Retail strategy-who is their target market

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Reference no: EM13723151

This research paper should be written in paragraph form, double spaced, 12 font with the preset (normal) margins. Please use the headings listed below (A. History of the Company, B. Retail Strategy, 1. Target Market etc. ...) to make your paper flow well. A well-researched paper should be at least 5 pages. In addition to writing the research paper--Do a 10-15 power point slide--Highlighting the company you chose, the target market, the annual revenues, how the employees are treated/promotion, what is management like?, what changes would you make to improve the concept of the store.

First step - Select a retailer. Remember a retailer sells to the "ultimate consumer." You need to choose a retailer with a physical store who sells a physical product - otherwise it will be difficult to complete this project.If you are thinking of opening your own store, choose a retailer that sells the same type of merchandise that you would like to sell. (i.e., ski shop, music store, pizza place, furniture store, apparel boutique, hardware store etc...)

A.History of the Company:

·How long have they been in business?

·How has their business changed over the years?

·What is their mission statement?

·Do they plan to expand, penetrate, diversify, or change their retail format in the near future?

B. Retail Strategy

1.Who is their Target Market:

·Define their customer according to demographics (age, gender, income level, education etc.

2.Merchandise Assortment:

·What are the major brands they carry?

·Do they have private brands?

·Where does this retailer's merchandise fit on the category life cycle?

·Does this retailer carry convenience goods, shopping goods or specialty?

3.Human Resources:

·How does this store prepare and train their sales people?

·Are they paid on commission, salary, or hourly wage?

·Are the sales people allowed to cross sell? (if there are separate departments)

·Do they outsource any activities in their business?

4.Store Location:

·Where is this retail store located? (CBD, Shopping Center, Specialty Center, MXD)

·Why do you think they chose this location?

·Is this site accessible for the customer?

·What type of lease do they have? (may not be willing to give this information out)

5.Pricing:

·What is this stores pricing policy? (Everyday Low Pricing, High/Low Pricing etc.)

·What other practices do they use to compete with price? (Coupons, Rebates, Price Bundling)

·Does this retailer use the cost-oriented method of pricing or demand-oriented pricing.

·Is there a frequent shopper program?

6.Communication Mix:

·What type of paid advertisements does this business use?

·What type of unpaid communication does this business use? (Publicity)

·Does this retailer use cooperative advertising? With whom?

·What type of sales promotions does this retailer use? (Sales, Sampling, Demos, Contests etc.)

7.Store Layout:

·What type of design layout does this store use? (Grid, Racetrack, Free Form etc.)

·Is it effective for customer flow?

·What type of fixtures do they use?

·What type of lighting are they using?

·Is music constantly playing? What type?

·What type of scent is in the store? Does it detract or attract?

8.Customer Service:

·What type of services does this store offer? (Alterations, gift-wrapping etc.)

·Talk to 3 customers - What is their perception of this stores customer service?

·How does this store handle customer complaints?

·Does this store have "mystery shoppers" to check level of service?

·Is the salesperson "empowered" to make decisions or is it up to management?

C. Competitive Advantage:

·Does this retailer have a "competitive advantage" over similar stores?

·How can they retain this advantage or achieve an advantage over their competition?

Reference no: EM13723151

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