Assignment 3-2.docx - Chapter 5 Summary The beginning of this chapter was very eye opening to me as I read along I have a general understanding of the

Assignment 3-2.docx - Chapter 5 Summary The beginning of...

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Chapter 5 Summary: The beginning of this chapter was very eye opening to me as I read along. I have a general understanding of the change in consumer preferences and that consumers are more aware. However, I didn’t realize to what extent it affects retailers. Retailers must be able to adjust quickly to the consumer’s changes to remain successful. Retailers are now becoming aware that they must be more than average, they must be extraordinary to be successful. If retailers remain in an average company, they are in threat of extinction. Consumers want either an experience and product with high fidelity or high convenience. Being in the middle is not a great spot to be for a retailer. Retailers in the middle must decide which direction they want to go to maintain consumer satisfaction. This is difficult for retailers because it is
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Unformatted text preview: based primarily on consumer’s preferences which cannot be split and organized neatly for a clean-cut decision. Companies don’t need to be excellent at everything. They need to excel at one thing and that helps them succeed at being either high fidelity or high convenience. The chapter continues about the different options companies have to make them stand out from others. In closing, the author’s main point is to be unique, be passionate and don’t try to make everyone happy. Be a company that is passionate and dedicated. Retailers will have a very hard time to figure out which axis they want to be on, what type of product, price, and services they want to offer to make them different. It is crucial for the success of businesses....
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