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MKT 475 assignment 1 & 2

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Question;MARKETING STRATEGY IMPLEMENTATIONAssignment 1: Marketing Strategy Implementation ? Part1Janeth RooProfessor: Charlene WaltersMKT 47504/27/20141MARKETING STRATEGY IMPLEMENTATION2Marketing PlanThe author of this report has been asked to take on the role of a Chief Marketing Officerof a United States department chain that competes on the same level as Macy?s and Nordstrom?s.As part of the plan, the overall strategy will be enumerated and discussed, the product/marketboundaries will be looked at, the marketing segmentation strategy will be identified, thecustomer relationship management strategy will be described, the general strategy of collectinginformation about potential customers will be given and all of the above will be buttressed andreinforced with three academic and scholarly resources. While taking on the role of marketingleader in a retail environment can be complex and difficult, there are several core strategies thatshould always be present and they are not hard to understand conceptually.AnalysisThe overall marketing-driven strategy is going to be dictated in large part by the fact thatthe direct competitors of this theoretical store are competitors to Macy?s and Nordstrom?s. Thosetwo stores are certainly not known for budget-priced items and this theoretical store would not beeither. The marketing-driven strategy that shall be used for this new store is bringing a taste ofthe good life to more people without breaking the bank. This will be done through customerfocused campaigns like annual sales, private sales for repeat and/or signed up customers and nointerest financing for higher-end items like the more expensive handbags and jewelry. Credit willnot be extended liberally to high-risk credit profiles but medium to middle/high wage earnersthat want to frequent the store will be embraced and pointed to the goods they desire and nottowards what is not desired. The rationale behind the above is that this third store needs to carryitself in the same general way as Macy?s and Nordstrom?s as they are direct competitors.However, taking a full-on copycat approach will not be the way to go and this third store needsMARKETING STRATEGY IMPLEMENTATION3to establish its own niche and identity as a brand. Imitation is the norm in retail stores and storebrand items but this is not remotely the case with more expensive goods. In addition, there havebeen requested or enacted pieces of legislation that directly combat direct knockoffs (Port, 2012).Beats headphones, for example, are Beats headphones and anything else that is copying them isfairly obvious and a cheap way out. If this third store sold Beats headphones, they shouldabsolutely not sell any of the knockoffs at any time or for any reason.The product/market boundaries are the next subject and this has already been covered inpart by the prior sentences. Certainly, most of the wares will in no way correspond or correlate totraditional discount stores like Wal-Mart or Target. There might be some scant shared productsbut it will not be that much. There will be some comparison to middle-range stores like Kohl?sand Dillard?s. However, while the price point for purses and handbags might very well start inthe $50+ range, most shoes, clothes and handbags/purses will start mostly in the $75-100 rangeand go up from there. Goods that are not reputable and desired by more discerning shoppers willnot be sold at this chain. By reputable, that would refer to goods that wear out prematurelyand/or are clearly not of higher quality. The rationale behind the above is that this store will notsell goods that will wear out in short order as this is absolutely unacceptable and impermissiblewhen this much money is being spent. This goes double for goods that are on the upper crust. Forexample, a high-end watch whose band breaks inside of a week is not something that can be leftunanswered if it becomes a pattern. The rationale about the higher-end brands is that this storewill not be a discount/bargain chain.While the cheaper and lower quality goods will not be carried by this store, there is stillgoing to be a clear segmentation of product lines. For example, some brand names tend to oralways start at a high price point. One such example is Jimmy Choo. However, other brands likeMARKETING STRATEGY IMPLEMENTATION4Coach and Burberry have more tiered offerings. Coach is a great example because their lowerpriced purses and handbags start at roughly two to three hundred dollars but they also sell higherend purses that are one thousand dollars or more. There will be demarcated sections for each tier.The higher end goods will be secured in locked cases but there will be people present that willoffer a full service experience. For the lesser priced good, they will be freely available to touchand inspect and staff will be on standby to offer assistance but not in a pushy or commissiondriven fashion as this does tend to turn off people. A simple ?can we are of any assistance? willbe offered but nothing beyond that if the customer declines. The more ?full service? option willappeal to people?s greed and desires of being treated like a high-end customer and this is as itshould be since those customers will bring more revenue to the store at the end of the day. To putthe above in simple terms, there will be no lower-end goods but there will be middle-tier andupper. The former will be given support as needed or requested and the latter will get the fullservice experience. The rationale behind the segmentation above is that all of the goods will beof a higher price but some prices are higher than others and the level of service should adjustaccordingly as the profit to be had is higher and so is the attractiveness to customers ofexperiencing that for themselves. Obviously, not just anyone can buy a thousand dollar CoachPurse but it can be an occasional splurge for anyone that is willing to save their pennies and takea dive, if only one time in a great while.Another form of segmentation will stem from the fact that the stores in question are goingto be operating in different parts of the country. This means different cost of livings, differentcultural and fashion trends and so forth. For example, the East Coast and the South are entirelydifferent in terms of racial composition, income levels and brand preferences. Some brands areprolific in all metro areas like Coach and such but it can get murky beyond the normal mainstays.MARKETING STRATEGY IMPLEMENTATION5For example, the South contains one seismic fashion city in the form of Atlanta. The brandnames and trends in Atlanta are going to be entirely different than, let us say, New York becausethe mindsets and trends are entirely different. One reason is race and ethnicity. New York is acornucopia of a lot of different races and cultures and is roughly double the size of Atlanta. Onthe other hand, Atlanta proper is 2:1 black/white and black culture has sprouted up its ownpreferences and even its own brand names such as FUBU and Sean John. Taken even further, AirJordan tennis shoes might be a bit out of place at a high-end store in some areas of the east coastand northern United States but they would fit right in within Atlanta stores as they are highly indemand and the resale market is off the charts. Some decry pointing this out as being racial oreven racist, but the desire of stores is to cater to the customers and the customers generallyexpect or demand that anyway. Such segmentation should not be ridiculous but the individualregions of stores should be customized to fit what is desired for that region so long as it fits intothe price point and image of the store. The segmentation rationale for this part is obvious andjustifiable since different parts of the country have different cultures, preferences and favoritebrands so not all of the stores should be identical. They will be similar but they will not be thesame from region to region in most cases (Crockett, 2009).The overall customer relationship strategy will be much more inclusive as it will makeuse of a ?club? for people to sign up for. There will be no cost associated with the program andthe people that participate will be rewarded for following the store?s sales and items through theadvertising of private sales and other offers that the rest of the buying public will not be awareof. While no money will be collected to join the club, the use of the card with every checkoutwill be wielded and used exactly like is done with other such clubs and websites likeAmazon.com as the buying habits of each person will be used to customize the price points andMARKETING STRATEGY IMPLEMENTATION6brands that they like. For example, if someone buys a Coach purse, they can be presented withstore-bound or even special order Coach Wares like other purses, clutches, shoes and so forth.The non-cost and huge upsides of being part of the club will be advertised extensivelythroughout the store and the salespeople will stress that there are no costs or unwantedmarketing. They can always decline marketing emails or notifications if they wish but they canalso tailor and customize what they are interested in rather than relying on items actually boughtalone. This allows the customer to tell the store exactly what they are in the market for and howmuch they are willing to spend. The preferences and trends realized from this club and theinformation tracked could also be pivotal in assessing what should be stocked more in the storesand perhaps what should be phased out or at least limited to special orders. An extensive onlineportal for the store that allows for easy browsing, management of marketing preferences andbrand favorites for the shopper?s club and so forth will aim to give a customer all the selectionand such they seek from vendors like Amazon but in the form of a legitimate brick and mortarstore that sells high-end goods straight from the source rather than through one or more thirdparties. Such third-party sale techniques are pervasive on Amazon and other vendors and this canlead to problems regarding authenticity and brand image unless the maker sells directly throughAmazon. For high-end goods, this is rare. Using the cards and such has an easy rationale as itallows targeted and low-key marketing and customers do not have to participate if they do notwant to. However, they have a strong incentive to do so. As such, getting buy-in andparticipation will not require a lot of arm-twisting (Treanor, 2010).The collecting of information will largely be limited to the customer sales and marketingclub mentioned before. However, something that cannot really be done in brick and mortar storesbut what is done extensively on websites is to have people?s browsing habits and purchasesMARKETING STRATEGY IMPLEMENTATION7logged. Even if a person does not register for or log into their account, the use of internetbrowser cookies can be used to track and remember what was looked at. This alone is all that isneeded to show similar goods of the same brand, type and price point. Should a user sign up, thisallows for all of the same benefits but can be tracked over multiple computers, the things actuallybought online or with the shopper card will be available regardless and this makes it all the moreeasier to effectively market to someone without being pushy or wasting a lot of paper and ink.However, to retain the ethics and politeness that is expected in an age where privacy is harderand harder to attain, customers can opt out of email or snail mail campaigns but the tracking ofbrowsing and buying is harmless. Customers who wish to avoid that can use private internetsessions or public computers to do browsing if they really do not want to be tracked. Therationale behind all of this is that the information can be collected to cater the experience to eachcustomer and thus generate more sales. However, customers have a high degree of control aboutwhat is and is not sent to them or otherwise thrown their way should they choose to exercisethose options. The rationale behind this is that the information collected is needed but thecollection is not done if the customer prefers it not happen.ConclusionAs stated in the introduction, marketing is not rocket science but it has to be done in aneffective and correct way. This includes catering to the customers and finding out what they likeand crave but not to a degree that infringes on their privacy or desire to just be left to shop inpeace. Salespeople will not be pushy but they will provide the full level of service necessary toget their dollar. Even if a sale cannot be made every time and even though many customers justcome in to browse, leaving a good impression will make it much more likely that they willchoose this third retailer over competitors like Macy?s, Nordstrom?s or others.MARKETING STRATEGY IMPLEMENTATIONReferencesCrockett, D. (2009). Marketing blackness: Using race to sell products. Business & EconomicReview, 55(3), 6-9.Port, K. L. (2012). A case against the ACTA. Cardozo Law Review, 33(3), 1131-1183.Treanor, T. (2010). Amazon: Love them? Hate them? Let?s follow the money. PublishingResearch Quarterly, 26(2), 119-128. doi:10.1007/s12109-010-9162-78Assignment 2: MarketThis assignment is a continuation of Assignment 1.Write a six to seven (6-7) page paper in which you:1. Determine any strategic partnerships the department store chain could develop that would help promote the higher-ranged-priced products and support the expansion in the west coast.2. Construct a strategy for managing the higher-ranged product brands. Provide a rationale for your strategy.3. Develop a pricing strategy for the higher-ranged products. Provide a rationale for your strategy.4. Generate at least two (2) ideas for sales promotion, advertising, and sale promotion strategies.5. Select and outline a digital strategy. Provide a rationale for your strategy.6. Design a plan to measure marketing performance. Provide a rationale for your strategy.7. Use at least three (3) quality references. Note: Wikipedia and other Websites do not quality as

 

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