specialty store

Examples of specialty store in the following topics:

• Customer Expectations

  • A department store is, after all, very different from a mom-and-pop store.
  • Department stores, supermarkets, and warehouse stores are all large retail outlets.
  • A department store, for example, will sell both durable and consumable goods.
  • Mom-and-pop stores, specialty stores, and general stores are all smaller retail outlets.
  • These stores often focus on a few key categories of products.

• Value of Retailing

  • It creates jobs for the people who supply the raw materials and to factory workers who actually make the products, for the people transporting goods to the marketplace, the construction companies that build the stores and malls and for an entire service sector that maintains goods purchased by individuals.
  • For example the $16.5 billion merger between Federated Department Stores and Mays forming Macy's Department Stores and the 2004 merger between Kmart Holding Corp and Sears that was valued at $10.9 billion.
  • There are many different types of retailers; department and discount stores, warehouse stores, variety, demographic retailers aimed at a specific buyer, "Mom & Pop" stores owned and operated by individuals specialty stores, general and convenience stores, mail-order, hypermarkets, supermarkets, malls, category specialists, vending machines, no-frills, self-service or automated retail (robotic kiosks seen in airports and at supermarkets), big box stores and of course on-line e-tailers.

• Specialty Products

  • Specialty goods are those considered unique by the buyer, who will go to great lengths to get them.
  • Specialty goods represent the third product classification (after convenience and shopping goods).
  • If consumers shop at a store even if they have to go considerably out of their way to get there, it would be considered a speciality store that sells specialty goods.
  • Almost without exception, price is not a principle factor affecting the sales of specialty goods.
  • People will travel miles to buy a LV bag even though there are plenty of options in their local department store.

• Definition

  • Example of businesses that have both parallels and substitutes include grocery stores.
  • Parallels include grocery stores with slightly varying themes, warehouse stores, e.g.
  • Sam's club and Costco, and natural food stores.
  • Substitutes include specialty food stores, e.g. bakeries, dairy stores, and butcher shops; restaurants; and take-out shops.
  • Not surprisingly grocery store profit margins are low.

• Future Changes in Retailing

  • Niche markets will be easily catered to and specialty demographics seamlessly analyzed to optimize prospect to buyer conversion rates.
  • However this does not preclude the fact that consumers still love the in-store experience so future approaches will lead back to on site buying as opposed to on line exclusivity.
  • The sales force will be armed with electronic devices, I Pads smartphones, mobile computer access to better assist the customer and provide seamless customer service in-store.
  • Anchor stores will maintain their importance, acting as the centerpiece of an array of specialty, demographic, Mom & Pop, Automated and variety stores.

• Classifying Consumer Products

  • Consumer products can be classified as convenience, shopping, or specialty goods.
  • Specialty goods represent the third product classification.
  • Almost without exception, price is not a principle factor affecting the sales of specialty goods.
  • It is generally desirable for a marketer to lift the product from the shopping to the specialty class.
  • Convenience goods are typically found in convenience stores, such as the one pictured here.

• Retail Marketing Strategy

  • Department, discount, warehouse, Mom And Pop, specialty, demographic, general, convenience, big box, automated/self serve, hypermarkets, supermarkets, malls and variety stores have adjusted traditional marketing strategies such as print advertising, media buys and in-store campaigns to incorporate the use of new technologies such as online outlets and shopping, email, texting, mobile applications, blogging, QR codes, kiosks, digital signage and online advertising.
  • In-store marketing utilizes custom displays that are designed to attract customers in specific demographic groups.
  • In-store programs are often seasonal, based on holiday themes, events such as back to school sales or spurred by the need for economic concern or in times of abundance.
  • Larger retailers, such as the big box stores and hypermarkets often utilize long tail statistical analysis to select the products that they want to market.

• Marketing Classes of Products

  • A classification long used in marketing separates products targeted at consumers into three groups: (1) Convenience goods, (2) shopping goods and (3) specialty goods.
  • Specialty goods represent the third product classification.
  • Almost without exception, price is not a principle factor affecting the sales of specialty goods.
  • In contrast, goods products are produced, stored, and then consumed.

• Selecting Target Markets

  • CVS has marketed its stores to aid women who are constantly multitasking.
  • They recently redesigned many of their stores to women, including shorter wait times for prescriptions, wider and better-lit shopping aisles, and more beauty products.
  • It is that small corner in the market that accounts for a certain kind of specialty concerning an unmet customer need.

• Productivity Gains from Hardware

  • However, around 1900, it was the combination of small electric motors, specialty steels, and new cutting and grinding materials that allowed machine tools to mass produce steel parts.
  • The history of computing hardware is the record of the ongoing effort to make hardware faster, cheaper, and capable of storing more data.
  • In 1973, IBM introduced point of sale (POS) terminals in which electronic cash registers were networked to the store's mainframe computer.