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Retail Business Analysis - Research Paper Example

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Retail Business Analysis

A retail establishment that implemented generic marketing and segmentation approaches is a Reebok store. Implementation of segmentation strategy The retail implemented the strategy by separating a big probable market into minor groups, which exude diverse retail needs. The retail started by categorizing their market thus stating the general boundaries of market they intended to segment. This is achievable at the product progress stage. As such, one needs to find information about the intended target. Later on, they established market segmentation drivers for every product, which is achievable basing on age. Furthermore, other determinants incorporate expenditure, likeability of other merchandise, demographic facts, and imbursement methods. After successfully doing that, they chose a critical strategy that defines major segments. In the last stage of the implementation, they prioritized basing on the resources that they could dedicate to their marketing effort and the likely outcome of addressing each segment (Weinstein, 2004). Implementation of Generic market strategy The retailers implemented the strategy by identifying its strengths and weaknesses, uniqueness, advantage, and usual tendencies. After identifying themselves, the organization identified their customers by finding information about them. The organization could not make an assumption about each customer groups, so they had to know their market better than their competitors did. For them to acknowledge their customers, they had to talk and listen to them. By presenting questions to customers, they could find vital information like the reasons attributable to the non-utilization of their products. Moreover, they convinced their consumers to start buying their merchandise (Pizam, 2010). Additionally, they used a present-day date base system to get a relatively cheap and competent marketing tool. This system could record customers’ behaviors and expectations. The information acquired from the system was instrumental in decision-making. In marketing, the amount of sales made is not necessary. However, the important aspect is the profit figure. This is because, in marketing, decisions derive their basis on profit and not on the amount of sales, which is significantly minor. For the organization to respond properly to its marketplace, it linked the customer database with other market information system and business brainpower system (Pizam, 2010). Another implementation step that the retailer employed was the application of differentiation. This enabled them to proffer remarkable benefits to their customers. Applying differentiation enabled them to know the values of their customers so that they could appeal to these values in an effective way than competitors. By differentiation, it is easier to identify their potency and the weaknesses of their rivals. They then developed a clear image of each segment (Pizam, 2010). During the implementation, the Reebok stores avoided to compete with its products in the same segment. The entity was clear in defining its own role and tried to cover all bases to discourage potential competitors. It therefore, built a good correlation with its consumers, while trying to avoid dependence on one customer or any product (Pizam, 2010). Improving implementation of segmented marketing For effective implementations of ...Show more

Summary

Retail Business Analysis Name: Instructor: Task: Date: Retail Business Analysis Generic marketing strategies encompass planning methodologies, which an entity utilizes to enhance performance. Such a strategy is evident in an organization focusing on attaining a viable advantage (Pizam, 2010)…
Author : carmellayundt
Retail Business Analysis essay example
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