Forum for Science, Industry and Business

Sponsored by:     3M 
Search our Site:

 

Biz Prof Says Retailers Prepare Now for Post Recession Environment

09.07.2009
The recession may have permanently changed some buying attitudes and behaviors. Consumers are spending less, they are hunting for deals and they have traded down from the high-end to the discount store.

How can retailers satisfy consumers’ expectations in a post-recession environment and still make money? Butler University Marketing Lecturer Kate King says businesses will need to work harder to keep customers happy and they should begin preparing now by focusing their efforts in four areas.

1) Welcoming their customers back. When the recession hit customers in the wallet, there was an immediate effect on the retailers’ wallets. Even loyal consumers stopped buying. Retailers must be prepared to bring people back through special promotions, events, merchandizing or finance terms.

2) Improving their customer service. Since reducing labor costs is the fastest way to improve the bottom line, many retailers cut sales staff during this recession. But signs indicate consumers are more willing to put up with less inventory and choice if they can benefit from the expertise of a knowledgeable salesperson. Consumers parting with their hard-earned dollars need a sense of comfort and reassurance that they’re buying the right thing.

3) Offering something unique — price alone is rarely a sustainable advantage. For long-term survival and prosperity retailers must offer a differentiated product or service. The recession has weeded out the “me toos.” Did we really need Circuit City and Best Buy when there was no discernible difference in products or approach? To lure customers, retailers need to offer something unique that represents value and meets their needs.

4) Preparing to meet elevated consumer expectations. One positive outcome of the recession has been increased customer service by many retailers. That same level of enhanced attention and service will be expected by consumers even after the recession ends. Retailers will need to maintain that standard.

King has been teaching retailing and marketing for over 20 years. She also has eight years of retail management experience.

Courtney Tuell | EurekAlert!
Further information:
http://www.butler.edu

Further reports about: BIZ Consumers Environment Prepare Retailers consumer expectations recession

More articles from Business and Finance:

nachricht Europe's microtechnology industry is attuned to growth
10.03.2017 | IVAM Fachverband für Mikrotechnik

nachricht Preferential trade agreements enhance global trade at the expense of its resilience
17.02.2017 | International Institute for Applied Systems Analysis (IIASA)

All articles from Business and Finance >>>

The most recent press releases about innovation >>>

Die letzten 5 Focus-News des innovations-reports im Überblick:

Im Focus: A Challenging European Research Project to Develop New Tiny Microscopes

The Institute of Semiconductor Technology and the Institute of Physical and Theoretical Chemistry, both members of the Laboratory for Emerging Nanometrology (LENA), at Technische Universität Braunschweig are partners in a new European research project entitled ChipScope, which aims to develop a completely new and extremely small optical microscope capable of observing the interior of living cells in real time. A consortium of 7 partners from 5 countries will tackle this issue with very ambitious objectives during a four-year research program.

To demonstrate the usefulness of this new scientific tool, at the end of the project the developed chip-sized microscope will be used to observe in real-time...

Im Focus: Giant Magnetic Fields in the Universe

Astronomers from Bonn and Tautenburg in Thuringia (Germany) used the 100-m radio telescope at Effelsberg to observe several galaxy clusters. At the edges of these large accumulations of dark matter, stellar systems (galaxies), hot gas, and charged particles, they found magnetic fields that are exceptionally ordered over distances of many million light years. This makes them the most extended magnetic fields in the universe known so far.

The results will be published on March 22 in the journal „Astronomy & Astrophysics“.

Galaxy clusters are the largest gravitationally bound structures in the universe. With a typical extent of about 10 million light years, i.e. 100 times the...

Im Focus: Tracing down linear ubiquitination

Researchers at the Goethe University Frankfurt, together with partners from the University of Tübingen in Germany and Queen Mary University as well as Francis Crick Institute from London (UK) have developed a novel technology to decipher the secret ubiquitin code.

Ubiquitin is a small protein that can be linked to other cellular proteins, thereby controlling and modulating their functions. The attachment occurs in many...

Im Focus: Perovskite edges can be tuned for optoelectronic performance

Layered 2D material improves efficiency for solar cells and LEDs

In the eternal search for next generation high-efficiency solar cells and LEDs, scientists at Los Alamos National Laboratory and their partners are creating...

Im Focus: Polymer-coated silicon nanosheets as alternative to graphene: A perfect team for nanoelectronics

Silicon nanosheets are thin, two-dimensional layers with exceptional optoelectronic properties very similar to those of graphene. Albeit, the nanosheets are less stable. Now researchers at the Technical University of Munich (TUM) have, for the first time ever, produced a composite material combining silicon nanosheets and a polymer that is both UV-resistant and easy to process. This brings the scientists a significant step closer to industrial applications like flexible displays and photosensors.

Silicon nanosheets are thin, two-dimensional layers with exceptional optoelectronic properties very similar to those of graphene. Albeit, the nanosheets are...

All Focus news of the innovation-report >>>

Anzeige

Anzeige

Event News

International Land Use Symposium ILUS 2017: Call for Abstracts and Registration open

20.03.2017 | Event News

CONNECT 2017: International congress on connective tissue

14.03.2017 | Event News

ICTM Conference: Turbine Construction between Big Data and Additive Manufacturing

07.03.2017 | Event News

 
Latest News

Researchers shoot for success with simulations of laser pulse-material interactions

29.03.2017 | Materials Sciences

Igniting a solar flare in the corona with lower-atmosphere kindling

29.03.2017 | Physics and Astronomy

As sea level rises, much of Honolulu and Waikiki vulnerable to groundwater inundation

29.03.2017 | Earth Sciences

VideoLinks
B2B-VideoLinks
More VideoLinks >>>