The strategic issue that I chose was the location. Many times, a good location will determine if

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The strategic issue that I chose was the location. Many times, a good location will determine if your business is successful or not. It’s important to remember that “the cost of a good retail location will be one of the businesses highest expenses (White, S. 2019). Many marketers know the importance of a space being in the right part of town, but there are other things that need to be considered as well. When a location is chosen, the entire area around the retail space is vastly important. The outside of the building can always be updated, but if the traffic pattern to get to the location is complicated or there is nowhere to park, it will affect the operations of the space. Also, you must look at the other type of retail activity that is in the area. Are you going to be competing with a similar brand that is right down the street or are there big-name retailers that draw customers near your retail location? Once the location is determined the inside of the store must be addressed. Everything from the layout of the shelves, checkout lines, and how the products are grouped together must be thought through so that customers find the process of purchasing goods convenient and will in turn come back to purchase more goods.

Explain how Burberry implemented innovative “place”.

Burberry implemented an innovative place strategy by hiring a new designer that took the traditional Burberry print that they are famous for and put it back on the inside of the clothing. The reason for the dip in sales was because of decisions in marketing that made the products cheaper for more consumers. In turn, this brought the company’s value down when people received negative press and were seen wearing their brand. This was due to not attracting the right kinds of consumers to their product. By moving the famous check back to the inside of their clothing, it started the re-establishment of the brand prominence, but it also helped the marketing team take the company forward through social media engagement and other marketing opportunities. They also utilized the traditional catwalk fashion shows to showcase their newly designed products to the world. Celebrities were invited to their shows, where pictures would later appear on magazine covers, showcasing their redesigned brand. This strategy is related to the Retail Merchandise Assortment which ensures the right products are available to consumers at the right time.

QUESTION1. SAME QUESTION First DISCUSSION Respond to at least one of your fellow marketers by Day .

Respond to peers who picked strategies different from you. Provide feedback on their explanation and their example. Try to respond to those who do not yet have three replies.

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Hello Classmates and Dr. H.,

Market Niche Strategy

Retailing has the goal of adding customer value without increasing costs. One of the three strategic issues is a market niche. As White (2019) mentioned, “Businesses choose to target a market niche to avoid trying to be all things to all people, a strategy too costly to maintain because of its lack of focus or a compelling value proposition” (Ch. 4.2, para. 3). By focusing on what you are selling to whom you are selling the product to, it will add customer value without adding cost.

The three elements that marketers should consider when it comes to market niche strategy are the market demographics and target audience, conducting market research, and potential rivals.

Market demographics and target audience – The market niche strategy is to attract a specific subset of customers with highly customized and unique preferences or needs. Although the target audience does not have to be small, it must be narrow. For example, Burberry’s demographic and target audience is the wealthy group of buyers to maintain its luxury brand.

Conducting Market Research – It is vital to conduct market research to determine the level of interest in the particular market niche. Also, research can help determine if there is an adequate demand in the market niche the marketer is trying to target.

Potential Rivals – Marketers must consider any potential rivals to determine if there is any competition in the market because it could indicate that the market niche may not be profitable enough to pursue. However, some rivalry could lead to healthy competition and help the niche product gain attention.

Burberry’s Innovative “Place” Strategies to Create Value

Burberry implemented innovative “place” strategies to create value for current and potential customers by hiring a new designer to change its market niche since it did not want the image that anyone could wear their luxury products (Vale, 2011, 11:25). The new place strategies were to eliminate the negative low-rent reputation and reintroduce the collection at the high-end catwalk shows. Burberry’s stores are on the lines of providing luxury store experience and marketing its exclusive and high level of craftsmanship for the selected few clients. Burberry also uses an innovative digital marketing strategy by selling products through e-commerce platforms.

QUESTION2. SAME QUESTION SECOND DISCUSSION Respond to at least one of your fellow marketers by Day .

Respond to peers who picked strategies different from you. Provide feedback on their explanation and their example. Try to respond to those who do not yet have three replies.

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Location Strategy

The strategic issue I chose is location. One of the things that comes to mind when I think about a business benefiting from location is souvenir shops. Souvenir shops are all about location because they target people on vacation. With something like a souvenir shop that sells specialty items they have a specific niche, example Souvenir City in Gulf Shores Alabama. The location is just off the beach, they sell souvenirs of Gulf shores and beach wear etc. Their location makes them easily accessible and convenient for customers. That is not always the case with business’s but no matter what retailer it is the location is a vital part of their business, not only does it represent them but it can make or break them. “The physical building a retailer occupies becomes part of its brand image”(White, S. 2019).
Three elements marketers need to consider when it come to location:

Ease of access is one thing marketers need to consider when they select a location. If the customers can't easily get to their location, they are not likely to stop. Demographics is another element to consider. “The demographics of the people around the location must present a good fit between the retailer and the chosen market niche.”(White, S. 2019) In the example I gave before I used souvenir shops because it is easier to see how they chose their location based on their market niche. Marketers also need to consider complementary businesses. If there are complementary businesses nearby it can increase their profits. For instance, a fish and tackle store next to a fishing charter business. Customers who may come for one are more likely to check out the other while they are there because they already have an interest in the products or services to some extent.

Burberrys innovative “place” strategies to create value for current and potential customers.

Burberry opened a whole line of products with basically the same pattern with a large range of prices to attract more customers of all ages and genders. The products for the line are everything from perfume to luggage. Burberry entered a partnership to develop and interactive virtual store. In addition to the virtual store, they opened a store on Sloane Street in London. Sloane Street is one of the world’s most luxurious shopping destinations. They also developed blockchain- based system to provide traceability with materials and products as part of their CSR program which makes them more appealing to consumers who are looking more into sustainable responsible companies and advertised by getting featured in influential fashion blogs.

Respond to peers who picked strategies different from you. Provide feedback on their explanation and their example. Try to respond to those who do not yet have three replies.