Examples groups with special needs. An example of

Examples of information technologiesused in retail business Informationtechnology and systems have been in the course of time deemed to be a preserveof the large corporations and enterprises. However, the following systems havebeen developed to carter for the small scale businesses and retail stores andoutlets.Positive Multimedia Management System:this system is a central multimedia point-of-sale advertising management systemthat focuses on the aspects of marketing solutions specific to electronicadvertising. RFID technology is alsoinstalled for theft protection and facilitates the efficient flow ofinformation on the product. It is a system that specializes in thedissemination of product information with respect to retail business. Interactive Voice Response on the otherhand is an application which enhances customer relations and ease of gettingproper feedback in retail business.

Tosupplement the systems, there are components that must be included as partthereto in order to guarantee efficiency (Patano, 2014). The four maincomponents of a MIS include marketing research, marketing intelligence system, andinternal record and marketing decision support system.Michael Porter’s three strategies forcompeting in the marketplace Cost leadership strategy -This strategy involves the business enterprise winning the market share byappealing to the price sensitive customers. This is achieved by having thelowest prices in the target market segment.

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An example of a company that usescost leadership strategy is Wal-mart Inc.Differentiation strategy -This strategy is preferred where customers are very particular on their needshence a company has to differentiate its products from the rest of the marketto be successful in the market. An example of a company that usesdifferentiation strategy is BMW. Focus strategy –In this strategy a company focuses on a smaller segment of the marketespecially distinct groups with special needs. An example of a company thatuses focus strategy is Southwest Airlines.

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