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Retail 265 notes

by: Kara Lyles

Retail 265 notes Retail 265

Kara Lyles

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Last day of class notes
Principles of Retailing (265)
Karen Edwards
Class Notes
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This 2 page Class Notes was uploaded by Kara Lyles on Wednesday April 27, 2016. The Class Notes belongs to Retail 265 at University of South Carolina taught by Karen Edwards in Spring 2016. Since its upload, it has received 32 views. For similar materials see Principles of Retailing (265) in Retail at University of South Carolina.


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Date Created: 04/27/16
4/25/2016 Retail’s three era To market marketing to marketing with 1.To market  Up to 1900  Rural dwellers  Goods transported by railroads (rail) or boats(water)  Most retail in cities  Beginning of department stores  Challenge: getting goods to market 2.Marketing to  1900-1990s  Growth of cities and suburbs  Better transportation= better selection of goods and more competition  Birth of chain stores, retail advertising, and discount mass merchants 3.Marketing with  Happening now  Active collaboration with customers, suppliers, and others  View of Resources: Love employees and customers  View employees, customers, and vendors as partners Service – Dominant Logic 1. Service is the basis of human exchange 2. People are co-creators of value 3. People are resource integrators 4. Each person determines the value, different things are important to different customers Customer-centric Retailing Placing the customer at the center of all operations and decision  Experience- individual response ( can be pos. neg. or neutral)  Engage- positive experiences, and connection through interaction, co-creation, co- production, giving the customer the ability to get engaged. Developing a Learning Mindset 1. Single loop Learning- failure to achieve target triggers improvement plan (are we doing things right?) 2. Double loop learning –deeper self-assessment (are we doing the right thing?) 3. Triple loop learning- 1&2 plus questioning own current methods and models (think outside the box) *Always develop a learning mindset and be willing to change and get better


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