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Module 3 Agenda
Retail Marketing Strategies
What is a retail strategy? Target market and retail format Building a sustainable competitive advantage International growth opportunities The strategic retail planning process
Target market:
Market segment towards which the retailer plans to focus its resources and retail mix
Retail market
Group of consumers with similar needs (segment) that is serviced by a group of retailers using a similar retail format to satisfy them
Loyalty Programmes
Loyalty cards e.g. Reliance One Purchase information of loyalty customers stored in a data warehouse Customers segmented based on purchase pattern e.g. wine, gourmet, dairy buying preferences, F & V
Case: p 161
E.g. Ahold (Dutch retailer) works closely with Nestle to bring in foods tailored to local tastes
2. 3. 4.
EU and Japanese retailers hire locals and stock more local products to increase appeal
Adapting products: Starbucks has fairly even product offering around the world. However, it has developed green tea Frappuccino for Taiwan and Japan, strawberries-and-cream Frappuccino for the UK
Financial Resources
Long-term commitment Upfront planning
4. Evaluate strategic opportunities 5. Establish specific objectives and allocate resources 6. Develop a retail mix to implement strategy 7. Evaluate performance and make adjustments