Retail segment and communications management
PART I
Introduction
A major share of the contribution to the economy comes in from the retail segment. The entry of numerous domestic and global players in the industry makes it extremely challenging and customer oriented. The World Wide Web has paved the way to virtual stores, facilitating the easy comparison of selling prices and product specification. Cyber trade has seen plenty of aristocratic achievements due to advancement in technology.
1. Decision Making
The aim is to establish a retail fashion and accessory store to target the student community in particular. The enormous costs hooked up to the inception of a physical store have lead to resolve that a virtual store is a better option. Firstly, a business plan is crucial to any new establishment. Then to be able to concentrate on business development ensure that there is sufficient monetary preparation to feed no less than the initial ten months.
Launching a registered website is vital to going virtual. This will require a domain name, web host and an IP address. A shopping cart script and a payment gateway must be subsequently constituted. The victory of any cyber trade is highly influenced by the marketing tools chosen. The promotion techniques adopted will depend upon both internal and external market information.
Decisions that influence the long term performance of any concern are Strategic in nature. They relate directly to its aims and objectives. The choice of a virtual store rather than a physical one is a strategic decision. Tactical decisions foster the strategic decision of the business. Strategies are generally in standing for a long period of time while tactics tend to be more volatile. Three generic strategies that pull off competitive advantage - 1.Cost leadership, be the cheapest, 2. Differentiation, have a better product, 3. Focus, set your sights on convincible niche, as stated by Michael Porter. Elementary to the daily working of the business are the operational decisions
Introduction
A major share of the contribution to the economy comes in from the retail segment. The entry of numerous domestic and global players in the industry makes it extremely challenging and customer oriented. The World Wide Web has paved the way to virtual stores, facilitating the easy comparison of selling prices and product specification. Cyber trade has seen plenty of aristocratic achievements due to advancement in technology.
1. Decision Making
The aim is to establish a retail fashion and accessory store to target the student community in particular. The enormous costs hooked up to the inception of a physical store have lead to resolve that a virtual store is a better option. Firstly, a business plan is crucial to any new establishment. Then to be able to concentrate on business development ensure that there is sufficient monetary preparation to feed no less than the initial ten months.
Launching a registered website is vital to going virtual. This will require a domain name, web host and an IP address. A shopping cart script and a payment gateway must be subsequently constituted. The victory of any cyber trade is highly influenced by the marketing tools chosen. The promotion techniques adopted will depend upon both internal and external market information.
Decisions that influence the long term performance of any concern are Strategic in nature. They relate directly to its aims and objectives. The choice of a virtual store rather than a physical one is a strategic decision. Tactical decisions foster the strategic decision of the business. Strategies are generally in standing for a long period of time while tactics tend to be more volatile. Three generic strategies that pull off competitive advantage - 1.Cost leadership, be the cheapest, 2. Differentiation, have a better product, 3. Focus, set your sights on convincible niche, as stated by Michael Porter. Elementary to the daily working of the business are the operational decisions