The "ultimate consumer."
Select a retailer. Remember a retailer sells to the "ultimate consumer." You need to choose a retailer with a physical store presence who sells a physical product
the retail store I chose was Apple.
the link for the textbook website is
https://studylib.net/doc/25876772/retail-management
Provide additional information on:
Executive Summary (why the reader is reading the document and highlighting your key findings.
History of the Company (use the Internet to research this):
o How long have they been in business?
o How has their business changed over the years?
o What is their mission statement?
o Do they plan to expand, penetrate, diversify or change their retail format in the near future?
Target Market:
o Demographic characteristics of their target customer (age, gender, income level, education etc.)
o Psychographic characteristics of their target customer
Merchandise Assortment: You may have to visit the store to find information about these.
o What are the major brands they carry?
o Do they have private label brands?
o Where does this retailer's merchandise fit on the category life cycle? (Chapter. 12)
o Does this retailer carry convenience goods, shopping goods or specialty goods? (Chapter. 7)
Store Location:
o Where is this retail store located? (CBD, Shopping Center, Specialty Center, MXD)
o Why do you think they chose this location?
o Is this site accessible for the customer?
Omni-Channel Strategy:
o Describe the retailer’s presence in other channels (website, catalog etc).
o Is the retailer able to present a similar image across all its channels? How do you prove this statement?
Pricing:
o What is this stores pricing policy? (Everyday Low Pricing, High/Low Pricing etc.)
o What other practices do they use to compete with price? (Coupons, Rebates, Price Bundling)
o Is there a frequent shopper program?
Communication Mix:
o What type of paid advertisements does this business use?
o What type of unpaid communication does this business use? (Publicity)
o Does this retailer use cooperative advertising? With whom?
o What type of sales promotions does this retailer use? (Sales, Sampling, Demos, Contests etc.)
Store Layout: (Visit store if possible or provided answers based on previous visit)
o What type of design layout does this store use? (Grid, Racetrack, Free Form etc.)
o Is it effective for customer flow?
o What type of fixtures do they use?
o What type of lighting are they using?
o Is music constantly playing? What type?
o What type of scent is in the store? Does it detract or attract?
Customer Service: (Visit store or website)
o What type of services does this store offer? (Alterations, gift wrapping etc.)
o Talk to 3 customers (it could be your family or friends who have visited this store in the past) - What is their perception of this stores customer service? How does this store handle customer complaints?
o What is their return policy?
Competitive Advantage: (This section should be 2-3 paragraphs minimum -- think critically about it!)
o Does this retailer have a sustainable competitive advantage over similar stores?
Refer to the Retail Strategy chapter to outline their SCA
o How can they retain this advantage or achieve an advantage over their competition?
Recommendations for the retailer
o Based on your research, what does the future hold for this company?
o Provide your own examples of the four different growth strategies (Refer to Retail Strategy chapter) available for this retailer?
o What operational and/or strategic recommendations will you provide them to remain successful in the future
Executive Summary
This report provides an overview of Apple's retail strategy and competitive advantage. Apple is a leading global retailer of consumer electronics, software, and online services. The company has a strong focus on customer experience and innovation, which has helped it to achieve success in a competitive market.
History of the Company
Apple was founded in 1976 by Steve Jobs, Steve Wozniak, and Ronald Wayne. The company's first product was the Apple I, a personal computer kit. Apple's first retail store opened in 1984, and the company has since expanded its retail presence to over 500 stores in 25 countries.
Target Market
Apple's target market is affluent consumers who are interested in technology and design. The company's products are typically priced higher than those of its competitors, but Apple is able to command a premium price due to its strong brand image and reputation for quality.
Merchandise Assortment
Apple's merchandise assortment includes personal computers, smartphones, tablets, wearables, software, and online services. The company also offers a variety of accessories, such as cases, chargers, and headphones.
Store Location
Apple's retail stores are typically located in high-traffic areas, such as malls and shopping districts. The company's stores are designed to be inviting and spacious, and they offer a variety of features that are designed to enhance the customer experience, such as Genius Bars and Today at Apple sessions.
Omni-Channel Strategy
Apple has a strong omni-channel strategy, which means that it sells its products through a variety of channels, including its retail stores, online website, and mobile app. The company's omni-channel strategy allows customers to shop for Apple products in the way that is most convenient for them.
Pricing
Apple's pricing policy is based on Everyday Low Pricing (EDLP). This means that the company's products are typically priced at a consistent level, rather than being subject to frequent sales and promotions. Apple's EDLP pricing policy is designed to create a sense of value for customers and to make it easier for them to compare prices between Apple products and those of its competitors.
Communication Mix
Apple's communication mix includes a variety of paid and unpaid channels. The company's paid advertising channels include television, print, and online advertising. Apple's unpaid communication channels include public relations, social media, and word-of-mouth.
Store Layout
Apple's retail stores typically use a free-form layout. This means that the products are not arranged in a grid or racetrack pattern, but rather they are placed in a way that is designed to encourage customers to explore the store and discover new products. Apple's store layout is also designed to be visually appealing and to create a sense of excitement and anticipation for customers.
Customer Service
Apple's customer service is considered to be one of the best in the retail industry. The company's employees are knowledgeable about its products and they are able to provide helpful and personalized service to customers. Apple also offers a variety of customer service options, such as its Genius Bar and its online support forums.
Competitive Advantage
Apple has a number of competitive advantages, including:
- Strong brand image and reputation for quality
- Innovative products
- Excellent customer service
- Omni-channel strategy
- Global retail presence
- Expansion into new markets
- Acquisition of new businesses
- Development of new products and services
- Innovation in its retail stores
- Continue to invest in its brand image
- Develop new innovative products and services
- Improve its customer service
- Expand its global retail presence
- Invest in its omni-channel strategy