Specialty Retailers: Marketing Triumphs and Blunders

Specialty Retailers: Marketing Triumphs and Blunders

Specialty Retailers: Marketing Triumphs and Blunders

Specialty Retailers: Marketing Triumphs and Blunders

Synopsis

Michman and Mazze present five key variables that retailing executives in nine specialty businesses must understand and work with, to gain and sustain competitive advantage in their competitive environments. Innovation, target market segmentation, image development, physical store decor, and human resource managementf are identified and examined. Authors argue convincingly from research and practical experience that these fundamental considerations are crucial to achieving competitive dominance. With up-to-date analyses and extensive coverage of e-commerce and internet retailing as well, their book is essential for retailing executives.

Michman and Mazze find that successful specialty retailers are not all things to all customers, and do not try to be. They are, however, the first to apply new technologies. Authors analyze the development of specialty stores in the U. S. and tie their variables together in an epilogue. Along the way they make clear that by focusing on their five critical variables, we can understand how marketing successes come about and what causes blunders in the nine highly important store categories under their examination here. They point out that not all of their variables need be used concurrently. Some may be more critical than others, and this depends on environmental and competitive conditions. Backing it all up is meticulously developed evidence from their research and personal experience -- all of it presented readably and in a way that practitioners can understand and immediately apply.

Excerpt

This book is focused on the fundamentals necessary for sound management practices by specialty-store merchants. Retailers most likely to succeed are those who develop and implement their strategies in a comprehensive, systematic, and proactive manner. Specialty-store merchants who do not engage in these management practices are destined to encounter problems that will affect their survival in the marketplace. Profitable specialty-store merchants are risk-takers willing to innovate and closely identify their target market. Successful specialty-store merchants do not desire to be all things to all customers. Store image is of paramount consideration, as is the training of store personnel and the store's physical environment. The five key variables that have been identified for ensuring the success or lack of success of specialty-store merchants are: innovation, target-market segmentation, image development, physical store decor, and the effective use of human resources. Confronted by intense and new types of competition, specialty-store merchants face different types of challenges in the marketing environment. Today more than ever before, there will be a need to understand how these retailers will do business in the twenty-first century.

In considering the successes and failures of specialty-store merchants, the challenge is to discern whether or not retailers received high ratings by using all of the key variables or if success was determined by using some of the variables in a more effective manner than their competitors. Correspondingly, can failure or mistakes be attributed to the lack of use of all variables or to the ineffective use of some variables?

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