3 approaches for
sustainable competitive advantage
I.
Build strong relationship with
customers
II.
Build strong relationship with
suppliers
III.
Efficient internal operations
Building strong relationship with customers: Customer Loyalty
- More than simply liking one retailer over another
- Customers will be reluctant to patronize competitive retailers
- Approaches to develop loyalty by:
- Build strong brand image
- Creating unique positioning
- Offering unique merchandise
- Excellent customer service
- Customer relationship management
- Build retail community
Brand Image
• Develop well known attractive image of their brand.
• Strong brand images facilitate customer loyalty because it reduces
customers’ risks associated with purchase.
• Assurance to customers of consistent level of quality and satisfaction
from the retailers.
• Retailers image can create emotional tie with customers that leads to
customer loyalty.
Unique positioning
■ Design
and implementation of a retail mix to create an image of the retailer in the
customer’s mind relative to its competitors.
■ A
perceptual map is frequently used to represent the customer’s image and
preference for retailers.
■ Perceptual
map developed to indicate how similar the stores appear to customers.
Customer Service
■ Consistent customer service is
challenging because attitudes and behaviour are not consistent.
■ It takes considerable time and
effort to build reputations and tradition for customer service.
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