The Role of Macro Environment in the Retail Industry (Retail Strategy 29.05.2021)

The Role of Macro Environment in the Retail Industry

All retail companies operate within a “macro environment,” or the sphere of influence outside the company that shapes how companies do business. Unlike the micro environment of a retail store, companies in the retail industry usually cannot influence or change the macro environment and must adapt to changes as they arise. The macro environment includes economic, technological, societal and governmental influences. A retailer must understand the role of each to compete within the retail industry.

 

The Role of Technology in the Macro Environment

Technology not only creates new products for retail companies to sell, but also plays a major role in changing the way retail companies do business. Technological advancements such as the internet offer retail customers additional shopping options.

Technology also opens new retail markets, with auction platforms like eBay and web-based retailers such as Amazon.com. Barcoding and computerized billing systems have improved the retail industry by allowing retailers to develop new processes that increase efficiency. Point-of-sale systems increase sales by allowing retailers to process cash, check, credit- and debit-card payments.

 

The Role of Government

Laws, regulations and other government policies can have a number of positive or negative effects on the retail industry. Government assistance, such as government-backed loans and subsidies, can help retailers grow or allow an established company to keep costs low for consumers. However, government policies can also hinder businesses by imposing regulations that increase costs, such as requiring the development and integration of new systems or procedures or establishing a minimum wage that small retailers may not be able to afford. The retail industry also relies heavily on government-supported road and transportation infrastructure to move goods and bring customers to retail locations.

 

The Role of Economic Factors

Retail sales are driven by the economic environment. A robust economy correlates to an increase in consumers' disposable income, increasing sales and allowing retailers to sell more valuable goods, such as high-end electronics. On the other hand, a sluggish economy decreases consumer confidence and can cause people to spend less, leading to declining sales and forcing retailers to lower prices. Economic and governmental factors often overlap in areas such as corporate taxation, import and export laws, and inflation, which can decrease consumer purchasing power.

 

The Role of Social Factors

Changes in social values and trends impact the goods retailers sell and how retailers relate to consumers. The retail industry is often under pressure to develop and implement socially responsible business practices, such as selling environmentally-friendly products, placing warnings or restrictions on potentially harmful goods, and removing recalled or controversial products from the shelves. Again, government and social factors overlap in many areas including employment discrimination. Retailers that fail to conform to new social norms often lose business to companies that are willing to adapt to changing societal values.

Data Architecture in DBMS (MIS 29.05.2021)

Data Architecture in DBMS

The DBMS design depends upon its architecture. The basic client/server architecture is used to deal with a large number of PCs, web servers, database servers and other components that are connected with networks.

The client/server architecture consists of many PCs and a workstation which are connected via the network.

DBMS architecture depends upon how users are connected to the database to get their request done.

 

Types of DBMS Architecture

Database architecture can be seen as a single tier or multi-tier. But logically, database architecture is of two types like: 2-tier architecture and 3-tier architecture.

 

1-Tier Architecture

o        In this architecture, the database is directly available to the user. It means the user can directly sit on the DBMS and uses it.

o        Any changes done here will directly be done on the database itself. It doesn't provide a handy tool for end users.

o        The 1-Tier architecture is used for development of the local application, where programmers can directly communicate with the database for the quick response.

 

2-Tier Architecture

o        The 2-Tier architecture is same as basic client-server. In the two-tier architecture, applications on the client end can directly communicate with the database at the server side. For this interaction, API's like: ODBC, JDBC are used.

o        The user interfaces and application programs are run on the client-side.

o        The server side is responsible to provide the functionalities like: query processing and transaction management.

o        To communicate with the DBMS, client-side application establishes a connection with the server side.

3-Tier Architecture

o        The 3-Tier architecture contains another layer between the client and server. In this architecture, client can't directly communicate with the server.

o        The application on the client-end interacts with an application server which further communicates with the database system.

o        End user has no idea about the existence of the database beyond the application server. The database also has no idea about any other user beyond the application.

o        The 3-Tier architecture is used in case of large web application.

 

The design of a DBMS depends on its architecture. It can be centralized or decentralized or hierarchical. The architecture of a DBMS can be seen as either single tier or multi-tier. An n-tier architecture divides the whole system into related but independent n modules, which can be independently modified, altered, changed, or replaced.

 

In 1-tier architecture, the DBMS is the only entity where the user directly sits on the DBMS and uses it. Any changes done here will directly be done on the DBMS itself. It does not provide handy tools for end-users. Database designers and programmers normally prefer to use single-tier architecture.

 

If the architecture of DBMS is 2-tier, then it must have an application through which the DBMS can be accessed. Programmers use 2-tier architecture where they access the DBMS by means of an application. Here the application tier is entirely independent of the database in terms of operation, design, and programming.

 

3-tier Architecture

A 3-tier architecture separates its tiers from each other based on the complexity of the users and how they use the data present in the database. It is the most widely used architecture to design a DBMS.

·                  Database (Data) Tier − At this tier, the database resides along with its query processing languages. We also have the relations that define the data and their constraints at this level.

·                  Application (Middle) Tier − At this tier reside the application server and the programs that access the database. For a user, this application tier presents an abstracted view of the database. End-users are unaware of any existence of the database beyond the application. At the other end, the database tier is not aware of any other user beyond the application tier. Hence, the application layer sits in the middle and acts as a mediator between the end-user and the database.

·                  User (Presentation) Tier − End-users operate on this tier and they know nothing about any existence of the database beyond this layer. At this layer, multiple views of the database can be provided by the application. All views are generated by applications that reside in the application tier.

Multiple-tier database architecture is highly modifiable, as almost all its components are independent and can be changed independently.

 

Levels in 3-tier Architecture

 

1. External Level (View Level) – It is relevant to each user

 

2. Conceptual Level (Logical Level) – It is what kind of data to be stored in database and relationship among data.

(a) All entities, attributed and their relationship

(b) Security and integrity.

 

3. Internal Level (Storage Level) – Physical representation of database how the data is stored in database. It covers data structure and file organization.

 

Education Marketing (Service Marketing 29.05.2021)

Education Marketing

Education marketing is a type of marketing that promotes valuable educational content and helps institutions and individuals take advantage of it.

 

Educational content includes everything from courses and how-to videos to research papers and books to software applications for desktop computers and mobile devices. With the right education marketing strategy, educational content can spread like wildfire and ignite curious minds from all over the world.

 

Why Does the Education Sector Need Education Marketing?

The education sector has been experiencing a massive boom thanks to the numerous opportunities created by the internet and modern technologies in general.

Traditional educational institutions, many of which are available on the App Store and Google Play. Besides education apps, the e-learning market is also saturated with online courses, videos, eBooks, and websites, making it very difficult for new players to get noticed.

 

Education marketing’s purpose is to implement various marketing strategies to promote valuable educational content. And it is often the only way for new educational content to reach students and gain traction.

 

Education marketing shouldn’t be confused with education-based marketing, a specific marketing strategy that involves the education of prospects, rather than pitching them, to establish trust. On the other hand, education marketing encompasses all marketing activities in the education sector, including the following:

 

1. School marketing: There was a time when schools didn’t need marketing because they relied solely on their reputation and word of mouth. That time is forever gone because millennial parents are more tech-savvy and use the internet to support their decision making. Schools that don’t actively market themselves are destined to be ignored by many millennial parents who would otherwise be greatly interested in what they have to offer.

2. Marketing for higher education: Colleges and universities benefit from marketing for higher education because it helps them elevate their brand and drives enrolment. Students benefit from it because higher education marketing helps them make the right choice when choosing their education path.

 

3. Digital marketing for the education sector: In today’s digital world, traditional marketing strategies are no longer suitable for targeting younger demographics. Educational institutions must embrace digital channels if they want to convey their message to a large audience in a cost-effective manner. Such channels include email, web content, social media, paid search, and others. Harnessing these and other marketing channels is not easy, but the potential to greatly increase revenue and decrease cost per lead is huge, making digital marketing an important cornerstone of every education marketing strategy.

 

4. Social media marketing for educational institutions: Parents and students alike spend a lot of time on social media sites, and educational institutions should establish a presence on sites like Facebook, Twitter, and Instagram to engage with them and learn more about their wants and expectations. Content published on social media should be bite-sized, captivating, and in line with the image the institution is trying to build.

 

5. The promotion of educational apps: The current educational app market is so competitive that it’s no longer enough just to have a great product—one must also have a great educational marketing strategy that is executed to perfection to get ahead of the competition.

 

7 Best Education Marketing Strategies in 2021

 

1. Use Social Media Platforms to Connect with Your Audience

Social media platforms like Facebook, Twitter, Instagram, are the most popular among new generation parents.

 

 

 

2. Include Digital Advertising in Your Marketing Budget

Digital advertising can be a very effective way of marketing education services, which is part of the reason why worldwide digital advertising spending is predicted to reach over 

 

3. Create a Mobile-Friendly Website with an Optimized Landing Page

4. Encourage Students to Leave Online Reviews

5. Create Engaging Video Content

 

6. Promote Safety

Leaning into promoting the safety and convenience of learning from home is going to be a winning strategy for educational marketing.

 

7. Create Educational Apps

 

5 steps to a successful education sector marketing strategy

Education sector marketing is notoriously challenging. Well-known hurdles include budget limitations and having to appeal to a completely new audience each year. With the rise of digital marketing channels, marketing your educational institution effectively is becoming even more competitive and complex.

 

Students (and their parents) now expect online entry forms, an authentic presence on social media, and candidate recruitment becoming a year-round activity – and as digital channels continue to evolve, even established educational suppliers should be re-evaluating their marketing strategy annually.

 

1. Consider key timings

Look at when in the year you can best plan or review your marketing strategy, also allowing time for implementation. Recommended timings are preparing for the new academic year and getting ready for the new financial year.

 

Regardless of your budget, setting aside time at critical points in the year to work on your marketing strategy will help you generate demand that leads to fill those spaces. It’s also worth remembering to keep future candidates warm throughout the year. Don’t just see candidate recruitment as a one-off ‘open day’, as competitors will find it all too easy to creep up and steal prospective students from you when you least expect it if you’re not at the top of your game year-round.

 

2. Understand and use of social media

Prospective students now expect you to have a strong social media presence across key channels, including Facebook, Twitter and YouTube. Being present on these channels helps you keep your school, college or university front of mind, so make sure you’re making the most of social platforms.

 

3. Become a ‘page one’ search result on Google SEO

When parents and students are researching suitable education providers online, it’s essential that you’re a top result. As Google is the most popular search engine, Google Ads can be the most effective way to help drive traffic to your website. There is of course a huge amount of relevant competition in Google Ads, so it’s important you know what you’re doing when setting this up! It’s also a good idea to work with someone who is experienced in search engine marketing (SEM), otherwise it can become very expensive.

 

4. Take a multi-channel approach BUT join it up

Prospectuses remain key and are still the best place to tell your story, from results to reputation and facilities to extra-curricular activities – but they shouldn’t be seen as a document in silo!

Print is most definitely not dead (especially in the world of education), but make sure your prospectus is also featured on your digital, social and email communications as well as any promotional items you give out at events. Keep your theme joined up throughout to make the most of your investment.

 

5. Get some credibility

Testimonials from past students, awards you’ve won as well as your latest results are crucial to building up the credibility behind your story. These are all great endorsements which can be incredibly powerful, just like the ‘TripAdvisor’ effect on the leisure industry.

 

 

PESTEL / PESTLE Analysis of The Retail Industry (Retail Strategy 28.05.2021)

PESTEL / PESTLE Analysis of The Retail Industry

Just like every other industry, the retail sector is affected by the six principles of PESTLE / PESTLE analysis.

 

The retail industry is comprised of the process where retailers sell their final products and services to the end consumers. Retailer is the person who carries out the function of processing many small orders, rather than one big order like in wholesale, governments, and corporations.

 

The retail industry operates at the bottom of the supply chain management system of distribution, where the retailer completes the selling process. In other words, retailer plays a key role in the selling; it wouldn’t be possible without him.

 

The retail industry comprises of shops, stores, shopping streets and malls, and e-commerce stores; where buyers visit such stores either by going there physically or online. The aim is to complete the transaction, and it could be about anything like; food, clothing, electronic equipment, cables, telephones, etc.

 

New forces and trends are shaping the retail landscape. Particularly, it is the technological and economic trends that are having the deepest effect on it. However, with time the competitive pressure is also growing which is because of the growth in the number of players and proliferation of the e-retail. 2015 was an year of whopping growth for e-retail. Amazon has grown by leaps and bounds. Since the recession passed, retail sales globally have kept growing.

 

Political:

Political factors like government policies and regulation of the retail industry affect its revenue and profitability. The political environment affects so many things including economic environment of a nation and international supply chains of businesses. Political stability means better business because political disruption leads to the disruption of supply chain and sales. Moreover, political issues can also become hindrance to smooth business operation. In all the nations, the business environment is affected by the political landscape. The Asian economy is growing at a faster rate than other parts of the globe. However, the government and Red tape can be a big problem in the Asian nations. For the big International retailers, it can be quite difficult to expand into the Asian countries. India still has difficult laws and restrictions on Foreign Direct Investments. All these factors can make it difficult for the retail brands to operate profitably in the international environment.

 

Economic:

Economic factors are always very important in the context of trade and business. The state of the world economy decides the state of sale and profits for the industry. The world economy has rebounded and is growing. Economic growth means that people are going to spend more on shopping. However, even in the time of recession, the retail industry had maintained impressive sales. In 2015, it achieved global sales of $20.8 trillion. Based on the economic scenario worldwide, the retail industry has grown to $28 trillion by 2020.    The labour market and the economy both are in very good shape and an increase in disposable income has also boosted consumer confidence. All of these are very good signs for the retail industry. The better the shape of the economy, the higher will be the revenue and profits for the retail brands. Better economic scenario means a growth in sales and overall better shape of the retail sector.

 

Social:

Social trends are also a major impact on the retail sector and its profitability. Demographic changes and changing consumer preferences are going to have a deep impact on retail sector. The millennials (new generation) have different preferences than the previous generation. When it comes to customer service, they want more personalized service. Retailers will have to change the way they serve their customers and design their service experience better to lure in millennials in higher numbers.  Demographic changes have also affected the popularity of products. the technological products are in more demand than ever. The demands of the new generation are much different than the older generations.  The importance of customer service is growing and a lot of retailers’ popularity will depend on how well they have crafted their customer experience. More focus shall have to be on customer engagement.

 

Technological:

Technological factors are now all the more important whether in terms of supply chain, customer service or sales. The growth of digital technology has also increased the number of players in the retail industry. Technology affects several things including user experience. If e-retail has enjoyed exponential growth then it is because of the additional convenience provided by technology. More and more retailers are trying to make better use of technology to make the customer experience better. A number of new technologies like AI and cognitive intelligence are going to change the retail landscape in the coming years.  Even cloud computing, IoT and Distributed intelligence are going to have a deep impact on the retail sector. In the coming years several more things will be determined by technology which will remain at the centre.

 

Environmental:

Like the other industry sectors, the retail sector is also affected by the sustainability concerns. Packaging, waste reduction, renewable energy and several other concerns related to sustainability are there before the retail sector. The big brands like Amazon and Walmart have already invested a lot in reducing their carbon footprint and in renewable energy.  Apart from that the focus is also on packaging and sourcing in an environmentally responsible manner.  Amazon is always driving improvement in packaging sustainability across the entire supply chain. It is focusing not just on reducing its carbon footprint but also on achieving 100% renewable energy usage in the long term.

 

Legal:

The legal factors are also just as important for the retail sector. There are so many laws related to business and employment that affect it. Labour laws are particularly a big pain for the retailers who have to maintain low prices to remain competitive. Walmart has had so many tussles with laws over labour related issues. Apart from that, the other laws like product and packaging related laws also apply to the retail sector. Overall, the legal scenario is quite complex and retailers have to be cautious since any violation can result in big fines. Both Amazon and Walmart have had to deal with their fair share of legal issues in the past. These laws and the level of legal scrutiny differs from nation to nation and everywhere the retailers have to be cautious about compliance.

 

Database Approach (MIS 28.05.2021)

Database Approach

Database technology eliminates many of the problems of traditional file organization by organizing data: centralizing data and controlling redundant data and serve many applications and different groups at the same time.

 

The database approach is an improvement on the shared file solution as the use of a database management system (DBMS) provides facilities for

(1) querying (monitoring),

(2) data security and integrity, and

(3) allows simultaneous access to data by a number of different users.

 

Some important terminology:

·                  Database: A database is a collection of related data.

·                  Database management system: The term 'database management system', often abbreviated to DBMS, refers to a software system used to create and manage databases. The software of such systems is complex, consisting of a number of different components.

·                  System catalogue / Data dictionary: The description of the data in the database management system.

·                  Database application: Database application refers to a program, or related set of programs, which use the database management system to perform the computer-related tasks of a particular business function, such as order processing.

 

In order to remove all limitations of the File Based Approach, a new approach was required that must be more effective known as Database approach.

 

The Database is a shared collection of logically related data, designed to meet the information needs of an organization. A database is a computer based record keeping system whose over all purpose is to record and maintains information. The database is a single, large repository of data, which can be used simultaneously by many departments and users. Instead of disconnected files with redundant data, all data items are integrated with a minimum amount of duplication.

 

The database is no longer owned by one department but is a shared corporate resource. The database holds not only the organization’s operational data but also a description of this data. For this reason, a database is also defined as a self-describing collection of integrated records. The description of the data is known as the Data Dictionary or Meta Data (the ‘data about data’). It is the self-describing nature of a database that provides program-data independence.

 

A database implies separation of physical storage from use of the data by an application program to achieve program / data independence. Using a database system, the user or programmer or application specialist need not know the details of how the data are stored and such details are “transparent to the user”. Changes (or updating) can be made to data without affecting other components of the system. These changes include, for example, change of data format or file structure or relocation from one device to another.

 

In the DBMS approach, application program written in some programming language like Java, Visual Basic.Net, and Developer 2000 etc. uses database connectivity to access the database stored in the disk with the help of operating system’s file management system.

 

E.g., The file system interface and DBMS interface for the university management system is shown.

Building blocks of a Database

The following three components form the building blocks of a database. They store the data that we want to save in our database.

 

1. Columns. Columns are similar to fields, that is, individual items of data that we wish to store. A Student’s Roll Number, Name, Address etc. are all examples of columns. They are also similar to the columns found in spreadsheets (the A, B, C etc. along the top).

 

2. Rows. Rows are similar to records as they contain data of multiple columns (like the 1, 2, 3 etc. in a spreadsheet). A row can be made up of as many or as few columns as you want. This makes reading data much more efficient – we fetch what you want.

 

3. Tables. A table is a logical group of columns. For example, we may have a table that stores details of customer’s names and addresses. Another table would be used to store details of parts and yet another would be used for supplier’s names and addresses.

It is the tables that make up the entire database and it is important that we do not duplicate data at all.

Characteristics of database

The data in a database should have the following features:

Organized / Related. It should be well organized and related.

Shared. Data in a database are shared among different users and applications.

Permanent. Data in a database exist permanently in the sense the data can live beyond the scope of the process that created it.

Validity/integrity/Correctness. Data should be correct with respect to the real-world entity that they represent.

Security. Data should be protected from unauthorized access.

Consistency. Whenever more than one data element in a database represents related real-world values, the values should be consistent with respect to the relationship.

Non-redundancy: No two data items in a database should represent the same real-world entity.

Independence. Data at different levels should be independent of each other so that the changes in one level should not affect the other levels.

Easily Accessible. It should be available when and where it is needed i.e., it should be easily accessible.

Recoverable. It should be recoverable in case of damage.

Flexible to change. It should be flexible to change.

 

To create, manage and manipulate data in databases, a management system known as Database Management System (DBMS) was developed.