Hi,
Don’t you feel time was running so fast where we now are moving to chapter 4. Yeyyy, I’m so happy don’t you? This chapter probably a bit hard and complicated to understand but there is nothing can beat knowledge guys. So, happy reading!!
Selecting a target market is with the increased presence of alternative ways to reach customers; both geographic space and cyberspace must be considered.
Next, Market segmentation is the method retailers use to break down heterogeneous consumer populations into smaller homogeneous groups and is when a retailer identifies several segments within any given market, not all targets should be considered for targeting.
Business Districts of central business district characteristics is usually located around a geographic point at which all public transportation systems converge. Next, make-up usually depends on history, past retail trends, and luck. In addition, usually their attractiveness is in decline, but they can become enhanced by increased planning, community support, and adaption to enhance non-shopping attractions. The central business district of strengths is easy public access, wide assortment of product sold and proximity to commercial activities while the weaknesses is inadequate parking , older stores, higher rent and potentially higher crime rates.
Business District of secondary business district characteristics is smaller than a central business district, revolves around at least one department or variety store and located a major street intersection.
Business District of neighborhood district characteristics is typically smaller than a secondary business district, evolves to satisfy convenience, generally many small stores centered on one supermarket or variety store and located on a major artery of a residential area.
Shopping centers or malls characteristics are centrally owned, planned, balanced tenancy and large amounts parking. Next, shopping centers or mall strengths are heavy traffic, cooperative planning and sharing costs, access to highways, typically have clean and neat environments and decreased crime rates. For shopping centers or malls weaknesses is inflexible hours, higher rents, restrictions on merchandise which can be sold and potentially too much competition.
Free-Standing locations characteristics is locate along major traffic routes, lack of adjacent retailers selling competitive products and typically large, well-known retailers because of the difficulty in attracting & holding customers in an isolated location. Next, free-standing locations strengths are lack of direct competition, generally lower rents, freedom in operations and hours, facilities that can be adapted to the retailer’s own and inexpensive parking. For the free-standing locations weaknesses is lack of drawing power by complimentary stores, difficulties in attracting customers for the initial visit, higher advertising and promotional costs, operating costs that cannot be shared, stores that may have to be built rather than rented and zoning laws.
Overall for chapter 4 we had learned of retail marketing strategy
Finish of chapter 4, I will meet you guys on next chapter!!!
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