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Essay / Discussion on Characteristics of Success in the Retail Industry
Table of ContentsIntroductionContentCommunicationEffective Workplace CommunicationEffective Customer CommunicationLeadership RoleConclusionIntroductionThe retail industry is a small sector of global business, but it plays one of the most crucial roles and one of the toughest jobs in business. These challenges and difficulties increase exponentially when individual workers also have the responsibility of leading and managing retail departments. These individual workers in management positions must know the ins and outs of the retail industry while employing effective communication strategies such as listening and presenting, to name a few, to make the retail store a success. Say no to plagiarism. Get a Tailored Essay on “Why Violent Video Games Should Not Be Banned”?Get an Original EssayIn order to know the ins and outs of the retail industry, you must first know and understand what is a retailer and what is its role. Nic (2014: 03) tells us that “a retailer is a company that focuses its marketing efforts on the end consumer with the intention of selling them goods or services”. On the other hand, according to (Matthew 2018: ¶1), "A retailer is an entity that sells goods such as clothing, groceries, or cars directly to consumers through various distribution channels with the aim of make a profit. » As both authors have different but similar definitions of what a retailer is, I conclude that a retailer is a business that sells goods or produces a service to the end customer for a profit in exchange. Content retailers act as a link between customers and manufacturers by purchasing. goods from manufacturers in large quantities so that they can be resold to customers at a profit. Retailers help customers bridge spatial gaps, time gaps, quantity and assortment gaps, ownership gaps, information gaps, and value gaps. Spatial gaps exist because the distance between manufacturers and customers would be too great for customers to simply purchase a few products. Retailers fill this gap by purchasing products from these manufacturers and reselling them in locations that customers can easily reach and do not have to travel long distances. Retailers have attempted to eliminate the spatial gaps they have introduced into online shopping. With online shopping, customers do not need to leave their homes to purchase products, but rather purchase the products online and have them delivered to their doorstep. Time differences result from differences in product production and consumption times. A clear example of time difference is when you want to buy a certain product, such as a fruit, but it is not in season in your country. Retailers ensure that these types of products are available to customers all year round. Quantity and assortment variances occur when manufacturers narrow down the product line to have the right quantity needed and there is a wide range of assorted products to choose from as a customer. Retailers fill these gaps by purchasing limited products offered by different manufacturers and wholesalers. This allows customers to have a wide selection of products to choose from. To conclude on the quantity and assortment deficit, retailers buy in bulk and sell smaller quantities tocustomers. Information gaps exist when manufacturers want to convey a message to customers or let them know about the products they offer. They do this through advertising and promotions. As customers can have access to the internet, they can see the advertisements through social media and this will keep them informed. Value gaps exist when a customer requires adjustments to their product, such as deliveries or repairs. These retailer-produced services add more value to a product or service. All of these retail gaps that I've covered tell you something about the retail industry and how much it interacts with other people. With a lot of interaction with other people, effective communication is necessary and there are more chances of facing difficulties. CommunicationBefore understanding the concept of effective communication and knowing effective communication strategies, you need to know what “communication” is. Sandra (2014: 01) says that “communication is the process of creating meaning between two or more people through the expression and interpretation of messages”. On the other hand, this is what Chris (2014: 143) had to say about communication in the retail sector: “Communication, like gravity, is recognized by everyone but yet entirely understood by no one. Effective communication in the workspaceEffective communication plays an important role. crucial role in the company and constitutes a positive factor for the company. Through effective communication, employees and employers are able to understand each other and give their opinions during communication. With this type of effective communication between managers and employees, everyone can express themselves because they have a feeling of acceptance among other employees and managers. A positive atmosphere is created in the workspace without anyone realizing it, as this will also make them more productive. Effective Communication with Customers Retailers not only need to communicate effectively with each other in the workplace, but also with their customers. Effective communication strategies should be used by employees, employers and customers. Communication strategies such as listening, writing, presenting and reading, to name a few, should be implemented with the aim of selling products or services and identifying opportunities. customer needs. Through effective communication strategies, customers should be informed about the products. offered, prices, store locations and services offered to name a few. Your customers should be informed about sales and promotions through advertising and when they enter your store, they should have a great retail experience. With a great retail experience, they will start telling other people about their experience, which is called “word of mouth marketing.” As a manager, the main goal of communicating with your customers is to get them to buy your product and turn them into loyal customers. This means that your communication with your customers should be goal-oriented, compelling, formally managed and try to minimize any difficulties you may encounter. Leadership Role A worker in a leadership and management role who does not show any leadership qualities will face a lot of difficulties and challenges in the retail industry. Even when companies are looking for managers to hire, they will want to hire managers with good leadership skills and..