The decline of ringgit value influences consumer buying behaviour to become

The decline of ringgit value influences consumer

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The decline of ringgit value influences consumer buying behaviour to become more stringent in spending; This will impact on a downturn in sales of products offered by Choice. 2.4 Competition Choice faces stern competition from Everwin, H&L, Everrise, Golden Dragon and Unaco. It must be creative in its strategy to keep existing customers and win new customers over its rivals. Online retailers such as the e-store is now a trending shopping concept. These contribute to the competition in the industry, so do newbies in the retail chain industry. 3.0 Objectives and issues Objective and issues will state the marketing objectives Choice would like to gain in the planning stage. It highlights the primary issues to focus on, to dwell into how to eliminate constraints towards these goals. 3.1 Critical issues Technological advancement in the digital era transforms customer behaviour and buying pattern. The customer does not feel Choice online presence. Customers are tech-savvy, selective and would surf online to assess product info before deciding to buy carefully. Instant purchases are much preferred compared to queuing at checkout cash registers. They would instead shop online rather than visit stores. Mobile apps are widely used as it necessitates fast shopping and instant pay. Choice could embrace innovative change by creating online access to its stores to the public. By creating an e-store, customers can search for products info and select desired items. They could also find latest updates on promotional offers. Being digital, Choice could retain their gen Y market segments which are online prone. 8
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Being active in social media helps to promote Choice publicly. This will build a robust and profitable customer relationship as it interacts to know what they like or prefer when they shop at Choice. This is touchpoint can be a source for data collection for their CRM. Choice must use the customer-driven marketing strategy to value customers and build a relationship. Choice must do a Marketing analysis of the retail chain market to formulate an effective strategy to run the business. Is crucial to prepare Choice in fronting with challenges outside its organization. In addition, lack of clearly defined financial reporting will result to inaccurate financial reporting to measure profits attained by investments of its marketing activities. Return of Investment (ROI) is the net return from a marketing investment divided by the cost of marketing investment. As for Low-profit margin, Choice needs to manage its cash flows effectively to improve profit growth. This will further help Choice expand its business, increase inventory, extend product lines and penetrate new markets. 3.2 Financial Objectives A Marketing Plan is a systematic way for a company to track, measure, plan and schedule marketing actions. It involves all levels of management in the planning process to work toward the same business goals. Financially, marketing plans are effective provisions of resources across an organization to increase profits and boost sales.
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