This report was commissioned, to develop the market strategy of a proposed new retail clothing outlet in Melbourne and if successful, possible future expansion to other locations . The trading name will be Impact Menswear and the target market is 25-35 year old professional men .
In the formation of the recommendations, contained in this report, it is necessary to investigate four areas of importance to the success of this store. Firstly, a situational analysis of the target market including location availability, suitability and the specific planned strategy developed. Additionally, a proposition and retail design including the marketing objectives for both physical and virtual aspects of the business will be explored. Importantly, location …show more content…
Additionally, their average weekly wage is second only to management (Australian Bureau of Statistics 2013), providing a large disposable income that is expected to rise (Burgio-Ficca, C 2016, p. 5). A market analysis shows, that the switching costs of buyers and entry costs of competition is low (MarketLine 2013, pp. 11-12), requiring a price or service market strategy. Presently, the market competition is dominated by HUGO BOSS Holdings Pty Ltd and Princeton Apparel Pty Ltd trading as Peter Jackson (Burgio-Ficca, C 2016, p. 21), which operate formal apparel outlets throughout Australia and large department stores such as Myer and David Jones (Burgio-Ficca, C 2016, p. …show more content…
Customer tracking with GPS can alert staff to customer proximity and offer them enticements to enter store (PwC 2015, p.12) and track individual buying habits, such as visit frequency, visit to sales conversion rates, value of spend and product preference analysis.
· This strategy is dependent, on user friendly technology for customers and employee training to improve customer experience, through efficient use of data. Total customer orientation, through technology, will allow staff to anticipate needs and build relationships (PwC 2015, p. 12).
· The current market provides quality in store service, loyalty membership benefits and an online presence, with product choice determined by management. Impact Menswear will offer all the benefits of the competition, but will offer greater options and customer input at the forefront of all decisions. Therefore, the point of difference, will be the total channel, customer driven environment, using empowered employees, to create a positive experience for
In the formation of the recommendations, contained in this report, it is necessary to investigate four areas of importance to the success of this store. Firstly, a situational analysis of the target market including location availability, suitability and the specific planned strategy developed. Additionally, a proposition and retail design including the marketing objectives for both physical and virtual aspects of the business will be explored. Importantly, location …show more content…
Additionally, their average weekly wage is second only to management (Australian Bureau of Statistics 2013), providing a large disposable income that is expected to rise (Burgio-Ficca, C 2016, p. 5). A market analysis shows, that the switching costs of buyers and entry costs of competition is low (MarketLine 2013, pp. 11-12), requiring a price or service market strategy. Presently, the market competition is dominated by HUGO BOSS Holdings Pty Ltd and Princeton Apparel Pty Ltd trading as Peter Jackson (Burgio-Ficca, C 2016, p. 21), which operate formal apparel outlets throughout Australia and large department stores such as Myer and David Jones (Burgio-Ficca, C 2016, p. …show more content…
Customer tracking with GPS can alert staff to customer proximity and offer them enticements to enter store (PwC 2015, p.12) and track individual buying habits, such as visit frequency, visit to sales conversion rates, value of spend and product preference analysis.
· This strategy is dependent, on user friendly technology for customers and employee training to improve customer experience, through efficient use of data. Total customer orientation, through technology, will allow staff to anticipate needs and build relationships (PwC 2015, p. 12).
· The current market provides quality in store service, loyalty membership benefits and an online presence, with product choice determined by management. Impact Menswear will offer all the benefits of the competition, but will offer greater options and customer input at the forefront of all decisions. Therefore, the point of difference, will be the total channel, customer driven environment, using empowered employees, to create a positive experience for