Real Business For A Large Discount Retail Store Like Target
Real Businessfor A Large Discount Retail Store Like Target And Walmart
Real Business for a large discount retail store like Target and Walmart, it can be difficult to get the marketing mix just right for a given product. There are so many products in the store fighting for the attention of customers. There is also the challenge of helping the suppliers of each product maximize their profits while making sure the store is making money. With so many things to consider, working in marketing for such a large business can be a challenge.
Your Role
This week, you’ll be acting as a Marketing Manager in the sporting goods section.
WHAT IS A MARKETING MANAGER? Marketing Managers are responsible for developing, implementing and executing marketing plans, either for an entire organization or for particular categories or products within the organization, in order to attract potential customers and keep existing ones. Their day-to-day tasks include managing and coordinating marketing and creative staff, leading market research to improve existing products and services, working with advertising agencies, and determining the best way to get products in front of customers. As a marketing manager for a discount retail store in Brooklyn, you have been asked to evaluate a marketing plan for basketballs to ensure that the 4 P’s of marketing are being applied well.
Using your knowledge of the 4 P’s and the best approach to generating sales, you’ll take a look at a number of marketing recommendations and choose the approach that you believe will sell the most products.
Paper For Above instruction
In this case, the role of a marketing manager involves critical assessment of the marketing mix elements—Product, Place, Promotion, and Price—for basketball products at a large discount retail store. To effectively analyze and optimize the marketing strategy, it is essential to understand customer preferences, purchasing behaviors, and how each element influences sales.
Product Selection
The first step involves evaluating the three different basketballs presented in the marketing analysis. Each basketball features unique attributes—such as material quality, brand reputation, design, and price points. Based on customer demographics and preferences gathered for the Brooklyn store location, the basketball likely to generate the highest sales should be selected. For example, if customer feedback indicates that affordability and durability are paramount, a basketball with a balanced combination of these features would be ideal. Conversely, if brand reputation is a significant influence, a well-known brand with positive reviews may outperform others. Therefore, the decision should be guided by analyzing which product best aligns with customer needs and preferences, ultimately maximizing sales.
Place Strategy
Next, examining the results from the survey on purchasing locations is crucial. Customers might prefer buying basketballs either through traditional physical stores or online platforms. The decision should hinge on variables such as convenience, accessibility, and shopping habits of the target market. If survey data indicates a high preference for online shopping among Brooklyn customers, establishing a strong online presence with effective placement on the retail website would be strategic. Conversely, if in-store shopping remains dominant, then optimizing product placement within physical stores—such as end caps or prominent shelves—would be more effective. The rationale must consider which channel aligns with customer behavior to maximize exposure and sales.
Promotion Tactics
The promotional strategies include three recommended advertising approaches, including a special deal promotion. To determine which promotional activity will be most effective, one must analyze customer preferences and the store’s sales environment. For instance, if the customer base is motivated by discounts and limited-time offers, a promotional campaign emphasizing a special deal—such as a "Buy One Get One Free" or percentage discount—could catalyze immediate purchases. On the other hand, if brand awareness is more significant, a promotion focusing on brand stories or endorsements may be preferable. The rationale hinges on the anticipated motivational drivers and the effectiveness of each promotional method within the Brooklyn store context.
Pricing Strategy
Pricing decisions must consider the target market’s price sensitivity and competitor pricing. The available options should be assessed through the lens of pricing strategies such as penetration pricing, value-based pricing, or competitive pricing. For example, a lower price point might attract more price-sensitive buyers, especially if competitors offer similar products at comparable or lower prices. Alternatively, premium pricing could appeal to a niche segment valuing brand reputation or product features. A balanced mix of pricing strategies tailored to each basketball’s positioning will optimize the overall sales. The selected pricing approach must be justifiable based on customer feedback and market conditions.
Brand Rebranding and Sales Pitch
The rebranding initiative involves evaluating two options based on the brand vision, logo, name, and tagline recommendations. The selected direction should align with the envisioned brand image—whether it aims to evoke sports excellence, affordability, or innovation. Supporting this choice, the sales pitch must be compelling and concise: emphasizing key product benefits, emotional appeal, and value proposition aligned with customer needs.
Market Segmentation and Targeting
Finally, re-evaluating the target segments is essential given the recent sales data and feedback. Segmentation should focus on two primary groups: gift buyers (adults purchasing for others) and self-use buyers (adults and teenagers buying for personal enjoyment). Each segment has distinct motivations: gift buyers may prioritize gift appeal, presentation, and brand prestige, while self-buyers consider performance, durability, and price. Focusing on one customer insight within each segment—such as geographic location or psychographic traits—will enable targeted marketing efforts. For example, questions like “What marketing channels best reach teenage athletes in Brooklyn?” or “What messages resonate with gift buyers seeking premium sports equipment?” will inform more precise campaigns, ultimately improving sales outcomes.
Conclusion
Effective application of the 4 P’s requires comprehensive understanding of customer preferences, behaviors, and market trends. By selecting the most appropriate product based on customer needs, optimizing placement strategies, designing compelling promotions, and adopting suitable pricing tactics, the marketing manager can significantly enhance sales performance of basketball products. Additionally, careful brand redefinition and segmentation targeted at specific customer groups will foster stronger connections and loyalty, driving sustained growth and profitability for the retail store.
References
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