Competing in Tough Times Business Lessons

This book brings together powerful new strategies that world-class retailers are using today to thrive in a brutal business environment. Top retail expert Dr. Barry Berman shows how to plan, execute, and win based on cost and differentiation. Detailed case studies include Wegmanrs"s, Family Dollar, Target, Tesco, Walgreen, and Costco.

Dr. Barry Berman is the Walter ‘Bud’ Miller Distinguished Professor of Business and Director of the Executive M.B.A. program at Hofstra University. He earned his Ph.D. degree in marketing management from the Graduate School and University Center of the City University of New York (CUNY).

Barry Berman is co-author of Retail Management: A Strategic Approach (Prentice Hall). This is the best-selling retail management college textbook in the world. Currently in its 11th edition, this book has been published in Canadian, Chinese, Indian, Philippine, and Russian editions. Dr. Berman has also published articles that have appeared in Business Horizons, California Management Review, The International Journal of Retailing and Distribution Management, and other journals.

Dr. Berman is Vice-President of the American Collegiate Retailing Association. He was also co-founder of the American Marketing Association’s Special Interest Group in Retail Management.

Barry Berman has consulted for Duane-Reade, Fortunoff’s, Kohl’s, Simon Properties, NCR, Lord & Taylor, Tesco-Ireland, and other retailers.

Preface	p. xiv
Introduction	p. 1
The Questionable Future Facing Global Retailers	p. 5
Increased Competition Across Retail Formats	p. 8
Retail Store Positioning and Competitive Strategy	p. 16
Takeaway Points	p. 21
Endnotes	p. 23
Low-Cost Strategies I: Key Elements of a Low-Cost Provider Strategy	p. 27
Implementing Low-Cost/Low-Price Strategies	p. 28
Advantages of Being a Low-Cost Provider	p. 31
Key Elements of a Low-Cost Retailer Strategy	p. 31
Takeaway Points	p. 44
Endnotes	p. 46
Low-Cost Strategies II: Delivering Low Costs Through Minimizing Product Proliferation	p. 49
Managerial Concerns Related to Product Proliferation	p. 52
Causes of Product Proliferation	p. 64
Reducing Product Proliferation: The Experience of Aldi, Costco, Stew Leonard's, and Trader Joe's	p. 68
Takeaway Points	p. 75
Endnotes	p. 76
Differentiation Strategies I: Effective Human Resource Strategies	p. 81
Strategic Benefits of Effective Human Resource Strategies	p. 82
The Human Resource Strategies of Best-Practice Firms	p. 86
Takeaway Points	p. 103
Endnotes	p. 105
Differentiation Strategies II: Enhancing the Service Experience	p. 111
Consumer Satisfaction Studies and Analyst Reviews of the Benchmark Retailers	p. 113
Employee Dimensions of the Service Experience	p. 117
Nonemployee Dimensions of the Service Experience	p. 122
Optimizing Customers' Web-Based Service Experience	p. 133
Takeaway Points	p. 135
Endnotes	p. 137
Differentiation Strategies III: Developing and Maintaining a Strong Private Label Program	p. 141
Advantages of a Strong Private Label Program to Retailers	p. 143
Private Label Strategies of Successful Retailers	p. 148
Takeaway Points	p. 166
Endnotes	p. 167
Implementing Cost-, Differentiation-, and Value-Based Retail Strategies	p. 173
Cost-Based Strategies	p. 173
Differentiation-Based Strategies	p. 179
Value-Based Strategies	p. 188
Auditing a Store's Cost, Differentiation, and Value Strategies	p. 195
Takeaway Points	p. 198
Endnotes	p. 200
Appendix: Individual and Composite Financial Performance, Customer Service, and Worker Satisfaction Metrics of the Best-Practice Retailers	p. 203
Introduction	p. 203
Individual Performance Metrics of the Best-Practice Retailers	p. 205
Composite Data on Best-Practice Retailers	p. 214
Employee Satisfaction Measures of Best-Practice Retailers	p. 223
Takeaway Points	p. 224
Endnotes	p. 225
Index	p. 229
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Competing in Tough Times Business Lessons from L.L.Bean, Trader Joe's, Costco, and Other World-Class Retailers

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