Marketing Plan_Final Copy (1)

Marketing Plan_Final Copy (1) - MARKETING PLAN REPORT Page...

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MARKETING PLAN REPORT Page 1 ADMN- 2100H-A-F01-2014FA-OSH Introduction to Marketing Malcolm Mactaggart Wednesday, December 3, 2014 [ MARKETING PLAN REPORT ] Rayana Hussain, Taryn O’Brien, Divine Mukendi, Tyson Sangster
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MARKETING PLAN REPORT Table of Contents Executive Summary 2 Company Profile 3 Market Research 4 Competitors & SWOT Analysis 5 Customer Survey Summary 6 Target Market and Sales & Marketing Strategies 7 Financials 8 Recommendations 9-10 Main Conclusions 11 Appendix #1 – Links for Market Research 12 Appendix #2 – Customer Survey Responses 13-16 Appendix #3 – Business Model Canvas 17 Dollarama Advertisements 18 Executive Summary Dollarama competes in the fiercely competitive dollar store and discounter retailer industry, where low barriers to entry have created a large number of competitors offering similar products at similar prices. Dollarama is a discount retailer that competes in the "dollar store" industry by offering high value products with price points at $3 or less. Dollarama (TSX: DOL) is a publicly traded corporation that operates exclusively within Canada, where it has over 900 locations across all provinces. Dollarama was founded by the Rossy family in 1992 and is still led by Larry Rossy, who serves as the CEO as well as the head of the Board of Page 2
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MARKETING PLAN REPORT Directors. The mission of Dollarama is to provide value for the customer by continuing to offer excellent products at prices under $3. In the near-term Dollarama is primarily focused on expansion within Canada, and opening a small international operation in Latin America. The discount retailer and dollar store retail market has grown substantially in recent years as economic challenges have driven consumers to seek lower-cost product alternatives. One of Dollarama’s major challenges is shrinking profit margins as the cost of goods rise while the company remains committed to price points under $3. This has forced Dollarama to choose between selling goods at prices beyond $3, which would bring them into direct competition with big box retailers, or selling lower quality and fewer products within the existing price range. Dollarama is the market leader among dollar stores in Canada with a strong nationwide presence that is supported by a number of competitive advantages including widespread brand recognition, a simplified low price strategy, a strong product mix, and conveniently accessible locations. A survey of Dollarama customers was conducted to solicit opinions about Dollarama’s current shopping experience and product offerings, as well as to receive suggestions for how Dollarama can improve their stores. The survey also provided insights into the demographics of Dollarama shoppers, what type of products they buy, and why they shop there. Survey respondents outlined the lack of credit card payments, online shopping, and slow service as areas for improvement for Dollarama. Individuals between the ages of 18-25 were a particular focus of the survey as students and young people
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