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The strategies and plans that translate into the store merchandise plan are well thought out roadmaps. A merchant’s goal is to provide the stores with the right merchandise, at the right time to sell to the customer at the right price and ensure the company makes its revenue and profit plans.
Click here(https://search.proquest.com.ezproxy.bellevue.edu/docview/218955935?accountid=28125) (the login is 21030201 and the password is 05181987)read an article about precision merchandising. After reading the article, develop a one to two page double spaced Word document in response to the following:
A merchant works in a dynamic environment. As stated earlier the customers vote everyday with their pocketbook, and those sales results drive the actions a merchant takes every day to course correct the business. Select and explain the steps in the buying process that (a) most impact the customer’s decision to be a loyal customer and a “Promoter;” and, (b) most impact revenues and growth?
Store Managers must also understand the factors that influence the buying process and how that process affects the stores. Consider the Store Managers and other retail store associates. Outline two to three challenges they face in executing product launches, focus periods and other product promotions in their stores. What can you do in your current position to support overall store efforts to ensure the company makes targeted revenues and profit goals?
assignment 4.1
Examine and summarize your understanding of:
Why merchants use the 4-5-4 Retail Calendar.
How the Marketing function at Verizon Wireless uses the fiscal calendar.
Outline the impact “calendar shifts” have on planning promotional, Back-to-School, and holiday business objectives.
If a merchant plans in-store merchandise deliveries without using the planned calendar, deduce two to three implications and consequences for the merchant and the store.
Assignment 4.2 (Post to the Week Four Discussion Board)
Read “Planning Promotional Events: Retail Merchandising Opportunities.”(https://retail.about.com/od/marketingsalespromotion/a/promo_calendar.htm)
In the Strategies and Plans course, you learned that “Merchants are required to make many multi-dimensional decisions. You also learned that “a good decision” requires a thorough due diligence and a great deal of planning. All of these decisions regarding merchandise stem from a core retail merchandise strategy. These merchandising decisions are driving forces in the retail world. They provide direction and lead to the actions that effect merchandising, marketing, and strategies and planning in the stores. Good decisions require a good process. It is important in such a dynamic environment as retail that merchants understand completely what they are trying to accomplish, determine the alternative options that need consideration, evaluate pros and cons of each option, consult and get buy in from partners, review their goals and objectives prior to executing a plan, and select the best solutions that will ultimately offer customers the merchandise they desire.” Using the 4-5-4 Retail Calendar effectively can make a difference in business results.
In this assignment you are going to work with the three year 4-5-4 Retail Calendar. This calendar targets same year events or holidays and shows calendar shifts over a three year period. Easter is a major event for retailers. Find the date of Easter for the years 2008, 2009, and 2010. Spring and Easter events are planned prior to the Easter holiday to promote merchandise in a variety of different categories. A merchant planning advertising, special events and holiday focused sales, needs to use the 4-5-4 calendar to ensure sales volumes are protected month to month and year to year. What factors would you consider if you were planning Easter events for 2009? Use the dates on the 4-5-4 calendar (download the “2008-2010″ PDF) as your guide and all the information you have learned to date about strategy, planning, and advertising to answer the questions below in a one page Word document describing the following:
Using the factors you learned in the Strategies and Plans course that a merchant must consider to protect sales volume, break down how you would to plan for the Easter holiday shift in the calendar?
When planning advertising and marketing events, assess how you would effectively use the 4-5-4 Retail Calendar.
Evaluate how you will look at using the retail or fiscal calendar differently based on what you learned this week.
Assignment 4.3 (Post to the Week Four Discussion Board)
This assignment focuses on the stores. Using the Verizon Wireless 2008 or 2009 calendar as a reference, identify a promotional event during either year when Verizon Wireless promoted and featured specific products. Choose a category of merchandise or an item that stores were involved with selling and promoting. In two to three double spaced Word paragraphs outline how calendar shifts, deliveries of merchandise, advertising, or other factors impacted the success of meeting revenue goals for the promotion you choose. This is your analysis of why business was good or bad and what impact timelines for selling the merchandise may have been impacted by merchant, store or external factors; and how those factors affected customer satisfaction and ultimately store performance.
To complete Assignment 5.1, first examine the following questions from a merchant’s perspective in the buying office for Home Accessories. Analyze the situation and begin to develop a response to the issues.
You are the merchant, how will you respond to the situation?
With whom do you partner to respond to the business issues?
What steps in the buying process do you use to help you find a solution?
How possible is it to impact the business problems quickly?
How do you balance stock levels, manage advertising, price, inventory, promotional events, vendors, shipping?
How are you going to compete with the competition?
How do you explode opportunities while limiting liabilities?
What is your final solution? What actions will you take to resolve the issues?Assignment 5.2 (Post to the Week Five Discussion Board)
To complete Assignment 5.2, first examine the following questions from a store’s perspective for the Home Accessories Department. Use the solutions you developed from Assignment 5.1 and continue to analyze the situation to develop a response to the issues.
How possible is it to impact the stores stock problems by using the 4-5-4 calendar?
How will you be able to re-strategize new store openings in the future so out of stock issues do not reoccur?
How are you going to address the customer service issues for customers who did not find the advertised merchandise in the stores?
How do you know if the actions you took to explode opportunities and limit liabilities are going to work in the store?
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