...Understanding customer behavior in retail banking The impact of the credit crisis across Europe February 2010 Contents Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Executive summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Key findings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 The impact on trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Loyalty: the end of an era? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Reasons customers look elsewhere Measuring satisfaction Conclusion 8 How Ernst & Young can help . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Contacts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Introduction ...
Words: 4367 - Pages: 18
...Understanding the Factors Influencing the Fashion Retail Environment As the new store manager over the next 12 months I plan to increase the sales by 9% and profit by 12%. I am going to be analysing how the internal and external factors have affected the store. This will enable me to plan how to achieve these goals. The store location has conflicting reasons why it can be a positive as it is a good location but there is a lot of competition. There are regular trains to and from the local station to London with a reasonable journey of only 40 minutes. This is good news for the store as the proximity to London can mean an increased footfall, as more customers are in the capital of England. The store is positioned within the M25 where the current population inside the M25 is estimated to be around 7,800 people in 2011 (GLA Intelligence Update, 2009 Round Demographic Projections for the London Plan (Revised)). This means that there are a lot of people living locally and they are currently going to the competition to shop. Being located on a high street is an advantage for the store because of the regular footfall as well as the great amount of parking options for customers. The only disadvantage here is that the nearby shopping centre may be taking some customers away from the high street, especially in the UK where our weather may be cold and wet, customers may wish to stay inside the centre if they can purchase everything they require from the competition. The store has...
Words: 2113 - Pages: 9
...Pass 2 - explain the process of distributing goods through different channels from the manufacturer to the customer In the last four hundred hears distribution methods have changed. This is because of changes in technology as well as how goods are now transported and stored. An example of an improvement to storage is that the products can now be refrigerated or even whilst being transported as well. Technology has changed distribution methods as products such as music and films are now able to be downloaded from the internet, creating a digital distribution method. Hard goods, perishable goods and digital information products all require different storage and transportation methods. One of the most traditional distribution methods for transportation is by land – this can be either by lorry or by train. Land distribution is good for relatively short transport times (short and medium distances). It is also ideal for transporting heavy and bulk goods and is suitable for products with a long shelf life. On the other hand, land transportation doesn’t have very fast delivery times; this can be due to traffic jams, for example. It can also be quite costly because of petrol and maintenance costs and the land distribution will have a limited transport volume. Another traditional distribution method is by sea. This is also good for transporting heavy and bulk goods but, unlike land transportation, distributing by ship means that there is no need for special architecture such as roads...
Words: 1955 - Pages: 8
...Unit 4: Understanding how a retail business maintains health and safety on its premises Task 3 Understand the employee’s responsibilities in reporting hazards and accidents that typically occur on the premises of a retail business The most common types of risks, hazards and accidents to staff and customers are: * Lifting and pushing - eg. Handling heavy or awkward sized objects * Slips/trips and falls - eg. Slipping on a wet surface or falling from a ladder * Machinery - eg. Using ladders, trolleys etc... * Occupational violence - eg. Abusive customers or dealing with robbers * Chemicals - eg. Using cleaning products * Electrical incidents * Poor housekeeping- eg. Products being left lying around Overall, slips/trips and falls or damage caused by manual handling/lifting remain the main culprits of injury in the retail workplace. It is important to try minimise risks, hazards and accidents in the workplace. This is easy. You can make sure you have good signage in your shop. Not just in the back of the shop warning of chemicals or how to dispose things but also in the front of house. As if you had had a spill of a substance on the floor there is a hazard that customers might not see it so you need to put up a sign to warn them ad work on minimising or getting rid of that hazard before an accident happens. It is equally important to report a hazard for the sake of employees and customers safety to reduce the risk of harm towards them. It...
Words: 307 - Pages: 2
...Look at the Indian organised retail industry. Would collaboration with global retailers such as Wal-Mart and Tesco be a better growth strategy, or would it be in understanding who their major competitors are and matching their capabilities and out competing them? The recent wave of reforms by the Government to incentivize Foreign Direct Investment (FDI) in various sectors is bringing a new zeal to the investment climate in India. One of the most debated reforms is the policy for allowing 51 per cent FDI in multi-brand retail. Organized retail, which constitutes 8 per cent of the total retail market, will grow much faster than traditional retail. It is expected to gain a higher share in the growing pie of the retail market in India. Various estimates put the share of organized retail as 20 per cent by 2020. The Indian retail industry has experienced growth of 10.6% between 2010 and 2012 and is expected to increase to USD 750-850 billion by 2015. Food and Grocery is the largest category within the retail sector with 60 per cent share followed by Apparel and Mobile segment. Multi-brand specialty retail segment such as Beauty & Wellness and Consumer Electronics are still in their nascent stage. Their current market size may not hold a big potential for foreign retailers. India is not one market: States in India differ in terms of culture, language, socio-economic development etc. Further, different spending power results in different customer segment even within...
Words: 638 - Pages: 3
...Management in Indian Retail Sector Project Title: - To study the effectiveness of “Waiting Line Management” of two supermarkets. Introduction:- Waiting Line Management- Understanding waiting lines or queues and learning how to manage them is one of the most important areas in operation management. We wait in line every day, from driving to work to checking out at the supermarket. In this project we discuss the basic elements of waiting lines problems and provide standard solutions to solve them. One of the ways of arriving at some of these solutions is queuing theory through which dissimilar delays encountered by customers. Overview of Indian Retail Sector- Retailing in India is one of the pillars of its economy and accounts for 14 to 15 percent of its GDP. The Indian retail market is estimated to be US$ 450 billion and one of the top five retail markets in the world by economic value. India is one of the fastest growing retail markets in the world, with 1.2 billion people. As of 2013, India's retailing industry was essentially owner manned small shops. In 2010, larger format convenience stores and supermarkets accounted for about 4 percent of the industry, and these were present only in large urban centres. The Indian retail industry has experienced high growth over the last decade with a noticeable shift towards organised retailing formats. The industry is moving towards a modern concept of retailing. Main Focus Area Our research focuses upon the retail chain giants such...
Words: 691 - Pages: 3
...Retail Advertising and Marketing Association Gen/200 Retail Advertising and Marketing Association "Consumers know precisely what's wrong with advertising. Be it TV or print or whatever, they know that advertising is never creative enough ... never as witty, inspiring, sophisticated, entertaining and downright likable as they would like it to be” (Phil Dussonberry, former BBDO advertising executive). In the world of retail things are ever changing there is a constant need for new advertising or marketing to grab the consumers attention. Without these tools a retailers profits can quickly dwindle leaving them in the dust. One great tool for retailers is the Retail Advertising and Marketing Association(RAMA). This paper will explain what RAMA is, how it can increase my professional knowledge and abilities, and how perfecting my knowledge and abilities can affect my career success. The Retail Advertising & Marketing Association (RAMA) is a trade association of retail marketing and advertising professionals, plus their counterparts on the agency, media and service-provider sides of the business. RAMA is a division of the National Retail Federation, the world’s largest retail trade association (National Retail Federation, 2011). RAMA also is the producer of the annual Racie Awards Competition, the industry’s most prestigious creative contest for retail broadcast, web and print advertising (National Retail Federation, 2011). RAMA is an innovative association that connects retailers...
Words: 722 - Pages: 3
...Retail Marketing In today's CRM landscape the old analogy comparing the rifle and shotgun approaches to message and / or offer delivery is perhaps more appropriate than ever, as more retail organizations struggle to achieve one-to-one marketing-communications with customers and prospects. Targeting allows a retail enterprise to channel its marketing budget where there is the greatest (and fastest) possibility of Return On Investment (ROI). In terms of overall business strategy, your ability to identify and understand consumers helps you make accurate estimates about the potential for your products and services in a given market, as well as support and direct merchandise development strategies to both new and existing customers. Whether your target is current customers or new prospects, in markets known or unknown, an effective targeting model reduces the risk of any new venture. Blending Demographic, Behavioral, Expenditure and Media Preference data with retailer-specific data and applying data mining technologies produces Zip+4 and postal code level data assets that consistently outperform all other direct marketing techniques. In addition, methodology that should be used must be dynamic to allow the sights to be reset frequently to keep targets in focus consistently. Today's retail marketing managers must: Understand the connections between the lifestyle and expenditure characteristics of customers, their propensity to purchase one product or brand over another, and...
Words: 633 - Pages: 3
...create better ideas and decisions for the company. The research can include different forms of data which includes the feedback of consumers, product research, financial data, and competitive analysis. The various levels of management which uses the business research gain the ability to have a better understanding of the company. Also, they gain a better understanding of their position in their particular market, and how to stay competitive and improve their position within the market. This paper will be a summary of the business research processes through Frederick’s experience in the field of retail and a study of merchandising created by the University of South Africa back in 2013. Frederick currently works in retail which focuses on merchandising in daily operations. The research process is broken down into three major parts which include the; • Identity of the research problem and the research methods used. • How the research is solved within the chosen functional area • Potential applications within the determined functional area. The study chosen focused on the perception which the consumer has on visual merchandising in relation to retail shopping. Research Problem The primary research problem suggested in the study was the determination of the different characteristics of visual merchandising displays, and if they are more relevant and pertinent to the consumer. The research study used an exploratory research approach. The...
Words: 770 - Pages: 4
...RETAILING – HOW CONSUMERS CHOOSE WHERE THEY SHOP Consumers have many different retail channel options, but how do they decide where to shop? Understanding why consumers shop where they do is a vital part of marketing. It is important to understand the factors influencing where consumers shop and why they buy products in the stores that they do. The following are some of the factors that consumes consider. It is worth noting that the list is endless but below we highlight some of the crucial factors: Price is an important selection criterion for where consumers shop. However, this is not always true. Price becomes less important if consumers do not get total satisfaction from the shop. The quality of the products sold will have an influence. For example, customers would not buy poor quality food even if it is cheap. The product assortment and freshness is also considered. Most customers are considerate of their health so they will be skeptical when buying from a retail outlet where their health will be compromised. The attitude of the salespeople is also important. Where consumers decide to purchase products is influenced by the retail staff. Consumers like shopping where employees are knowledgeable about the products and services offered. In addition to knowledge level and experience of the sales personnel, customers will also consider the degree of helpfulness of the sales person. They will note if the attire of the sales person is neat and clean. They will also buy from...
Words: 539 - Pages: 3
...This article was downloaded by: [Hong Kong Polytechnic University] On: 3 June 2010 Access details: Access Details: [subscription number 738313287] Publisher Routledge Informa Ltd Registered in England and Wales Registered Number: 1072954 Registered office: Mortimer House, 3741 Mortimer Street, London W1T 3JH, UK The International Review of Retail, Distribution and Consumer Research Publication details, including instructions for authors and subscription information: http://www.informaworld.com/smpp/title~content=t713735234 Knowledge and knowledge sharing in retail internationalization: IKEA's entry into Russia Anna Jonssona; Ulf Elga a Department of Business Administration, School of Economics and Management, Lund University, Sweden To cite this Article Jonsson, Anna and Elg, Ulf(2006) 'Knowledge and knowledge sharing in retail internationalization: IKEA's entry into Russia', The International Review of Retail, Distribution and Consumer Research, 16: 2, 239 — 256 To link to this Article: DOI: 10.1080/09593960600572316 URL: http://dx.doi.org/10.1080/09593960600572316 PLEASE SCROLL DOWN FOR ARTICLE Full terms and conditions of use: http://www.informaworld.com/terms-and-conditions-of-access.pdf This article may be used for research, teaching and private study purposes. Any substantial or systematic reproduction, re-distribution, re-selling, loan or sub-licensing, systematic supply or distribution in any form to anyone is expressly forbidden. The publisher does...
Words: 9382 - Pages: 38
...BASIC RETAIL PRINCIPLES Category Management The principles outlined in the category management section are based on many years experience in retailing and proven fundamentals. They are presented in a format to encourage you the retailer to work on these principles within your business. By the very nature of retailing, markets and customers will change over time. Retailers must understand and mange this information through category management. Due to the limited amount of time available in the review, the principles will be limited in there scope to generic retail principles. Managing your retail business through category management improves your knowledge and ability to react quicker to the customer’s wants and needs. As a retail owner you need to have at least 15 categories based on product groupings within your store. You can also break down each category into sub categories for further analysis. The categories that you establish will be the basis of ongoing management across key performance indicators (KPI’s) that you want to manage within your business. The categories you chose should be based on product types or groupings. If you are in food for example your categories would be your menu offer for example: sandwiches, cold drinks, coffee, cakes, salads, donuts. If you are in home wares categories like: gadgets, dinnerware, saucepans, kitchen ware, and glass ware are some examples. How good is your collection of data? To collect information on categories you need to...
Words: 3061 - Pages: 13
...has been overwhelming and has encouraged us to regularly organize the Chief Executive forum. The high standards set in the past push us to strive for the Chief Executive Forum to be rigorous and relevant to business context in future. Month July Programme A Marketer's View of Competitive Strategy Director PROF. JOHN A. CZEPIEL New York University, Leonard N. Stern School of Business Place Delhi Hyderabad Chennai Bangalore Delhi Pune Mumbai Bangalore Delhi Hyderabad Bangalore Chennai Date 12th July ’10 14th July ’10 16th July ’10 19th July ’10 20th August ’10 16th August’10 19th August ’10 17th August ’10 9th September’10 10th September’10 13th September’10 14th September’10 August Retail Competition: Strategies PROF. VISHAL SINGH in the Changing Retail New York University, Leonard Landscape N. Stern School of Business September Financial Risk Managment and the 2008 financial Crisis PROF. PIETRO VERONESI University...
Words: 1870 - Pages: 8
..."Shopper Marketing at traditional retail: An inevitable journey" 90% of the Indian retail is built on the strong bricks of traditional trade. The just next door 'kirana store' is still a significant part of the shoppers’ life. This makes Point-of-Purchase venture into knowing what role does shopper marketing play at the foray of traditional trade, is shopper marketing seeking its relevance here. Experts introspect, answer and help us gain a definite ground on this issue. By Reena Mehta An Inevitable Journey Traditional retail amounts for 90% of Indian retail surely sounds a cliché statistic, but for brands it’s a journey that must be taken. The reason to embark on this journey is the fact that shopper behavior is well established and fairly mature within the traditional trade. Over generations the traditional trade has been able to establish and build a relationship, rapport and trust which are nearly impossible to replicate. Added to this is the proximity to the shopper - which by far is its biggest USP and this makes traditional retail the building block of Indian retail. Shopper marketing no doubts has gained its momentum at the modern retail but modern trade only contributes in single digit %s to the overall sales of many brands and will continue to do so for years to come. Kirana outlets will be the main stay of Indian Marketing. Unless shopper marketing programs cater to the kirana stores, shopper marketing as a practice will not able to make any real impact in...
Words: 4841 - Pages: 20
...Understanding Rhetorical Structures September 15, 2015 Analysis 1.1 EN1420 Understanding Rhetorical Structures Should minimum wage be raised to $15/Hour? The city of Seattle, Washington has raised their minimum wage this year to $15/Hour leading to a long-overdue movement toward a living wage. Many retail and fast food workers are demanding that their state follow in Seattle’s lead by raising the minimum wage to $15/Hour but many conflicts have risen due to those demands. In my personal opinion minimum wage shouldn’t be raised. Across America, the ranks of the working poor are growing. While low-paying industries such as retail and food preparation accounted for 22 percent of the jobs lost in the Great Recession, they've generated 44 percent of the jobs added since then, according to a report from the National Employment Law Project. Last February, the Congressional Budget Office estimated that raising the national minimum wage would lift many people out of poverty. Lifting the minimum wage would provide some benefits for many low-income families. The starting minimum wage in California is $9/Hour for general retail and fast food workers. General retail and fast food jobs are meant for high school and college students to get them work experience and also to teach them responsibility. Retail and fast food jobs aren’t meant to make a career out of them but are meant to be a temporary job for students. In conclusion, people shouldn’t try to make a career out of retail...
Words: 454 - Pages: 2
