Description
Read the following article about the many ways to increase sales:
Ware, L. (2017, April 24). Get your customers off the "discount drug," boost profits and maintain margins with these creative retail sales ideas. (Links to an external site.) CCG Retail Marketing Blog.
You have just been hired by a waning retail brand, ABC & 123 Toys, Inc. to assist in rejuvenating and restoring the lackluster sales that have plagued the firm. Develop a retail strategy that focuses on all the items you'd address to help boost sales. Conduct a situation analysis. What are the areas of opportunities for the retailer and what threatens to adversely impact it. Using the 4Ps as a guide, make sure to address the following:
- What product or services changes will you implement? Discuss product innovation or customer service enhancement.
- Define the pricing strategy and notate new pricing objectives and price adjustments.
- Detail current retail distribution (i.e., exclusively online, brick and mortar location, etc.) and discuss a refined distribution strategy.
- Include examples of new advertising and promotional sale campaigns that will bolster profits; which primary consumer groups will these ads reach? Develop a brief social media campaign which these ads will appear.
Your assessment must adhere to the following expectations:
- Be 8-10 pages in length, not including the title or reference pages;
- Integrate concepts, terms, and theories from the readings and module content;
- Include at least five academic references to support your work, including one peer-reviewed article preferably from the CSU-Global library; and
- Follow the CSU-Global Guide to Writing and APA Requirements (Links to an external site.).
Explanation & Answer
Hi, kindly find attached
Running Head: RETAIL STRATEGY
Retail Strategy
Student’s Name
Institution
Date
RETAIL STRATEGY
2
Introduction
The company ABC & 123 Toys, Inc. needs to rejuvenate and increase sales. The paper
consists of a retail strategy that can help the company to boost sales and increase profits.
Considering the situation, the strategy is focused on identifying opportunities for the retailer and
eliminating factors that threaten the sustainability of the company. It includes thorough
discussions on how product innovation and pricing strategies can be used to increase sales at
ABC & 123 Toys, Inc. The retail strategy addresses the current retail distribution at the company
and recommends a refined distribution strategy to increase the sales revenues of the company.
Finally, the paper recommends promotion and advertising strategies that can be used to increase
profits. Also, a brief social media strategy is recommended for ABC & 123 Toys, Inc.
Product Innovation
Product development is a very important element of a retail strategy when it comes to
increasing sales. As a company, it is critical to anticipate the needs of the consumer and innovate
on suitable products to increase sales revenues. In retail, product innovation involves redesigning
the consumer experience in a manner that creates value to maintain customer loyalty. Thanks to
the growth of mobile commerce and social media, consumers are now critical influencers of
product innovation (Satpathy et al., 2015). Product innovation allows an organization to turn the
consumer into a brand advocate which ultimately drives sales.
Furthermore, a company should have great a customer service that is flexible, easy to use,
and with quick responsiveness. Product innovation is not just about using technology to boost
revenues, but also to improve on existing products. It is necessary to make sense of diverse
activities among consumers by considering customer insights, data, and cross-functional
RETAIL STRATEGY
3
activities. For product innovation to work, a company should be able to apply existing
knowledge in new ways. Also, it can strive to create a culture that motivates unconventional
thinking, an encourage collaboration with a diverse set of people. Success companies can
capitalize on open innovation to accelerate the growth of sales.
Product innovation is achieved by constantly mapping the consumer journey, engaging
and understanding consumer research, challenging company conventions, and translating
customer insights into innovation pilot programs. It is also important to gather product
innovation teams and expertise in a real test-and-learn environment. For a company wishing to
capitalize on product innovation, it should move from the traditional approach to finding unique
value propositions. To increase innovation in the company, an innovation management platform
should be used to crowdsource ideas. These ideas help in understanding consumer preferences.
Since the company wants to capture sales, it should leverage on the point of sale system and
innovative machine learning. By embracing digital transformation, ABC & 123 toys Inc can
understand customers better from data-driven insights. The retailer should have an omnichannel
strategy that focusses on engaging end buyers, empowering them, and creating unforg...
Review
Review
