Retailing Triumphs and Blunders: Victims of Competition in the New Age of Marketing Management

Retailing Triumphs and Blunders: Victims of Competition in the New Age of Marketing Management

Retailing Triumphs and Blunders: Victims of Competition in the New Age of Marketing Management

Retailing Triumphs and Blunders: Victims of Competition in the New Age of Marketing Management

Synopsis

In today's world of galloping change, adjustment and anticipation have become ever more vital for retail operations. Many retailers have successfully anticipated change, while others have simply become relics of retailing history. Facing intense environmental competition, different types of retail institutions, whether a mass merchandiser or a hotel, find themselves confronting different types of challenges. The stories of a spectrum of retailers highlight the variables necessary for duplicating success and avoiding failure. This timely work provides a starting point for understanding the complexities and interrelationships in retail management.

Excerpt

Success comes when managers act on their organization's specific capabilities and advantages. Today's merchants need to look beyond financial statements to ensure profitability. To proclaim a strategy and then not to execute it is worse than not to have one. Essentially, the role of retail management is to manage present and especially future changes that will affect their organizations. In order to achieve these objectives, retail organizations need to understand the past to manage present and future operations successfully. Retailers must determine what they can do either differently or better than the competition. Five key areas have been identified for ensuring the success of a retail organization. These key ingredients among retail organizations appear to determine the degree for either success or failure: innovation, target market segmentation, image, physical environmental resources, and human resources.

This volume has been divided into 11 chapters. Selected aspects of store- based institutions and service strategies are presented and provide a comprehensive overview of retail strategies. Each chapter depicts a profile of a selected institutional format in the American retail distribution structure. The concept of competition frequently blurs the strategic and operating differences among retail types as each format reacts to the successes of others. Each chapter has been analyzed according to intertype and intratype environmental competition that challenges the well-being of the specific type of retail institution. Chapters focus on the following retail institutions: department stores, mass merchants (J. C. Penney; Sears, Roebuck; and Montgomery Ward), variety stores, supermarkets, discounters, specialty clothing stores, home improvement centers, franchised hamburger chains, hotels, credit cards, and in-home shopping institutions. A chapter on credit cards has been included since it is a service that all retailers employ and because it has influenced the strategies of many different types of retail institutions. Another chapter has been included on nonstore retailers who use strategies beyond the traditional retail formats. Some retailers, such as . . .

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