Brands in Retail Market Literature review Example | Topics and Well Written Essays - 2750 words

Brands in Retail Market - Literature review Example Brands give products a unique identity or name with the help of a name / design or logo which catches the imagination of the customers. â€Å"A brand is an experience that lives at the intersection of promise and expectation. Your products are a way to deliver upon that promise. Forget features; concentrate on the unique experience you can provide† (Savard & Gallagher, 2010). The goal of retailers is to build strong brand identity to compete with other players in the industry. The paper discusses the implications and strategic significance of retail branding and its impact on customer choice and preference of stores. Introduction The retailing industry has gained increased prominence over the past few decades with growing consumerism in countries and wide range of products flooding the markets vying for consumer attention. The retail industry comprises of the department stores, local shops, discount stores, and specialty stores that form the vital link between the manufacturer s and customers. The global retail industry has witnessed significant changes in the post globalization period with markets opening to multinational products and brands making their way to the retail counters. The small local retail shops are disappearing to large multinational retail chain stores that have created a brand image for their quality of service and range of products available under one roof. Popular retail chain stores like Tesco, Walmart, Marks and Spencer have adopted international expansion strategies to increase market shares and profits. â€Å"Indeed, the larger the company, the more likely it is to operate beyond its domestic borders and to generate a higher percentage of its sales from foreign operations† (Deloitte, 2009). Brand management has emerged as a critical top management function for a business in the last decade. Brand image is increasingly being acknowledged as one of the most valuable intangible assets for a company. In the highly competitive r etailing industry, branding has a very important role to play in influencing customer perceptions and enhancing store loyalty. In the United States grocery and general merchandise industry, retailing has made major inroads in the last few years. The surge in promotions and private labels has been seen as an indicator of increase in retailer power. Simultaneously, there has also been a significant increase in the number of discounters and warehouse clubs. This has put a lot of pressure on traditional retailers. Retail competition has increased and become cut throat both within and between retail formats. Based on these observations the research provides an insight into the different perspectives that have emerged in driving customers to the retail chain stores. What role does branding play in influencing choice of retail stores and how do customers differentiate one retail brand from the other? These are some of the vital questions that are answered by the research paper through an a nalysis of existing literature and theoretical perspectives defining customer decision making process. Retail branding – a conceptual overview Retail branding is an evolving concept that has transformed the way customers shop today and it has generated a lot of speculation on how retail brands influence customers. Retail branding has been defined by Zentes, Morschett, and Schramm-Klein in their book Strategic Retail Management (2007) as â€Å"

Becoming a Successful Student in Prince Sultan University Research Paper

Becoming a Successful Student in Prince Sultan University - Research Paper Example Becoming successful at PSU depends on one's personality, personnel management, emphatic communication, discipline, class attendance and having a vision in life. Excellence in life depends on one's personality and the external environment, and success is dependent on the one's trait. In academia, students need to focus on themselves and beware of the company they keep as this is one of the elements that determine one's prosperity. Friends can build or destroy one's character (Congos 2). This, in turn, influences the academic performance and personal growth goal in the university. Therefore, avoidance of bad company is essential as it ruins good moral. Personal management is one of the determinants of becoming a successful student. This element shapes the lives of students by managing things like time, personal growth activities that enhance the social life on campus (Covey 73). One should be able to become active by balancing academics and personal growth activities, which include attending social events, participating in sports among other activities. One should complete classwork before engaging in those activities. Empathic communication is another habit that may guarantee success in college life. This enables one to communicate clearly to convey the intended information without causing any misunderstanding to his/her lecturers, school staff and fellow students (Covey 119). Communication is one of the most important factors that shape one's life as it determines how one can interact with other people in the university. University assignments tend to test how a student can express his/her ideas in a manner that will be understood. Therefore, being clear in communication enhances success in a campus. Mission and vision are fundamental elements of becoming a successful student in PSU. The moment a student joins the campus, he/she should develop personal vision and mission that will guide him/her to achieve the set goals and expectation in his studies.Understanding the end will help the student to understand how his/her present actions will constitute to the end results.