Professional Documents
Culture Documents
Chapter 5 - Retail
Chapter 5 - Retail
BRAND IMAGE
- Retailers build customer loyalty by developing a
well-known, attractive image
CHAPTER 5: RETAIL MARKET STRATEGY - Facilitate customer loyalty because they reduce
RETAIL STRATEGY the risk associated with purchases
- A statement identifying: - Assure customers that they will receive a
o Retailer’s target market consistent level of quality and satisfaction
o Format and resources the retailer plans - Create an emotional tie with customers that leads
to use to satisfy the target market’s them to trust the retailer.
needs - Reflects positioning strategy
o The bases on which the retailer plans to
build a sustainable competitive POSITIONING
advantage - Design and implementation of a retail mix to
create an image of the retailer in the customer’s
TARGET MARKET mind relative to its competitors
- Retail market segment
- Group of consumers with similar needs and a PERCEPTUAL MAP
group of retailers that satisfy those needs using - Represent the customer’s image and preferences
similar retail channels and format
- Geographic, demographic, lifestyle, buying
situation benefits sought
- Describes the nature of the retailer’s operations
(its retail mix)
o Type of merchandise and services
offered
o Pricing policy
o Advertising and promotion programs
o Store design and visual merchandising
o Typical locations
o Customer services
STEP 7: EVALUATE PERFORMANCE AND MAKE MISSION STATEMENT - A broad description of the scope of
ADJUSTMENTS activities a business plans to undertake.
- Final step
- If the retailer is meeting or exceeding its OPPORTUNITIES AND THREATS ANALYSIS - Assessments of
objectives, changes aren’t needed features of the environment that might positively or
- If retailers fail to meet objectives, reanalysis is negatively affect the retailer’s performance.
required
- Reanalysis starts with reviewing the OWN BRAND - Products developed and marketed by a
implementation programs retailer and available for sale only by that retailer. Also
- May indicate that the strategy (or even the called store brand, private-label brand, or house brand.
mission statement) needs to be reconsidered
- Conclusion would result in starting a new PERCEPTUAL MAP - A graphic depiction of customers’
planning process (new SWOT) images of and preferences for retailers.