Mechandising Display & Advertising - PDF
Added on 2020-10-15
10 Pages6079 Words99 Views
Business Development
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Mechandising display & advertisingQ 1 (b) Draw a retail advertising campaign plan and evaluate it.Ans. Now we’ve established the basics and importance of retail marketing. To get your brand, products and services out there, it is important to consider the steps to develop an effective, feasible and unique strategy to achieve this.Below we’ve incorporated some aspects of retail marketing best practice to consider when constructing your plan.1.Develop your branda.Create your brand story and qualitiesb.Align this with your business objectives c.Develop the assets needed to communicate your brand2.Define your positiona.Examine what your competitors are doingb.Assess your place in the market – where do your products fit in the landscape?c.Use customer surveys for feedback3.Identify your target marketa.What are the demographics of your customers?b.Where and how do they prefer to shop?c.What needs and wants do they have that you can resolve?4.The benefits of your producta.Determine the USPs of your product against the needs of your customersb.Develop your messaging around these key advantages your products offer5.Detail your tacticsa.How will you promote your product?b.Which retail marketing channels will you use?c.Will you use advertising?6.Build a schedulea.Create a budget for your retail marketing campaignsb.Plan out when the various aspects of your campaign will be delivered, and through which channelsQ 2 (b) Discuss the process of setting advertising objectives.Ans. The advertising objectives must flow from prior decisions on target market, market positioning, and marketing mix.1.Informative advertising:It is heavily used in the pioneering stage of a product category, where the aim is to build primary demand.Ujala commercial, where the ad talks about how different it is from the age old “neel” by talking about its solutioncontents and showing how different your clothes look when washed with Ujala.2.Persuasive advertising:It is generally used when the product is in the competitive stage, where the company’s objective is to build selective demand for a particular brand.Whirlpool ice magic positions itself as being a quick icemaker and was the first one of its kind to use this as a marketing platform.3.Reminder advertising:It is very important to use these when the product is in the maturity stage. They are intended to remind people to purchase your brand.These are just reminder ads to keep the brand or the company fresh in the minds of the consumers or have the brand top of mind.4.Reinforcement advertising:It seeks to ensure the buyers that they have made the right choice by purchasing your brand.Hamara Bajaj advertisements make the owner of the two wheelers of Bajaj proud of their possession by giving it apatriotic positioning
Q 2( d) Briefly describe elements of merchandising plan.Ans. Merchandiseplanningrefers to an approach based on data to select, buy, present, and sell merchandise to consumers so that the maximum rate of investment can be achieved and consumersdemandcan also be satisfied.Important components of merchandising planning are :-1) ProductMerchandise or product is the most basic component of merchandising planning. The retailer has toprovideproductswhich are expected to be demanded by his consumers. He is required to keep enough inventoryof each products category so that he never runs out of it and lose business.Seasonal products:Staple:Fashions:fads:2) RangeRange refers to breadth, width, and depth of products that you sell in your store. There should be enough choicesoptions for the customer so that they can choose the right products for themselves. Stores with limited widthshould provide enough depth options.On the other hand, departmental stores, which deal with various categoriesof products, should not only have width but also need to have depth and width.3) PricePrice is another important component of themarketing mix. Price is an important factor when your customers areprice sensitive. It is the job of a retailer to determine different segments of consumers and which price segmentthey belong to.You can make categories such as low, medium, and premium range. Customers should be offeredproducts of the price range they belong to.4) AssortmentsAssortment means the combination of various products to be made available at retail stores. Products should beassorted and presented department wise and category wise. For example, toiletries, cosmetics, staples, electronics,furniture, vegetable, etc. each category of products will have different price level,brands, and size.5) SpaceThe retailer should also decide the hierarchy of products and decide how to create space for different categories ofproducts. For example, products can be categorized as fads, new arrivals, vegetable, fashion staples, furniture’s,electronics, kids’, etc.It is important to priorities place for different merchandises:It should be convenient for customers to locate and pick products.Products should be easily visible.Q 3 ( a ) Short Note : Reverse LogisticAns. Reverse logisticsis for all operations related to the reuse of products and materials. It is "the process of movinggoodsfrom their typical final destination for the purpose of capturing value, or proper disposal.Remanufacturingandrefurbishingactivities also may be included in the definition of reverse logistics."Growing green concerns and advancement of green supply chain management concepts and practices make it all the more relevant.The reverse logistics process includes the management and the sale of surplus as well as returned equipment and machines from the hardware leasing business. Normally,logisticsdeal with events that bring the product towards the customer. In the case of reverse logistics, the resource goes at least one step back in thesupply chain. For instance, goods move from the customer to the distributor or to the manufacturer.When a manufacturer's product normally moves through thesupply chain network, it is to reach the distributor or customer. Any process or management after the delivery of the product involves reverse logistics. If the product isdefective, the customer would return the product. The manufacturing firm would then have to organise shipping of the defective product, testing the product, dismantling, repairing, recycling or disposing the product. The product would travel in reverse through the supply chain network in order to retain any use from the defective product. The logistics for such matters is reverse logistics.
Q 3 ( b ) Short Note : Merchandising PlanningAns. Merchandise planning is a method of selecting, managing, purchasing, displaying and pricing the products ina manner that they bring in maximum returns on investment, value addition to the brand name by satisfying the consumer needs while avoiding the creation of excess inventory. Moreover, merchandise planning is about striving to make the right product available, at the right time, in the right place, in the right quantities, and at the right price.Merchandise planning is defined as “Planning and control of merchandise inventory of the retail firm, in a manner, which balances between the expectation of target customer and strategy of firm”.:Strategy of a firm may be profit maximization growth and expansion of its market. Expectation of customers is always a product that is desired by him and that satisfies his need. There is interlink between them, i.e., a firm canmeet its target of profit or market share, when it is in a position to stock and sell the product that is liked by the customer. This call for merchandise planning.Supply chain management Q 1 ( b) Describe the various strategy of supply chain management.]Ans. Supply chain management (SCM) should enable companies to develop and execute strategies that efficientlyintegrate the management of all the players in a supply chain — suppliers, manufacturers, distributors, and customers — so that production and distribution are accomplished at the lowest possible total cost while meeting customer needs. In reality, though, companies struggle to achieve success in managing their supply chains. Companies with successful SCM programs employ eight basic best practices:1. Start with strategy, but be practical.Go ahead — ask the “what if” questions about your supply chain. This will help you assess alternatives. But remember that the best supply chain strategy is one you can accomplish. Make it specific, not general; practical, not conceptual. Include elements of process, technology, organization, control philosophy, and metrics. Think through the details. It’s not enough to say that you want to employ global sourcing; to actually implement the strategy, you must specify the components, the countries, and the suppliers.2. Manage the entire supply chain with a focus on the customer.SCM should span all links in the supply chain, from suppliers to logistics providers to distributors to production facilities and warehouses to customers. This entire network should be aligned to achieve the same goals: serving end customers’ needs and, to the greatest extent possible, delivering products that customers want when they want them, and at the prices they are willing to pay.3. Get on the CEO’s agenda.A top-down SCM approach — that is, an initiative endorsed and led by the chief executive officer — is critical to securing senior management buy-in and ensuring that the strategy will yield good results. A Booz Allen Hamilton survey found that companies that assign SCM to functional leaders achieve 55 percent less in savings than those whose CEO plays a hands-on role in linking SCM to overall corporate strategy.4. Control trade-offs between cost and service.Smart trade-offs between cost and service are critical to the effective design of the supply chain network and to achieving the goal of satisfying customer needs. 5. Ensure that key stakeholders communicate.The objectives of business functions frequently conflict. This can weaken the supply chain so much that in short order it affects the company’s performance6. Be smart about customization.Customers are demanding ever more customized products and services, but customization adds expensive and wasteful complexity to the supply chain if it is not carefully planned for and managed. More part and product configurations mean more suppliers, more inventory, and shorter production run times. Before burdening the supply chain with these costs, assess the value of the additional products or services to the customer and the company. Complexity can be reined in through effective product architecture and by fully understanding all associated costs.7. Understand the value and risks of technology.Information technology should not be used to replace broken links in the supply chain. Processes complementing the company’s SCM strategy must be designed first — then the right technology infrastructure can support the strategy. Managers may be tempted to eliminate the critical human element and rely only on software to manage the supply chain. But software can’t possibly understand a
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