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I have lifted this from a Berkeley University Study. Best read slowly, thoughtfully
Kilobyte (KB)
1,000 bytes OR 103bytes
2 Kilobytes: A Typewritten page.
100 Kilobytes: A low-resolution photograph.
Megabyte (MB)
1,000,000 bytes OR 106 bytes
1 Megabyte: A small novel OR a 3.5 inch floppy disk.
2 Megabytes: A high-resolution photograph.
5 Megabytes: The complete works of Shakespeare.
10 [...]
Filed under: General, Management, Research | No Comments »
My personal view is that the most effective measure of retail productivity is the measurement of stockturns.
The number of times you turn over stock is a direct measurement of the extent to which you are sweating your assets. Stock is the single biggest expense in virtually every retail business (non-services of course) and about 50%-70% [...]
Filed under: General, Management, Research, Retail Operations | No Comments »
The formula is: 2 – 1 – 2 = 50. Let me explain.
Increase revenue by 2% (follow the pricing strategies)
Reduce COS by 1%
Reduce Expenses by 2%
A 50% increase in Net Profit can be generated in one of 3 ways:
1. Sell More
Selling more is obviously the domain of:
Advanced Selling Skills
Great customer service
Excellent Merchandising
Marketing & [...]
Filed under: General, Management, Marketing, Productivity, Research, Retail Operations, Selling | 1 Comment »
Ferrante reports that The Retail Customer Dissatisfaction Study, conducted by The Verde Group and the Baker Retail Initiative at the University of Pennsylvania’s Wharton School found that sales staff are the single biggest detriment to the shopping experience, which may result in a 6% loss of business for retailers.
The most critical retail shopping issue of [...]
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Some recent research conducted by Janiszewski and Uy has focussed attention again on the notion of psychological pricing. Are we really fooled when storekeepers price something at $9.95 instead of a round $10?
Their experiments used hypothetical scenarios, in which participants were required to make a guesstimate the wholesale cost when told:
The retail price
The retailer had [...]
Filed under: Research, Retail Operations, Selling | 2 Comments »
Some more ‘old’ research that has stood the test of time.)
However, I thought it might be worthwhile publishing this ‘for the record’ so that you now can know (and say) with confidence, based on scientific evidence, that these two shopper profiles exist.
But more importantly, it is worth considering what the practical uses of [...]
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It has been quite a while since I had the need to flick through my thesis, but when I recently did, I found this little gem. (It dates back to 1997, but like any good research, it stood the test of time ) Although not the purpose of the research, a diverse collection [...]
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Is good Customer Service really all that important?
Customer service is the biggest retail cliché around. What I find amazing is that NOBODY ever disagrees with its relative importance, even though hardly anybody can quote any real evidence as to why it works, and very rarely prove its efficacy anyway.
Has ‘customer service’ has just become a [...]
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Finally, the marketers are learning something that retailers have always known. Sarah Mahoney writes at MediaPost and draws attention to the explosion in shopper marketing tactics. That is marketing aimed at the shopper (in the store) as opposed to other channels (traditional media).
Consider these stats:
· About 70% of purchase decisions are made in grocery stores. [...]
Filed under: Future, Marketing, Research, Strategy | No Comments »
The most current research (Hurst, 2007. Fine Food Network) has developed four plausible scenarios for the future (2022) of retailing/ marketing. Each of these scenarios has been developed by incorporating all current trends and developing the possible outcomes that would be internally consistent.
My way - an individualistic society with the internet and other technologies held [...]
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