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Market Innovation And Retail Industry Add in library

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Questions:

Task 1

Carry out a written critique of the way in which characteristics of the chosen innovative product or service has altered over time in order to suit the changing needs of the market by taking account of the following:

• The benefits and value derived by the clients or customers or recipients

• The uniqueness of its design elements – shape, colour, design, imagination, relevance and
usefulness

• Its brand appeal in relation to competitors in contemporary markets

Task 2

• Write a critical reflective essay on your journey of discovery through the module, set within the context of the learning outcomes. In particular, describe how the course challenged your thinking, brought to you new and interesting ideas and concepts, or, presented approaches to the topic with which you may have disagreed.
 
 

Answers:

Introduction

The changing expectations and needs of the customers have undergone tremendous changes over a period of time. Availability of multi-channels to shop has influenced the buying patterns of the potential customers. Smartphones has increased the chance to shop for the products through online method. Potential customers choose to gather product details from internet. Such a process saves time and enables the customers to gather maximum information about the services. Through such information it has become possible for the clients to shop from home, workplace, and even while travelling. This wasn’t possible for potential customers to shop while years ago. Innovation has positively impacted the buying pattern of the customers from the retail stores. The process has also affected the sales process adopted by the retail stores to sell products to the clients (Harris, 2010). 

Innovation and retail industry

Retail industry and the services rendered by the industry continue to change, for betterment. The digital world has enabled the stores to overpower the challenges involved with the business in an effective manner. Information, product delivery, and services providing has become fast and reliable. Such opportunities were not possible until a decade ago. Dot.com crash in the year 2000 has boosted the performance of the retail industry. There are multiple sales channels available for the users, who choose to invest in the purchase of reliable and cheap products and services. Currently the industry is boosted by dynamism and global transformation process, which enables the retailers to try innovative strategies to approach the clients. This has also increased the competition level in the industry, which has become one of the key driving forces for the retailers. Through innovation, it is possible for the retailers to develop e-commerce strategies, which enables the management to incorporate multi-channel approach for the developing different business models. The factors related to increasing sales and availability of the information through tablets and Smartphones has made it possible for the stores to approach maximum number of clients. Easy accessibility of the details related to the products has boosted the performance of the industry (Geyskens et al., 2002).  

The US retail sales for the year 2008 reached up to $3.9 trillion. This was related to the sales of the food, drugs, beverages, and departmental stores. Sales for the products also increased due to online promotion and mail order stores. Price promotions have been one of the key factors that have improved the key marketing process followed by the retailers to promote the sales for the products and services. Promotional activities has always been an integral part for the increasing the sales for the products and services. Marketing’s strategies includes collecting vast information and knowledge about the products and services that is being sold by the retail stores. The behaviour pattern of the buyers has changed due to the availability of various options for the clients. This has increased the level of competition that exists in the industry (Hui, & Bradlow, 2012).

Retail pricing method and promotion innovation plays an important role in the product development, which is one of the most important factors for increasing the sales. Innovations have simplified the process for marketing and promoting different types of products and services sold by the retail stores. The relevance of the innovation enables the management to find information in the below mentioned manner -

  1. What products to promote
  2. What group of customers to target
  3. Effective design that can be selected to increase the effectiveness for the promotional activities (Hayashi, 2012)

Online promotional activities enable the company to promote the brand image for the retail stores which is one of the prime requirements for the stores. Through innovative strategies it is possible to develop and introduce customised promotional activities that would approach the individual customers from different parts of the market. With the help of the customised promotional activities it is possible for the retail stores to use different channels for promoting the services that is considered to be essential for the product promotion. Retail stores have adopted online marketing process, which is cost effective and reliable. The method enables the stores to reach out to maximum number of clients from various parts of the market, and implement the changes required for introducing the changes. The promotional activities need to be controlled as this will enable the experts to choose an effective method through which the strategies for promoting the services can be improved. Every campaign is carried out with an objective, which is associated with discussing the details of the products and services and promoting the services (Fowler, 2010).

Online marketing and delivery of the products has enables the store to reach out to maximum number of clients from various parts of the market. Through innovation it has been possible for the retailers analyse the needs of the customers on the real time basis. The collected facts and figures enable the management to develop new and better methods for promoting the services that is being used for approaching the clients. It is possible for the management to analyse the needs and preferences of the customers which is one of the prime essential factors to reach out to maximum number of clients (Farb, 2010). 

 

Mobile technology

The success of the retail industry depends upon the technology that has been used by the retailers for promoting the services. Mobile users have been rapidly increasing, and this has made it possible for the company to introduce an effective strategy for reaching out to maximum number of clients. Consumers acquire next generation smartphones to access the necessary information about the products and services offered by different companies. Through this method, it is possible for the users to gather the required information and access the details in an effective manner. Companies choose mobile marketing, as it becomes easy to target customers on a larger scale. This is one of the prime requirements through which the required changes within the system can be introduced by the company. Through mobile marketing, the company could easily reach out to maximum number of clients and convey the positive aspects of the services that are being rendered by the stores. Mobile marketing is usually referred to be two way method or multi communication method. This process enables the management to market the products in an effective manner. Through such a process, it is possible to highlight the services that are being used by the company to promote the services to the clients. Integrated mobile marketing enables the management to adopt integrated communication method, which is one of the prime requirements for the successful business conduct. Innovation has enabled the management to interact with the clients located in different parts of the market. Through this method, it is possible to develop effective strategies through whack the product details can be shared with the clients, and product improvement strategies can be adopted. Short messages about the products and services, the price, and other factors can be easily shared with the end users (Bell et al., 2011).

Benefits to the retailers

Due to technology growth and development, it has become possible to adopt the best strategies related to mobile digital services. The information related to the products and services can be easily and effectively transferred between the stores and the clients, and this makes  possible the retail stores through which enables the management to approach the clients and convince for the purchase of the good and services sold. Information shearing becomes possible and effective as this is one of the important factors, which improves the sales for the products and services sold by the retail stores. Technology has become an integral part of the business activities, and this helps in the market differentiation, implementing growth strategies, and increase profit (Berman, and Thelen, 2004)

The strategic plan for the retail industry includes adopting different methods for increasing sales through the implementation of the technological factors. The process enables the management to create and provide targeted advertisement, which can reach out to maximum number of clients from different markets. Through this process, it is possible to provide details on the go services, which basically engages the clients or the customers. Such factors enable the management to maintain long term positive relationship with the clients. This is one of the important factors through which the sales process can be improved and increased in the industry. With the help of the technology, the retail stores attempt to develop relationship with the clients, which go beyond the physical stores. The digital innovation has been termed to a boom for the retail industries as it helps in improving the sales and promotional activities, which is essential for the business development. Customers are encouraged to participate in the discussion related to the product quality and services. This enables the management to adopt and implement new strategies through which the changes in the production activities can be implemented. The company could develop and retain positive relationship with the clients through other techno like –

  1. Quick response, which is also called as the QR (Camhi, 013)
  2. Electronic price tags
  3. Digital advertising displays
  4. Personated selling assistance
  5. Smart kiosk  (Johnson et al., 2008)

Through such process an attempt is made by the retailer stores to develop better strategies to reach out to the clients and increase the sales activates.

 

Uniqueness of the design elements

Online and mobile communication is related to the services that are being sold by the company to the clients. The unique about the logo of the products and services, represent the brand image. This is one of the important factors through which the sales for the company can be increased. The process is considered to be quite challenging and it includes undertaking different challenging tasks through which the customer’s attention can be attracted towards the products and services sold by the retail stores. The design needs to be simple and effective as this would enable the company to approach the clients in an effective manner. Through this process, the strategies for implementing the changes can be analysed and corrective steps can be introduced by the management of the company or the retail stores (Hui et al., 2013).

Brand appeal

Building brand appeal for the company or the retail stores is one of the most important factors, through which the sales for the products and services can be improved. The process includes developing better strategies for approaching the clients. Innovative strategies enable the management to reach out to the clients and highlight the feature of the products and services sold. Through online marketing, it is posies for the management to develop an effective strategy for building brand. Through bran building it is possible for the retail stores to gain a competitive advantage over the products and services that is being sold by the company. This is one of the prime requirements through which the sales for the products and services can be improved. While brand building, the management can share maximum information about the products and services that is being sold by the retail stores. This also includes discussion the details of the services that would help the clients to choose the better option when it comes to investing in the purchases of the products (Jacob, K. & Lunn, 2011).

Brand promotion includes discussion the details of the services, the benefits associated with the same, and other important factors. This is one of the important factor through which the sales for the company can be increased tremendously. The strategies adopted by the management differ as it intends to reach out to maximum number of clients from different parts of the market.

Conclusion

Innovation has positively impacted the way the business activities have been carried out but e management. Companies attempt to reach out to maximum number of clients from different parts of the globe. Through this method and attempt has been made to improve the sales activities, which is one of the prime requirements for the smooth conduct of the business activities. The strategies adapted by the retail stores have to be innovative and helpful for the business management. In this process, the challenges faced while promoting the services with the traditional method needs to be adopted for improving the performance. This will help in introducing the changes that is related to the business development (Harris, 2010).

 

Task 2: Reflection

Write a critical reflective essay on your journey of discovery through the module, set within the context of the learning outcomes. In particular, describe how the course challenged your thinking, brought to you new and interesting ideas and concepts, or, presented approaches to the topic with which you may have disagreed

Introduction

The module covers the topic related to discovering of different marketing strategies, which would help in developing the products and services sold by the retail industries. The industry has undergone many changes that have positively impacted the sales process. Every retail stores work towards developing positive and long lasting relationship with the clients, as this would help in the business development. However it is necessary to develop and introduce effective strategies through which the challenges can be overpowered. Through this process, it is possible to develop and introduce better strategies that would help in increasing the sales for the retail stores (Casadesus etal., 2007)

Challenges

The biggest challenge that exits with the online marketing process is with the method that has been followed for collecting information about the products and services that is being sold by the company. With the help of the technological factors, it is possible for the retail stores to create an effective platform and apply the best process which would enable the management to collect and evaluate the important information or data related to the clients. The demand of customers has been tremendously increased. This has been due to the availability of different products that is being sold by the retail stores located at different parts of the world.

Data regarding the customers can be collected and analysed from different point of sales centre. The process needs to be analysed as this would enable the members to analyse the expectations of the clients, which is one of the prime requirements for the smooth conduct of the business activities. The collected data enables the management to improve upon the services and approach maximum number of clients or customers through which the services can be improved. The customers are no longer treated as ‘customers’ alone. Potential buyers create opportunities for the company to increase sales and promote the products and services that is being sold to the clients. The process includes adopting better methods for improving the customer experience, which is one of the prime requirements for the smooth conduct of the business activities (Chatterjee, 2010).

Information collected from the customers enable the management to create new concepts for marketing the products and services that is being sold to the clients. Through effective advertisement is possible to develop new methods for marketing the sales for the products. In this method, the challenges related to the data collection and analysing the same, needs to be done in an effective manner.

This would enable the management to develop and introduce better methods through which the sales for the company can be developed or improved. Customers through technology chat and comment about the experience they had with the product sales and improvement. Contribution of the clients helps the management to analyse the challenges and develop better methods for increasing the sales. The details about the services and products can be gained by the customers from the official website of the retail stores. This is one of the important factors through which the changes within the company can be implemented (Chatterjee, 2010).

Quality of the services and the products rendered to the client’s analysis is another challenge, and the retail stores are expected to develop better strategies to overpower the challenges. The marketing strategies can be adopted after analysing the requirements and preferences of the clients. in this method, the strategies adopted by the management needs to be analysed as this will help in developing better position for the stores that intends to sell the products to the clients. The challenge exists with the process followed for promoting the brand image for the company. Through this process, it is possible for the management to develop and introduce better methods for increasing the sales and visibility of the products that is being sold by the company (Chesbrough, 2010).

 

Complexity related to the online promotion

Some of the challenges related to the complexity related to online promotional activities are mentioned below –

Collecting data that would be useful for the conducting research on the clients expectations

Analysing the challenges involved with the process of sales and bridging the gap between the clients and the management

Implementing strategies through which the challenges involved with the business execution can be analysed and corrective measures can be introduced for increasing the sales.

The prime motive of the companies is to increase the sales and promotional activities. For this, an effective strategy is adopted for increasing the visibility of the products and services to the clients. This is one of the important factors through which the sales for the company can be increased. The method followed by the management varies and it depends upon various factors. The online marketing strategy is a new concept and the method has enabled the company to develop new methods to reach out to the clients from different parts of the market. Through this process, it is possible to increase the sales and service the clients with the best possible options (Dukes & Liu, 2010)

Conclusion

Marketing strategies form an important part of the business development process. Due to innovative strategies and methods, it has been possible for the retail stores to adopt better strategies to approach the clients and improve the sales of the products. In this method the stagey adopted by the management includes developing new methods through which the sales for the company can be increased. The selection of the right type of strategy is an important factor, as it helps the management to follow the correct strategies through which the value for the products and services can be approached. The purpose to include this method is to improve the visibility of the products.

 

References

Aaltio, I. & Heilmann, P. 2010, “Case Study as a Methodological Approach”, in Encyclopedia of Case Study Research [internet]. Available at: https://knowledge.sagepub.com.zorac.aub.aau.dk/view/casestudy/n28.xm

Adams, J. 2012, “Mobile Wallets: Big Opportunity, Big Hurdles”, American Banker [internet]. Available at: https://www.americanbanker.com/issues/177_113/mobile-payments-wallets-opportunities-hurdles- 1050089-1.htm

Amit, R.H. & Zott, C. 2011, Business Model Innovation: Creating Value in Times of Change, Rochester, Rochester.

Ankeny, J., 2012, “Forecast: NFC-enabled mobile payments to eclipse $180B by 2017”, FierceMobileContent [internet]. Available at: https://www.fiercemobilecontent.com/story/forecast-nfcenabled-mobile-payments-eclipse-180b-2017/2012-07-23 [

Aruba, 2012, "Aruba Offers Smartphone- and Tablet-based POS to Support Retail Migration from Static to Mobile", Aruba – News Release [internet]. Available at: https://www.arubanetworks.com/newsreleases/aruba-announces-smartphone-and-tablet-based-point-of-sale-solution-for-retailers/

Bain, 2012, “Omni-channel retailing: Digital disruption and retailer opportunities.” Bain [internet]. Available at: https://www.bain.com/Images/BAIN_BRIEF_Retail_holiday_newsletter_%232_2012- 2013NEW.pdf

Bell, D.R., Corsten, D. & Knox, G. 2011, "From Point of Purchase to Path to Purchase: How Preshopping Factors Drive Unplanned Buying", Journal of Marketing, vol. 75, no. 1, pp. 31

Berman, B. & Thelen, S. 2004, "A guide to developing and managing a well-integrated multi-channel retail strategy", International Journal of Retail & Distribution Management, vol. 32, no. 2, pp. 147-156

Camhi, J. 2013, "PayPal Introduces Mobile Point of Sale Solution For iPad", Bank Systems + Technology - Online [internet]. Available at: https://www.banktech.com/payments-cards/paypal-introduces-mobilepoint-of-sale-s/240150806

Casadesus-Masanell, R. & Ricart, J. E. 2007, “Competing Through Business Models”. IESE Business School Working Paper No. 713.                    

Chatterjee, P. 2010, "Multiple-channel and cross-channel shopping behavior: role of consumer shopping orientations", Marketing Intelligence & Planning, vol. 28, no. 1, pp. 9-24.

Chen, L. 2008, "A model of consumer acceptance of mobile payment", International Journal of Mobile Communications, vol. 6, no. 1, pp. 32-52.

Chesbrough, H. 2010, "Business Model Innovation: Opportunities and Barriers", Long range planning, vol. 43, no. 2, pp. 354.          

Cuddeford-Jones, M. 2011, "VOUCHERS: Keeping track of a customer's retail journey", Marketing Week, pp. 29-32.

Dekimpe, M.G., Gielens, K., Raju, J. & Thomas, J.S. 2011, "Strategic Assortment Decisions in InformationIntensive and Turbulent Environments", Journal of Retailing, vol. 87, pp. S17-S28.

Dukes, A. & Liu, Y. 2010, "In-Store Media and Distribution Channel Coordination", Marketing Science, vol. 29, no. 1, pp. 94-107,191,193.

Epsilon, 2012, “How Retailers can Gain a Competitive Edge with Omnichannel Real-time Messaging Strategies”, Epsilon [internet]. Available at: https://www.emarketingpapers.com/content21685

Farb, B. 2011, “Smartphone Shopping Sprees on the Rise”, Information Today, Medford, United States, Medford.

Fowler, G.A. 2010, Retailers Reach Out on Cellphones --- Software Apps Lure Shoppers With Rewards, Coupons and Product Information, New York, N.Y., United States, New York, N.Y.

Geyskens, I., Gielens, K. & Dekimpe, M. G. 2002, “The market valuation of internet channel additions”, Journal of Marketing, Vol. 66, No. 2, pp. 102-119.

Harris, W. 2010, "Mobile Coupons Gaining Steam", Picture Business & Mobile Lifestyle, vol. 7, no. 5, pp. 26-26.

Hayashi, F. 2012, "Mobile Payments: What's in It for Consumers?", Economic Review - Federal Reserve Bank of Kansas City, , pp. 35-66.

Hui, S.K. & Bradlow, E.T. 2012, "Bayesian multi-resolution spatial analysis with applications to marketing", Quantitative Marketing and Economics, vol. 10, no. 4, pp. 419-452.           

Hui, S.K., Inman, J.J., Huang, Y. & Suher, J. 2013, "The Effect of In-Store Travel Distance on Unplanned Spending: Applications to Mobile Promotion Strategies", Journal of Marketing, vol. 77, no. 2, pp. 1

Jacob, K. & Lunn, A. 2011, "Exploring the new face of retail payments", Chicago Fed Letter, no. 290, pp. 1- 4.

Johnson, M.W., Christensen, C.M. & Kagermann, H. 2008, Reinventing Your Business Model, Harvard Business Review, Boston, United States, Boston.

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