Build a Store Outline MKT 3260 Fall 2011

Build a Store: 

Build a Store MKT 3260 Retail Marketing Capstone Project

Elements of Retail Strategy: 

Figure 3-1 Pg 59 Elements of Retail Strategy Situational Analysis Objectives Identification of Consumers Overall Strategy Specific Activities Control Exhibit Creativity & Problem Solving Skills The year end project is based on the Elements of Retail Strategy and will encompass Key Learning Objectives of the course

Elements of Retail Strategy: 

Elements of Retail Strategy The first 2 slides in your presentation should include Store Name Concept Description Frame it to the Competition Executive Summary of what makes your store Desirable from the consumer perspective Feasible from the Retail Marketing perspective Site pictures of the retail center Other pictures or graphics that help frame the remainder of your group presentation* Throughout the presentation, envision your group presenting to the retail location committee. The compelling nature of your presentation determines their acceptance or rejection. You want to get to Yes!

Elements of Retail Strategy: 

Elements of Retail Strategy Situational Analysis Situational Analysis Ch 3 Articulate the attractive features of a Retail Strategy and how will you use each element What is your Organizational Mission Opportunities - Marketplace openings that exist because other retailers have not yet capitalized on them Threats – Marketplace factors that can adversely affect retailers if they do not react to them Trends What trends do you see so you are satisfying customers and staying ahead of competitors Retail Institutions Store Based Mix Ch 5 Select your Retail Institution Category Group pg 131 Table 5-1 & Prof Dom materials

Elements of Retail Strategy: 

Elements of Retail Strategy Objectives Satisfaction of Publics Ch 3 Broad objectives to provide Customer Delight What will the Total Customer Experience be? Image Ch 3 Explain Positioning and what it enables for your retail concept Determine if you will be using Mass Marketing , Concentrated Marketing or Differentiated Marketing Create a table similar to Table 3-3 Pg 72 with your selection above. Create a Positioning Map – refer to Figure 3-7 Pg 70 as a guideline Situational Analysis

Elements of Retail Strategy: 

Elements of Retail Strategy Objectives Satisfaction of Publics Ch 3 Broad objectives to provide Customer Delight What will the Total Customer Experience be? Positioning Statement To [the target customer with a problem or need], [your brand] is the [frame of reference], that is the [benefit oriented point of difference] evidenced by [product features] The Reason to buy [your brand] is [what?] Image Ch 3 Explain Positioning and what it enables for your retail concept Determine if you will be using Mass Marketing , Concentrated Marketing or Differentiated Marketing Create a table similar to Table 3-3 Pg 72 with your selection above. Create a Positioning Map – refer to Figure 3-7 Pg 70 as a guideline The Positioning Statement Prof Dom Situational Analysis

Elements of Retail Strategy: 

Elements of Retail Strategy Identification of Consumers Indentifying and Understanding the Consumer Ch 7 Create a table for the predominant customer segments in your trade area. Follow the elements in Figure 7-1 Pg 190 as your guide Resources Easi Demographics http://www.easidemographics.com/cgi-bin/reportmenupaid.asp Nielsen Prizm Segmentation System http://www.claritas.com/MyBestSegments/Default.jsp?ID=20 Situational Analysis Objectives

Elements of Retail Strategy: 

Elements of Retail Strategy Site Selection Ch 10 Present your selection analysis using the Location/Site Evaluation Checklist, Figure 10-7, Pg 288 (use the same format) Indentify the Controllable and Uncontrollable variables and explain why Trade Area Analysis Ch 9 Develop a map highlighting retail location and 3 – 4 adjacent communities Indentify key demographic and lifestyle segments on the map Develop a summary table (refer to Fig 9-8 Pg 266) Characteristics of Residents Characteristics of Economic Base Characteristics of Competitors & Level of Saturation Overall Strategy Identification of Consumers Situational Analysis Objectives

Elements of Retail Strategy: 

Elements of Retail Strategy Overall Strategy Specific Activities Developing the Merchandise Plan Ch 14 Use the construct to the right (A hybrid of Fig 14-5 Pg 392 and other aspects of Chapter 14) Developing the Planogram Create Planogram for pre-selected categories – one per team member Create Synergies & Adjacencies Outline – one per team member Developing Promotional Strategy Ch 19 Using Figure 19-9 Pg 543 as a guide Select any 4 Describe each Create objectives How will you implement each in your store Identification of Consumers Situational Analysis Objectives Key Learnings for completing this phase outlined at guest speaker presentation

Expectations -Overall : 

Expectations -Overall As a group, decide on the collaborative tools you will be using to work “virtually Exchange emails and cell phone numbers There will be class time to collaborate periodically and to obtain progressive feedback from me As a comprehensive term project, you must allocate some time each week to work on this individually and as a group I am available after class via conference telephone and via Skype to work with groups and individuals

Expectations – Group Submission: 

Expectations – Group Submission Create an MS Word Outline addressing details of the elements outlined herein Outline evidences depth of work that culminates in the slide presentation PowerPoint Presentation that follows this outline 12 to 18 slides specifically addressing elements in this outline Title slide includes group number and group member names Liberal use of images, graphics, videos Each group member will present a specific segment individually – mark associated slides with member name Refrain from reading directly from slides Group should practice as a team prior to presentation date

Expectations – Individual submission: 

Expectations – Individual submission Completed Planogram May be neatly hand drawn or may be in on of the MS Office formats Completed Synergies, Adjacencies diagram May be neatly hand drawn or may be in on of the MS Office formats

Grading Criteria: 

Grading Criteria Project Grade Weighting Group Presentation 1 Presentation Content 40% Individual Presentation (Oral) 20% Individual Submission Planogram Synergies/ Adjancies Outline 40% Total 100% 1 Each student will be required to fill out a confidential peer evaluation form grading each team member covering three areas: Initiative and originality. Commitment to the team and project. Share of workload. Please note that a negative peer evaluation will have a significant impact on your final grade.

Expectations: 

Expectations Preliminary Review Date – Group Presentation November 3 (or earlier if ready) Submission via paper copy Final Presentations - Group December 12 Submission via Blackboard Final Presentations – Individual December 15 (or earlier if ready) Submission via Blackboard (for hand drawn work, please scan in order to submit electronically)

Build a Store: 

Build a Store MKT 3260 Retail Marketing Capstone Project Domenick Celentano dcelenta@kean.edu