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What competitive advantages does Macy's retailer have? Which generic strategy Macy’s should be following to improve it's company?
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Solved in 2 steps
- In a small group, present a plan for a new retail store. Who is the target market? Describe the merchandise, atmospherics, price points, services provided, location, and how you would promote your retail store. Describe how you will differentiate your store from competitors.Why retail strategy should have the element of customer loyalty to build a sustainable competitive advantage?In terms of strategic planning, why is it important for a retailer to be focused on the objective of increasing market share related to its direct competition?
- Why retail strategy should have unique merchandise to build a sustainable competitive advantage?Why retail strategy should build a sustainable competitive advantage?What factors (other than price) do customers place a value on? How can a retailer use these factors to create a differential advantage?
- What types of retailers would attract our target audience?Recognize how different Retailers determines their best customers?1. What are the pros and cons of a firm such as Apple having its own retail facilities and E-commerce Web site (www.apple.com) as well as selling through traditional retailers?
- In which stage of the industry life cycle is the home improvement retail industry? What are the critical success factors (CSFs) in this stage of the life cycle?Think of a company that offers either product or service in which you think contains the three approaches of contemporary marketing (Relationship Marketing, Industrial Marketing, and Social Marketing).Choose a retail business that you want to start. Where do you want to start? Who are your target customers? What are the goals of your business? Choose an ownership form and the type of retailer. What value added services would you provide to your customers?