1INTRODUCTION TO BUSINESS It is identified that the Real Canadian Superstore should increase their diversity in terms of their offerings along with having more product assortments across different price points. This will help them to cater to the customers across different income level. In addition, increase in the diversity of the product offerings can also help Real Canadian Superstore in targeting larger target customer segments. Thus, the revenue streams will get increased for them. In terms of the pricing strategies, it is recommended that they should initiate market penetration pricing strategy in order to have larger presence in the market (Spann, Fischer & Tellis, 2014). This should be noted that competition is higher in the premium segment with limited opportunity and thus premium pricing will not be effective enough. Omni Channel distribution and promotional activities should be initiated to have the maximum availability and presence in the market. Thus, it can be concluded that with these recommended marketing mix strategies, Real Canadian Superstore will be able to increase their revenue and sales volume in the market. In terms of the implementation process, it is recommended that phased process should be followed. This is due to the reason that with the help of the phased process, outcome of the recommended marketing mix can be identified from a particular area and required mitigation actions can be taken (Arena, Azzone & Bengo, 2015). Thus, the risks involved in holistic implementation will be minimal for the company. Moreover, a few key performance indicators should be practiced by them in evaluating the effectiveness of the marketing mix strategy. This will include rate of acquisition of new employees, increase in the average revenue generation and retention rate of the existing customers.
2INTRODUCTION TO BUSINESS Reference Spann, M., Fischer, M., & Tellis, G. J. (2014). Skimming or penetration? Strategic dynamic pricing for new products.Marketing Science,34(2), 235-249. Arena,M.,Azzone,G.,&Bengo,I.(2015).Performancemeasurementforsocial enterprises.VOLUNTAS:InternationalJournalofVoluntaryandNonprofit Organizations,26(2), 649-672.