Every time you swipe your card, click your mouse, or write a check, businesses collect data on you. Their goal is to know how to manipulate your personal buying habits to increase their revenue. If they are studying you, shouldn’t you study them? Knowing the general strategy of the places you shop could help you understand your shopping habits and why you are spending money in the places you do.
Price-Oriented: Businesses following this strategy appeal to the consumer primarily through price. Price-oriented companies may strive be competitive in other areas, but the other areas are secondary to their main objective. Discount retailers have built their success on offering low prices. If you are concerned with saving money, not having to shop around for the best deal, or persistent sales personnel, this strategy should work for you.
Service-Oriented: Customer service is what it’s all about, according to service-oriented businesses. These businesses realize that without you, they have no future. They pride themselves on making your shopping experience pleasant. Publix has separated itself among the grocery-retailers by being service-oriented. Customers that shop at service-oriented businesses value assistance and cleanliness over price.
Niche: Businesses can specialize in one type of product or service giving them a niche in the market. Niche businesses normally offer the well-known brands, as well as less known brands. Knowledge and extensive product lines are normally the main draws of these businesses. Popular expensive brands may be niche businesses as well. These upscale brands are appealing to consumers concerned with social status or quality. Upscale niche businesses know that price and service are not high priorities on their consumers’ lists. These consumers may be sacrificing value by paying for the name on the product or service.
Full-service: Although full-service businesses normally have strong roots in the other business strategies, they are really hybrids of the other strategies. Retailers, such as Wal-Mart, have become one-stop shops. Although Wal-Mart was built on low prices, they have become a store that offers everything from books to food to haircuts. Service-oriented businesses trying to fill all of its customers needs to provide a convenient shopping experience developed into full-service businesses. To compete gain the business of the niche shopper, full-service businesses have incorporated much of that market. Super Wal-Mart, Super Kroger, and Super Target are examples of these large, convenient stores. They are trying to fill your every shopping need. These stores are the ones gathering the most electronic data on your shopping habits.
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