March 28, 2012
Describe how the industry involves the guest in order to provide quality service. The retail industry involves the guest to provide quality during the planning process. They have to think about the when, what, who and how. When do you to start your delivery system as the guest arrives and while the quest is waiting, during the experience and after the experience. What does the customer expect out of the experience, when it is realized and how much of it will they remember. Who are the customers you target, the actual customers you do encounter and the past, current and potential future customers. A satisfied customer stays with a company longer, spends more and may deepen the relationship. For example a happy credit card customer may enlist the company’s financial services and later take travel insurance. This is an easier than direct marketing campaigns, television advertisements and other sophisticated and expensive approaches to attract customers. Summarize two (2) service standards the industry uses to meet customer expectations. They think about the delivery process and certain standards and use this to meet customer expectations. They know that in retail industry they have to provide customers with a couple of key benefits. Products of high quality that ensure the customer will return for future purchases. They also take in consideration how customers want products that have reasonable prices. Affordable prices make the retailer have a better chance of standing out from the competition and stay in the business for many years. As part of the process, the merchandiser pays close attention to the types of products offered for sale, how to best present those products to consumers, and determining what a reasonable retail price is for each unit sold. The typical consumer will go to great lengths for the cheapest prices. In the retail industry they have to maintain good margins through innovative merchandise mixes. Depending on the amount the retailer can afford to buy at one time, it possible to get a discounted price. Some retailers use a method to determine the retail price by a certain percentage above the acquisition price. The way is maintain good prices is to pay attention to their own prices as well as competitors. These standards enable business process flexibility by providing concrete rules for integration that have been developed by representatives of the consumer products community.
Recommend one (1) “wow” element the industry could apply to each of the two (2) service standards in order to make the guest’s experience more memorable.
Recommend at least one (1) way the industry could better provide information to its guests.
Retail merchandising is the process used in order to conduct retail sales. The first important step in retail merchandising is establishing working relationships with manufacturers who will provide the goods or services that are ultimately sold by the retailer. This type of retail buying involves determining what products will be carried in the retail establishment, negotiating the unit price that will be charged by the manufacturer, and arranging for the delivery of those goods. Once the goods are secured, the retailer must determine the unit price that he or she will assign to the products. In all cases, this retail price will be higher than the cost of purchasing the goods from the supplier. It is this difference between the wholesale price and the retail price that allows the retailer to make a profit and remain in business. After setting the retail pricing, the process of retail merchandising moves on to the task known as setup and display. This process is concerned with displaying the goods within the retail setting to best advantage. By using such devices as display windows, elevated platforms, and colorful backdrops to attract the attention of shoppers, the retailer increases the...