Assignment 7-1.docx - For Chapter 9 With an emphasis on the main ideas included in it write a summary of the chapter and highlight concepts that apply

Assignment 7-1.docx - For Chapter 9 With an emphasis on the...

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For Chapter 9: With an emphasis on the main ideas included in it, write a summary of the chapter and highlight concepts that apply to food retailing. A major point in retailing that is discussed in the beginning is the lack of understanding retailers have for the correlation of cause-and-effect relationships that occur throughout their business. This problem is linked to too much data to effectively establish the reasoning of issues. Retailers are trying to solve that with the use of big data. Big data is not a new concept, but few retailers know the advantages of understanding it and applying it to your business. It is noted that recently, retailers gather data based on technology history of searches, purchases, recommendations and several other things. In order for the use of technology to be successful when formulating a profile for each consumer, the data must be inclusive and observe actions outside of the device. This would require apps and devices to be more than themselves, making
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Unformatted text preview: a platform to negotiate ongoing relationships. Consumers will be able to control their profiles, preferences, etc. These will help keep brands and products specific to what the consumer is looking for. All these lead to the question of which company is going to be successful at creating the perfect profile for the consumer? The question consumers have is which company can they trust? Retailers and marketers are concerned about their future. Specifically, what if the means of marketing dissolve and consumers became more concerned about product and experience rather than a good commercial? This is the view several consumers are going towards and honestly, I am one of them. It doesn’t matter to me what the billboard says, if there is a good product/service at a price I am willing to pay, I will choose that product/service over one that I am not as satisfied with. Companies having and proving their real performance is a crucial aspect for retailers in the near future....
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