book

Strategies for Success in Retail (Collection)

Name: Strategies for Success in Retail (Collection)
ISBN: 9780132696500

by Herb Sorensen, Z. John Zhang, Dick Blatt, Rick DeHerder, Jagmohan Raju

January 2011

Beginner

736 pages

21h 29m

English

Pearson

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Title Page
Contents
Smart Pricing: How Google, Priceline, and Leading Businesses Use Pricing Innovation for Profitability
Contents
Acknowledgments
About the Authors
Introduction: Fingerprints of the Invisible Hand
Cost-Plus PricingCompetition-Based PricingConsumer-Based PricingThe Four LeversConclusionEndnotes
1. “Pay As You Wish” Pricing
Why Pay More?The First Five NotesConclusionEndnotes
2. Why the Best Things in Life Are Free
Home of the FreeLive Free or Die?Still No Free LunchEndnotes
3. The Art of Price Wars
Why Chinese Businesses Like Price WarsColor TVsThe Microwave Oven IndustryBreaking Out By Breaking EvenForward, MarchEndnotes

4. Thinking Small
Pitching PenniesJust Pennies per DaySupersize My ProfitsHey, Big SpenderA Small Price to PayMind-Forg’d ManaclesEndnotes
5. The Automatic Markdown
An Automatic Markdown RundownSetting the Automatic Sale in MotionSyms’ Automatic AncestorFew TakersGoing, Going...Why All Retailers Don’t Go DutchThe Once and Future Price TagEndnotes
6. Name Your Own Price
Why Priceline SurvivedThe Opaque SaleName Your Own CustomerName Your Own Business ModelEndnotes
7. Subscribe and Save: Pricing for Marketing Profitability
The Bigger PictureThe Mouse That RoaredThe True Bottom LineEndnotes
8. The Snob Premium
From Cash to CachetSpecial NeighborsWhen More Is MoreWhen Less Is MoreEndnotes
9. Pay If It Works
A Focus on ValueMaking “Pay If It Works” WorkFrom Adversary to PartnerEndnotes
10. Conclusion
Customer FocusDifferentiated PricingSmart Pricing Metrics
Index
Inside the Mind of the Shopper: The Science of Retailing
DedicationContentsAuthor’s Notes and AcknowledgmentsAbout the AuthorPreface Rethinking RetailIntroduction Twenty Million Opportunities to BuyTwenty Million Seconds: Shopper Time Is Mostly WastedTime Is Money: Shopper Seconds per DollarLeaving Money in the Aisles: The $80 Million QuestionPlanning Our TripShopping SerengetiEndnotes
PART I Active Retailing
1 The Quick Trip: Eighty Percent of Shopper Time Is Wasted
Three Shoppers: Quick Trip, Fill-In, and Stock-UpThe Danger of Using “The Average”Rise of the Small StoreA Slow Walk on a Quick TripPerils of PromotionThe Big Head and Long TailHeads You WinThe Communal PantryLayered MerchandisingThe Right Paths for the Right ShoppersPurchase Modes and Selection ParadigmSpending FasterConclusion: Dual ChaosEndnotes
2 Three Moments of Truth and Three Currencies
Moments of TruthSeeing the Truth: Eyes Are Windows to the ShopperHow Eye Tracking WorksReach: Impressions and ExposuresIn-Store MediaStopping Power (and Holding Power)Closing PowerThree Currencies of Shopping: Money, Time, and AngstThe Versatility of Time as a MeasureA Complex OptimizationEndnotes
3 In-Store Migration Patterns: Where Shoppers Go and What They Do
If You Stock It, They Will ComeA Time-Lapse PhotographUnderstanding Shopper BehaviorThree Measures: Counting Shoppers, Time, and DirectionFirst Impressions: The EntranceShopper Direction: Elephant HerdsWalgreens Finds Profits in Two DirectionsShoppers Save Frozen Foods for Last, but Not ProduceClockwise or Counterclockwise: The Coriolis Effect in ShoppingThe Checkout MagnetProducts Hardly Ever Dictate Shopper Traffic—Open Space DoesAlphabet Soup: The Power of InefficiencyManaging the Two StoresFive Store DesignsWhere the Rubber Meets the LinoleumEndnotes
4 Active Retailing: Putting Products into the Path of Shoppers
Active RetailingPut the Right Products in the Path of CustomersDouble Conversion™: Converting Visitors to Shoppers to BuyersHow to Measure Double Conversion™Packaging Must Play the Starring RoleWhat Is a Package?Holding Power—How Long Is Long Enough?Stopping and Closing Power: VitalQuadrant™ AnalysisBreaking the RulesPlaying the NicheGood Is the Enemy of the GreatEndnotes
5 Brands, Retailers, and Shoppers: Why the Long Tail Is Wagging the Dog
Where the Money Is in RetailMassive Amounts of DataShifting RelationshipsA Refreshing Change: Working Together to Sweeten SalesBeyond Category ManagementA New Era of Active Retailing: Total Store ManagementPitching a Category’s Emotional Tone More PreciselyRetailers Control ReachThe Urgent Need for Retailing EvolutionEndnotes
PART II Going Deeper into the Shopper’s Mind
6 The Quick-Trip Paradox: An Interview with Unilever’s Mike Twitty
How do you define a quick trip?Why do shoppers make so many quick trips?What factors do consumers consider in deciding where and how to shop?How do consumers think about shopping trips?What did you learn from this research?How could it be that even warehouse clubs and supercenters—whose design so strongly encourages stock-up shopping—receive more quick trips than stock-up or fill-in trips?Given that quick trips account for two-thirds of shopping trips, how can retailers and manufacturers cater to these shoppers?What is the Quick-Trip Paradox?Given this paradox, how can retailers and manufacturers capitalize on the quick trip?Could the shoppers’ motives for making the trip offer insights into the best assortment to offer?How can retailers best meet the needs of quick-trip shoppers?What are the implications for retailers and manufacturers?Endnotes
7 Integrating Online and Offline Retailing: An Interview with Professors Peter Fader (The Wharton School) and Wendy Moe (University of Maryland)
How did the Internet change the study of shopping behavior?In what way are the online and offline patterns similar?Studying the Same Shoppers on Different PathsHow are paths in the supermarket similar to paths online?Can online retailers learn from offline shopper behavior?Tell me about what you’ve found out about crowd behavior?What have you learned about licensing and sequencing—such as the purchase of vice items after virtue items?What have you found out about the pace of the shopping trip?What have you learned about shopping momentum?What have you learned about the role of variety in shopping?What have you learned about efficiency? Is it better to allow shoppers to get quickly in and out of the store, or should retailers try to prolong the trip?This raises the question of whether shoppers are in the store for utilitarian reasons alone, or if they are interested in an experience. What is the difference?What have you learned so far about what shoppers are looking for when they go online?How do online retailers use these insights about shopper visits?This captures the whole point of what we’ve called “active retailing.” Online is leading offline in this area. How does this come into the physical store?How do some of the complex forces of shopping behavior play out? Why is there a need for better modeling?What topics are you studying now?Endnotes
8 Multicultural Retailing: An Interview with Emil Morales, Executive Vice President of TNS Multicultural
This book looks at how retailers need to move toward active retailing by anticipating and responding to shoppers’ needs. What does active retailing mean in the context of multicultural marketing?What are some of the challenges facing the multicultural shopper that retailers need to be aware of?What is the significance of the Hispanic segment in U.S. markets?What makes this segment attractive to retailers and manufacturers?How can manufacturers and retailers seize this opportunity?Why do Hispanic customers shop so many channels?Given the popularity of tienditas and other small stores, do U.S. Hispanic shoppers have any interest in larger stores?How does this use of many channels affect the way Hispanic shoppers plan to shop?How does the U.S. Hispanic market react to loyalty cards and other mechanisms to collect customer data?How does culture drive shopping behavior?You mentioned the second aspect of culture, subjective culture. How does this affect shopper behavior?How does the process of acculturation unfold and what do retailers need to know about it?Given the close family relationships in Hispanic culture, how do retailers need to respond?What issues of product selection or packaging do retailers and manufacturers need to address for this segment?How are companies winning with U.S. Hispanic consumers?How successful have manufacturers and retailers been in responding to the opportunity of the U.S. Hispanic market segment?Can you give an example of how a retailer or manufacturer has used an understanding of multicultural marketing and U.S. Hispanic markets to build its business?You’ve focused on Hispanic markets in the U.S. How do these insights apply to other markets?In closing, what would be your top tips for retailers and manufacturers who seek to address multicultural shoppers?Endnotes
9 Insights into Action: A Retailer Responds: An Interview with Mark Heckman of Marsh Supermarkets
What are the most important things to keep in mind when implementing changes in the retail format, such as those described in this book?What have been the results in the stores you’ve redesigned?How are retailers beginning to implement new designs, such as serpentine or inverted perimeter approaches (discussed in Chapter 3)?How do retailers decide whether to take new approaches?In my opinion, what supermarkets are doing is trying what works willy-nilly. You are going to get a lot more tweaking of what works than you are radical departures. What do you think?At Marsh, are you moving in the direction of an inverted store (as discussed in Chapter 3)?How do shoppers react to these new formats?Shoppers will hang in there to learn the new store formats?Are you comfortable with the idea that customers become shoppers only within the walls of the store?You’ve looked a lot at pre-shopping, which we have not considered in the book. How do people decide what store to shop at, and what kind of metrics do you look at outside the store?Can you shed some light on what are the half dozen most important metrics you use?One measure we are using is how many seconds it takes for each store to generate a dollar of sales. They run anywhere from 30 seconds to 120 per dollar. What do you think about this measure?Do you have your own shopper segmentation scheme at Marsh?Are you doing something distinctly to serve quick trippers?Is there a brand/retailer partnership?What shoppers tell us is sometimes a very poor source?I think shoppers would love to spend a lot more money in stores, but they can’t figure out how to do it. I think there’s a huge amount of unfulfilled shopping out there. What do you think?What are you doing with new technologies?
PART III Conclusions
10 The Internet Goes Shopping
Entering the VideoCart AgeCell Phone InvasionImplications for Retailers and Brand OwnersThe Power of Model MakersThe Model BusinessA Fivefold IncreaseEndnotes
11 Game-Changing Retail: A Manifesto
PART IV Appendix
Appendix Views on the World of Shoppers, Retailers, and Brands
Excerpts from “Views from the Hills of Kentucky” by Robert Stevens
Praise for Shopper Intimacy
Shopper Intimacy: A Practical Guide to Leveraging Marketing Intelligence to Drive Retail Success
Contents
Acknowledgments
About the Authors
Introduction
1. REAP (Retail Ecosystem Analytics Process)
Utilizing REAP to Deliver Consistent ResultsShopper Analysis IntegrationCase StudiesSummaryEndnotes
2. Measuring Marketing at Retail in Supermarkets
OverviewPhase One—POPAI’s Channel StudiesEndnotes
3. Measuring Marketing at Retail in Convenience Stores
OverviewLearning One: Retail Marketing Execution Techniques ConcentratedLearning Two: Marketing Messages ConcentratedLearning Three: Huge Premium for ExcellenceLearning Four: Brand Size Drives Outpost Display ActivityLearning Five: Category Response Varies Widely by Message LocationLearning Six: Borrowed Interest Has a Disproportionate Impact on Smaller BrandsLearning Seven: Strong Brand Expression Significantly Outperforms Generic TreatmentLearning Eight: Store Is Not Overloaded with Retail Marketing MaterialLearning Nine: Effectiveness Ratio Predicts Sales SuccessLearning Ten: Retailer Analysis Yields Success Implementation ModelEndnotes
4. Measuring Marketing at Retail in Drug Stores
OverviewLearning One: Many Key Results Consistent with Other StudiesLearning Two: Retail Marketing Effectiveness Higher in Chain Drug StoresLearning Three: Message MattersLearning Four: Promotion/Advertising Consistently Enhances ImpactLearning Five: Brand-Focused Messages More EffectiveLearning Six: Price Savings Drive Impulse ResultsLearning Seven: Value Message Drives Private LabelLearning Eight: Shopper Actions Differ from WordsLearning Nine: RFID Tracking Delivers Reliable, Real-Time DataLearning Ten: Retail Audience and CPM Very AttractiveEndnotes
5. Establishing In-Store Marketing Measures
Retail Marketing MetricsDefinitionsPotential ReachActual Audience ReachIn-Store Rating PointsCost Per Thousand (CPM)Audience Delivery WorksheetPhase One SummaryPhase Two—Nielsen’s PRISM ProjectResearch LearningsSummaryEndnotes
6. Capturing Shopping Dynamics in Store
OverviewMarket TestsExamples of Retail Marketing RatiosPotential ApplicationsRecapSummaryThe Retail Marketing Model ShiftsEndnotes
7. Shopper Models
Retail Marketing DefinitionShopper UnderstandingSummaryEndnotes
8. Decision Drivers
Retail Factors and Purchase Decision TypesFinancial Impact of Presentation OptimizationRetail Success DriversLeveraging Related ItemsShaping OpportunitiesEmotional PowerPractical LearningsSummaryEndnotes
9. Online Retailing
Applying Learning and Traditional ToolsManaging Online DynamicsOnline ToolsEndnotes
10. Measuring Return on Investment
Delivering ResultsRetail ToolsReturn on Investment ModelsAchieving Success Through Shopper IntimacyEndnotes
Index
Habit: The 95% of Behavior Marketers Ignore
Contents
Acknowledgments
About the Author
Introduction
Part I: The Force of Habit
1. How Habits Undermine Marketing
New Product FailureLoss of CustomersDissatisfaction with Customer SatisfactionWhy We're Addicted to Bill GatesEvolution and Revolution
2. You Are of Two Minds (At Least)
The Executive and Habitual Minds in ActionYou iDrive Me CrazyYour Customer's Two MindsA Norman Door into the Two Minds of the CustomerThe Limbic System: Where Habits Form and LivePeeking into Human Memory
3. The PFC: Home to the Executive Mind
Part II: Habits: The New Science of Marketing
4. Of iPods, Habits, and Market Revolution
How the iPod Killed the CD
5. Marketing from a Habitual Perspective
The Failure of Customer SatisfactionBecoming Your Customers' Habit
6. Habit and Marketing Management
Habit and Product DesignHabits and Product DevelopmentThe Swiffer: Designed to Clean UpProduct Launch: Creating Mental Models and Building HabitsBuilding HabitsPrice ConsciousChannels of HabituationPositioning in the Retail EnvironmentPromoting HabitsAdvertisingPersonal SellingSales PromotionPublic RelationsTrust the BrandThe Physical BrandMarketing Research
Part III: Treat Your Customers Like Dogs
7. Of Google and Cigarettes
8. Behavioral Training
Karen Pryor Shapes a Generation of TrainersCalling for ReinforcementsA Matter of TimingConditioned Reinforcers to the RescueTalking to the Habitual Mind
9. Behavioral Marketing: Becoming Your Customer's Habit
DiscoveryPurchaseUse
10. The Four Steps to Behavioral Marketing
ContextTrainingReinforcementCue
11. Habit Maintenance
Schedules of Reinforcement
12. The Force of Habits: The Double-Edged Sword
Conclusion
Index
Financial Times Press
Footnote
Chapter 1Chapter 2Chapter 9

Content preview from Strategies for Success in Retail (Collection)

3. Measuring Marketing at Retail in Convenience Stores

Overview

After the success of the POPAI supermarket study, the organization decided to undertake the next channel study of research in convenience stores. Learnings from the supermarket study were taken into consideration to further improve upon the research and to expand it in certain areas.

The convenience store study was completed in three phases in 2002:

• Retailer process interviews were conducted to understand the role retail marketing played within the channel and the methods used to manage and optimize implementation.

• Shopper intercepts focused on quantifying awareness and capturing recall measures.

• Store-level sales and retail marketing measurement were taken at the UPC level. ...

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Strategies for Success in Retail (Collection)

by Herb Sorensen, Z. John Zhang, Dick Blatt, Rick DeHerder, Jagmohan Raju