The Marketing Of The Retail Industry

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MARKETING Industry description The retail industry is a nonstop or continuous field as people have needs, especially those basic needs, such as clothing and food, in which the industry readily provides. It is a mature industry, with slow increases in demand, repeat consumers, and limited innovation (Barringer and Ireland, 2012). Although the industry is mature with many competing businesses, a few of those very large, it continues to thrive. Stacy’s Helping Hand offers a unique shopping experience, catered to the elderly and disabled consumers with several added benefits: a resource center and innovative product creations for those consumers unable to locate them. The U. S. Department of Labor Standard Industrial Classification (SIC)…show more content…
Consumers want to shop by their terms and not by a business’. If they happen to spot something while using their phone, they hope to either purchase that item in the physical store or even on its website. Particularly important to consumers, they want product availability with continuously up-to-date inventory levels. The delivery of orders is another trend, affecting the way consumers shop. Many companies offer free delivery or returns, either through the website or at the physical store when the order came from their site (Kahn, 2014). Consumers expect to receive their orders quickly. Whatever product they want, they also expect delivery in the shortest time possible. Another trend retailers consider is consumers search through many retailers when shopping online, helping those on a limited budget easily find the best deal for their money. Those not on a budget choose products based on their quality requirements by configuring a product to their desired specifications. Retailers must focus on the needs of consumers and adjust to those needs. With the continuing high unemployment, consumers are frugal with their spending (Farfan, 2014). Enticing a consumer to spend the money they possess, using sales and promotions draw those consumers into stores if retailers focus on the products desired by the frugal consumer. Situational analysis Stacy’s Helping Hand, conceived in 2013, provides the elderly and disabled an entirely different shopping experience with a retail store
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