Examples of information technologies
used in retail business
technology and systems have been in the course of time deemed to be a preserve
of the large corporations and enterprises. However, the following systems have
been developed to carter for the small scale businesses and retail stores and
Positive Multimedia Management System:
this system is a central multimedia point-of-sale advertising management system
that focuses on the aspects of marketing solutions specific to electronic
advertising. RFID technology is also
installed for theft protection and facilitates the efficient flow of
information on the product. It is a system that specializes in the
dissemination of product information with respect to retail business. Interactive Voice Response on the other
hand is an application which enhances customer relations and ease of getting
proper feedback in retail business.
supplement the systems, there are components that must be included as part
thereto in order to guarantee efficiency (Patano, 2014). The four main
components of a MIS include marketing research, marketing intelligence system, and
internal record and marketing decision support system.
Michael Porter’s three strategies for
competing in the marketplace
Cost leadership strategy –
This strategy involves the business enterprise winning the market share by
appealing to the price sensitive customers. This is achieved by having the
lowest prices in the target market segment. An example of a company that uses
cost leadership strategy is Wal-mart Inc.
Differentiation strategy –
This strategy is preferred where customers are very particular on their needs
hence a company has to differentiate its products from the rest of the market
to be successful in the market. An example of a company that uses
differentiation strategy is BMW.
Focus strategy –
In this strategy a company focuses on a smaller segment of the market
especially distinct groups with special needs. An example of a company that
uses focus strategy is Southwest Airlines.