Study Guide _3 F10

Study Guide _3 F10 - Chapter 14 Retailing Strategy 2...

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Chapter 14 Retailing Strategy 2 fundamental steps in the marketing strategy process: 1)Select target market 2)Develop retailing mix to satisfy market Retailing mix : (6 components) merchandise strategy, customer service standards, pricing guidelines, target market analysis, promotion goals, location/distribution decisions, and store atmosphere choices. In combination, project a desired retail image. Selecting a Target Market Factors that influence selection: size & profit potential of the market, level of competition for business. Most ID’d in terms of demographics Location/Distribution Strategy Good Location=$$ Boonies= 0 Determines success or failure of a business Locations in Planned Shopping Centers Planned Shopping Center : Group of retail stores planned, coordinated, and marketed as a unit. Shifted away from downtown districts toward suburban shopping centers. 5 main types of PSCs: Neighbrhd shop cnter : smaller, 5-15 stores. Convenience items & limited shopping goods. trade area = Few min. Community shop cnter : trade area extending a few miles. 10-30 store, local dept or large store main tenant. Shopping goods, offices, bank, theater, grocery. Some have declined (box stores), some opting for free- standing stores. Regional shop cnter : large 300,000+ sqf shopping space. Major dept stores, with 200+ smaller stores to supplement. Within 30 min driving from 250,000 people. Wide assortment of goods & services. Some going green. Power center : Located near regional or superregional mall, brings huge specialty stores together as stand- alone stores in a single trading area. Lifestyle center : combination of shopping, theaters, stages, fountains, greenways, restaurants, etc. 300,000-1 mil sqf. Seek to offer intimate & easy access. Convenience, safety, pleasant. Upscale. Decline of malls, rise market in luxury gds. Store Atmospherics ** Atmospherics : combination of physical characteristics and amenities that contribute to a store’s image. Create it with smells, music, layout, merch presentation, lighting, color, cleanliness. Goal: Complement retailer image, respond to customer’s interests, and induce shoppers to buy. Types of Retailers Most retailing operations fit in different categories/classifications Classification by Form of Ownership : distinguishes corporate chain from independent retailer. Independents might join voluntary chains, or enter franchise agreements. Chain stores : groups of retail outlets owned by corp & handle the same product lines. More control, but big investmt required. Volume purchases, so cheaper. Independent retailers : family, indep owned. Over 12% of all businesses in US. Friendly, personalized service. Co-ops provide volume buying power. Classification by Shopping Effort
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Study Guide _3 F10 - Chapter 14 Retailing Strategy 2...

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