Complete Strategic Planning MKTG222 - Assignment 3 (Group) Marks: 100 / 10% of your final grade Group Member Names: Before implementing your retail concept, youll need to have a strategic plan. Your strategic plan helps you solidify who your customer is and what their decision-making process is like so you can design a retail enterprise that speaks to their needs. The lifestyle/event you chose in Week 1: _______________ This is your retail concept. The first step in creating your plan is to clearly define your customer. Each of you used Envision to define a customer for your retail concept. Now youll be combining your research into something called a customer persona. A customer persona is a fake person - a fictional combination of all the data youve gathered that will help your team stay focused on your target customer as you design your store. Youll be combining several Prizms or Target Sets to define the exact customer for your store. The Prizm Marketers Guide and Prizm Quick Reference Guide will be helpful references for this step. Discuss your Assignment #2 findings with your group, then fill out the chart below: Customer Attribute Details Fictional Name - first & last Age - provide a 5 year range Location Income Level of Education Occupation Leisure Activities - minimum 3 Media Consumed - minimum 3 Frustrations or Goals In Life - minimum 2 Attitudes - minimum 2 Effective Tag Lines - minimum 2 Discuss with your group and agree on a flagship location. What is the best location for your store: ___________________ (It should relate to your results in Assignment #2) In Week 1 you identified your competitors. Paste them here: Number Retailer Name 1 2 3 4 5 Finally, you will be deciding on 5 product types to carry in your store. Think of these as headings you would put in a dropdown menu to help categorize your store. For example, if you chose to carry consumer electronics, your categories might look like this: televisions, tablets, headphones. Make strategic decisions about the products you will be selling. Keep your customer persona in mind as you do this: Number Product Type 1 2 3 4 5 Next, examine how your customers make decisions when buying the type of products you carry. Your analysis will become the strategy for your online store. Answer the following questions: 1. Does your product appeal to utilitarian or hedonic needs? Textbook, Pages 82 - 83 Write your answer, then write how youll use the tools available in your store to appeal to this type of need and differentiate yourselves from the competition. What will you do differently? The tools available to you in your store: photos videos online reviews from other stores marketing copy (editorial descriptions) specs (technical descriptions) price the product details you decide to include Include: A qualitative description of how youll use these tools to appeal to your customer given what you know about the type of need they have for your product. Example: Our products primarily appeal to utilitarian needs. We plan to include detailed specs in our store listings because our customer wants to know exactly how the product is shaped and how it will work. Well only include two images, and won't spend time on things like aspirational videos because our customer simply wants to know how the products work. They dont care about fancy visuals. Write your answer here (1/3 page): 2. Do customers normally engage in extended, limited or habitual decision making when purchasing the sort of product you carry? Textbook, Pages 94 - 95 Write your answer, then write how youll use the tools available in your store to cater to this style of decision making. (Select applicable tools from Q1) Include: A qualitative description of how youll use these tools to appeal to your customer given what you know about the type of decision making they will use. Example: We plan to make our checkout process as easy as possible by doing _________, because our customer normally purchases this type of product habitually and would like checkout to be fast. They might become frustrated by additional steps that provide them with more information. Write your answer here (1/3 page): 3. Rank the importance of the following factors to your customer: Textbook, Page 88 Economy (price) Convenience Assortment (products) Availability of info Rank 1 = most important 4 = least important Attribute 1 2 3 4 How will you use the tools available to you in your store to appeal to your customers evaluation style? (Select applicable tools from Q1) Include: A qualitative description of how youll use these tools to appeal to your customer, given what you know about their priorities when shopping. Discuss your customers top two priorities. Example: Our customers prioritize assortment. For this reason, we are going to offer more colour and size options than usual to ensure they have an abundance of choice. Write your answer here (1/3 page): Finally, its time to name your store. Keep in mind everything youve discovered about your customer, their purchasing process and your stores location: _________________

Final Step: 1. Save this document as a PDF and upload it to the Assignment Folder named ASSIGNMENT 3 - Complete Strategic Planning.

Complete Strategic Planning MKTG 222 - Assignment 3 (Group) Marks: 100/10% of your final grade Group Member Names: Before implementing your retail concept, you'll need to have a strategic plan. Your strategic plan helps you solidify who your customer is and what their decision-making process is like so you can design a retail enterprise that speaks to their needs. The lifestyle/event you chose in Week 1: This is your retail concept. The first step in creating your plan is to clearly define your customer. Each of you used Envision to define a customer for your retail concept. Now you'll be combining your research into something called a customer persona. A customer persona is a fake person - a fictional combination of all the data you've gathered that will help your team stay focused on your target customer as you design your store. You'll be combining several Prizms or Target Sets to define the exact customer for your store. The Prizm Marketer's Guide and Prizm Quick Reference Guide will be helpful references for this step. Discuss your Assignment \#2 findings with your group, then fill out the chart below: Discuss with your group and agree on a flagship location. What is the best location for your store: (It should relate to your results in Assignment \#2) In Week 1 you identified your competitors. Paste them here