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With crisp and insightful contributions from 47 of the world’s leading experts in various facets of retailing, Retailing in the 21st Century offers in one book a compendium of state-of-the-art, cutting-edge knowledge to guide successful retailing in the new millennium. In our competitive world, retailing is an exciting, complex and critical sector of business in most developed as well as emerging economies. Today, the retailing industry is being buffeted by a number of forces simultaneously, for example the growth of online retailing and the advent of ‘radio frequency identification’ (RFID) technology. Making sense of it all is not easy but of vital importance to retailing practitioners, analysts and policymakers.
This work examines the topic of EDLP versus Hi-Lo pricing strategies in retailing. Based on a comprehensive conceptual examination of pricing strategies in retailing, the author conducted two large-scale empirical studies about the impact of the retailer's pricing strategy on store performance.
This Advanced Introduction explores strategies of pricing products (goods and services) that can be employed by a firm. The analytical techniques and data necessary for implementing the pricing strategies are described in an easy-to-understand manner, along with examples. Pricing strategies covered include cost-plus, reference value pricing, product line pricing, pricing product bundles, pricing over time, pricing under competition, and subscription pricing.
The world’s foremost expert on pricing strategy shows how this mysterious process works and how to maximize value through pricing to company and customer. In all walks of life, we constantly make decisions about whether something is worth our money or our time, or try to convince others to part with their money or their time. Price is the place where value and money meet. From the global release of the latest electronic gadget to the bewildering gyrations of oil futures to markdowns at the bargain store, price is the most powerful and pervasive economic force in our day-to-day lives and one of the least understood. The recipe for successful pricing often sounds like an exotic cocktail, with equal parts psychology, economics, strategy, tools and incentives stirred up together, usually with just enough math to sour the taste. That leads managers to water down the drink with hunches and rules of thumb, or leave out the parts with which they don’t feel comfortable. While this makes for a sweeter drink, it often lacks the punch to have an impact on the customer or on the business. It doesn’t have to be that way, though, as Hermann Simon illustrates through dozens of stories collected over four decades in the trenches and behind the scenes. A world-renowned speaker on pricing and a trusted advisor to Fortune 500 executives, Simon’s lifelong journey has taken him from rural farmers’ markets, to a distinguished academic career, to a long second career as an entrepreneur and management consultant to companies large and small throughout the world. Along the way, he has learned from Nobel Prize winners and leading management gurus, and helped countless managers and executives use pricing as a way to create new markets, grow their businesses and gain a sustained competitive advantage. He also learned some tough personal lessons about value, how people perceive it, and how people profit from it. In this engaging and practical narrative, Simon leaves nothing out of the pricing cocktail, but still makes it go down smoothly and leaves you wanting to learn more and do more—as a consumer or as a business person. You will never look at pricing the same way again.
Retailing is one of the biggest and most important sectors in today's economy. Graduates who are seeking a career in the sector will therefore require a solid knowledge of its core principles. The Principles of Retailing Second Edition is a topical, engaging and authoritative update of a hugely successful textbook by three leading experts in retail management designed to be a digestible introduction to retailing for management and marketing students. The previous edition was praised for the quality of its coverage, the clarity of its style and the strength of its sections on operation and supply chain issues such as buying and logistics, which are often neglected by other texts. This new edition has been comprehensively reworked in response to the rapid changes to the industry, including the growth of online retail and the subsequent decline of physical retail space and new technologies that improve customer experience and help track consumer behaviour. It also builds upon the authors' research over the last decade with new chapters on offshore sourcing and CSR and product management in addition to considerable revisions to existing chapters to highlight changes in online retailing and e-tail logistics, retail branding, retail security, internationalisation and the fashion supply chain. This edition will also be supported by a collection of online teaching materials to help tutors spend less time preparing and more time teaching.
The authors demonstrate the broad and complex topics of retail management in 15 lessons. Each lesson includes a thematic overview of key issues and a comprehensive case study. International best practice companies are used to highlight managerial implications and the key discussion points.
Most of us think we know something about retailing: we shop, we buy, we consume. But retailing, perhaps more than any other economic sector, has been transformed fundamentally over the last thirty years, both economically and culturally. Featuring work from seminal theorists in the area and charting the development of retailing as an important discipline in its own right, this superb volume examines the key themes in contemporary retailing. Organized into five sections, each of which includes an illuminating editorial overview, The Retailing Reader examines: consumers and shoppers retail branding and marketing merchandising and buying; strategy, power and policy international retailing. Extensive case studies include an analysis of the British grocery market, the strategies embodied by Nike Town stores, and the development of retail economies in China and Latin America. The Retailing Reader presents a comprehensive overview of this important area of study, and is an ideal companion for any student of retailing, marketing or business and management.
The 'Handbook of Marketing' presents a major retrospective and prospective overview of the field of marketing when many of the traditional boundaries and domains within marketing have been subject to change.
Readings in Modern Marketing is a collection of Professor Quelch's highly-praised scholarly articles previously published in leading business journals. Topics covered include marketing and business strategy, managing product lines, pricing, managing the point of sales, global marketing, building global brands, marketing and the new technologies, marketing and society, and so forth. Readings in Modern Marketing offers important theories as well as practical, insightful tactics. It is an indispensable source of reference.
We study the cyclical properties of sales, regular price changes and average prices paid by consumers ("effective" prices) in a dataset containing prices and quantities sold for numerous retailers across a variety of U.S. metropolitan areas. Both the frequency and size of sales fall when local unemployment rates rise and yet the inflation rate for effective prices paid by consumers declines significantly with higher unemployment. This discrepancy can be reconciled by consumers reallocating their expenditures across retailers, a feature of the data which we document and quantify. We propose a simple model with household shopping effort and store-switching consistent with these stylized facts and document its implications for business cycles and policymakers.