StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Needs and Preferences of Customers - Essay Example

Cite this document
Summary
The author of this paper "Needs and Preferences of Customers" focuses on the general business flow and processes involved in a supermarket’s order and supply of goods. The operation or business process in a supermarket can be described using the 4Vs…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER98.3% of users find it useful
Needs and Preferences of Customers
Read Text Preview

Extract of sample "Needs and Preferences of Customers"

4Vs include volume, variety, variation of demand, and visibility. Below describes how the 4Vs are involved in the business process in the supermarket.

Ordering and delivery of goods from suppliers depends on the volume of goods that were sold. The amount of goods ordered (volume) usually depends on the amount present and the sales records. There can be a situation where the ordered volume of products is high but with a low variety of the same products. An example is when a large volume but a small variety of fruits is ordered from suppliers.

The demand for each product in a supermarket varies and is very hard to predict, and with not enough inventory space, what the management does is stock less volume of the products with more variety. This is to make sure that there is a variety of a product available for customers as each customer has different preferences. A competitive supermarket must make sure they do not run out of each of the variety of products available.

Another ‘V’ which is crucial to a supermarket is the variation of demand as supermarkets have to cope with changing customer needs during different seasons. Therefore it is ultimately important to have a large variety of products.

Merchandising or displaying products on shelves is also important. This is known as visibility. Products should be displayed in a manner that they are highly visible to the customer to make it easier for them to find the products. The main idea is to attract customers who have many variety of easily visible products. Therefore the shelves should be designed in a way that there is a large variety of a certain product in its category on the shelf. Also fast- moving goods should be placed on shelves next to the entrance for the convenience of customers (Samson and Draft, 2012,56).

 

Below is a sub-process that occurs between and within the warehouse and the retail shop displayed in the swim lane diagram:

Warehouse

Supply of ordered goods

 

Receipt of order

 

Retail shop

Display of goods (merchandising)

 

Inventory management - checking on the level of inventory. Analysis of fast-moving goods.

 

Order for products

 

 

Receive goods

 

Customers

Customer purchase of goods

 

 

Retail store orders goods from warehouses according to the needs and preferences of local customers. Periodically, the store checks its inventories to be able to detect fast-moving goods which need to be restocked (Noonan 1998, 82).  This will enable the store to come up with a list of goods that need to be restocked frequently or order quantity increased, and goods that should not be ordered for a while (slow-moving stock).

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“O&PM Assignment Essay Example | Topics and Well Written Essays - 500 words”, n.d.)
O&PM Assignment Essay Example | Topics and Well Written Essays - 500 words. Retrieved from https://studentshare.org/management/1670058-opm-assignment
(O&PM Assignment Essay Example | Topics and Well Written Essays - 500 Words)
O&PM Assignment Essay Example | Topics and Well Written Essays - 500 Words. https://studentshare.org/management/1670058-opm-assignment.
“O&PM Assignment Essay Example | Topics and Well Written Essays - 500 Words”, n.d. https://studentshare.org/management/1670058-opm-assignment.
  • Cited: 0 times

CHECK THESE SAMPLES OF Needs and Preferences of Customers

Customer Relationship Management

Culture is vital to an organization; however, this culture should be flexible in order to meet the changing Needs and Preferences of Customers.... Therefore, organizations must improve their interaction, which enables the company to identify the needs of customers.... Although employing more people to cater for the needs of customers is an added cost, this leads to a competitive advantage mainly because a company is in a position to provide better services compared to competitors....
6 Pages (1500 words) Essay

Organisational Strategy & Decision Making

The company is dedicated towards sourcing finest quality coffee beans in order to deliver enriched quality coffee to its customers and known for their genuine service, pleasing atmosphere, and superior quality.... Management Essay Abstract The present study revolves around analysing and evaluating strategic position of the Starbucks....
11 Pages (2750 words) Essay

Marketing of Segmentation in hospitality industru

Importance of segmentation in hospitality industry Importance of segmentation in hospitality industry The success of marketing policies used within each industry is depended on the level at which these policies are aligned with the industry's needs and trends, as influenced by the local culture and ethics.... Importance of segmentation in hospitality industry Importance of segmentation in hospitality industry The success of marketing policies used withineach industry is depended on the level at which these policies are aligned with the industry's needs and trends, as influenced by the local culture and ethics....
3 Pages (750 words) Essay

Physical Global Marketing Environment

This study will help us in creating a brand in the presence of the Needs and Preferences of Customers of the target market.... Consumers are now getting aware with the changing trends so marketer needs to be very active in understanding the changing trends of the market and importantly the changing taste and preferences of consumers.... Consumer behavior study taught us the factors of understanding the changing tastes and preferences of consumer with the changing trend (Terpstra, 2000)....
4 Pages (1000 words) Assignment

Southwest Airpine Analysis

The company cares for the needs of its customers and its customer care mechanism enables it to stay on top of the competition by ensuring that the Needs and Preferences of Customers are met.... This knowledge of customers' needs enables Southwest to refine its services continuously, thereby maintaining its customer and attracting even more.... Since its inception, Southwest Airlines has distinguished itself as a unique industry player due to its low fare structure which has captivated many customers (Lauer, 2010)....
2 Pages (500 words) Research Paper

Administration and Executive support

(a) Identify and discuss the key qualities and skills (interpersonal and practical skills in particular) required to carry out the MA (administrative assistant) role.... You can relate this to your own or another's experiences to the current models of good practice. ... ... n order to.... ... ... arry out the MA (administrative assistant) role, there are specific key qualities and skills that individuals must have in order to be not only effective but also efficient....
4 Pages (1000 words) Essay

Strategy definition of Lloyds bank TSB

In addition, the bank is determined to open up networks of branches that can meet the emerging Needs and Preferences of Customers.... escription of Lloyds Bank TSB strategy Statement As Rukstad and Collis highlighted, some organizations choose to place customers at the core of their business strategy.... This strategy was developed after realizing that customers were the most important entities in any business.... If the bank can satisfy customers, then it is assured of registering growth....
2 Pages (500 words) Essay

Retention and Diversity in HR Management

The human resources are the first echelon of establishing connection between the employees who mirror the Needs and Preferences of Customers and the organization strategy.... Businesses perceive diversity in the workplace as a business strategy, which increases productivity and meets the needs of consumers....
5 Pages (1250 words) Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us