Inventory Management Strategies Case Study Essay
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Inventory Management Strategies Case Study Essay
As discussed, is the need to operate under an omnichannel strategy, inventory management is a key element to being successful in retail. Why do people enter a Dick’s Sporting Goods store, a Bass Pro Shops, or an antique shop? Why not simply buy online? The answer is rather simple people simply enjoy seeing, holding, sitting in, and playing with the inventory. Some analysts even consider displaying the appropriate inventory at the right time is the Holy Grail for any retail business—more important than buildings, equipment, and even location. Being able to lure customers into the store to see new, exciting inventory first-hand is becoming increasingly important to compete with the Amazons and eBays of the world, where customers simply purchase with the click of a button or a tap on their smart phone screen.
To ensure the proper inventory is available, many firms are adopting so called quick response (QR) systems that order a replacement item as soon as one is purchased. Stores like Dick’s must be cognizant, however, of the risk of simply becoming a showroom for inventory with customers leaving to purchase the very products they played with online at a cheaper price. Having the correct inventory may be the most important factor for attracting customers into your store, but how do you increase the odds for a sale? See the next section.
Store-in-a-Store and Employees’ Strategies
A way to increase the odds of customers actually making a purchase while in the store is through having a highly trained staff. Staffing the store with knowledgeable personnel is a key element to closing a sale. Dick’s, for example, has extremely knowledgeable employees working throughout the store. Similarly, ULTA, formally known as ULTA Beauty, also has knowledgeable personnel selling its products and even has a beauty parlor store-in-a-store concept which forces customers coming to have their hair done to walk through the store. Bass Pro Shops employees, in fishing, hunting, or hiking sections, for example, can talk educationally about the products. In essence, some retail stores are not even selling inventory, rather selling information—as opposed to Walmart who simply competes on bottom of the line price. There are not many Walmart’s in the country where you can receive detailed fishing tips and information from the personnel working sporting goods or what type of wax is best for your vehicle from the people working in the automobile section. Walmart is not in the information business; they compete on cost.
Customer Loyalty Strategies
Much of the above discussion is around building customer loyalty, but a few additional considerations are included in this section. Unlike a giant department store that sells everything under the sun, specialty retailers have a narrower range of customers. In many ways, they operate under what Porter would call a focused strategy.
As a result, specialty retailers must keep their core customers happy and returning because this core group is predominantly the only customers the firm has, as opposed to Walmart, who has many customers buying anything from food to socks—the penalty on faltering on one product category is not as severe.
Tactics used to foster customer loyalty include increased marketing, reward cards, private label credit cards, and creating your own private label brands, which often are sold at higher margins for the firm and cheaper prices for the customer. Another advantage of private label brand is customers are not able to compare prices as easily because the store is the only source for that particular product.
Dick’s peer and foe, Bass Pro Shops, has done a phenomenal job with its Johnny Morris (the firm’s founder) brand of fishing rods and reels and other items using Morris’ namesake. The only place to purchase is at Bass Pro shops, not Amazon, not eBay, only Bass Pro. To the degree a firm can market effectively and hire the proper personnel to endorse store branded items combined with possibly offering double rewards when purchasing store branded items, significant brand loyalty can be built.
Future
The United States has an extremely high rate of diabetes and hypertension, and by some estimates, the highest rate of obesity among developed countries—34 percent of men and 37 percent of women classified as obese. The U.S. government has introduced several programs aimed at increasing physical activity of its citizens and even promoted them through key figures, including former first lady Michelle Obama. Nike, and other firms, are also encouraging and marketing in a manner to get people more active.
With a growing health-minded segment of the population, increased pressure is being placed on others to conform, which should bode well for Dick’s Sporting Goods. However, smartphones and laptop video games and the like have overall curtailed the prevalence of outdoor activities. Too many young people are hooked on online games and social media communications—to the detriment of firms like Dick’s that want to get you out in the field, in the woods, on the court, or on the water.
Dick’s needs a clear strategic plan going forward to obtain and nurture a loyal customer base.
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER
CLICK ON THE LINK HERE: https://www.perfectacademic.com/orders/ordernow
Also, you can place the order at www.collegepaper.us/orders/ordernow / www.phdwriters.us/orders/ordernow
Do You Have Any Other Essay/Assignment/Class Project/Homework Related to this? Click Here Now [CLICK ME]and Have It Done by Our PhD Qualified Writers!!