I’m studying for my Marketing class and need an explanation.
Must use citation from Chapter 14 from this Book : https://b-ok.cc/book/3413317/3a3ecb
2 full pages, word count at least 650
In this study, we will apply our understanding of the unique challenges of developing the retail marketing mix by observing and analyzing retail marketing activities at a local retail store.
Assume you are part of a marketing consulting team, and your task is to develop a competitive analysis for your (hypothetical) client’s store. You will start your competitive analysis with something that Mark Cuban affectionately (but somewhat unfairly) calls “real marketing”. You will be visiting a competing
retailer (an actual store) to take a look at how they apply the retail marketing mix at their store, and then sharing that information with your hypothetical client. Visiting competing retailers to observe their activities is something that new startups and large corporations engage in, and you will find that it is relevant to a good competitive analysis, as well as to a basic understanding of marketing topics.
- 1) Visit a retail store of choice, preferably a store that is not busy and has a broad variety of products easily viewed and accessed.
- 2) Find a manager and explain to them that you are doing an assignment for Marketing 330 at NCU and that you will be taking some digital photos of shelves of products (and that you will definitely not take any photos of customers), strictly for the purposes of the assignment and will not use the photos for any other purposes.
If the manager does not allow photos, try another store. As a last resort you may use stock photos found online (make sure to cite your sources), although I highly recommend using your own photos if at all possible so that they match your observations.
- 3) Observe the retail presentation strategy (one of the 6 Ps of the retail marketing mix), and consider all factors relating to the presentation strategy. Snap related photos.
- 4) Choose two other strategies from the retail marketing mix (6 Ps), and make in-depth observations of those two retail strategies as applied in the store. Take related photos.
- 5) Make an assessment of what you have observed, including who you assess the target customer(s) to be, and whether or not this store is successfully applying the retail marketing strategies you observed.
- 6) Compile your assessments into a 2-page or 3-page report on the “Retail Marketing Strategy of [Store]”. Format your paper as:
- Introduction – overviewing the strategies you observed, the store you visited (including address), the time and date of visit, and the assumed target segment(s) the store attracts
- Presentation Strategy – summarizing your observations, discussing effectiveness of the strategy, with photo(s)
- Two Other Strategies – summarizing your observations, discussing effectiveness of the strategy, with photo(s)
- Conclusion – overall assessment of this store’s retail marketing effectiveness, including suggestions for improvement
Cite your own photos put your citation directly under each photo (not as a reference or footnote), and cite it like this: [Photo 1. Cereal Aisle, Walmart in Eugene, OR. November 1, 2018.]