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What is your favorite store? Explain in detail why it has become your favorite, and what other stores can learn from this.
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- In a small group, present a plan for a new retail store. Who is the target market? Describe the merchandise, atmospherics, price points, services provided, location, and how you would promote your retail store. Describe how you will differentiate your store from competitors.Shop for a good book at the Barnes & Noble Web site (www.bn.com), taking time to browse the site and see what it has to offer. Next, shop at a nearby Barnes & Noble or other bookstore. Compare the two shopping experiences. Where would you rather shop? On what occasions? Why?You can purchase apparel at a discount store, specialty store, categoryspecialist, off-price retailer, department store, or Internet-only store.From which of these types of stores do you shop? Explain why youprefer one type store over another.
- Identify a retailer that is currently struggling. Discuss why it is having difficulties and suggest ways to turn things around.Choose a retail business that you want to start. Where do you want to start? Who are your target customers? What are the goals of your business? Choose an ownership form and the type of retailer. What value added services would you provide to your customers?what is your favorite retailer? why do you like this retailer?
- What types of retailers would attract our target audience?Assume you are considering opening a retail business. You are trying to decide whether to have a traditional “brick-and-mortar” store or to sell only online. Explain how the activities and costs differ between these two retail arrangements.Hands-On Marketing: Crafting a Simple Strategic Plan Select a retail establishment you will use for analysis. Identify its direct competitors, its target market and positioning, its strategy with respects to its competitors, its retail formats and its bases for developing a competitive advantage relative to its competitors. Outline the retailer's strengths, weaknesses, opportunities and threats relative to its competitors. Pick a specific market which the company does not operates/caters and make a recommendation of whether the retailer should enter the market and if so, how it should do so. Below is the prescribed format to be accomplished and submitted on or before the Final Examination period. Name of Retail Establishment Target Market Market Position Current Retail Format Situational Analysis (SWOT) Recommended Strategies
- How does a traditional specialty store attract customers?What challenges does Mall of America face as it strives to continue its success?Discuss the future growth and nature of wholesaling if chains, scrambled merchandising, and the Internet continue to become more important. How will wholesalers have to adjust their mixes? Will wholesalers be eliminated? If not, what wholesaling functions will be most important? Are there any particular lines of trade where wholesalers may have increasing difficulty?
