BUS 620 WEEK 3 ASSIGNMENT ( Retail Business Analysis )

Mar 30th, 2015
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Market SegmentsBUS 620IntroductionMarketing is a vital element for every business organization regardless if the company only operates in a physical brick and mortar location, on the internet, or both(Hess 2005)With the advancements in technology businesses must be able to compete with other companies in the same market which may deem necessary to conduct business on the internet to reach a broader target market(Hess 2005)Shifting from a physical brick and mortar location into the global online market allows more opportunities and could be profitable depending upon the organization. In the market the organization needs to have a good generic marketing strategy and the segmentation strategies. In my recent purchase of a couch at a local Peters and Foster they had a good generic marketing strategy and segmentation strategies.Generic Marketing Strategy There aretypes of generic strategies that companiesmust possess to achieve competitive advantage(.Mullins, Walker, 2010).The first generic strategy is cost leadership strategy and the others are differentiation and focus strategies.(Mullins, Walker, 2010). Competitive advantagecan bedefined as anything which gives one organization an edge over its rival in the products it sells or the services it offers (.Mullins, Walker, 2010). In my experience at Peters and Fosters they offer the best prices in town and after researching prices they were offering the best prices and that attracted me to sho

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