15
Jul

I need help with these questions… I have looked everywhere… Can someone help?

1.List the tools, such as GMROI to develop a merchandise plan.

2. Explain the “steps” in developing a retail promotion program.

Thanks in advance… and serious answers to please!


Answer:
Retail's not my strength but here's what I have the ability to contribute:

Retail promotion program:

What's the target market?

Who are your buyers (identify)?

Identify buyer behaviors/ buyer decisions

Identify your competition and how your competition behaves/strategies

How will you price?

How will you distribute?

What's the very special value of your product? Where will you position your product: Consider whether you should sell to retailers on an exclusive basis (high end products)? Does your product have a strong brand identity?

Store Buyers are most often influenced by: consumer acceptance; strong advertising and promotions program; and financial incentives. All retailers want high turns and high earns - develop a program that achieves that and you win. You want to win store buyers “on side” to place your product in the ideal store position. Some ways of doing this: cooperative advertising (vendor/retail); special prices for storewide promotions; stockless purchasing - vendor maintains retailers inventory and ships on short notice; sponsorship of instore promotions; return and exchange privileges; etc. Today's retailers seem to be moving to either mass marketers or specialty stores (consider world wide web with its niche capabilities) so make sure your program is targeted to one or the other.

Hope this helps.

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This entry was posted on Tuesday, July 15th, 2008 at 5:02 am and is filed under Advertising & Marketing. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or TrackBack URI from your own site.

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