As the retail sector continues to increase. Acquisitions, merges, new ventures and bankruptcies are reported quite often. A constant stream of new entrants and retailers, with very mixed results continue to expand into new territories. In most markets a radical new picture of retailers is observed. For the present, this emerging picture is often described as being '' customer driven/focused'' which will eventually favour the final customer and the very nature of retail marketing. Retailers are responding to the new customers at five levels:
1.Corporate culture: The center of gravity of a retail business should be kept as close as possible to the point where the action is- where the business meets the customer. If you are customer driven : the most important place in the company is not the boardroom but the marketplace.
2.Retail organization and management.:Retail companies have changed the way they work, in order to respond more quickly and more precisely to changing customer demands.
3.Retail offer or Propositions: Propositions are the actual offer of goods and services put forward by retailers. Retailers are beginning to appreciate that markets are better defined in terms of situations and needs than they are by demographic descriptors.
4.Means of delivery and execution.: Changes are also taking place very rapidly in terms of how the retail proposition is made available to customers such as: Introduction of new mail order offers and Introduction of new technology options by including CD-ROMs and Internet sites.
5.Communication:Instant real-time feed back is increasingly getting popular where customers can contact major manufacturers directly and customers are wiling and able to express their needs and views to retailers.