ADVANTAGES OF SHOPPING MALLS:
There are several reasons as to why one would prefer to shop in a shopping mall rather than individual shops. Shopping malls are advantageous in the following ways:
One-stop-shop or convenience:
Brand proliferation, traffic congestion and busy lifestyles are trends that make shopping malls offerings appealing to the consumer. These shopping malls give the consumer better choices, as they are normally multi-branded outlets. Ambience or experience:
With the increasing competition and restricted time limit, the customers want to combine their shopping with entertainment. The shopping malls have very attractive and relaxing ambience that serves both the purposes to the customers.
The shopping malls offer its customers value -added incentives such as a pleasant shopping experience, etc at the same price that the small shops offer. Service:
The shopping malls provide its customers with a lot of services such as alterations, guarantees for certain products etc. The customers are also offered various...