In this Module, you learnt about the ‘Retailing Concept’ (See page 16 in your textbook) and how it forms the basis of a strong Retail Strategy. For this discussion, pick your favorite retailer and identify how the retailer develops its retailing concept by discussing at least two of the four principles. Provide pertinent examples from the retailer’s strategy and relate it to these principles.
Your initial response should be at least 300-350 words and your peer response should be at least 200 words.
Peer Response 1: My favorite retailer is Marshalls. Marshalls is an off-price and discount retailer that sells multiple brand name items ranging from household to personal use. Marshalls is very much value-driven because they focus on providing value to their customer through their product selection. The majority of the items at Marshall’s are priced at a discount, making the products for the customers affordable and accessible. Marshall’s retailing concept is strengthened by the value-driven principle as they are a store that sells items at a lower price compared to competitors. Selling designer and brand name items at a lower price than full price is an excellent strategy to reel in customers. Marshalls is also customer-oriented because their mission statement is to deliver the best value to their customers for designer items. They want to ensure that their customers receive the best prices for the items they sell. An example would be selling Doc Marten sandals for $30 instead of $80-$100. Customers would be extremely happy to find such a good purchase. Aside from being customer-oriented and value-driven, Marshall’s can also be seen as goal-oriented. As mentioned previously, their company goal is to deliver great quality at low prices. In order to achieve that goal, Marshalls must purchase large bundles of inventory (in bulk) in order to be able to sell it at 60-70% off. This is a core part of their strategy that plays into achieving their goal of serving their customers. Marshall’s purchases previous season or deadstock items and sells them ar lower prices to reel in their customers and serve them the best prices compared to regular retailers.
Peer Response 2: As stated in my introduction post, my favorite retailer is Target. I feel as if Target has good customer orientation and is a very value driven store.
Relating to its customer orientation, Target offers a plethora of goods and services to meet the needs of its customers and has been steadily improving over the years. Target has a very strong customer service strategy. When you walk in any Target store in New Jersey, the layout has been updated from it’s 90’s “squiggly LED” aesthetic to a very modernized and welcoming atmosphere. They have a stunning display for home goods and furnishings, and have implemented Ulta Beauty displays in a lot of the stores. Most locations also have a small food court area closer to the entrance, equipped with a Starbucks coffee for customers to enjoy. The store aims to keep customers content while shopping, and even offers free Starbucks refills to guests who have finished their first cup. I have never been in a Target store that isn’t full of employees ready to help, and am graciously assisted with each visit. Target has also implemented large self checkout stations into their stores, which allows for ease of access. Customers are greeted by touchscreen display registers, and even have the option of using their Target Circle accounts (Target’s loyalty points program) to accumulate points and get cash off their next purchase.
Relating to being value driven, Target offers goods that are priced fairly while not skimping on quality. For example, Target offers quality jeans and shirts (which comprise a majority of my wardrobe) that have very nice price points (approx $20 for jeans and shirts starting at $4!). Also, Target carries both drugstore and luxury makeup brands to allow customers the choice while shopping. By implementing Ulta Beauty sections, customers can purchase higher quality makeup products right at their local department store. Target can be considered both an upscale and a discount retailer, on the front.
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