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