Another misconception that retailers usually have is that small stores can’t compete with the stores that have many chains. A business should never under estimate another business that is in competition with it but due to lack of resources can not compete with their business. This is a totally wrong idea. Even the small stores can have a high consumer loyalty. Although they cannot compete in the case of prices with the chain stores but even these small stores can achieve competitive advantage by adopting ways such as maximizing the uniqueness of their business, exceptional customer service and cozy atmosphere, etc.
Retailers usually have this conception that the customers who make most of the purchases are their best customers and the ones who come to the shop occasionally and spends more than the average shopper is only given credit for making sales However, it is not just important to persuade a customer to make lots of purchases but even the customers who may make less sales are essential too as they might refer our store to other people and word of mouth is very important for every business as it increases its goodwill in the market. People fear that a day will come when retaining would be replaced by online shopping.
Although e-commerce is gaining popularity in the world today, it can never replace retailing as there would always be such consumers who would like to feel and try the product before they finally make the purchase. Retailers perceive that relocating a store can be bad for the business. This can disrupt the business and can be costly as well but once the store is fully set, it can cause great wonders. Proper planning has to be done and it should be well organized. In this, the goal should be to retain existing customers as well as to create new ones.
People also have this misconception that the governments would provide incentives to all retailers. However, this belief is false because these incentives that are being provided by the government are just for the non-profits operating businesses and for the educational institutions. It has always been taught in the business schools that the customer is the king and is right at all times but this is also not true as the customer can also be wrong at times but it is the duty of the retailers to make their customers feel important. Another myth about retailing is that dedicated employees are hard to find.
To avoid this, a clear job description should be written and reviews should be done in order to select the most proficient candidate. Retailers also believe that a good living cannot be made while just being in this business as the profit margins are small and this would prevent them from becoming rich. However, good sales can breed good returns. (Waters, n. d. ).
Reference: Armstrong, G. & Kotler. P. (2005). Principles of Marketing, 11th Edn. Prentice Hall, Hardcover. Bednarz, A. (2002). Wireless technology reshapes retailers. September 6, 2008. Retrieved from: http://www. networkworld.
com/news/2002/0812apps. html Bahmanziari, T. (2003). Is trust important in technology adoption? A policy capturing approach. The Journal of Computer Information Systems. September 6, 2008. Retrieved from http://www. allbusiness. com/technology/computer-software-management/946845-1. html Brown, B. C. (2006). How to Use the Internet to Advertise, Promote and Market Your Business Website with Little or No Money. Atlantic Publishing Company, Paperback. Dunbar, I. & McDonald, M. (2004). Market Segmentation: How to do it, how to profit from it. Butterworth-Heinemann, Paperback. Dunne, P.
M. & Lusch, R. F. (2007). Retailing. 6th Edn. South-Western College Pub. Julien, P. A. & Raymond, L. (1994). Journal article Entrepreneurship: Theory and Practice, Vol. 18, Factors of New Technology Adoption in the Retail Sector. Blackwell Publishing Ltd. Kevin, K. & Kotler. P. (2008). Marketing Management. 13th Edn. Prentice Hall, Hardcover. Meyerson, M & Scarborough, M. E. (2007). Mastering Online Marketing. 1st Edn Entrepreneur Press, Paperback. Mind Map-Retailing Mix. (n. d. ). Retailing Mix. September 6, 2008. Retrieved from: http://mappio. com/mindmap/vvojtko/retailing-mix
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