Current Event Assignment
How to format your current event assignment:
Synopsis: (first heading)
This section is to be single spaced. It should not be more than one paragraph of not more than seven lines in length.
Why this matters: (second heading)
This section should tell the reader why this article or happening is important to you, retailing, the community, or the economy. How can you relate this article back to what we have or are about to read in the textbook?
This section will be longer in length and should require more than one paragraph. The entire document should be not more than two pages in length with the minimum of one full page. Material should be presented in correct grammar and mechanics of writing.
You are allowed to bullet information but remember to use lead-in a sentence or paragraph for the bulleted information. The written piece should end with a conclusion paragraph.
Re-Inventing
Synopsis
The customer today is more sophisticated and conscious of quality. Re-Inventing is the introducing service modification to gain customer loyalty. In most cases competitors offer similar services and a retailer has to do something to be unique and beat the others offering similar goods and services. It could include addition of services or improvement of existing services. At times rebranding also does the trick. Customer loyalty is important in retailing and for this reason re- inventing could entail rewarding of loyalty. Some retailers use customer loyalty cards to offer discounts.
Why this matters
This is quite important to the retailer who wants to get ahead in the competition. Customers tend to get bored with conventional markets and a unique retailer instantly gains popularity. It is important to be creative and observe trends in the industry. This way you avoid being obsolete and attract even a wider customer base. This is done by understanding customers and sharing their thinking. Knowing what a customer wants helps a retailer offer better services. Bellow is an example of a retailer re-inventing and how it counts.
Hy-Vee a supermarket chain has distinct itself from competitors by re-inventing itself. To gain customer loyalty, Hy-Vee has introduced a market grill along with a market grill café. This improves their customers in store experience and makes the customer chose HY-Vee over any other competitor. They have found a way of not only keeping customers loyal and increasing time spent in the store but also generate more revenue. They have introduced great experience with wait staff and they serve meals including alcoholic beverages. For the health-conscious customers they have introduced dietitians in their stores to give them health screening and nutrition advices while giving shopping tours.
By so doing, Hy-Vee beat competition in several ways. First they have differentiated themselves and are no longer just supermarkets. That alone makes them unique and curious to the customer who is interested in identifying a better service provider among copy-cats. Above that Hy-Vee has generated more income by the added services. As customers shop they get curious with the extra service and may sit to sample this out. When they find it good they will not miss a taste the last time they stopped by.
By being distinct they also gain customer loyalty. For instance those health conscious individuals will find the dietitians services useful and will not opt for any other supermarket since the competition do not have similar services. The customers are also guided and they get a better shopping experience. This way apart from gaining customers and gaining revenue they also better their customer's life by giving them a better shopping experience complete with diet advices. More customers are even going to be attracted in the long run as customers share their experiences from the Hy-vee.
In conclusion, re-inventing is important to retailers. If there seems to be no growth for a retailer they should consider re-inventing since they are probably missing out in some market trends. It is also important to the customer as it means better goods and services. As competitors respond to competition they better products to the advantage of the customer. And of course in the long run it matters to the economy since a competitor re inventing improves product sell and revenue streamlining. Even product prices are lowered in the process of re-inventing. A better study on importance and ways to re-invent can help improve trading at large. This article opens up our minds on how to better retailing as illustrated by the example.
References:
Gershon, R. A. (January 01, 2009). Intelligent Networking and Business Process Innovation
Japutra, A., Nguyen, B., &Melewar, T. C. (January 01, 2015). A Framework of Brand Strategy and the ???Glocalization??? Approach.
Wahi, A. K., Medury, Y. K., &Misra, R. K. (July 01, 2014). Social Media: The Core of Enterprise 2.0. International Journal of Service Science, Management, Engineering, and Technology (ijssmet), 5, 3, 1-15.