Contemporary Retailing Essay Example | Topics and Well Written Essays - 2000 words

Contemporary Retailing - Essay Example Contemporary Retailing The question outlines about the approach of the retailers which has undergone a radical shift in the last 30 years. The question of discussion in this context will be how retailers have moved from being market – driven company to a market driving company. This shift has been termed as growth by various industry experts and practitioners around the world. The study will therefore mainly discuss about the factors that led to this drastic change and growth of the retailers. In addition, the potential implication of the same will be evaluated in the context of current market scenario. Before getting into deep, the study will throw light on the differences between the concepts of ‘market driven’ and ‘market-driving’. There are drastic differences between the two concepts; a company which is market driven mainly reacts to the need of the customers. These companies generally bring the changes in their system on the basis of the changes in consumer dynamics. On the contrary, companies which are deemed as market driving are more future oriented and have better ability to envisage the future. These companies constantly come up with new products and services and surprises customers with their innovative offerings. Now the statement which will be evaluated is ‘retailers have moved from being ‘market-driven’ to being ‘market-driving’ in that their power has increased significantly in the last 30 years’.... The question of discussion in this context will be how retailers have moved from being market – driven company to a market driving company. This shift has been termed as growth by various industry experts and practitioners around the world. The study will therefore mainly discuss about the factors that led to this drastic change and growth of the retailers. In addition, the potential implication of the same will be evaluated in the context of current market scenario. Before getting into deep, the study will throw light on the differences between the concepts of ‘market driven’ and ‘market-driving’. There are drastic differences between the two concepts; a company which is market driven mainly reacts to the need of the customers. These companies generally bring the changes in their system on the basis of the changes in consumer dynamics. On the contrary, companies which are deemed as market driving are more future oriented and have better ability to en visage the future. These companies constantly come up with new products and services and surprises customers with their innovative offerings. Now the statement which will be evaluated is ‘retailers have moved from being ‘market-driven’ to being ‘market-driving’ in that their power has increased significantly in the last 30 years’. The market driving approach has allowed them to experience the competitive edge as well as increased power (Bhasker, 2006). This is because the dependence on consumer preferences has greatly reduced as with constant innovation they are actually creating and changing the preferences of the consumers. On the contrary, a retailer which pursued market driven