Covid-19 has accelerated radical changes that will revolutionize retailing in every way. Shoppers' expectations are being ratcheted up, making winning (and keeping) those consumers all the more challenging. In this course, Professor Barbara Kahn will explain what it means to switch from a product-focused approach to a customer-focused approach and create marketing strategy to deliver real customer value. Learning from companies that have been most successful during this wave of change, this course will offer insights as to what we can learn from their ascendance. Building on these insights, Professor Kahn will present the "Kahn Retailing Success Matrix" which provides a framework that any company can use to create a competitive strategy to survive and thrive in today's – and tomorrow's – disruptive environment. By the end of this course, you will be able to identify the changing expectations with regard to creating superior customer experiences and valued-based branding.
Overview
Syllabus
- Module 1: How Covid-19 has Accelerated the Move from Product-focused to Customer-Focused Marketing Strategy
- In this module, you will observe changes in the retail industry that have occurred in recent years. You'll start by examining the "retail apocalypse" of 2017 and then review how COVID-19 has transformed consumer behaviors in retail. You will assess retailer response in omni-channel spaces with regards to customer service and brand loyalty. By the end of this module, you will be able to relate these concepts in a way that both increases customer value and creates a superior competitive advantage.
- Module 2: Kahn Retailing Success Strategy
- In this module, you will identify retail strategies adopted by major retailers such as Amazon, Walmart, and Target. You'll utilize the Kahn Retail Success Matrix to analyze the competitive advantages among these retailers and discuss the importance of growth mindset within the retail industry. You will also assess differences in approaches used by luxury brand retailers and how culture factors into their success. By the end of this module, you'll be better able to leverage technology to reduce friction in a customer's shopping journey.
- Module 3: Importance of Customer Experience/Shopper-tainment
- In this module, you will continue to explore the value of omnichannel retail strategy. You'll examine the importance of innovation in online/offline spaces and will identify specific examples of successful use cases in both digitally native and legacy brand retail spaces. You will also identify trends in "New Retail" by identifying the culture-specific expectations of consumers in China. By the end of this module, you will be able to identify key global trends in retail.
- Module 4: Changes in Branding: What Makes a Brand Great?
- In this module, you will examine brand strategy. You will answer the question "What is a brand" by exploring the formal, conceptual, and realistic definitions. You will review the ways in which consumers have driven many organizations to adopt a purposeful branding and will assess specific examples how organizations align themselves with social causes of brand strategy. By the end of this module, you'll be better able to assess how the pandemic, and consumer behavior as a result, has driven revolutionary changes in the future of brand strategy.
Taught by
Barbara E. Kahn
