The innovation in the retail industry is the use of mobile shopping through the use of technologies such as MyGROCER business. The emerging technologies will cut down the time taken to process transactions and ensure better customer service. Introduction The retail industry is one of the most crucial and biggest industries in the marketplace. In the UK, the retail sector stands for more than seven per cent of the total value-added goods sold and has employed over 2.6 million or about 10 per cent of the working group (SCB Partners, 2011, p. 5). In the US, the retail industry contributes to 9.2 % of the GDP and created jobs for 17.4 per cent of the total workers. The grocery and food sectors are the main sectors in the industry and it accounted 173.42 billion Euros in 2010 that represented 52.7% of the total revenue from the retail sector in the UK. This sector is projected to continue growing at 3.9% annually. In 2010, the UK had 91,509 food stores out of which 7970 are grouped as hypermarkets, superstores and supermarkets (Kourouthanassis et al., 2002, p. 265). Tesco, one of the major retail companies in the UK is the largest private employer and was ranked as the twelfth sole contributor to the GDP in 2006 (SCB Partners, 2011, p. 5).The growth in the retail sector has been facilitated by technological innovations and effective supply chain management. However, the industry continues to pursue technological innovations with the goal of enhanced customer service by reducing the time taken to process transactions and bringing products closer to customers (SCB Partners, 2011, p. 5). Technological innovations are also coming up to help retailers streamline payments and assure the security of credit cards. Technological innovations in the industry also target to enhance efficiency in the back office operations of the firms. The technological innovations in the retail industry to be discussed in the paper include a technology to encrypt card information at the point of sale, the use of mobile devices in retail shopping and the use of NCR software. Moreover, the use of radio frequency identification in the retail industry will be explored (Bird, 2012). Cash Processing Technologies There has been a move by retailers to adopt technological innovations that enable them to enhance the security of their customer’s credit card and streamline their back-office activities as a way of improving efficiency and customer service (Bird, 2012). Most of the retailers are adopting technologies that help encrypt the information gathered from the credit card once it is swiped at the point of sale. One of the technological products is the VeriShield Protect developed by Lenexa-based Balance Innovations LLC, allows encryption of credit card information up to the point of processing a transaction. Ball Stores adopted VeriShield Protect and this has helped to streamline processing of transactions (Chilson, 2012).
The current paper refers to the potential methods of promotion of a particular product – an iPod type of product – in the British market. The various aspects of the presentation of this product in the market are examined while suggestions are made for its effective promotion into the market taking into account the political and financial turbulences within the international market – at the level that this climate could affect all markets around the world. It should be noticed that various methodologies could be used in order to ensure the positive performance of the specific product in the British market. In accordance with a relevant report ‘in developing a market plan, your primary functions are to understand the needs and desires of your customer, select or develop a product or service that will meet customer needs, develop promotional material that will make the customer aware, and ensure product or service delivery’ (Canada-Ontario Business Service Centre, 2008, online article). These issues – among with others presented below – will be used in order to identify the most appropriate market plan for the promotion of an iPod-type product in the British market.UK market is characterized by strong competition in all industrial areas. In the area of technology, there are many firms that offer products that are based on advanced technology features. however, the prices of these products cannot be characterized as approachable to the high percentage of consumers in the particular market. Regarding the product under examination – the iPod-type of product, the market analysis should focus on the examination of the following issues: a) identification of potential customers, b) identification of product’s characteristics and their importance for the targeted market, c) identification of main competitors, d) identification of market’s characteristics and e) identification of distribution channels available for the specific product.
Home Depot is one of the largest retailers of home improvement products and services. The company has over 2255 retail stores across 50 states in the U.S. The company employs more than 300,000 employees. The company is listed on the New York stock exchange and in the doe Jones. The company enjoys good revenue. In the finical year of 2011, the company made a profit of 3.9 billion and their gross sales were up to 70.4 billion. The company’s stocks enjoy good ratings and trading in the stock exchange. The dividends paid for the stocks are good and shareholders enjoy many benefits that come with the strength of the stocks (Burritt). In the year 2010, home depot bought a portable device technology. This technology is aimed at easing the process of stocking shelves. It also allows them to keep an eye on customers no matter which part of the store they are in. this has helped a lot in improving customer service. The company is an all-rounded company. This is because when customers have money, it allows them to do home improvements more often. This stocking technology has allowed home depot to make huge profits. This technology helps them in knowing which products have been lifted from the shelves and need replacement. Because of the positive feedback that they are receiving because of this technology, it is safe to assume that they will invest more in these types of technology. The company is also searching for new technology that will help them stock their shelves better. Factors Leading to its Success Home Depot is aiming at serving customers better. They want to improve customer’s satisfaction so that they can get more revenue in sales. Some of the measures that home depot has undertaken so as to improve their services are, Customer service – continued focus on customer service is driven by philosophies of making an emotive link with the customer. These philosophies are putting the customer first and making the business simple. Home depot has opened new call centers in Utah and Georgia simply to have a more personalized connection with the customers. All these centers have been opened in the last financial year. This has played a major role in increasing the earnings and profit margins for the company. In additions, new wits such as the new arrangement system for secondary and centralized return to seller process has more than 57% of all labor hours dedicated to customer services and by the end of the financial year of 2013, the labor hours will have reached 60%. In addition, other measures will be put in place to ensure complete customer satisfaction. This will lead to increased sales bringing the stock price to a higher price. This will put the stocks in a better position than the previous year. Product authority – focus on product expertise is enabled by selling transformation and a collection of strategies, which are aimed at delivering product novelty, variety, and worth. An extension of this approach, new merchandise, and importance for both our expertise and D-I-Y client in a variety of divisions are the focus of the approach. In addition, expansion of showrooms to accommodate more products especially the Electrolux, whirlpool, and Frigidaire will help in helping these brands to move and reach more consumers. This is because of the exposure that these brands will have on the open market. Controlled capital distribution, efficiency, and competence – the tactic of driving productivity and effectiveness are advanced through nonstop operational upgrading.
The marketing mix components. product, place, promotion and pricing are influenced by environmental factors thus before choosing a strategy, PEST analysis is important. None of these components acts in isolation and therefore a marketer determines the best combination that can lead to marketing success. First, the marketing division establishes the kind of product to sell. Such aspects as. type of product whether it is for consumption or business use, packaging, branding and size, is considered. Political factors such as government regulations on packaging and labelling, environmental regulations and protection are considered to ensure compliance (Stone, 2001). Social factors such as lifestyle, age and income distribution can help in segmenting the market hence provide the right products for the target market. Technological factors determine production methods and new product inventions. For example, advancements in mobile technology enable the use of a wide range of services to satisfy the customers.After developing the product, the marketing division determines how well to mix place, price and promotion strategies to achieve success. Depending on where the customers are located, the channel of distribution is selected as the product has to be made available to the customer at the right place and the right time (Lamb et al. 2009). The division also promotes the products and sets the right prices depending on the target market. The quality of the product, cost of promotion and channel of distribution all play a part in determining the price. PEST factors are useful in determining the marketing mix. For example, economic trends such as interest rates, inflation and exchange rates determine the consumption hence pricing of the product. Technology is important in promotion especially use of the internet to promote the organization and brands (Stone, 2001). Social factors determine distribution, pricing and promotional activities.
Was the subsequent invasion of Afghanistan and Iraq the decision of President Bush alone? Surely not! His advisers, his staff members, and the people of the US were in support of this action. However, it was the final decision of the president to do what he ‘believed’ was right to protect his country. The keyword in the above paragraphs is ‘belief’. Beliefs are assumptions, theories, explanations, conclusions, and states of mental frameworks that help us make sense of our experiences. Beliefs are the foundation upon which we build our expectations. President Bush believed that the invasion of Afghanistan and Iraq was the best plan to safeguard his country. Another person in his place at that time might have made a different decision. Therefore it is said that beliefs serve a purpose. They are key components of a person’s personality and sense of identity. Many of our reactions to others are based on our beliefs and our perceptions of theirs, and it is impossible to understand racism, prejudice, religious and national conflicts without considering disagreement in basic belief systems. We join many groups because we believe the group will support our beliefs, and our participation in groups changes many of our beliefs. Even our mundane or consequential behaviors are affected by what we believe. These behaviors also have an effect on the people we come into contact with.Although humans believe in more things they are able to imagine, beliefs can be classified into two major groups: individual and collective/social. Individual beliefs are represented by assumptions, conclusions, explanations, theories, schemas, states of mind, attitudes, etc. Beliefs are implicit and explicit frameworks that help us make sense of our experiences and serve as the foundation upon which humans build their short-term and long-term expectations. Beliefs and belief systems can also be scientific or psychological, religious or mystical, economic or political, cultural or social with much influence from technology and many ethical implications.
A thorough attempt is made to understand the concept of e-commerce and innovation in a contemporary context, with a special emphasis on the human issues associated with innovation and how the attempts to introduce innovation in small businesses impact the employees, managers and customers. A methodical study was conducted to identify the specific relationships existing between innovation and organizational stakeholders and the nature and location of the identified firms. A field experimental interaction mechanism was fabricated to facilitate the collection of requisite data and information from employees and customers in a selected business. Efforts were also made to understand how an e-commerce oriented innovation in small firms might facilitate the introduction of new products and services. It appears that technology stands to be the primary engine, which can encourage and enable change and innovation in small organizations.The aim of this research is to evaluate whether timely innovation, with emphasis on e-commerce as an affordable and relatively simple innovation, could help small businesses transform into successful and sustainable ventures. Currently, economic meltdown and recession inform all aspects of business planning no matter the size of the business concerned. Small businesses, though, face stiff competition from big firms because they cannot resort to capital-intensive strategies dependent on large volumes and investment in massive technological solutions. It is particularly the possibilities for and effects of an investment in technology for small businesses that inform the focus of this paper.Therefore, this study was undertaken to see if optimal and timely innovations in the spheres of technology, and in the related and essential area of business models, could help small businesses ensure sustainability and survival. This study intends to delve into the prospects of innovation in small businesses and the resultant technological changes influencing the human attitudes of stakeholders that essentially go along with the concept of innovation.
Eastman Kodak Co. is known for its best photographic film products which have for ages, been the central part of its business. Mostly, these products included cameras, printers and other machines for use in the production of film products. This company became very dominant for a longer period of time and history has it that most of the 20th Century, it was the only company that held a high prestigious and dominant position in the industry (Eastman Kodak Company, 2004). The first argument one can give forth is that probably there was no greater competitor back then which left Kodak as the only sole producer of the said photographic materials thus. it thrived as a worldwide monopolist. For instance, the company had nearly 90% of the United States of America film share of the market. The remaining percentage was left to the struggling small companies which were no match to its growth success (Devereaux et al, 2006).In the late 1990s, Eastman Kodak Company started facing financial struggles, which after an in-depth analysis, were found to be due to underperformance in its sales prospects leading it to incur greater transactional and production costs. The resultant effect was the decline in the sales of its photographic materials. Consequently, Kodak’s dismal performance during this period was attributed to the uptake of information technology by firms in their operations. This sudden shift caught the company unawares since it continued producing these film products when the market for the same was diminishing gradually with each passing moment. Sooner or later, the company had no positive sales records. Its slow response to transit to digital photography despite it having invented the current technology in use, in modern digital cameras, led to its fall. However, as a turnaround at around the year 2007, Kodak started using digital photography in its operations, a move which led to it registering profits in its operations. It also focused on the digital printing of the films and even started using generating revenues through aggressive litigation of patents. In the month of January 2012, the company filed for bankruptcy protection and followed this move in the succeeding month with an announcement that it had ceased production of pocket video cameras, digital cameras, and digital picture frames. Instead, it stated that its focus would be on the corporate market of digital imaging. August the same year, the company announced for the sale of its commercial scanners, photographic film but not the motion picture film, and the kiosk operations all of which served as measures to emerge from the bankruptcy state. Kodak also sold most of its patents Intellectual Ventures and RPX Corporation, which was an umbrella corporation for companies like Apple, Amazon, Facebook, Samsung, Microsoft, Google, and HTC. This is a Japanese multinational imaging and photography company that was established in the year 1934 and has its headquarters in Tokyo, Japan. The aim of its establishment was to regard it as the first Japanese photographic company producing photographic films. At its inception, this company had only one goal of being a cinematic-film producer but, over time, it has grown into being a fully-fledged multi-dimensional manufacturer and marketer of imaging and information products (Devereaux et al, 2006). Fujifilm is the second-largest filming industry after Eastman Kodak and has even proven to be Kodak’s main threat and rival in the market.
The company keeps updating its stock of movies depending upon the ratings received from the customers.Special Arrangement with Postal Department: Netflix has been managing the dispatch and receipt of DVDs quite efficiently with US postal services, by way of a special arrangement, which is helping the company not only in speedy delivery of the consignment by in saving some money on postal services as well.Not enough emphasis on technology: While the online community is growing very fast around the world, Netflix continues to lay the emphasis on physical exchange in DVD format. This could prove quite challenging for the company if the speed of download increases in the next couple of years. The company would, therefore, have to explore the movie download market for long term survival.The emergence of Bly Ray: Though the blue-ray disk market still appears hazy on account of discussion still going on about the fate of this new technology. But the fact that Netflix has started exploring this market as well bodes well for the company in the long run1.Growth in the online rental market: The online DVD rental market has seen fast growth in recent years. Datamonitor (2007) further projects that by 2010, the US DVD sales and rentals market is expected to grow to around $35 billion from $26.8 billion in 2005.Investment in online delivery: Though Netflix has been predominantly concentrating on the physical medium, there are some indications suggesting that seeing the high growth in broadband population, Netflix has started working to this end. This step, if taken with due consideration towards all aspects, will certainly go a long way in making the company more popular amongst film lovers.Strategic Agreements: Netflix has recently entered into strategic agreements with companies like Wal-Mart, a renowned name in the retail business. Such strategic tie-up not onlyhelps in containing the ferocity of competition, but it also helps in propagating the cause of the company. In a similar tie-up with Microsoft, the software leader, Netflix movies can now stream through the Xbox, which will certainly help in gaining a few more patrons.
TeraTech uses the electronic media for communicating key issues such as staffing – hiring as well as a retrenchment of staff. Such strategic issues need to be communicated in person, through face to face discussions involving all the key stakeholders involved, so as to facilitate better decision making. TeraTech is planning the launch of a new product that requires a specialized skill set for its product development and support, which the current staff lacks. Hence the issue needs to be solved through choosing proper alternatives so as to facilitate the overall growth and development of the organization. The training and development of the staff is a viable option, in this scenario as it contributes towards the sustainability of the organization.TeraTech is faced with ethical dilemmas regarding issues like maintaining the existing staff levels as well as providing training to them in order to better equip them to work on the proposed new product – analytical CRM. The CEO of the company is keen on conserving the financial resources so as to maintain the profit levels of the company. The CMO, as suggested by the CEO is reluctant to increase the staff levels due to the lack of availability of funds, while the VP HR is faced with acute shortage of employees and requests hiring of additional staff, as the existing staff is already overburdened with work with some of them doing overtime. To ease the pressure on the existing staff, it is necessary to hire additional staff to share the responsibility. The CTO too is faced with a problem where the existing staff doesn’t have the adequate skill set required of them for working on the proposed product. For the testing and support of the new technology to be implemented during its development, she needs staff with adequate skill levels which could either be done by hiring new staff with the necessary know-how or training the existing staff, both of which would require heavy financial investments.
Obtaining license from educational institutions allows an individual to access such a technology at a price that is lower than if the person was to develop the technology by him or herself (Rahm, 1994, 14).Although one may be licensed to use a certain technology, the university may put some limits to the use of that particular technology. However, it is not all the time a university may limit ones license to a particular field of use. Universities in this case may retain some rights for its technology. For example, the university may reserve the patents on the technology for one not use it for education purposes and research, or publish papers regarding the technology. In addition, the research sponsor may also retain some rights on the technology. For example, if the innovation of the technology was sponsored by a government, the government reserves certain rights to use the technology to perform certain functions (Rahm, 1994, 17).In this matter, there are factors which universities should consider when licensing technology. First, the universities should retain the right to put into practice the licensed inventions and give room for governmental organizations and non-profit to practice too. In the process of preserving university ability to do research, it is good to allow the researchers to publish their research results in peer reviewed journals or dissertations. Other scholars should also be allowed to make verification of the published results irrespective of patents. Also the university should retain rights to a technology in all fields of application, even if the technology has been exclusively licensed to a commercial entity (Kalis, 2001, 122). For example, the case of John M.J. Madey v. Duke University. 307 F.3d 1351. 64 U.S.P.Q.2d (BNA) 1737, infringement on the licensed technology for non-profit activities by the university and other organization was exempted. Allowing the patents infringement will enable thestudents to practice issues in real life situation.