FM 262 2.29.16 - FM 262 2.29.16 Chapter 5 Retail Market...

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FM 262 2.29.16 Chapter 5 Retail Market Strategy More Attention to long-term strategic planning than ever before Due to the emergence of o New competitions o New formats o New technologies o Shifts in customer needs Elements in Retail Strategy Target Market o The market segments toward which the retailer plans to focus its resources and retail mix Retail Format o The nature of the retailers operations- its retail mix Sustainable Competitive Advantage o An advantage over the competition that is not easily duplicated and can be maintained over a long time Components of Retail Mix Location Merchandise Assortment Pricing Communication Mix Store design and Layout Customer Service Retail Market Retail Market o A group of consumers with similar needs and a group of retailers that satisfy those needs using a similar retail channel and format Criteria For Selecting and Target Market Attractiveness—large, growing Little competition -> More profits Consistent with your completive advantages Can a Retailer Develop a Sustainable Competitive Advantage by: Dropping the price of your merchandise? Building a store at the best location? Deciding to sell come hot merchandise?
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