...MARKET SELECTION AND RETAIL LOCATION ANALYSIS 1. Why should retailers be concerned about selecting the right target market? How are target market selection and location related? Retailers should be concerned about selecting the right target market because their target market is their potential customers. These are the people who are most likely to buy their products or to buy from their stores. For the follow up question, target market selection and location are related to each other with regards to reaching the target customers. Location is a very important thing to consider when targeting a segment. Retailers should also be concerned not only with the demographics of their market but with the geographics as well. It would help the retailers in reaching their target markets and it could also help minimize the marketing costs and ensure the focus on the right target market. 2. What three criteria should be met to successfully target a market? The three criteria that should be met to successfully target a market are measurability, accessibility, and substantiality. 3. What types of retailers would be best suited for locating in a lifestyle center? For me, I think specialty and convenience retailers would be best suited to be located in a lifestyle center. 4. Why are some shopping centers and malls now using big-box stores such as Home Depot, Bass Pro Shops and Kaplan’s as anchors? Aren’t anchor stores supposed to be department stores? Perhaps, some shopping...
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...Today if companies want customers to shop then they cannot limit them to just going to a store and trying out outfits or going online and ordering just by looking at what they like, they have to combine both physical and digital experience which is called Omni-channel experience. Today when the digital consumption is growing everyday it is important for retailers to provide consumers with the right experience and as fast as possible before it becomes outdated. Today marketers are faced with difficult choice of choosing a channel in which to market their product and by not choosing one they may lose on an untapped market. With growing use of smart phones, tablets and laptops people first see the product online then in stores and then again online to compare prices and get the best deals so it is important for retailers to make their product available in as many channels as possible. From the graph we can see how digital experience has become a vital part of retail industry and it will keep growing until the next big thing comes in 50 years which is the trend in retail. Multi-path purchase will also be a key factor in future even more than what it is now. Customers can check a product on phone add to cart from their tablets and later order it from their computer. Marketers now and always will have to make these channels and apps user friendly and unique so that customers have a great experience. The most difficult part is the cost mostly for small businesses. The cost of marketing...
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...Department Stores are Struggling! Ashley Pearson FYS: History of Providence Professor Hughes December 17, 2012 In 2012 department stores in Providence are struggling. When one takes a drive through Providence the main retail stores are in the Providence Place Mall. From an outsider’s point of view it doesn’t look like these stores are struggling. After all, everyone in Providence knows where this tremendous mall is. What people do not know is that in reality they are headed downhill. These stores are department stores. A department store is a large retail store carrying a wide variety of merchandise and organized into various departments for sales and administrative purposes.[1] In the past, stores like The Outlet, Gladding and Shepards had trouble keeping up with modern times and eventually this led them to close down. If a department store cannot keep up with this modernization it is in danger of failing. Department stores overall, start to fail due to the social and economic problems that occur in Providence. This paper, therefore will investigate the rise and the fall of these three department store retailers as well as taking a look at why these more modern department stores are struggling to this day. The Outlet is a department store that was built in 1891. It was built under the two brothers Leon and Joseph Samuels and was located on Weybosset Street.[2] Immediately after being built, The Outlet started...
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...http://www.engagementinnovationsummit.com/wp-content/uploads/2014/10/medium-bdaily-logo.png .Tomaszewska J. Retail from the inside. Retail is the sale of goods to consumers, not for resale, but for use and consumption by the purchaser. The retail transaction is at the end of the supply chain. Manufacturers sell large quantities of products to retailers, and retailers attempt to sell those same quantities of products to consumers. Retailers can be categorizing by a type of products which they are selling, such as food, clothes, shoes, home care, garden accessories, jewellery, newspapers, non-specialist, chemist and toys. We can also categorize retailers based on the number of products lines and the number of different products within a product line of the products they carry. We can split retailers in to three different groups such as: General Merchandisers – These retailers carry a wide range of product categories though the number of different items within a particular product line is generally limited Multiple Lines Specialty Merchandisers - Retailers classified in this category stock a limited number of product lines but within the categories they handle they often offer a greater selection than are offered by general merchandisers. For example, a consumer electronics retailer would fall into this category. Single Line Specialty Merchandisers – Some retailers limit their offerings to just one product line, and sometimes only one product. This can be seen online...
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...shares with other retailers of this type. A store like Nordstrom has built a successful model on availability of knowledgeable salespeople, and other luxury or near-luxury retailers would be advised to pay attention. But a mass retailer like Target is not dependent on “high touch” customer service; rather, the most important things it can do to satisfy its shoppers are to ensure that goods are on the shelf and the checkout process is efficient. As more consumers migrate to “mission shopping” (walking into a store looking for a specific item), the self-service model becomes more important. Consumers are also becoming accustomed to more control through online and mobile shopping. But there is still a place for good CRM, even in the most hands-off models of “customer service.” Nordstrom is classified as an Upscale Department Store Chain. Today, Nordstrom is one of the nation's leading fashion retailers, offering a wide variety of fine quality apparel, shoes and accessories for men, women and children at stores across the country. Nordstrom shares the same characteristics as Macy’s, JC Penny's and Dillard's who also sells clothing, accessories, handbags, jewelry, cosmetics, fragrances, and in some locations, home furnishings. They all have built their thriving business on the principles of quality, value, selection and service. Describe Nordstrom's level of service on the continuum from full service to self-service. Give an example of a store that would be on the opposite end of the...
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...negative messages one has to analyze his or her audience, and plan the steps accordingly to relay the message the best way. With this assignment, I must deliver a negative message in writing to store managers, store employees, retail customers, and the public. I need to ensure that each audience group understands and accepts the message and to maintain as much goodwill as possible (Locker, Kienzler, 2008). Store Managers Store Employees Customers and the Public Describe the problem Describe the problem Describe the problem Give background information Give background information Give background and alternative solutions Provide solution for the problem Provide solution for the problem End with positive forward-looking statement Goodwill ending Goodwill ending Part II: Portfolio Retail Clothing Chain 123 A Avenue August 30, 2010 Home Town, Mo 12345 (123) 456-7890 Changes in Store Operations and Employee Work Schedules- But Keeping the Doors Open Dear Managers: In the effort to combat the rising gas prices, to save money on store operation, and to keep the doors open, store hours and work schedules will change. Beginning September 15, 2010, The Retail Clothing Chain will no longer be open on Sundays. The new business operating hours will be from 10:00 a.m. to 7:00 p.m. Monday through Saturday. All managers and full-time employees will...
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...holder with their own home décor ideas to complete the look of their home. These consumers are generally either impulse buyers or they are purchasing under limited decision making, where they have done a surface research of different candle holders that have piqued their interest. Competition Current competitors for Pier 1 Imports include box retail stores such as Walmart and Target, large retail stores such as Bed, Bath & Beyond and IKEA and specialty stores such as Yankee and Crate & Barrel. Pier 1 Imports is positioned to handle competition through at least two forms of sustainable competitive advantages. First, Pier 1 Imports has built the brand and made a very good brand for themselves. Pier 1 Imports is iconic with home décor and is pretty much a household name. Many households in America, have at least one product in them from Pier 1, whether purchased or gifted, the product is an American household name. Candle holders similar to the one offered by Pier 1 can be purchased at many popular retail stores such as Target or Walmart or more high end stores such as Home Goods or Crate & Barrel or specialty stores such as Yankee or Michaels, however because Pier 1 has set a...
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...a person, a book, or the Web. Choosing a pattern of organization, making an outline, creating a list, writing headings. Writing Putting words on paper or on a screen. Writing can be lists, fragmentary notes, stream-of-consciousness writing, incomplete drafts, and ultimately a formal draft. Revising Evaluating your work and measuring it against your goals and the requirements of the situation and audience. The best evaluation results from re-seeing your draft as if someone else had written it. Will your audience understand it? Is it complete? Convincing? Friendly? Getting feedback from someone else. Is your pattern of organization appropriate? Does a revision solve an earlier problem? Are there any typos in the final copy? Adding, deleting, substituting, or rearranging. Revision can be changes in single words or in large sections of a document. Editing Checking the draft to see that it satisfies the requirements of Standard English. Here you’d correct spelling and mechanical errors and check word choice and format. Unlike revision, which can produce major changes in meaning, editing focuses on the surface of writing. Proofreading the final copy to see that it’s free from typographical errors (Locker & Kienzler, 2008). Part II: Portfolio Business Letter 1711 Shoemaker Drive Killeen, TX 76543 January 04, 2011 Store Managers, Liaryt Retail Inc. 819 Finster Lane Killeen, TX. 76543 Dear Store Managers, Good morning I am...
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...Favorite Brand Michelle Gale MKT/421 June 2, 2014 Glenna Twing Every person has a favorite something; this could be shoes, stores, or food to name a few. This paper will detail one of my favorites, Skecher’s Shoes. There are many competitors that offer similar products, and the paper will show a few of them. Details as to why they are my choice will also be included. We will also look at how this company provides customer service to promote customer loyalty to a variety of age groups. My intent is to get others to try these shoes if they have not. Favorite Brand and Why Shoes are important to most people. Many have a favorite brand at they like to wear. I choose Skecher’s Memory Foam as my favorite brand. Skecher’s Memory Foam are my favorite for a few reasons the biggest reason is they are comfortable. With my current job I am on my feet a lot, and comfortable shoes are necessary. To have a pair of shoes that do not provide comfort could make my feet hurt after a period of wearing them. I have also found that an uncomfortable pair of shoes causes other problems such as an ache in my back. Having this happen has and would make the day worse. Pricing is another reason that these shoes are my favorite. The pair that I most currently purchased was $64.99; this is not a bad price. Considering that I wear these shoes at least five days a week, and at least eight hours a day,...
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...project, we simply went down the list to the next best PI index level until we came upon a project that we could afford. The one exception, or choice, that did not involve a pure PI play, was in our decision to be very conservative when choosing the number of stores to open for New Heritage’s retail store expansion. Our common sense approach had us open only one store in the first year to see if it was successful and to follow that up with additional stores in subsequent years to build on its success. That allowed us to open two stores in Year 2 and an additional two stores in Year 3. Once again, just to be safe, we opened only two stores in Year 2. We did this since the original store was a proven success and we wanted to capitalize on its success by adding an additional store opening, but held back on the last two, once again, in case the environment had changed. Using our approach, our simulation resulted in an APV of 579.34. This, however, is not the end of the story. Considering the retail division’s expectation that retail store expansion would be “no more than medium risk, and it actually would be most efficient to open all the stores simultaneously,” we decided to run the simulation front-loading the expansion with five new stores opening in Year 1....
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...future of the shopping, has revealed that E-Commerce alongside to In-Store retail has become a big part of the shopping process over the past decades. In order to find out what the future shopping looks like, the definition of E-Commerce has been discussed as a theoretical part of the research. The research has revealed that E-Commerce is defined in common literature shortly as “doing business electronically”. (European Commission, 1997). When defining E-Commerce more in detail, the term has been analysed by Kalakota and Whinston from four different perspectives. As the term includes many actions in different variations, few business models have been created and analysed. Two common accepted and mentioned in literature...
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...vertically integrated brands have captured significant market share over the past few years, growing more rapidly than traditional manufacturers and retailers. By controlling the whole value chain, from manufacturing to retail—and thereby blending product and retail identity—vertical brands can offer attractive economics. With traditional retail channels on the decline, many manufacturers—especially those in textiles, furniture, leather goods, sporting goods, and luxury goods—are choosing vertical integration as a way to better manage their brands. There are, however, many approaches to vertical integration. To get a closer look at the risks, benefits, and best practices of the various approaches, The Boston Consulting Group conducted a detailed survey among a number of leading brands. This article presents highlights from that study. Why Vertical Integration Now? In a traditional business system, the producer controls product design and development, manufacturing, selling and distribution to retailers, product service, and advertising, whereas the retailer is responsible for store concept and design, store management, product assortment, visual merchandising, and selling to consumers. But traditional retailers, especially department stores, are facing formidable challenges these days. Caught between two types of competitors—specialty boutiques on one side and discounters on the other—retailers are hard-pressed to give the products Taking Care 11/7/05 ...
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...Effectiveness of Technology BIS/318 Effectiveness of Technology Retail management is the process or processes to aid the customer in procuring the desired good or service from a retail store for his or her end use. In the 21st century, technology is playing an increasing role in the overall success of the retail industry and retail management. “Information Systems, starting with customer records, inventory control, loss prevention, supply chain, workforce management and business intelligence changing the efficiency and effectiveness of retail operations to a point where retailers who do not embrace the technology move to the forefront of businesses that are doomed to fail” (DMS Retail, n.d.). How Technology Changed the Role of Retail Managers Any improvement to customer service is an improvement in retail management. Technology has proven to improve various aspects in service and management. For example technology in inventory control allows retailers to locate products throughout the retail store from the moment it is checked in from the receiving floor. When a customer calls to check on whether the retailer has a particular item in stock, there is no longer a need to walk through the entire store to check to see if a product is on the shelves. Time is saved by searching through the inventory system to see if the product is in stock. Retailers are now able to auto order new inventory based on information passed through the system on sales. When a good is sold...
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...Dragonfly- Lack of Management Experience The Thompson’s business decisions’ from the start of their relationship to their current situation has proven their lack of management experience. With both of their backgrounds in retail and buying, their choices were based more on what they know; retail, rather than what will make the company succeed. Each of their choices brought more risk than a successful small business owner would have made, who has experienced in more than retailing. Lastly, their strategy at Dragonfly to markdown inventory while not paying rent to their landlord, showed their lack of experience or knowledge of running a successful business. Opening the Lady Madonna franchise was the only successful decision the Thompson’s had made. As proof of their ignorance to management skills, they foolishly chose to move on from their Lady Madonna franchise, which was already equipped with brand-name familiarity and a national marketing platform to open up their own business. The Thompson’s enjoyed the buying trips, choosing inventory, and serving customers but a company cannot be run by owners who only know one side of the business; the retail side. The risk of a decision can be described as how expensive is the cost of failing. The Thompson’s had a large cost of failing. By opening their own business without management experience or partnering with someone who had that experience, their only chance was a long-term low return. As a result from leaving Lady Madonna...
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...marketing mix of a start-up retail venture in the high street. I will look critically at setting up a retail business on the high street in the current economic climate and the affect this may have on the marketing mix. I will first give a brief overview of the economic situation in the UK and high street retail in general. The UK economy has undergone a protracted period of instability since the banking crisis of 2007/08, which sparked economic downturn for the UK and caused a dramatic fall in both consumer and business confidence. Between 2008 and 2012, the UK experienced two periods of recession and has been subject to austerity measures, such as public spending cuts, welfare reforms and increased taxation, imposed by the UK Government in an attempt to reduce the country’s budget deficit and reverse economic decline. These measures coupled with high inflation, rising levels of unemployment and low wage growth have contributed to less disposable household income and subsequently lower consumer spending across most of the UK. The economic constraints of the last five years, such as falling consumer spending, increasing operating costs for businesses (20% rise since 2006) alongside less available, affordable borrowing to businesses have led to large numbers of high street retailers closing their doors. The Centre for Retail Research (2013) reported that 54 retail companies went into receivership in 2012 alone, affecting almost 4,000 stores across the UK. Administration...
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