Retail Management

Paper Summary:

This paper discusses strategies, such as the use of private labels, to increase customer loyalty. The author describes how online shopping works best in combination with an actual store or showroom, and explains why multiple strategies are most likely to result in successful sales. The author concludes with explaining the log-log demand function, showing an equation for setting retail prices to maximize profit.

Private Labels
Loyalty Programs
Internet Retailing
Computation

From the Paper:

"In order for a retail loyalty program to meet its established desiderates, it must be developed and implemented by a highly skilled team of marketing specialists who have full access to the latest technologies and also full access to market resources, namely the audience. The loyalty program will only be successful if those implementing it are best able to communicate with the customers, identify their needs and satisfy them. A most recent development in this sense is given by the identification and satisfaction of customers' needs even before they know these needs exist. Then, the actual implementation of the program is crucial for its success in the meaning that the customer must feel rewarded for shopping in a particular store."

Sample of Sources Used:

• Beal, B., Getting Loyalty Programs Right, CRM News, July 14, 2004, http://searchcrm.techtarget.com/news/article/0,289142,sid11_gci992695,00.html last accessed on May 15, 2008
• Liebeck, L., 1996, Private Label Goes Premium - Private Label Product Sales at Supermarkets, Drug Stores and Discount Stores - Cover Story, Drug Store News, November 4, 1996

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