Question
Describe the type of retailer you are establishing. Include the mission statement, ownership type, and products offered. Describe the type of retail format and sub-industry.
Describe the type of retailer you are establishing. Include the mission statement, ownership type, and products offered. Describe the type of retail format and sub-industry. Include the NAICS code (https://www.naics.com/search/) for your retailer.
SWOT Analysis: Include current and long-term strengths, weaknesses, opportunities, and threats.
Objectives: Include your objectives for sales, profits, positioning, and satisfaction of the public.
Target Market and Retail Strategy -Identify a target market and then specify an overall strategy to properly target that market (e.g. mass marketing, concentrated marketing, or differentiated marketing).
Overall Strategy: Discuss the overall strategy for controllable and uncontrollable variables.
- Controllable variables
- Managing the business
- Goods/services strategy
- Location strategy
- Pricing strategy
- Promotion Strategy
- Uncontrollable variables
- Consumer environment
- Competitive environment
- Legal environment
- Economic environment
- Seasonality
- Technological environment
Specific Activities: Discuss the daily and short-term operations.
Control: Discuss how you will assess the performance of the store.
Store Layout: drawing of the layout of the proposed store with a justification for why the merchandise is located in specific areas. Include common (public spaces) and administrative/workspaces.
Merchandise Mix: merchandise assortment plan for your proposed retailer.
- The number of products categories carried
- The variety of products in any category
- Criteria for buying decisions (how often, what terms, which suppliers)
- Level of inventory for each type of merchandise
- Procedures to assess the success or failure of each item sold
Financial Plan: A complete strategic profit model using pro forma estimates of an income and balance sheet.
HRM Plan: Discuss the number, skill level, pay rates, and scheduling of employees.
Integrated Marketing Communications (IMC) Plan: Include all the different ways the retailer communicates about itself, and its products/services. Include marketing, advertising, promotion, public relations, and communication strategies and tactics. Include themes, logic, and campaigns for the retailer.
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