Enhancing Revenue: Marketing Mix for Real Canadian Superstore

This essay provides an introduction to business strategies for the Real Canadian Superstore, focusing on enhancing diversity in product offerings and implementing effective marketing mix strategies to increase revenue and sales volume. It recommends diversifying product assortments across different price points to cater to a broader customer base and suggests adopting a market penetration pricing strategy for greater market presence. The essay also emphasizes the importance of omni-channel distribution and promotional activities to maximize market reach. A phased implementation process is advised to mitigate risks, along with the use of key performance indicators such as new employee acquisition rate, revenue generation, and customer retention to evaluate the effectiveness of the marketing mix. The strategies discussed aim to improve the Real Canadian Superstore's competitive position and financial performance.

Running head: INTRODUCTION TO BUSINESS
Introduction to business
Name of the student
Name of the university
Author note

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). Performance measurement for social
enterprises. VOLUNTAS: International Journal of Voluntary and Nonprofit
Organizations, 26(2), 649-672.