The text that helps readers thrive in today’s retailing industry.
An Overview of Strategic Retail Management; Situation Analysis; Targeting Customers and Gathering Information; Choosing a Store Location; Managing a Retail Business; Merchandise Management and Pricing; Communicating with the Customer; Putting it all Together
For readers that want to incorporate a pre-defined and well-integrated strategy into their retail experience. This text also offers plenty of career advice and information for those seeking to expand their opportunities.
A one-semester text for students of retailing and retail management who have had some exposure to marketing principles. Offers a decision-making orientation and a real-world approach focusing on both small and large retailers. Pedagogical features include detailed chapter summaries, key terms, discussion questions, and chapter and section cases, along with color photos and graphics. This seventh edition contains a new chapter on non-store and nontraditional retailing, revised material throughout, and new boxed material on technology in retailing, retailing around the world, and ethics. Other new features are chapter-opening vignettes, new cases with a video component, and an appendix on career issues. A Web site is available, with an interactive study guide, a list of sites of interest, a glossary, career information, computer exercises, and software. Annotation c. by Book News, Inc., Portland, Or.
A text for a one-semester course in retailing or retail management, offering a strategic decision-making orientation and a real-world approach focusing on both small and large retailers. This eighth edition fully incorporates e-business topics, and includes new chapters on building and sustaining relationships and merchandise management. There is expanded information on Web, nonstore, and other nontraditional retailing, as well as consumers, information gathering, and establishing a retail image. Boxed readings and cases are all new for this edition. The authors both teach business, marketing, and international business at Hofstra University. Annotation c. Book News, Inc., Portland, OR (booknews.com)
Barry Berman (Ph.D. in Business with majors in Marketing and Behavioral Science) is the Walter H. “Bud” Miller Distinguished Professor of Business and Professor of Marketing and International Business at Hofstra University. He is also the director of Hofstra’s Executive MBA program. Joel R. Evans (Ph.D. in Business with majors in Marketing and Public Policy) is the RMI Distinguished Professor of Business and Professor of Marketing and International Business at Hofstra University. He is also the coordinator for Hofstra’s Master of Science programs in Marketing and Marketing Research.
While at Hofstra, each has been honored as a faculty inductee in Beta Gamma Sigma honor society, received multiple Dean’s Awards for service, and been selected as the Teacher of the Year by the Hofstra M.B.A. Association. For several years, Drs. Berman and Evans were co-directors of Hofstra’s Retail Management Institute and Business Research Institute. Both regularly teach undergraduate and graduate courses to a wide range of students.
Barry Berman and Joel R. Evans have worked together for nearly 30 years in co-authoring several best-selling texts, including Retail Management: A Strategic Approach, Tenth Edition. They have also consulted for a variety of clients, from “mom-and-pop” retailers to Fortune 500 companies. They are co-founders of the American Marketing Association’s Special Interest Group in Retailing and Retail Management. They have co-chaired the Academy of Marketing Science/American Collegiate Retailing Association’s triennial conference. They have been featured speakers at the annual meeting of theNational Retail Federation, the world’s largest retailing trade association. Each has a chapter on retailing in Dartnell’s Marketing Manager’s Handbook.
Barry and Joel are both active Web practitioners (and surfers), and they have written and developed all of the content for the comprehensive, interactive Web site that accompanies Retail Management. (www.prenhall.com/bermanevans). They may be reached through the Web site or by writing to mktbxb@Hofstra.edu (Barry Berman) and mktjre@Hofstra.edu (Joel R. Evans).
As we enter the new millennium, we are delighted by the continuing positive response to this text, as evidenced by adoptions at hundreds of colleges and universities around the world. In the eighth edition, we have set out to capture the new spirit of retailing in an E-commerce world. This edition represents the most sweeping revision of the text since its first edition.
We have worked hard—eagerly, in fact—to produce a cutting-edge text, while retaining the coverage and features most desired by professors and students, and maintaining the length of prior editions. The concepts of a strategic approach and a retail strategy remain our cornerstones. With a strategic approach, the fundamental principle is that the retailer has to plan for and adapt to a complex, changing environment. Both opportunities and constraints must be considered. A retail strategy is the overall plan or framework of action that guides a retailer. Ideally, it will be at least one year in duration and outline the mission, goals, consumer market, overall and specific activities, and control mechanisms of the retailer. Without a pre-defined and well-integrated strategy, the firm may flounder and be unable to cope with the environment that surrounds it. The major goals of our text are to enable the reader to become a good retail planner and decision maker and to help focus on change and adaptation to change.
Retail Management is designed as a one-semester text for students of retailing or retail management. In many cases, such students will have already been exposed to marketing principles. We feel retailing should be viewed asoneform of marketing and not distinct from it.
THE DAWN OF A NEW ERA FOR RETAIL MANAGEMENT: A STRATEGIC APPROACH
As Bob Dylan once said, "The times, they are a changing." When we look back on how we wrote the first edition of Retail Management, we lived in a different time. We wrote out our drafts long-hand and had them typed. We didn't have our own PCs because they were too expensive and they didn't really do much. We photocopied research articles one by one in the library, often relying on dated material. We shopped at stores that were typically open from 10:00 A.M. to 7:00 P.m., Monday through Saturday. That meant always waiting in lines, settling for what merchandise local stores carried, and little opportunity to comparison shop. And believe it or not, there was no Internet or World Wide Web.
Now, in preparing the eighth edition of Retail Management, this is how we spent a typical day: At 7:00 A.M. one morning, we decided we needed new high-speed printers to replace our older model. Unlike earlier days, we didn't visit five stores searching for the right model at the right price, we went right to the Web. First stop: CNET, a leading online computer and electronics "shopping bot." There, we typed in "laser printers" and read detailed reviews and specification sheets for the leading models. While still at CNET, we decided to comparison shop for a particular printer model. Instantly, up popped a listing of 43 online retailers that carried the model, along with their prices, shipping policies, and in-stock positions. We clicked on Buy.com and, zoom, we went right to the link for the printer. At Buy.com, we ordered two printers and expanded memory cards. The next day, the printers arrived. The time we started at CNET to the time we finished with Buy.com was no more than 30 minutes. No lines, no parking problems, no wait for the store to open, no hassle!
After buying the printers, it was back to work. We consulted our free automatic daily Emails of the business section of the New York Times (which you, too, can get for free by subscribing at www.nytimes.com), visited various retail magazine sites for their regular news updates (take a look at www.discountstorenews.com, for example), and did our usual search of retailer sites (look at the revamped site of Wal-Mart, the world's largest retailer, at www.walmart.com). As we did research on particular retailing topics, we went to search engines such as Yahoo! (www.yahoo.com) and online library resources such as UncoverWeb (uncweb.carl.org).
What does this all mean? The "E" word—electronic—permeates our lives. From a consumer perspective, gone are the old Smith-Corona typewriters, replaced by word processing software on PCs. Snail mail is giving way to E-mail. Looking for a new music CD? Well, we can go to the store—or we can order it from CDnow (www.cdnow.com) or Amazon.com (www.amazon.com) or maybe even download some tracks as we create our own CDs. Are you doing research? Then hop on the Internet express and have access to millions of facts at our fingertips. The Web is a 24/7/365 medium that is transforming and will continue to transform our behavior.
From a retailer perspective, we see four formats—all covered in Retail Management—competing in the new millennium (cited in descending order of importance):
Combined "bricks-and-mortar" and "clicks-and-mortar" retailers. These are store-based retailers that also offer Web shopping, thus providing customers the ultimate in choice and convenience. Over 90 percent of the world's largest retailers, as well as many medium and small firms, fall into this category or will shortly. This is clearly the fastest-growing format in retailing, exemplified by such different firms as Barnes & Noble (www.barnesandnoble.com), Costco (www.costco.com), and Wal-Mart (www.wal-mart.com).
Clicks-and-mortar retailers. These are the new breed of Web-only retailers that have emerged in recent years, led by Amazon.com (www.amazon.com). Rather than utilize physical store facilities, these companies promote a "virtual" shopping experience: wide selections, low prices, and convenience. Among the firms in this category are grocery retailer Peapod (www.peapod.com), Priceline (www.priceline.com)—the discount airfare, hotel, and more retailer, and toy retailer eToys (www.etoys.com). By 2003, total annual Web retailing revenues from all formats are expected to reach $140 billion.
Direct marketers with clicks-and-mortar retailing operations. These are firms that have relied on traditional nonstore media such as print catalogs, direct selling in homes, and TV infomercials to generate business. Almost of them have added Web sites, or will be shortly, to enhance their businesses. Leaders include Lands' End (www.landsend.com) and Spiegel (www.spiegel.com). In the near future, direct marketers will see a dramatic increase in the proportion of sales coming from the Web.
Bricks-and-mortar retailers. These are companies that rely on their physical facilities to draw customers. They do not sell online, but use the Web for customer service and image building. Ikea uses its Web site to provide company information and store locations. Home Depot sells gifts, gives extensive advice on do-it-yourself projects, and has store directions. Firms in this category represent the smallest grouping of retailers. Many will need to rethink their approach as online competition intensifies.
On a personal level, we have spent the last few years striving to disprove the adage that you can't teach old dogs new tricks. And we've had loads of fun doing so. We both have developed our own Web sites (in addition to the Prentice Hall site—www.prenhall.com/bermanevans—accompanying Retail Management). We are active "surfers." We are always looking for new links. There's even time for an occasional "intellectual" game such as Out of Order at Sonystation.com.
Has this helped us as authors? You bet. We have access to more information sources than ever before, from international trade associations to government agencies. The information in Retail Management, Eighth Edition, is more current than ever because we are using the original sources themselves and not waiting for data to be published months or a year after being compiled. We are also able to include a greater range of real-world examples because of the information at company Web sites.
Will this help you, the reader? Again, you bet. Our philosophy has always been to make Retail Management as reader-friendly, up-to-date, and useful as possible. In addition, we want you to benefit from our experiences, in this case, our E-xperiences.
To reflect these E-xciting times, Retail Management: A Strategic Approach, Eighth Edition, incorporates a host of E-features throughout the book.
With regard to content, each chapter includes important practical applications of the Web within the context of that chapter. Here are some examples of how the discussion of the Web is integrated into Retail Management:
Chapter l: Careers in retailing (www.careersinretalling.com) and the Web addresses of the largest ten U.S. retailers.
Chapter 2: How retailers can conduct customer satisfaction surveys (customersat.com).
Chapter 3: The Guitar Center (www.guitarcenter.com), the largest U.S. retailer of musical instruments.
Chapter 4: The retailer assistance that is available through the Small Business Development Center (sba.gov/sbdc).
Chapter 5: Why Ikea (www.ikea.com) does not sell products at its Web site.
Chapter 6: Web retailing for small and large retailers, such as blindsdepot.com (www.blindsdepot.com). There is also a detailed discussion of E-commerce.
Chapter 7: Family Dollar's (www.familydollar.com) focused target market strategy.
Chapter 8: MicroStrategy (www.microstrategy.com), one of many firms that market information systems software.
Chapter 9: How retailers can learn about trading areas from government (tiger.census.gov) and nongovernment (www.esri.com) online sources.
Chapter 10: The International Council of Shopping Centers (www.icsc.org), the world's largest shopping center association, with a variety of resources for retailers.
Chapter 11: Retailers such as Target (www.target.com/jobs) that have entire sections of their Web sites devoted to retailing jobs.
Chapter 13: Retail Technologies (www.retailpro.com), one of the firms that markets inventory management software.Chapter 14: The Doneger Group (wwwdonegencom), the largest independent resident buying office.
Chapter 15: How retailers often visit merchandise marts such as AmericasMart (www.americas.com) and CaliforniaMart (www.californiamart.com) when making buying decisions.
Chapter 16: Why the New York Times on the Web (www.nytimes.com) reports that online retailers are modifying their return policies.
Chapter 17: How shopping bots such as mySimon (www.mysimon.com) are revolutionizing the way in which people comparison shop.
Chapter 18: How small retailers can benefit from free or low-cost Web store development by Bigstep.com (www.bigstep.com) and others.
Chapter 19: Blockbuster's (www.blockbuster.com) use of its Web site in a very promotional manner.
Chapter 20: How retailers can learn about the benefits of benchmarking (www.eprs.com/benchmarking.htm).
Appendix A: How retail job opportunities maybe found online from sources such Retail Jobnet (www.retailjobnet.com).
But, that's not all! Retail Management, Eighth Edition, is packed with other E-features:
A comprehensive Web site (www.prenhall.com/bermanevans), with an interactive study guide, more than 1,000 "hot links," a glossary, and much more.
End papers with Web addresses of search engines, career banks, and more.
Margin notes throughout each chapter keyed to important text concepts highlight the addresses of a variety of Web sites. Companies such as CDnow, Cheap Tickets, eBay, Macy's, Old Navy, Papa John's, Rainforest Cafe, REI, Tuesday Morning, and WilliamsSonoma are featured. You can also look at Web sites that show what it takes to be a franchisee (carvel.com/franchise_faq.asp), draw an online map of your community (tiger.census.gov/cgi-bin/mapbrowse-tbl), take an online demo from an outside buying office (www.buying-office.com/files/demo), and shop at an online auction (...