A case for integrating social media into marketing classes irene j. The word wholesale simply means selling in bulk quantities and retail stands for selling merchandise in small quantities. However, now lets look at some relatively more recent retail history, how it impacts what we buy and sell, and how we behave today. Customer expectations, technological capabilities, regulatory requirements, demographics and economics are together creating an imperative to change. The following table identifies five eras in the history of marketing. Recently, it has been totally digitalized in the form of ecommerce. In the gcc region, shopping malls are the main drivers of the retail industry, and uniquely so. Pdf retail marketing strategies evolution and the future of retail. Wheel of retailing concept 4 stages in the wheel of. He put up a few slides with photos from his local grocery store, including a massive 16foot section with nothing but tofu. In other words, retail is at the effect of economic and social forces and must constantly adapt as it seeks to win customers and create the ultimate customer experience.
This animation is about the main new trends that are transforming retail nowadays in our society. The display of the merchandise plays an important role in attracting the customers into the store and prompting them to purchase as well. When the goods are manufactured, they are sold in large quantities wholesale to the wholesalers who further sells them to the retailers who finally sells them to the. Retail concept the retailing concept is essentially a customer oriented, companywide approach to developing and implementing a marketing strategy. With our varied array of reference guides, we help marketers across industries.
What was missing was a devotion to customer anthropology that could inform the entire experience of a store, including its marketing. This chapter identifies important economic features of the supermarket industry and highlights their connection to market structure and economic policy. Dr peltons principal research interests include marketing channels, relationship marketing and international distribution. I predict that over the next five years, consumers will experience completely new retail models that effectively use physical locations combined with world class internet and mobile sites to offer truly unique and delightful shopping experiences for their guests. Indian context with revolutionary changes taking place in the worldwide economy and the growing importance of 247 operation of the business, the retail sector has been undergoing a paradigm shift across the world. The history of retail has adjusted with each major development of. The history and evolution of retail stores from 1700s to. A correct understanding of marketing concept is fundamental to the study of modern marketing and marketing management. No matter how much the industry changes, the idea that customer experience is king will always stay the same. Retail involves the sale of goods from a single point malls, markets, department stores etc directly to the consumer in small quantities for his end use. Barter system is a system of transactions where people used to exchange, the valuables they used to possess and has some value in the eyes of other persons phase 1. Traditional retail marketing communications is at a seminal point in its development and things will never be the same again.
The marketing philosophy and challenges for the new millennium 173 integrated marketing orientation would focus towards integrated marketing communications, the costeffective selection of marketing channels and integrated development of products and services within the scope, demand and challenges of the national and. Fifteen agency leaders share their views on marketings evolution and how the role of the agency is and should be changing to support their marketer clients and meet the. Evidently, retail trade is one that cuts off smaller portions from large lumps of goods. It tackles issues as how the consumer behaviour is changing, and describes the current. The retail industry is a dynamic one, always adapting to better cater to customers.
Later titan launched retail showrooms in the organized retail sector. Retailing definition according to philip kotler retailing includes all theactivities involved in selling goods or services directly tofinal consumers for personal, non business use. This cartoon was inspired by something seth covered early in the talk. In 1939, he observed that the progression of any institution, including the retail industry, is linked to the progression of the economic and social system.
Specific topics included in the evolution of experience retailing. Difference between wholesale and retail with comparison. The marketing concept as a business philosophy is traced from its origins as a business belief where efficient production was the emphasis to the current belief which emphasizes customer needs as a means of longrun business success. Pdf current status and future evolution of retail formats. Powerful forces are reshaping the banking industry. Pelton is an awardwinning teacher and researcher in the college of business administration at the university of north texas. Customers are now in charge of developing the global market place. Kellie northwood executive director kellie has a brand and communication background with strong emphasis on the importance of sustainability in. Just think about the stores around you now compared to when you were a child. The history and evolution of retail stores weve already looked at some of the earliest history of retail covering hundreds of years of bartering and peddling in a single bound.
Japan, russia, uk and usa were interviewed for the evolution of experience retailing survey on their views to fundamental retail principles, including customer service, overall experience, preferences and shopping trends and attitudes to technology in the retail process. There is intense competition during maturity, and a new retail format may start replacing it during its decline stage. Gradual development of something into a more complex or better form. Methodology responses to the evolution of experience retailing survey were. In this lesson, youll learn more about four theories of retail evolution.
If you need modern proof, just think about the content that goes viral online most of the time, its a funny photo or video versus an. Management and marketing faculty publications department of management and marketing 2010 the evolution revolution of social media and social networking as a necessary topic in the marketing curriculum. The evolution of retail catalogues a marketing tool once described as a pure sales pull now has pages filled with clever brand positioning, interactive product guides and celebrity ambassadors. In a laymans language, retailing is nothing but transaction of goods between the seller and the end user as a single unit piece or in small quantities to satisfy the needs of the. The retailers that deliver this experience intelligently, will thrive.
All organizations perform these two basic functions to satisfy their commitments. Digital marketing is the avenue of electronic communication which is used by the marketers to endorse the goods and the services towards the marketplace. Although marketing has always been a part of business, its importance has varied greatly over the years. Lesson 1 an overview of retailing introduction the word retail is derived from a french word with the prefix re and the verb tailer meaning to cut again. Merchandising and retail marketing satisfy customer needswants to meet business objectives within context of competitive strategy selection and sale of merchandise which presents clear message for consumers identify sources of merchandise differentiation to distinguish offer from competitors.
In recent years, consumer confidence in the safety of the u. The players develop ambitious plans of expansion and seek to open their stores in new geographical areas. No matter from which point of view we look at this concept, the idea itself intends to describe how the retail institutions transform during their evolutionary life. A concept is a philosophy, an attitude, a course of thinking, an idea or a notion relating to. The only way for automation and ai to make a meaningful impact on a business is to incorporate them in ways that interest customers and make the shopping experience more entertaining. For the past decade, weve seen a handful of updates and advancements that have propelled the industry forward. Retail revolution, the latest title from st books and vmsd magazine, takes the reader through the ways the human brain has traditionally responded to retail environments, and how recent technological innovations are changing everything.
Organizational development is concerned with finding and applying. The evolution revolution of social media and social. Banks need to get ahead of these challenges and retool to win in the next era. Evolution of retail free download as powerpoint presentation. India, being one of the most attractive emerging markets, is experiencing a radical change in its retail industry. The evolution of malls and their value proposition. The three theories explain the evolution of retail formats, but the decline and demise of a retail format is not inevitable. In this deep dive, were investigating the evolution of retail and retail shopping in america. Retail merchandising refers to the various activities which contribute to the sale of products to the consumers for their end use. The first few companies to come up with retail chains were in textile sector, for example, bombay dyeing, s kumars, raymonds, etc.
Wholesale and retail are two distribution arrangement that constitutes a major part of the supply chain. I was fortunate to hear seth godin give a talk in london this last week. Every sale of goods and services to final consumer food products, apparel, movie. Retail is a buzzing arena in the business industry one that guarantees an increase in revenue each year. Agenda marketing in the emerging market of vietnam product vs. Store evolution, tech adoption and what it will take to win three retail experts weigh in on the the future of the store. Download download the retail evolution executive summary power machine learning with customer data advanced analyticsin which customer data can be deconstructed and then reconstructed to glean evermoreprecise behavioral insightsoffers new ways to understand customers, sometimes even before they do so themselves. Dang duc dzung vice chairmanhanoi young business association hungviet tech. He led a packed room through a whirlwind tour of his ideas on marketing, business, and leadership at large. Well focus primarily on the postindustrial revolution era when retail really took off, all the way up to the digital revolution and the game changer that is ecommerce. There was a time when retailers focused primarily on stock assortment, price point management and engineered traffic patterns. I think the gap between product and retail marketing is rapidly closing. Evolution of marketing marketing framework extending the traditional boundaries of marketing functions of marketing introduction production and marketing of goods and services are the essence of economic life in any society. The wheel of retailing concept was introduced by mcnair from harvard university and it is considered to be more an observation than a theory.