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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.
PART TWO: SITUATION ANALYSIS
4. Retail Institutions by Ownership
5. Retail Institutions by Store-Based Strategy Mix
6. Web, Nonstore-Based, and Other Forms of Nontraditional Retailing
PART THREE: TARGETING CUSTOMERS AND GATHERING INFORMATION
7. Identifying and Understanding Consumers
8. Information Gathering and Processing in Retailing
PART FOUR: CHOOSING A STORE LOCATION
9. Trading-Area Analysis
10. Site Selection
PART FIVE: MANAGING A RETAIL BUSINESS
11. Retail Organization and Human Resource Management
12. Operations Management: Financial Dimensions
13. Operations Management: Operational Dimensions
PART SIX: MERCHANDISE MANAGEMENT AND PRICING
14. Developing Merchandise Plans
15. Implementing Merchandise Plans
16. Financial Merchandise Management
17. Pricing in Retailing
PART SEVEN: COMMUNICATING WITH THE CUSTOMER
18. Establishing and Maintaining a Retail Image
19. Promotional Strategy
PART EIGHT: PUTTING IT ALL TOGETHER
20. Integrating and Controlling the Retail Strategy
APPENDIXES A Careers in Retailing B About the Web Site That Accompanies Retail Management (www.prenhall.com/bermanevans)
C Glossary NAME INDEX SUBJECT INDEX
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.
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):
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:
But, that's not all! Retail Management, Eighth Edition, is packed with other E-features: