services and their prices and status increase even further. These retail outlets now face some new form of retail outlet that again appears as a low-status, low-margin operator and the wheel of retailing turns as the cycle starts to repeat itself.
Mall of America: The Secret to Successful Retailing The Mall of America, located in Minneapolis, Minnesota, hosts more than 400 stores and between 35 and 40 million visitors annually. The secret to success at the Mall of America is creating “new experiences for our guests,” explains Jill Renslow, senior vice president of business development and marketing. Maintaining the Mall of America’s status as a local favorite and a tourist destination requires that managers optimize the Mall’s retailing strategy to continually create those new experiences for its guests. Retailing encompasses all of the activities involved in selling, renting, and providing products and services to ultimate consumers for personal, family, or household use. Retail strategy covers both store positioning and the retailing mix. Much like the marketing mix, the retailing mix has four components: store location, retail pricing, retail communication, and merchandise. The Mall of America, while located in chilly Minneapolis, MN, is located at the intersection of major freeways, with easy access to a major airport in a thriving metropolitan area. Store location is to the retailing mix as _____ is to the marketing mix. price publicity promotion product place The Mall of America is currently more than 4.87 million square feet and has more than 400 stores— with plans for expansion. With its large size and diverse retail offerings, the Mall of America would best be classified as a(n) _______. multichannel retailer power center strip mall central business district regional shopping center To keep consumers coming to the Mall of America from around the world, mall management must ensure that the retail offerings at the mall include a mix of national department stores and specialty retail. The mix of retailers at the Mall reflects the ______ element of the retailing mix. store location merchandise retail communication retail pricing
shopper marketing In the retail positioning matrix, the Mall of America would be positioned in the _____ breadth of product line, and _____ value added quadrant. narrow, low broad, high medium, low broad, low narrow, high To compete with the convenience of online retail, the Mall of America offers a mix of sit-down dining, fast casual, and fast food dining choices. The various dining experiences are a ______ for Mall of America as compared to online malls. wholesale distribution point of differentiation source of parity multichannel offering The Mall of America utilizes _________ as it combines the traditional elements of promotion including advertising, social media, and personal selling with functional and psychological elements to position the mall and create its high-end image.
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