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Pricing Strategies:

Prestige or above market pricing

Elite, innovative, high quality, exclusive product

Prestigious store image

Specialised service model

e.g. luxury brands

Competition Orientated/Market Pricing

Comparable goods priced exactly the same or similar to competitors

e.g. Dan Murphy's

Volume Pricing

Quality + Competitive Prices = Value leads to Volume

e.g. Ikea

Everyday low pricing (EDLP)

Aim high sales volume & margin

Prices sit between lowest discount price and regular non sale competitors

‘Stable pricing’ as prices do not vary

e.g. Big W, Kmart

High/Low Pricing

Prices pitched at market price and discounted for short periods of time

e.g. Fashion industry

Cost plus or Margin pricing

Retail prices determined simply by adding a fixed profit margin to each item

e.g. gifts industry

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Retail wages for an 18 year old cashier is $17.58, with Sunday rates being $27.42, Saturday rates being $18.98 and public holidays being $35.15. As a casual there is no holidays or sick leave. For a part-time visual merchandiser, the wage is $19.22, with a Sunday rate being $38.44 and Saturday rates being $28.83 and public holiday rates being $48.05. For a full-time store manager, the hourly wage is $24.57 with a weekly wage being $933.80, Saturday rates are $30.71 and Sunday rates are $47.91 and public holiday rates are $55.28.
Full time and part time employees are entitled to 4 weeks annual leave and they are also entitled to receive sick or carers leave where they are also able to get long service leave after working for the company for 7 years. They can also have 12 months of unpaid parental/maternity leave and can request for an additional 12 months as well. Casual employees are also entitled to 12 months of unpaid maternity/ parents provided that they have been working for that employer for over 12 months and fully intend on continuing working for that employer had it not been for falling pregnant or adopting. For casual, part-time and full-time employees, superannuation contributions of 9.5% must be paid when the employee earns over $450 or more before tax per month, or if the employee is over 18 years old or is under 18 but works for 30 hours or more per week.

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The people working for a company represent everything that particular brand stands for and believes in. The employees encompass the brand identity and brand promise through the way they present themselves, the skills they offer, the interactions with customers and their general attitudes towards working for that particular business. It’s important to have a diverse workforce of employees and allow a variety of demographics to represent your brands. Through this, a business can promote different ideas and opinions of how the business should be run or be improved, can add a variety of skills or simply provide those diverse employees with an opportunity to flourish within a comfortable working environment, allowing them to represent a brand to the best of their ability

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Criteria used to evaluate the success of self-scanning at a discount department store:

Operational:

- efficiency and speed of checkout/transactions
- reduces employee training
- staff not satisfied about losing their jobs
- customers satisfied with quicker check-out process/smaller queues
- take up less space in store
- customer difficulties/frustration with the technology
- elder consumers desire personal interaction (old-fashioned)
- some people are too lazy to check out themselves

Financial:

- increases chances of theft
- expensive to implement
- reduces labour costs/wages (most expensive output)

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What ideas do you have to motivate staff in a:

(a) Quiet department store

·      KPIs

·      Provide incentives

·      Positive reinforcement

·      Manager should keep up morale

(b) Busy convenience store

·      Paid breaks

·      Recognition of hard work

·      Manager should empower staff

(c) Shoe store that doesn’t have enough experienced staff?

·      On-going training programs

·      Reward program

·      Supervising

·      Strong and open communication

·      Manager should act as a role model

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Hi Class!

Textbook Activity & Discussions

1.Â Â  Prepare a discussion of the importance of people and diversity in delivering the retail brand promise.

2.Â Â  Design an organisational chart for a Multi-Channel Global Mobile Phone retailer

3.Â Â  How do organisational structures differ between a large, medium & small retailer? Draw one for each

4.Â  Look up the retail wages and conditions (ie; Superannuation, Holidays, Sick leave etc) for â€“ Casual 18 year old cashier, Part-time Visual Merchandiser, Full-time Store Manager.

5. What operational and financial criteria would you use to evaluate the success of self-scanning at a discount department store?

6.Â  What ideas do you have to motivate staff in a (a)quiet department store, (b)busy convenience store and (c) shoe store that doesnâ€™t have enough experienced staff?

7. How could a seasonal retailer (ie; ice cream store or swimwear store) even out the cash flow for the year?

8. What are the staff and logistics issues for a bricks and mortar store servicing its web store also?

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logistic
Increase in e commerce transaction force the retailers to focus of retail distribution centers from pallet picking to single item picking for orders shipped directly to customer home, requires retailers to do more work in less time
Customers expect minimum shipping charges for delivery cost. However, due to product specification, some shipments might require special packaging  and thus increase workload and charges.
Staff
Retailers often have difficulties in recruiting new staffs.Poor performing staffs might create problems and cause customer dissatisfaction. High employee turnover might occur.

Staffs having difficulties in engaging different customers at different touchpoints.
Retailers need to hire new employees if the stores are expanding. Thus, labor cost is high and productivity is decreasing.

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The top level: Vice-president
The second level: store manager/communication manager/merchandising manager//controller
The third level: store manager--customer service manager, HR manager/communication manager-- public relation manager, advertising manager, online manager/merchandising managers: salespeople, stock people /controller: accounting manager, credit manager, audit manager

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Small retailers use uncomplicated arrangements with only two or three levels of personnel, and the owner/manager personally runs the firm and oversees workers.

medium retailers such as department stores tend to divide all retail categories into four categories: 1- store management, 2- communications, 3- merchandising, 4- fiinancial accounting. These areas are then organised into line and staff components.

Large retail chains tend to use a version of the equal store format, which has many functional divisions, centralised authority, standardised operations, elaborate control systems. Some degree of decentralisation occurs to allow adaptation for locales.

The organisational structures differ in how their activities are divided and managed. Smaller retailers have direct access to the owner/manager, whereas larger firms need systems and must specify how tasks are to be completed and set common policies. Diversified retailers have the most complex organisational structure as they are multi-line firms operating under one central ownership.

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A number of things to consider when analyzing the effectiveness of self-serve checkout systems.
On the financial side, you'd have to look at physical cash flow, comparing it with standard, cashier-manned check out systems. You'd also have to look at the wages expense of manned checkouts in comparison with maintenance costs of the self-serve checkout systems, including repairs of any broken machines, as well as the frequency with which they break.
Further, the cost of theft will need to be considered, as it is far easier to steal from a self-service checkout than it is from a manned system.
In terms of operational criteria, one would have to consider how many consumers will pass through selfservice checkout systems, as opposed to manned, including the time taken by shoppers, as well as convenience given. For example, given the example is a discount department store, it is likely consumers will not want to spend a great deal of time in store. Hence, Self-service devices may assist in this manner. However, they also fluctuate in time taken, if the system has an error, where a manned system is far more stable in terms of time management, though on average is longer than self-service.

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Create a forecast for the given periods of the year. This may include; company projections (maybe the ice cream store is planning to open more stores) and item-by-item projections (during the colder seasons and the demand for ice cream diminishes, stores may need to rethink products which they could sell instead of ice cream).
If they can do this they may be able to diversify their range of stores (for instance, in the colder seasons an ice cream store may be more profitable in a shopping centre but in the warmer seasons it may do better on the foreshore of a beach) and products (giving the option of something like coffee or yogurt in the colder seasons) then they will have a more even spread of revenue ad demand over the whole year.