M K T 3 3 2 8 | 1 Strategic Retailing Redesign Group Project Overview: You will be responsible to select a well-known retail company that is in the process of developing growth strategies or is being repositioned and reformatted
M K T 3 3 2 8 | 1
Strategic Retailing Redesign Group Project
Overview:
You will be responsible to select a well-known retail company that is in the process of developing growth strategies or is being repositioned and reformatted. You must get this company approved by instructor before beginning your work. You will then analyze the company’s overall strategy and prepare a comprehensive written report as if it is being presented to the senior management of that company. The quality of this report should be representative of the strategic importance this is to the company. You will be acting as a special work group within the company or as a consultant to the company.
Prepare a paper and presentation about your retailer using the guidelines that follow. The presentations are scheduled at the end of the semester so that this becomes a collaborative learning experience. Objectives: The learning objectives for the retailing term project are:
1. to apply marketing skills in retailing setting 2. to familiarize the student with the social, cultural, economic, and business environment; 3. to give the students an opportunity to prepare a marketing plan for a product/service; 4. to effectively reinforce key concepts covered in this and other courses; 5. to stimulate students to expand their learning horizons through the identification of
materials required to complete the project; and 6. to provide an opportunity to sharpen their communication skills within a team that will be
required in any real workplaces. *Deliverables
• Due: October 24 (Parts Completion: 3, 4, & 5) & December 5 (Final Report) • Writing format: Typed, Times New Roman 12 font, double spaced, 1″ margin • References: If you have used any sources for this assignment, you should cite them in your
paper (APA writing format). To complete, the project should include the following:
1. Title page: Include students’ names, date, MKT 3328, and a title that captures the general nature and scope of the report. 2. Executive summary: After completing all of the other sections, prepare a two-page (maximum length) summary of the major points and place it at the front of the report. This is an overview of the proposed project. Include a description of the product/service and summarize the marketing plan for redesigning the product/service to the marketplaces. The executive summary should be a stand-alone document.
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3.Organizational Overview (Company and Product Description) You should start your report with background information about the company. Who the company is, what business it is in, how they conduct business, etc. (sort of a historical background as well, but make sure it is not a copy paste out of Wikipedia or any online source): e.g., Mission Statement, Achievements to Date, Stage of Development, etc. 4. Situation Analysis (Environmental Forces Analysis) Describe the current climate and situation that your retailer finds itself in as it attempts to compete. Describe what is occurring in the industry. Provide a brief overview of the retail sector in which the retailer operates. What environmental and economic factors are affecting the retailer? Describe competitive pressures, changing demographics and buying preferences, consumer behavior issues, image issues, etc. that affect retailers and their business? How has the industry changed as a result of ecommerce and technology? (e.g., Definition of Overall Market, Market Size and Growth, Economic Business Environment, Political/Regulatory Issues, Social Cultural Environment, Technology Environment, etc.) 5. Target Market Analysis Fully understand its target customer profiles and strategies. Here you should understand who the company’s customers are and how they segment and target their customers. What kind of strategies do they currently use? Are these good or bad strategies? Have they helped the company become more profitable or hindered its success? You need to fully understand all of these parts in order to come up with a new strategy for the company. Market segmentation and target market strategy, Market Positioning Strategy, 6. SWOT Analysis
Identify and thoroughly describe all strengths, weaknesses, opportunities, and threats to the business (e.g., Profiles of Competitors, Distinct Competitive Advantage, Competitive Weaknesses, etc.). You can choose 3-4 main competitors (direct/indirect) and compare the company to them
• Who are the retailers’ competitors (both direct and indirect)? How does your retailer compare to these competitors in terms of its size, market dominance/share, sales, profitability, etc.?
• What is your retailer’s competitive strength? How do they try to compete? Are there strategies that have not worked for them?
• What retailers have they identified as competitive threats? Why?
7. Retailing Strategy (Your Own Strategy!) Develop marketing plan for this company with complete comprehensive strategy and supporting tactical execution plans. You should focus on what you have learned in every chapter of this course and apply it to your plan; e.g., Product Strategy, Pricing Strategy, Distribution Strategy, Promotions Strategy, Customer Relationship Management, Location, Global Expansion, etc.
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Use what you have learned in this class to develop a specific plan for the company that will include the following parts:
• Retail market strategy including competitive advantage(s) and market positioning (mainly Chapter 5, but takes into consideration chapters 1-4)
• Overall consumer value proposition (Chapters 4 & 11) • Merchandise assortment planning with new product introductions highlighted
(Chapters 12, 13, 17) • Pricing strategy (Chapter 15) • Location strategy (Chapter 7) • The company’s customer profile, segmentation strategy, customer satisfaction
requirements (Chapters 4, 11, 18) • The company’s retail customer communications strategy (Chapter 15) • Store format or management required change(s) (Chapter 17) • And expected financial results from your recommendations! (Chapter 6):
Market Performance Expectation
****Brand Extension Strategy!!! You are adding a product to an existing company’s product line. This Product may be introduced on a local, regional, national, or international scale. Extend the brand name into a new product offering. In other words, offer a new to the company’s product. APA Citation Examples (https://owl.english.purdue.edu/owl/resource/560/01/)
• In-Text Citation If the author’s name is included within the text, follow the name with (year) Example: Smith (2015) found that diabetes symptoms improve with exercise. If the author’s name is not included within the text, follow the sentence with (Last Name, year). Example: Increased exercise resulted in diminished diabetes symptoms (Smith, 2015).
• Reference Citation Author’s last name, A. A., & Author’s last name, B.B. (year). Title of article. Title of Journal, volume(issue), page number – page number. Iscoe, K. E., & Riddell, M. C. (2015). Continuous moderate-intensity exercise with or without intermittent high-intensity work: Effects on acute and late glycaemia in athletes with Type 1 diabetes mellitus. Diabetic Medicine, 28(7), 824-832.
https://owl.english.purdue.edu/owl/resource/560/01/
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