Category: Informative 3rd July 2017
The research deals with the retailing approaches along with the learning theories of retailing. Therefore, it addresses the aspects of personal reflection towards the following factors of concern. The focus of the research goes towards the world of retailing, including all the fields of application towards the input, process and output.
Alternatively, the research addresses the aspects of the personal implications towards planning, profits, and people as well as the well-known marketing mix: product, price, place, promotion. The paper reviews the main theories of retailing such as environmental theory, cyclical theory, and finally conflictual theory.
The research adheres to the personal reflections towards the learned material in respect to the academic sources as well as the personalized benefits of self-reflection. In other words, the paper is about the impact of the learning material on the overall individual perceptions of the retailing theories, as well as other implications for the retailing industry.
2.0 Reflections on the Major Learning Theories of Retailing
Today, there are different perceptions of running a business, especially in the sphere of retailing. Therefore, it is important to understand them not only by their meaning and theoretical base but also from the position of practical implications. Therefore, the key learning theories such as Environmental Theory, Cyclical Theory and Conflictual Theory are important in order to understand the sphere of retailing from within. In other words, the personal reflection addresses the all process of learning the sphere of retailing, including the retailing theories as well as the overall perception of the educational process. It is significant to understand that the process of learning starts with understanding the basics. At first, the education begins with getting deeper into the theoretical framework of retailing and only then it continues with the real life practice. In all, the process of learning is what brings the theoretical framework for the practical solutions in the sphere of retailing as a whole.
The theory of environment is used when there is a need to talk about the aspect of change in the retailing business, which is adhered to the modifications in the process of retailing surrounding. Hence, there are some attributes of the theory that go in relation to the ability to manage the changes effectively as well as position the economic entities from the position of retailing (Miller, 1998).
In addition, it is important to be able to challenge the environment in terms of the customers, competitors and contemporary technologies. As a rule, such an approach results in the opportunity to improve the profits as well as complete the changes in the competitive environment in a more thorough and successful way.precipice (Luomala, 1998).
The position of the theory is in the same fact of changes but from a perspective of different patterns in the environment. In other words, the theory addresses the application of the so-called “Wheel of Retailing” with all its implications. At the same time, the theory adheres to the improvements by means of innovations in the retail trading on the mature market place (Sweeney, 2000).
As a result, such an approach addresses the creation of the well-known “Cyclical Trends” to be managed in the applicable time perspective. Thus, such actions lead to the constant development of the retailing business as well as helping to add more new products to the existing trading process, which leads to the fact of avoiding the negative cycle of retailing in any business niche (Goertzel, 2001).
The theory of conflicts addresses the retailing process from the position of competition. In other words, there always could be a partnership but not the conflict due to the competition on the market. Therefore, theory addresses the importance of reaching the agreement with the competitors, having in mind two different kinds of retailing environment. As a result, such an approach will help to perform a transformation in the overall retailing process as well as will create more opportunities for any further development. Thus, the reflection towards the theories is that it is important not only to understand them from the position of theory but to implement them in the real life practice scenarios. In other words, what was learned is that the theories are good to know in order to be able to improve the actual business environments (Macionis, 2011).
3.0 Self-Reflection Definition
The meaning of self-reflection is different for every person however there is a clear definition for it. According to Lew and Schmidt (2011), the meaning of self-reflection is aimed at “improving the ability of people to learn new information”. As a rule, “self-reflection adheres to the personal experience of a particular individual regarding the previous learning outcomes” as well as “the indulgence of the personal values of the particular person” (Lew and Schmidt, 2011).
The key aspects of concern are the “knowledge and skills obtained through the learning experience” during the process of evaluating the information of any kind. At the same time, “the process of self-reflection addresses the considerations towards personal actions” as well as behaviors in a certain sphere of interest. Such an approach to the learning practice examines the way people can manage their learning experience by means of better understanding of their achievements through the process of continuous learning outcomes.
Therefore, in case to talk about myself, the process of self-reflection was an interesting task to pursue for the reason that it uncovers the hidden potential of my skills and experience as well as serves as a benefit for the future professional practice in terms of professional retailing. In other words, this is a challenge that is important for both personal growth and professional development in retailing as a whole.
My perception of self-reflection could be explained as the aptitude of people to perform the self-examination along with the readiness to develop in terms of fundamentals of the human nature, as well as the self-determination and core principles. In the past, my self-reflection was sort of the interest in myself, which led to the investigation of the human conscience in addition to the quintessence of human race as a whole. In all, my self-reflection of people is related to the cognitive philosophy that addressed the subject matter of responsiveness, mindfulness in wide-ranging perceptions as well covers the overall philosophy of intelligence (Miller, 1983).
Reflections of the Retailing Specifics
Retailing is known worldwide as a business process of selling goods and / or services to the target market. There are alternative means of retailing, which are known as the supply chain. In other words, any retailer could buy goods and / or services as a wholesale purchase directly from the manufacturers and sell them to the customers in order to generate revenue.
The process of retailing could be managed through the variety of stores, marketplaces and direct selling of goods and / or services; it could also be the online sites that help to distribute the information and actually sell the products online. When there is a need to talk about retailing, the fact of delivery always takes place. In addition, in case there is a great number of products for sale, there should be a greater number of people to buy them. In other words, the terms of sale are applicable everywhere from a small store in a shopping mall.
The art of selling through the retailing stores and websites serves as a great means of products to offer. In fact, the shopping of today usually considers to simply look at the goods and / or services but not to buy them. In all, once the customer is aware of the products to buy, one will use the chance to do that when there is an opportunity (Chunawalla, 2009).
In other words, I think that if a company produces a product or offers a service that consists of several parts that are sold to the customer, then supply chain is one of the main aspects of the business. By managing this supply chain, it is possible to illustrate logistics as well as management practice that directs the flow of services and/or goods to the customer by means of delivering the best quality (Dawson and Mukoyama, 2006).
Every company that either produces products or offers services on the market has to ensure thorough logistics and supply chain management. Heads of the companies all over the world should evaluate the quality this procedure and constantly improve it to remain afloat in the industry. Thus, the personal understanding of retailing occupies a variety of aspects that businesses should consider. Therefore, every aspect of retailing processes could bring more revenue to the stores (Gilbert, 2003).
The implications about the module are that there are much more things to know about the business and at the same time the information does not make any sense if it is applied only in theory. In order to sell, there is a need to work extremely hard to understand the mind of the customer in a potential business sphere as well as evaluate the competition in the industry.
The major conclusion that I have made is that the business goals could be achieved only by means of overcoming the competition challenges while trying to find the proper way of selling the right goods to the right people. It is also very important to work both in the store and online as to cover the maximum possible target group and sell them the goods and / or services they need.
To reflect my cooperation in the group assignment, I can say that the individual work is much better as it is a lot easier to rely on myself than on the whole team or its members. My personal role was to address the issues of my major interest, which is a great experience for the reason that there is an opportunity for me to work on the aspects that are the most challenging to myself as well as important for the group project.
The understanding of a team work is different for every person, this is the reason why I do not have the pleasure to work in groups. There are different opinions about what the group project really is as well how it should be organized as to deliver the best work on time. I personally consider that for this reason there should be the separate classes that will teach people specifically how to behave in a group project, especially the aspects of responsibility. I also think that it is very important to address the aspects of cooperation as well as the process of distributing the workload.
In addition, I believe I would be more pleased to work on group projects in case there were separate classes of teamwork skills as well as the duties and responsibilities of every member of the group. In other words, I think that the teamwork is everything about the cooperation in groups that addresses communication perspectives when and where all the members of the group do the individual job and at the same time try to manage it as best as they can and deliver the project in a professional format and value.
Therefore, in order to have a great project I have to do the most difficult part myself as to be sure it would be done right I do not need to rely upon someone. In other words, such classes would be valuable specifically for the people who do not know anything about the existence of responsibility as well as respect for the hard work of other people, which is often underestimated and turn to be unfair for those people who did participate the project and managed everything on time and with high quality. Overall, I was happy about the job I did for the project and I think our group handled the project well and created an outstanding presentation.
5.0 Multi – Channel Retailing
The success of any business depends on the strategy, in particular, the retail business has a strategy to address different channels of retails by means to address the various needs of the most sophisticated customers. The company can be successful only in case it addresses the multi-channel retailing for its customers and it should be global in order to be successful on the market.
Unique Customer Benefits through the Retailing Channels
The unique benefits for the customer could be addressed through the three retail channels such as the stores, catalogs, and the Internet. The main concern is the reason why businesses use these retailing channels in the marketplace. The emphasis addresses the importance to control the retailing in various aspects and be able to have an impact on its progress through a variety of ways.
More Values for the Customers in Multichannel Retailing
In view of the aforesaid, the multi – channel retailing allows to address the customer’s needs in all the channels of communication while addressing the values for the most sophisticated customers. In other words, the multichannel retailers provide more values to their customers by means of projecting the demand for their goods and / or services on the market through the above mentioned retailing channels. At the same time, multi – channel retailing allows to control the supply and demand for the industry sector and serves as a means to provide better products and generate more offers for the customers and thus obtain more sales for the company.
Key Success Factors in Multichannel Retailing
Therefore, the key success factors are to address all the “retailing wheel” or the insights of the customers, supply network, corporate operations, and interactions with the customers worldwide. At the same time so that they added the value to each other thus providing the customers with the best products and services. Thus, such an approach allows to create a personalized offer for the customers in terms of planning the market share, managing supply and distribution, increasing the operational power and selling more products with better services.
Technological Affect on Future Retailing Experience
The future retailing experience could be projected by means of the retailing wheel and should be addressed through the Internet retailing channel. In fact, a strong emphasis should be addressed to the contemporary Internet technologies that satisfy all the factors of retailing strategies. A proper combination of tactics in terms of retailing improvements will be able to manage a better retail planning, supply and demand characteristics, market cap, operational efficiency and sales power. Thus, the future of the retailing could become better by means of addressing the Internet technologies and managing a better shopping experience for the customers worldwide.
6.0 Retail Strategy
The retailing strategy needs to be of the same caliber of that used in a war room for executing pivotal moves that take the upper hand and result in winning. For those businesses that accept loosing or being in 2nd place then the harsh reality will come when they are taken out of the game as a competitor due to poor strategy. How is it then in the immerging competitive global market that some companies get ahead and stay ahead while others don’t? The answer is the proper business railing strategy, which is about looking to the future and developing tactics that will ensure a business the ability to survive, thrive and develop into a market-leading and world-beating organization.
The business retailing strategy has evolved from the many success stories of those businesses that have become the innovators and have kept the gap between them and their competitors. Businesses like Southwest Airlines, Microsoft, General Electric, Federal Express, and Toyota have taken the correct steps to being leaders. One common thread amongst these businesses is that they have beaten the odds and stayed in the innovator or market category global leader with the competitive advantages over others.
Many businesses have tried the poor strategy of thinking that just because of their name or because they are an American company that is enough to maintain their place in the market. If this mindset does not change then real world scenarios like layoffs, cutbacks and closings will occur. This brings up the questions of how to stay ahead in the market through business strategy. The answer is that businesses need to think to the future and figure out what retailing and business strategy will take them to the next level and give them the competitive edge advantages.
Retailing Strategy Definition
Thus, the definition of the retailing strategy is rather simple in theory but difficult to manage in reality. In all, the strategy should deal with both variables that could and could not be controlled by the retail company. In other words, the strategy should address the (1) customers, competition, technological breakthrough, economic conditions in the country, legal restrictions, and season, that are impossible to control and (2) the location of the stores, business management, merchandise and pricing as well as communication with the customers both existing and potential ones, that are possible to control by the retailing company.
Sustainable Competitive Advantage
The retailer can build a sustainable competitive advantage by means of using all the three channels of retailing through the “retailing wheel” along with the contemporary digital technologies. In other words, the competitive advantage could be reached through the more sustainable approach of retailing that should address the aspects such as: better locations, improved customer loyalty and better customer services, exclusive merchandise practice, low-cost supply chain management, information supply, improved buying power, and finally committed employees of the retailing company.
Retailing Strategy Actions Steps
Thus, the steps that the retailers can go through should address the strategy that will develop a different approach to retailing by means of expanding the following criteria such as “(1) business intelligence, (2) improvements of the business processes, (3) better supply chain management, (4) perfect customer experience and met expectations, as well as (5) applied online commerce, (6) utilized store technologies and (7) determined customer application”.
Strategic Growth Opportunities
The different strategic growth opportunities vary among the retailing companies however the retailers can pursue better outcomes through the proper retail strategic development that will address stability, orientation for the profit, expansion of the retailing efficiency, and global branding specifics. In other words, the opportunities address the strategy aspects that are closely related to management, relationships, product confidence, executive growth, in-house operations improvements, technological investments, diversity, cultural implications, leverage in technologies, bigger market share, top services, leadership that all together result in the excellence of strategic growth opportunities.
The retailers are best positioned to become global retailers in case they are oriented on “the core business services, high computing of the existing marketing strategies, new business services and retailing ventures, application of online collaboration with the customers, and centralized global services that are aimed at better customer loyalty, international e-commerce solutions, and global systems of stores throughout the market cap and retailing industry” as a whole.
To my mind, every single organization in the world needs to consider the proper retailing practice, logistics as well as supply chain management, including the capacity and demand for the production quality, the area of services, and the amount of goods and / or services offered to the existing and potential customers.
Thus, as for my personal reflections, if companies are responsible for what they do and try to improve their business all the time and on all the levels of retailing, it means that they care for consumers and work for their good. People always pay attention to quality and deeply value retailing providers of goods and / or services that are of a high quality. That is the reason why they have high purchasing power in response.
In my opinion, there is a high amount of unpredictability and uncertainty in the marketplace, and if companies are performing with dignity, they will be the top ones with a deep value for quality. Furthermore, they will put their retailing stores, logistics and supply chain management on the high level among their competitors.
Generally, I consider that it is always better to estimate the value of descent retailing processes, logistics and supply chain management in any sphere. In the example of any retailing company, the paper showed how important it is to comply with standards and regulations of the proper retailing procedures, supply chain as well as how important it is to maintain the top business level along with economic, financial, government, and other concerns.
The paper also revealed the ways of application of theories in the sphere of retailing business, supply chain management and logistics for high-level experience. Thus, the paper addresses the aspects of my personal reflections towards the sphere of retail business with specific examples in the group project.
At the same time, the paper covered the major learning theories of retailing such as the environmental theory, cyclical theory, and conflictual theory. In addition, I addressed the aspects of individual work versus the teamwork and group cooperation through a variety of retailing approaches.
Consequently, the overall learning journey for this module reflects the idea of self engagement through the examination of personal values and individual experience as well as the identification of personal values in terms of applying the information learned during the retailing practice, which also has positive implications for the future advancements.
In parallel, the experience of the self-reflection is challenging for the reason that it addresses both the teamwork and individual practice that addressed the necessary solutions for the retail sphere. In other words, it was a challenge to have an experience working in groups as well as as address the true meaning of responsibility and professionalism as well as working on the project individually to show one’s best performance dedicated to the learning outcomes of the retailing practice.