What is Retail Merchandising? Before understanding about retail merchandising, let us know what the term retail means. “Retail is the selling of products or services in small portions to consumers whose main aim is to use them but not to sell them again.” For products to reach a consumer-like form you must go through a … Read more
Experimentation in Innovation Experimentation is crucial in the innovation process. It helps in realizing potential faults early, reinforcing new knowledge, reducing costs or preventing fatal errors later. Experimentation is vital for innovation. The systematic testing of ideas enables a company to create and refine its products. An idea is converted to a product through the … Read more
Hybrid Distribution System A company must manage a hybrid distribution system to avoid chaos and maximize efficiency. Responsibilities, relationships and compensations among various channel members must be made clear. A company received its distribution system in legacy. The company started its journey with serving a particular type of customers. The company probably targeted big businesses … Read more
Open Market Innovations A large number of companies are using licensing, joint ventures and strategic alliances to increase output from their innovation processes. They are including their customers, vendors and even their competitors in the innovation processes. This open-market innovation approach to innovation improves speed, cost and quality of innovation. It lets companies set realistic … Read more
What is Relationship Marketing? Relationship marketing involves the creation of new and mutual value between a supplier and individual customer. Novelty and mutuality deepen, extend and prolong relationships, creating yet more opportunities for customer and supplier to benefit one another. Relationship marketing has been strongly influenced by re-engineering. According to re-engineering theory, organizations should be … Read more
Types of Distribution Channels Industrial channels tend to be shorter than consumer channels because of small number of ultimate customers, the greater geographical concentration of industrial customers, and greater complexity of the product which require close manufacturer-customer liaison. Consumer channels are normally longer because a large number of geographically dispersed customers have to be reached. … Read more