Knowledge Management an instrument for implementation in Retail Marketing

Tanvir Hussein, Salim Khan

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.



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