Which Of The Considerations Would Be Most Critical In Your Opinion And Why?

The amount of emphasis that should be placed on this strategy is inventory turnover increase, average customer purchase increase, employee morale, in-store promotions, stores' debt-to-total assets, and revenues of employees.

(b) diversified its product portfolio; extend target customers and meet the variable needs of customers.

3. Analyze the six components of Nordstrom 's retailing mix to determine which have been the most important to the company 's success. Provide a detailed rationale.

Markets consist of buyers that differ in their needs, wants, resources, locations, buying attitudes and buying practices. To reach customer insight, it is important to understand the needs of different segments and to communicate pertinently to them (Brown L, Brown C, Gallagher SM, 2008).

This section will focus on customers’ needs, identifying collaborators and their strategic goals and identifying the competition that provides similar products.

Identify consumer priorities, needs and preferences. In what ways do they impact the marketing mix.

The store advertises the same sales and merchandise for the three stores and coordinates to maintain enough inventories within each store location to maintain a customer service level of 95% (Virtual Organizations Portal, 2007). Like other retail stores customer satisfaction is a prime marketing tool but so is the ever changing gourmet items offered in the stores. New items are introduced regularly into the store; Kathy looks to competitors for pricing strategies and product comparison to market the new goods. While Kathy looks to competitors her customer differs from other markets in the area, they look for a gourmet experience.

The purpose of this report is to develop an in depth understanding of the retail Department Stores industry. This understanding will allow our team to create and implement a strategic plan in order to gain a competitive advantage for firms in the industry. The Department Store industry includes companies that sell a broad assortment of products and also incorporates Discount department stores who offer their products at lower prices than most other retail stores (Carter, 2015). There are five major product categories sold in department stores and they are apparel, drugs and cosmetics, furniture and household appliances, toys and hobby goods, and other (Carter, 2015). Some stores may also have pharmacy and photo services as well as restaurants.

Discuss the benefits of developing an assortment plan and range plans to maximise retail space productivity measured in sales per square metre.

Copyright 2006 Harvard Business School Publishing Corporation All rights reserved Printed in the United States of America This chapter was originally published as chapter 4 of Marketer’s Toolkit, copyright 2006 Harvard Business School Publishing Corporation. No part of this publication may be reproduced, stored in or introduced into a retrieval system, or transmitted, in any form, or by any means (electronic, mechanical, photocopying, recording, or otherwise), without the prior

An internal scan is conducted in order to identify if the five factors of the retailing mix: product, value, communication, people, and place are present, and if they are working together in a way that it benefits a specific retailer. The purpose of this report is to determine if Fairweather’s retailing mix includes all five factors and if their specific mix is appropriate for them in regards to their female fashion department.

2. How well our new product meets the needs of people in each of those markets.

It is important to identify the full cost of inventory, as highlighted by Christopher (2005 cited in Baker 2007). When calculating the correct level of inventory, one should consider and try to minimize logistics costs as: warehousing costs, insurance costs, ordering and receiving costs. It should be calculated based on forecasts and should be replenished to satisfy forecasted demand by focusing on the information of previous sales. According to Lee and Billington (1992 cited in Baker

The aim of this report is to examine the characteristics of merchandise assortment and store design within two retail companies to identify constituents that can have a negative and positive influence on the stores. Apparel department of two discount department stores were selected and observed in the constituents that create their merchandise assortment and store design. Apparel departments of Target and Big W at Fountain Gate in Victoria, Australia were selected as locale of study.

For any business to run successfully, understanding its customers is the key. Especially for local or small businesses, it is very hard to concentrate and grab more customers because of the high competition power from large businesses. In such case, geographical targeting of customers can really be of great help as they can tell various interests about the customers which can be later on required for segmentation of the customer.