MKC3140 Study Guide - Final Guide: Fast Retailing, Target Market, Product Differentiation
4 May 2019
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Document Summary
The franchisor owns a trade or service mark and licenses it to franchisees in return for royalty payments. The franchisee pays for the right to be part of the system. The franchisor provides its franchisees with a system for doing business. The modern retail marketing environment: competitive retail market structure, new retail forms and combinations, growth of giant retailers, growth of intertype competition, emergence of fast retailing, decline of middle-market retailers. Role of technology: retailers use technology for business operations, to enhance the consumer shopping experience inside the store, and internet/social media strategies. Marketing decisions: target market, channels, product assortment procurement, prices, services, store atmosphere, store activities and experiences, communications, location. Product assortment: develop product differentiation: feature exclusive national brands, feature private-label merchandise, feature distinctive-merchandise events, feature ever-changing merchandise, feature the latest merchandise first, offer merchandise-customizing services, offer a highly targeted assortment. Services: retailers must decide on the services mix to offer customers, prepurchase services, postpurchase services, ancillary services.
