RETAIL STRATEGY FINAL PROJECT

· 5 points: History of the Company (use the Internet to research this):

· 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?

· 5 points: Target Market:

· Demographic characteristics of their target customer (age, gender, income level, education etc.)

· Psychographic characteristics of their target customer

· 10 points: Merchandise Assortment: You may have to visit the store to find information about these.

· What are the major brands they carry?

· Do they have private label brands?

· Where does this retailer's merchandise fit on the category life cycle? (Chapter. 12)

· Does this retailer carry convenience goods, shopping goods or specialty goods? (Chapter. 7)

· 5 points: 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?

· 5 points: Omni-Channel Strategy

· Describe the retailer’s presence in other channels (website, catalog etc).

· Is the retailer able to present a similar image across all its channels? How do you prove this statement?

· 10 points: 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)

· Is there a frequent shopper program?

· 10 points: 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.)

· 10 points: Store Layout: (Visit store if possible or provided answers based on previous visit)

· 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?

· 10 points: Customer Service: (Visit store or website)

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

· Talk to 3 customers (it could be your family or friends who have visited this store in the past) – What is their perception of this stores customer service? How does this store handle customer complaints?

· What is their return policy?

· 10 points: Competitive Advantage: (This section should be 2-3 paragraphs minimum — think critically about it!)

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

· Refer to the Retail Strategy chapter to outline their SCA

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

· 10 points: Recommendations for the retailer

· Based on your research, what does the future hold for this company?

· Provide your own examples of the four different growth strategies (Refer to Retail Strategy chapter) available for this retailer?

· What operational and/or strategic recommendations will you provide them to remain successful in the future