Knowledge Management an instrument for implementation in Retail Marketing

Abstract

- This paper presents an explorative study of knowledge

management as an instrument for implementation in retail marketing

from customers, employees & technological perspective. The

objective of the study is to understand how fast growing knowledge

economy, related to technology, services and globalization is

managed in retail marketing, also what are the challenges facing

knowledge management in retail marketing environment and how

knowledge management can effectively be utilize as an instrument

for implementation in retail marketing.

In today’s business environment, where retail industry is under

pressure, it may be due to the overlooking of the approach of how to

keep the retail marketing content updated, relevant and enthusiastic.

It is essential for retail stakeholders, to get and manage consistent,

accurate and timely information. Despite the fact that, online

marketing is big source of information, still the majority doesn’t trust

information found on internet. Being social animals humans prefer to

interact within their social network. Thus, word of mouth is also

valuable in retail marketing.

This paper argues that technology may be used to resolve this

problem of managing knowledge in retail marketing. The challenges

remain in the fact that there is a lack of proven models which can

help retailers’ marketing strategies, execute and measure the

effectiveness of knowledge management initiatives