Retailer Branding - Branding the Store Flashcards
What is Retail Strategy used for?
Defines the scope and purpose for Retail Brand, Retail Concept, Retail Personality.
Defines Target Market
Key offerings relative to competitors
Integration and co-ordination of the RETAIL MIX to support this strategy
Within the Retail Strategy, what are the components of the Retail Mix?
Merchandise Assortment
Store Design (4 elements)
Location
Promotion
Pricing
Customer Service
What is the Retail Mix?
It provides the tools for strategy development and translation of strategy into practice.
What is Retail Strategy?
The central focus of the retailer
A well defined retail category/segment
Having a distinct market position which creates competitive advantage
What are the BENEFITS of Retail Strategy?
HIGHLIGHTS the essential features
GUIDES organisational direction and resource allocation
FACILITATES communication within the firm, suppliers and customers
FACILITATES achievements of goals
What is the Retail Mission?
What the firm plans to accomplish in the markets in which it competes for the customers it wants to serve
What is the Retail Concept?
It can be thought of as the ‘core’ of a firm’s retail strategy
What is Branding?
It is the learnt summary of the ‘unique total package of benefits’ that a product or service offers to a customer
What are the features that Retail Branding communicates to the consumer?
An expression of total benefits on offer
Unique brand identity
The underlying concept
Personality
Brand Relationships
A strong Retail Brand (Apple, McDonalds etc) is?
Well Known
Special and/or Distinctive
Consistant
What are the Innovations in Retailer Branding?
Explicit Branding
Re-branading
Brand Morphing
What are the 5 Brand Personality dimensions?
Sincerity
Excitement
Competent
Sophisticated
Ruggedness
Together Retail Strategy and Retail Branding applies to?
Critical of the firms success
Not-for-profit Retailing
All retail formats/location and channels
Recognise Stakeholders
