retail market segment
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Retail Management
Heartstrings
I. Introduction1.1 Objective of the Study
•To be able to understand different concepts regarding retail management.
•To learn and gain additional knowledge about the nature if retail stores nowadays.
•To have an idea of what does retail mix, buying decision and retail market strategy all about and how it will help us in our future ventures as marketing students.
•To assist, provide new ideas and help the Heartstrings to maintain or even improve its current share in the market.
1.2 Vision/Mission of the Company
VisionOur company, Heartstrings, envisions itself as a business with committed employees who have the dedication to
improve human life by providing them the best quality of bags for the benefit our customers and of the community.
MissionWe seek to fulfill our business’ vision by providing well-functional products for every customer, as well as by
maintaining high quality standards that will be the venture in whatever plans it would implement.
II. Retail FormatCategory Specialist
2.1 Retail Mix
Retail Mix Heartstrings
Customer Service Low
Store Design and Display Average
Advertising and Promotion Average
Location High
Merchandise Assortment High
Pricing Average
Customer Service Store Design and Display
Advertising and Promotion
Merchandise Assortment
Location
2.2 Additional Information
NameMarcelina
JeruasoMaricel Berochaw Eva Farrales Mark Constalez
Age 38 23 secret 24
Address San Mateo Antipolo Montalban Pasig City
Occupation sewer student, ICCT nurse bartender
Civil Status Married Single Married Married
Reason for Buying personal use for school for work abroad personal use
Why Heartstrings old customer near the school
attracted atstore design look for pink bags
Allotted Budget P500 P1,000 less than P1,000 P500
Look for: quality design quality color (pink)
•Direct Competitor Analysis
Kaila’s Bags and AccessoriesCosé (inside the Sta. Lucia East Department Store)
III. Market Segmentation3.1 Bases for Market Segment
Demographic Segmentation
Age
0% 0%3%
37%41%
12%
4% 3%
0%5%
10%15%20%25%30%35%40%45%
Gender
95%
5%
Female
Male
Civil Status
65%
35%
Single
Married
Level of Income
12%
86%
2%
Low
Middle
High
Education
0% 9%
42%
49%
Prepartory
Elementary
High School
College
Employment
14%
46%2%
38% Unemployed
Housew ife/Mother
White-collar Worker
Blue-collar Worker
Budget/Buying Power
51%
38%
9% 2%
P100 - P500
P501 - P1,000
P1,001 - P4,000
P4,001 - up
Location (Density)
55%
45%
0%
Urban
Sub-urban
Rural
Location (Geographic)
15%
25%
21%
19%
11%
9%
Marikina
Cainta
Antipolo
Pasig
San Mateo
Montalban
Psychographic Segment
63%
26%
6%
3%
2%
High Spirits
Home Makers
Bystanders
Tight Guards
SmoothSailers
Psychographic Segmentation
Behavioral Segmentation
Purchase Frequency
57%
43%Regular
Irregular
User Status
30%
14%
21%
35% Nonuser
Ex-user
Potential User
Current User
User Rate
4%11%
85%
Light
Medium
Heavy
Loyalty Status
55%
15%
30%
Total
Some
None
Readiness
30%
35%
12%
23%
Unaware
Aware
Interested
Intending to Buy
Needs Segment
Needs Segment
75%
25%
Functional Needs
PsychologicalNeeds
3.2 Buying DecisionLimited Problem Solving
3.3 Buying Decision Process3.3.1. Need Recognition
StraightforwardAmbiguous
Types of NeedsFunctional NeedsPsychological Needs
3.3.2. Information Searcha. Amount of Information Search
Value of the SearchCost of the Search
b. Sources of Information Internal Sources External Sources
3.3.3. Evaluation of Alternatives The Multiattribute Attitude Model
A. Information about Stores Selling Bags
Store Characteristics
HeartstringsKaila’s Bags and
Accessories
Cosé (inside the Sta. Lucia
Department Store)
Prices Average Low High
Total Travel Time (in minutes)
15 20 25
Typical Checkout Time (in minutes)
5 5 10
Number of Products and Sizes
High Low Average
Fashion-Oriented Yes Yes Yes
Quality of Merchandise
Yes No Yes
B. Beliefs About Store Performance Benefits
Performance Benefits
HeartstringsKaila’s Bags and
Accessories
Cosé (inside the Sta. Lucia
Department Store)
Economy 7 9 5
Convenience 10 8 7
Assortment 9 4 8
Availability of Product and Information
1 8 9
Importance Weights Performance Beliefs
Characteristics
Teen ParentHeartstring
sKaila Cosé
Economy 7 10 8 9 5
Convenience 5 8 10 8 6
Assortment 10 5 9 4 8
Availability of Product
Information8 3 1 3 7
OVERALL EVALUATIO
N
Teen 204 167 201
Parent 208 183 159
3.3.4 Choice of Alternatives
3.3.5. Purchasing the Merchandise
3.3.6. Postpurchase Evaluation
3.4 Buying Roles
InitiatorInfluencerBuyerUserDecider
Factors Heartstrings
City/MunicipalityMarikina, Cainta, Antipolo, Pasig, San
Mateo, Montalban
Age 10-40 years old
Gender female, male
Status single, married
Employment student, employee, housewife (mother)
Usage Situation school, work, personal use, collection
Budget/Buying Power P 200 – P4,000
Social Class middle class
Retail Offering
Pricing average
Merchandise Assortment High
IV. Retail Market4.1 Retail Market
4.2 Sustainable Competitive Advantage
Factors Heartstrings
Customers Loyalty Has loyal customers
Positioning Quality products at reasonable price
Service Low service
Database Retailing NONE
Unique Merchandising Exclusive merchandise
Location Mall (convenient location)
Vendor Relation Exclusive manufacturer
Effective, Committed Employees Has knowledgeable and skilled employees
Low-Cost Operation Few employees, has own manufacturer
Sustainable Competitive Advantage Ratings (based on our interviews and observation)
LocationVendor RelationCustomer LoyaltyLow-Cost OperationEffective, Committed Employees
4.3 Growth Strategies
Retail Format Development/Product Development
offering of wallets and slippers
Diversification NONE
Market Penetration offering different types of
bags (backpack, shoulder bag, body bag) with the same design
Market Expansion/Market Development
opening new stores in Visayas and Mindanao Region
V. Recommendation(1) Retail Mix• Store Design and Display Advertising and Promotion
(2) Product Development - Creation of Hats
(3) Opening of New Retail Store at Robinsons Place Metro East
(4) Made-to-order Personalized Bags
(5) Create an Official Website
(6) Provide Data Base Retailing
Presented by:
Gina Niña AdoroDaisy Ann AquinoMary Rose de Vota
Jeniffer Sanico
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