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Identifying Merchandise and Product Strategy

Identifying Merchandise and Product Strategy

Walmart

Walmart is a top-performing merchandise and retail store in my community. The product strategies of the store are primarily influenced by the retail industry situation, the firm’s goals, and the characteristics of the retail business. Due to the COVID-19 pandemic and technological advancements, Walmart has embraced e-commerce trends by ensuring customers enjoy different services and goods online. This has made customers enjoy the products conveniently, efficiently, and effectively. In addition, Walmart management has trained its employees to help customers find goods and services per the shoppers’ needs, wants, preferences, and tastes. The business applies the Everyday Price pricing strategy, setting low prices for their products to help attract customers.

Additionally, Walmart uses the flat-rate subscription strategy. This strategy ensures online shoppers enjoy unlimited product deliveries (Bonanno & Goetz, 2012). The fast-moving goods sold by Walmart support the company’s product strategy of charging reasonable product prices. Moreover, Walmart’s marketing and product strategy has resulted in outlets selling products in massive amounts. The main top-selling products are the Micro Touch Max hair remover, flax pain reliever, old English scratch cover, and Titan New Cloud wooden hairbrush.

Target

Target General Merchandise is one of the best-performing retail stores in the country. Target has stores across the US and employs over 350,000 people in all its areas. Target General retail store is one of Walmart’s competitors in my hometown. Like Walmart, Target General increased its e-commerce strategies during the COVID-19 pandemic to ensure continued and increased online shopping. In addition, the store has a variety of products for customers to choose from, with close guidance from the attendants (Yuan et al., 2016). The store sells discounted products, which primarily applies to shoppers with Target Visa Cards (Graff, 2006). The firm uses the buy-one-get-one-free strategy to help maintain a significant market share, given the store’s stiff competition from Walmart. The products mostly sold under this strategy were bathing soaps, toilet paper, and toys. These products support this strategy as consumers mostly buy them in numbers. Compared to Walmart, the bestselling products by Target General are different. The top five selling products are faux rabbit fur throw pillows, Mrs Meyers hand soap, electric gooseneck water kettle, spry erase board, and the cedar-scented candle.

Reference

Bonanno, A., & Goetz, S. J. (2012). Walmart and local economic development: A survey. Economic Development Quarterly26(4), 285-297.

Graff, T. O. (2006). Unequal competition among supercenter chains: Kmart, Target, and Wal-Mart. The professional geographer58(1), 54-64.

Yuan, M., Pavlidis, Y., Jain, M., & Caster, K. (2016, November). Walmart online grocery personalization: Behavioral insights and basket recommendations. In International Conference on Conceptual Modeling (pp. 49-64). Springer, Cham.

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Question 


Winning businesses develop strategic merchandise/product plans that support the company’s overall business strategy, goals, and objectives. Specific promotions are planned by management, which has fully developed financial plans to support the upgrades. Promotions are well-planned so the stores can execute each promotion successfully and provide customers with outstanding products and services. Typically, a rise has a specific strategy and targets a particular market segment. The objectives of the advertisement may be attracting new customers or increasing selling opportunities.

Identifying Merchandise and Product Strategy

Identifying Merchandise and Product Strategy

 Instructions

Visit two retail stores (NOTE: If you currently work in retail, please visit stores other than yours). During your visits, you will assess elements of each store’s merchandise/product strategies. The other stores may be competitors in your industry sector, or they may be in an unrelated sector.

Use course content, outside research, and your professional experience to answer the following questions for each store visited:

In 275 words (double-spaced), compare and contrast the merchandise/product strategy(ies) used in the two stores you visited. Use the seasonality for this assignment if there is a seasonal event, e.g. Halloween, 4th of July, etc. Support your observation(s) with photo(s).

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