As a front runner of this technology, Wal-Mart has recognized how the RFID enabling technology increases retailer’s logistical mission of right product at the right place and time, thus improving SCM efficiency; and increasing sales and profits. Supply Chain Management (SCM) is the logistical management of assets, information, and capital in their movement in a supply chain process between suppliers, manufacturers, wholesalers, retailers and, ultimately, to the consumer. Businesses look for innovations and advancements in Automatic Identification and Data Capture / Collection (AIDC) techniques and products to enhance their SCM logistical systems and processes. Radio Frequency Identification (RFID) technology is an AIDC technique that has attracted significant interest from companies over the past eight years. Considered as “the next big thing for management” (Wyld, 2006), RFID enables business information gathering throughout a company’s value SCM chain to provide critical information for speedy and accurate decision-making.
Radio Shack and Best Buy: Comparing Performance Both RadioShack and Best Buy sell consumer electronic merchandise; however, the companies have different retail strategies. RadioShack targets three family-oriented customer segments: (1) Active suburban families with teenage children, (2) Urban "flash" consumers with preteen kids, and (3) "small-town values" families with children of all ages. These three demographic groups represent 38 percent of the u.s. population and 46 percent of the consumer electronics market. Through its stores, kiosks, and Web site, RadioShack provides families with accessories, consumer electronic solutions, and proprietary novelty products. The customers in its target markets are willing to pay a reasonable price in return for convenience, selection, and simplicity in their shopping experience.
* The target customer also plays a role in affecting these different aspects of the financial statements. * While Radio Shack is set up as a specialty store that offers a narrow array of products, Best Buy offers its customers everything from small electronics to high priced appliances and televisions. This strategy has successfully taken over a large portion of RadioShack’s market share. 3. Assess which chain has better overall financial performance.
Schwab positioned themselves as forward thinkers, evolving with technological advances to offer new products and connection methods to their users. 2.) What were the factors underlying Schwab’s competitive advantage up until the mid-1990’s ? How have these factors reinforced each other? Schwab’s competitive advantage lied in their focus on providing investors with low-cost access to making investments.
Furthermore, it is also used later in the acquisition of new business and the retention of the customer. Verizon uses this information to determine the quality of customer, how many lines they qualify for, how much (if any) security deposit is required. Meta data is then collected about their habits; purchases both within and without Verizon, data usage, form of data used, etc. This information is part of the last example in the previous paragraph, customer information. This is the information that is most important to the profitability of the company and therefore needs to be the most secure.
As we set to know, the marketing concept means determining the needs and wants of target markets and delivering the desired satisfaction more effectively and efficiently than competitors do. • The Apple Company modifies offering by creating varieties in their products. They also try to attract customers by advertising through media which is appealing to the customers. Moreover, they create convenience to the customer by providing good delivery service. All this steps taken by Apple company it said to be process of reaching customer orientation concept.
Sathers prides itself on providing value that includes product quality, variety, availability, price, packaging and quantity. Sathers has a market advantage with its fast distribution model that controls the product from production to the retail market. Sathers has targeted the product category that Jill represents for growth, with the new Snacks to Go developed as part of the strategy. The initial product line introduction produced sales results that did not meet expectations. Jill must make recommendations to the company’s Director of Marketing, Mike Halverson, on the future of the Snacks to Go product line, with possible course of action including new market research, a different marketing approach, adding candy or cookies, price adjustments or abandoning the product all together.
To give Wal-Mart a competitive advantage it persuaded its suppliers to adapt to the radio-frequency identification (RFID) chip technology for strengthening the monitoring and management of its inventory, which boosted supply chain efficiencies. The company initially introduced RFID to track pallets of merchandise traveling along its supply chain (Bisk Education, 2017). Walmart sought every prospect to restructure its supply chain and cut costs to live up to its pledge of everyday low pricing and warehousing. Wal-Mart takes advantage of the “saturation” strategy to expand market presence by dominating the market. Wal-Mart uses its size and its ability to buy in large volumes to help effect its strategy.
Summary: For some businesses customer loyalty is the ultimate quest; loyal customers who wouldn’t dream of getting their goods and services from anywhere else. Loyal customers provide businesses with a steady revenue stream. In an effort to boost profits and stay ahead in a tumultuous consumer-electronics market place, Best Buy developed a customer centric approach. By taking a look at the enterprise from the outside in and viewing the shopping experience through the customers’ eyes; Best Buy tries to understand what problems customer’s face in their everyday lives and then aids in providing advantageous solutions. This endeavor has helped Best Buy grow from a small specialty audio retailer to the world’s most largest consumer electronics retailer.
The Production Concept – Companies focusing on this concept will primarily focus on achieving high production efficiency at low costs and mass distribution as they believe the consumers are primarily interested in widely available products at low prices. This concept makes sense when the consumers are more interested in obtaining the product than features. The Product Concept – Companies will study a product concept before they market the product to their customers are a lot of time and money is spent on research to ensure they reach their target market, in order to do this they must fully understand and know the product to ensure they can present the products best qualities and features. 2. Britvic’s micro and macro environment.