How Retail Operations Management Objectives Can Best Be Achieved

sell is now one of the worlds largest industries and it is in a indissoluble state of change. This change has been accelerating over the past decade, (Zentes et al. , 2011 Pg. 1). This sector is not only when more(prenominal)(prenominal) warlike than in the past save the consumer is in any case progressively more demanding and more complex, (Gordon et al. , 2006 Pg. 22). Retailers shoot to predict the desires of fickle clients, buy and apportion complex sets of merchandise, set the skilful prices, and offer the discipline promotions for each individualist item.However, there argon often wide gaps between supply and demand, which return sellers holding in addition ofttimes of what nodes dont demand, and too smaller-scale of what they do, (Fri demise and Walker, 2001 Pg. 133). This is a huge challenge which faces the retailer of today. Fisher et al. , (2000 Pg. 115) maintains that retails formula for perfection is offering the upright harvest-time in the rig ht place at the right time for the right price. This is no easy feat for the retailer and with merchandising decisions becoming more complex, the penalties for errors too are steady steeper, (Friend and Walker, 2001 Pg. 33). This is why Gordon et al. ,(2006 Pg. 24) notes that in todays merciless(prenominal) mart, there is no place for a head in the gumption attitude. The importance of the areas of retailings formula for perfection as utter by Fisher et al. , (2000) testament now be examined theoretically and afterwards researched in the context of a victorful, independent dash dress shop, emporium Kalu. responsibility Product Retailers capture their customers interest by the nature of their product arrange, (Varley, 2006 Pg. 8). musical mode markets have cash in ones chips increasingly complex with consumers fragmenting into small groups who have real different demands and demand rattling different products. Varley, (2006 Pg. 8), maintains that product helps to beat a retailer against its competitors within a given market, but problem many companies today face is that they sell very mistakable products and benefits to those of their competitors, (Ingenhoff et al. , 201083). Therefore, tremendous pressure is put on retailers to offer the customer something different, (Dvorak et al. , 1996 Pg. 121). In making roduct decisions for individual stock certificates, buyers and retail managers have long relied on instinct, (Friend and Walker, 2001 Pg. 133) but in todays marketplace many more factors need to be considered. What is at the core of the right product is the retailers behind area market, they need to be given a substantially reason to choose one retailer over another, (Varley, 2006 Pg. 8). Four study trends which affect the consumers choice of product have been emerging in recent times.Since the consumer is at the core of what the right product is, the retailer essential pay attention to these trends and how they relate to their target customer. . The Savvy Consumer Whether you are a value agency retailer or a senior high school end department storage, it is infallible to acknowledge that today, the consumer is more tuned in to the latest trends and bearings in the look industry. Consumers have become more savvy almost fashion as they can now access information astir(predicate) various fashion events around the world almost immediately through network media like blogging, video sharing and podcasts. An annexd number of weekly glossies, e. g. Grazia, also fuels this consumer demand for the latest look at a faster mistreat (Barnes, 2006260).The consumer now knows what should be in- line and retailers go forth suffer if they cannot provide this to their customers when they expect it. 2. notoriety power Many Irish consumers lift their fashion influenced a spectacular deal by celebrities, with this being the most likely facet of their lives to be influenced by celebrity culture, (Mintel, Clothing Retai ling-Ireland, 2011). Star style has never been more accessible. As a result of this immutable exposure to celebrity lifestyle, 8% of Irish consumers claim that celebrities influence their purchases, (Mintel, Clothing Retailing-Ireland, 2011).This report continues to detail how this high level of interest in celebrities and their lifestyles is beneficial to the habilitate retailing market and can be used as a tool to pull consumers by adding value to a clothing retailers product range, and help to drive sales. This can be seen when brands of clothing celebrities fracture or clothing lines where a retailer collaborates with celebrities and well kn figure out fashion designers become popular. In a celebrity-obsessed world, its no surprise that we all neediness to copy what famous faces are failing, (www. gsn. com, 2010). Celebrities, according to Olympio, (2007) represent a glamour that most of us have idolized and wanted for our own. This concept can be said to be the reason why people emulate styles they have seen on celebrities, for example, Joan Collins, who in the soap opera house Dynasty, made shoulder pads a signature trend of the 1980s. This can also be seen today where Sarah Jessica Parker, in Sex and the City helped make Manolo Blahnik, the fit out designer, a household name, (www. wgsn. com, 2010).Retailers who choose to sell brands that are publicly connect or associated to a celebrity will rear to be of expediency if their target consumer aspires to be like said celebrity. 3. The Concept of Fast Fashion Gordon et al. , (2006 Pg. 22), remarks that retailers have to deal with constantly shorter product life one shots. Fast fashion is a strain strategy which aims to get new fashion product into stores in the shortest time possible and reduce the processes involved in the buy cycle consequently satisfying consumer demand, (Barnes et al. , 2006 259, Bruce et al. , 2006 330).This notion of consumer demand driving the fast fashion industry demo nstrates the need to have the ability to act accordingly and act quickly to these demands. Today, in(predicate) fast fashion companies have been pitiable outside(a) from the traditional fashion buying cycle of seasonal forecasting from historic sales one year in advance, (Bruce et al. , 2006330), to creating smaller collections more frequently, (Barnes et al. , 2006 261). Barnes et al. , (2006 261), conceptualise this is as a result of fashion trends being moulded by what is misadventure on the street, in clubs, lifestyle hotspots and not 12months in advance of a marketing season.Long buying cycles have become inappropriate for the demands of forward-looking fashion consumers. Bruce et al. , (2006 329), maintain this is be receive fashion consumers expect and thrive on constant change and so new products have to be available on a frequent basis. It is no longer sufficient for retailers to have the same collection in-store all season product ranges need to be constantly refre shed in order to be right. wide awake response is a concept that has become synonymous with the textile and invest supply chain, (Barnes et al. , 2006 263).This approach to supply chain charge is regarded as information driven, minimal pre-season ordering is engaged in and more frequent, in-season small orders are placed to agree advantage of im fired speed and flexibility, (Christopher et al. , 2004 as cited by Barnes et al. , 2006 263). This quick response method allows companies to respond almost instanter to catwalk trends that would appeal to their target audience, therefore providing them with the right product. The success of this high people/low cost demarcation model is down to constant and steadfast updates of fashion collections.For these typefaces of retailer, (value) this has historically been the right product as it satisfies the need for newness by the consumer at a low cost, something which is central to what their target market seeks. 4. tone Vs. Quantity D urability has been found to be a key affect for Irish consumers as four in five R. o. I. consumers claim to make their clothes last, (Mintel, Clothing Retailing-Ireland, 2011). With the occurrence of the recession, consumers are more inclined to want to get the best value for money out of all the products that they buy.In foothold of the clothing industry, they are increasingly likely to claim that they make their clothing last a long time. According to Mintel (2011), 81% of R. o. I. consumers agree with this narration as they note between 2007 and 2010 there was an 11 percentage-point increase in agreement with this statement among R. o. I consumers. This highlights that Irish consumers, are increasingly moving a government agency from disposable fashion (i. e. clothing that they may only wear a few times), and towards buying clothing that they expect to last a long time, illustrating a higher demand for quality.Consumers who are now meddlesome for high quality investment piece s that will last are driving sales within the premium womenswear market. Nearly a quarter (23%) of women are opting to invest in fewer items of superior quality clothing that will last, a substantial increase of 10 percentage points since 2010, (Mintel, Is the Era For Fast, useable Fashion Coming to an End? , 2011). While consumers may be seen to be cutting back in the recession but they are settle down willing to pay for high quality clothing, (Mintel, Clothing Retailing-Ireland, 2011).With this trend growing, it is incumbent for the retailer to evaluate whether their target market is interested or desire this quality in order to provide the right product to them. The type of product on offer in Emporium Kalu has been described as having fashion aesthetic that is unlike anything you will find anywhere else in Ireland, (Harris, 2011). The Emporium Kalu customer is a business woman, a student, a mother, a grandmother, anyone who wants to be feminine, elegant and unique. She appre ciates beautiful design, stunning quality fabrics and subtle detail.She likes to wear timeless, great fitting pieces but puts them together in an individual and private way, (Louise Flanagan, co-owner of Emporium Kalu, 2011). The owners of the boutique, who are in business nearly xv years now, really know their customer. They have fantastic know-how on what customers want, (Harris, 2011). They overcharge themselves on offering their consumer exclusivity and uniqueness in their labels, (Louise Flanagan, 2011). They slant on this by offering high quality brands such as Giles, Galliano, Maria Grachvogel, Alice by Temperley, M Missoni, Vivienne Westwood Red Label, and D&G.Kate ODwyer, (co-owner of Emporium Kalu) has stated that even if we have a label that might be stocked somewhere else, we buy it differently. We buy it with the Emporium Kalu attitude. So it is always different to what you will find elsewhere, (as cited in Harris, 2011). They are constantly searching for the conti guous big label so keeping a close sum celebrity fashion is a must. It is through this product differentiation and unclutter focus on their customer that Emporium Kalu have succeeded in buying the right product for their store.Right Place/Location A common aim of business failure among retailers is the selection of the wrong store location, (Mazze, Pg. 17). Zentes et al. , (2011 Pg. 203), agrees and adds that a good location can lead to strong competitive advantages as location is unique and thus cannot be imitated by competitors. It is necessary besides for the location of a store to be appropriate to the retail business because in order to reach the right kind of customer it is primal for a store to be in a street that reflects its image, (Varley, 2006 Pg. 173).The success of a retail store depends on many factors such as the stores location in relation to the region and the state, its patch within the community, its location on the street or in the obtain centre and the ch aracteristics of the community and trading area, (Mazze, Pg. 17). The retailer also needs to take into account, the customers sensing of the shopping task. Mazze explains this consideration in that a customer who wishes to obtain speciality goods like gourmet foods is not greatly concerned with how far he must go or the length of time it takes to get them.This implies that store location can be now linked to the merchandise available within. This theory put forward by Mazze can be seen in practice by Emporium Kalu. The store is located in Naas, Co. Kildare, Ireland. This is not a large, heavily populated metropolis with substantial daily footfall. It is a relatively small commuter suburbia where many people reside but work in keen city Dublin. The store itself is positioned on the corner of a pedestrianised lane which meets the main street of Naas.This location offers the kind of environment that attracts a more recognize shopper , (Varley, 2006 Pg. 173). While Emporium Kalus l ocation may not be preeminent, it offers the product ranges and supporter that consumers are willing to travel for. The owners leverage its merchandise and style expertise in a way that makes up for what it may lack in store location, so much so that it has been honoured with being ranked as one of the fifty best boutiques in the British Isles, (www. telegraph. co. uk). Right Quantity at the Right TimeVarley, (2006 Pg. 110), holds that getting the right quantities of merchandise delivered into the retail organisation at the right time is necessary to satisfy both(prenominal) basic customer needs and retail management goals. The implications of getting product levels wrong are great too much stock will threaten the profitability of a range and increase holding costs and too little stock will cause a loss of customers and sales, both direct and complementary. These errors can occur as a result of late deliveries, late orders or choosing the incorrect size of it mix.Choosing the per fect size configuration for a company store computer program requires careful calculation, (Cook Kimbrough, 2008 Pg. 36). A retailer must decide how much of a particular product line is needed for their store, (Varley, 2006 Pg. 110). Similar to the other rights, this decision is extremely dependent on a fashion retailers target audience. Cook Kimbrough, (2008 Pg. 36), is of the opinion that a good rule of thumb is to specify of the bell curve when choosing your sizes for your range. Sizes in the middle tend to sell close to twice as much as the sizes at the extreme.As can be seen, the right quantity includes many different factors and cannot be considered independently. Emporium Kalu operates with an liquid ecstasy image. They pride themselves on offering product that is different to what you will find somewhere else, (ODwyer as cited in Harris, 2011). They achieve this exclusivity factor through both the labels they offer and through their size configuration. They are not the business of flock selling product. We want the consumer to feel special when she wears her clothing and she can be confident that she will not see other people vesture the same outfit.That is why we buy our ranges relatively wide as hostile to deep, (Louise Flanagan, 2011). Therefore, the co-owners do not purchase large quantities of each style in-store which creates the exclusive feeling. This strategy has proven to be extremely successful for this boutique and is the right quantity for their customer and their retail organisation. Right Price place setting prices in todays intensely competitive and dynamic retail environment is a complex task and developing a minute understanding of consumer behaviour and buying patterns lies at the heart of any successful set strategy, (Gordon et al. 2006 Pg. 22). Retailers can use price in conjunctions with product quality, customer attend quality and selling environment to make a very clear statement about the image they wish to communica te and about where they belong in the market, (Varley, 2006 Pg. 13). Therefore, pricing is directly linked to a retailers peculiar(prenominal) target market and the level of product quality they offer. This is clearly seen in the three main retailing pricing social structures that Zentes et al. , (2011 Pg. 256) puts forward 1. Value/ budget Price Focuses on low cost and high volume selling of product. 2. Medium Price Focuses on 3.Premium Price Focuses on attracting customers who are less concerned with price and more interested product quality and prestige. In order for a fashion retailer to succeed with their pricing structure and charge the right price, product quality and consumer expectations need to be aligned. Emporium Kalu is positions themselves in the premium price segment. They attract the type of consumer described in this segment by Zentes et als, (2011 Pg. 256). Kate ODwyer verifies this and states that were about beautiful pieces because there are people who apprecia te the special and unique, (cited in Harris, 2011).Whilst on buying trips, price is not at the forefront of the minds of the co-owners, it is more about whether the collection and quality is a good fit for the store and their customer, if we venerate a piece, we have to have it, (Flanagan, 2011). This pricing structure prevails for Emporium Kalu as they attract customers who are in pursuit of product prestige and service over lower cost. Right Personnel What has not been included in the retailings formula for perfection, and should be considered as a new addition, is having the right military unit to carry out the final timber in the retailing process, that is, selling product to the consumer.The rational for this inclusion is for without converting store visits into sales, the bottom line cannot be achieved and the other rights are meaningless. Kotler et al. , (2005446), too acknowledges forcefulness importance and states that it is a key way for a brand to stand out in the min d of the consumer is through providing top quality service as service is important to customers. Having the right personnel in your store can be an invaluable tool in creating and retaining customer loyalty. individual(a) help by floor ply, personal shoppers or stylists will resurrect the customers experience and perception of the brand.For it is here at the customer interface that business is either won or lost, (Jackson et al. , 200984). This idea of the right personnel is central to the store offering in Emporium Kalu. The owners Louise Flanagan and Kate ODwyer, right from the beginning were focused on not only providing the customer with colossal quality products and brands but also exceptional service, (Louise Flanagan, 2011). This outstanding customer service is delivered through unrivalled, individual styling and advice, personal tailoring on garments, an in-store deposit installing and one to one after hours service if required.Co-owner Louise prides the store on having staff who provide first class, attentive assistance for all customers who walk through their doors, (2011). The consumer and their requirements are valued and are given the upmost consideration. This she believes, in part, is the way forward for independent retailers today. Offering the customer more than just a product but an enjoyable experience and advice they can trust so they feel confident in their clothes too. ConclusionIn order for a fashion retailer to achieve its retail operations objectives a number of considerations need to be taken into account and the customer is central to each. When choosing the right product, the target customer needs to be at the core of all decisions. Trends in their choices, spending power and what influences them are fundamental in selecting different collections. The product has to have the ability to satisfy the consumer, (Varley, 2006 Pg. 76). Jackson et al. , (2009 83), maintains that uniqueness in product, a high level of quality and provid ing unique product benefits are a critical differentiator in fashion.When choosing a retailers location, in order for it to be right, the customers perception of the shopping task and the characteristics of the community and trading area need to be considered. If chosen appropriately, location can be a source of competitive advantage. Getting the quantities of merchandise right for a retail organisation is highly dependent on a fashion retailers target audience and they what they require. It is a decision that cannot be made independently and is affected by clock and sizing issues.In order for a fashion retailer to succeed with their pricing structure and charge the right price, product quality and consumer expectations need to be aligned. This will create loyalty among customers if a retailer can deliver on their pricing structure. The proposed additional right of retailing, the right personnel could prove to be key in gaining a competitive advantage in the marketplace today. Offer ing the customer benfits other than the product like an compound in-store experience will aid the fashion retailer to endure the accepted difficult market conditions.