Retail Store analysis
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The purpose of this Retail store/company analysis is to look closely at top five (5) retail stores of America, scrutinize each their mission statement and customer service strategies. Based from the learning outcome and research conducted, an imaginary retail shop “Store D” will be put together, with its own mission statement and service strategies to reach its targeted market.
It important to look into the factors that has made these five companies endure the cut-throat competition of the retail business, and be able to expand throughout America, and some companies, all over the world.
TOP FIVE (5) RETAIL STORE: MISSION STATEMENT
“To grow our business by providing quality products and services at great value, when and where our customers want them by building a positive, lasting relationship with our customer.”
Sears with their by line “Life well spent” is a mid-range department store that offers a worry free shopping. It also offers a very wide array of products from clothing and accessories to furniture and electronics. In their claim “we service what we sell” is backed up by 10,000 highly trained technicians supported by a 24/7 customer service team to cater to every client’s need and inquiry.
“Every day matters philosophy to life-showing our customers that what matters to them, matters to us”-Myron Ullman, CEO
In the absence of an official statement of Mission, JC Penney has lived with the ideal of “every day matters’ as their standard, unofficial mission statement. JC Penney is a mid-range retail chain, based in Texas with 1,093 department stores in 49 states of America. This store is mostly clothing and apparel retail store that now carries home furnishings. It claims to be the biggest internet site provider for the said items. Online shopping is also available.
Customer care is provided for, 24/7 by an efficient customer service team, that can be reached through email, telephone and regular mail. The official website is also used as a sounding board for comments and suggestions.
“To make target the prepared shopping destination for our guest by delivering outstanding value, continuous innovation and exceptional guest experience, and consistently fulfilling our ‘expect more, pay less’ brand promise.”
With the strong by line “expect more, pay less” target retail chained opened in the year 2000 and has gained a steady following. Competing directly with Kmart and Wal-Mart, Target boasts of trendier more upscale merchandise than its competition, in effect the store has a younger, more affluent customers.
“Saving people money so they can live better.”
Standard by line for this store is “save money, live well” serves as the culture by which Wal-mart stores are known for. Providing cheaper alternative for products that the customer needs, not by offering cheaper goods but by decreasing marginal profit, quality goods are afforded to clients, which will, in effect better their lives. In the year 2006, Wal-mart has answered the need to provide organic food supermarkets, it has thus become one of the biggest retail provider for the defined market.
Not much can be gathered from the existing website as to customer services and care, other than it offers a 24/7 customer service that can be accessed through email, telephone and drop ins.
“K-mart will become the discount store of choice for middle income families with children by satisfying their routine and seasonal shopping needs as well or better than the competition.”
One of the leading retail-discount retailers of present time, K mart has 1,500 stores to boast and an almost complete line of products from clothing, accessories, electronics, pharmacy among many other things. The business philosophy practiced is ‘to offer prices they can afford for the products they need’. True to its claim, Kmart after merging with Sears retail store, has now operated though out America, expanding to Guam, US Virgin Islands and Puerto Rico.
It also has a Big K shopping online store, that makes the items in the shop available to anyone who wished to purchase it through the internet.
After careful study of the five most powerful and effected discount-retails shops in the United States, Store D is created.
Mission Statement: “To be the top retail provider of high quality products sold at a cheaper price, which will cater to the need of every individual, from infancy to old age, backed by highly trained technical support and attentive customer service teams to ensure that every client gets the best services and products available.”
Components of this statement broken down:
“To be the top retail provider” means that Store D is can compete with the existing retail stores and aims to be on the top post as it reaches its 10th year of operation.
“high-quality products sold at a cheaper price” with decreased margin of profit, the customer is given an opportunity to avail of high quality products at a lower price. Rather than providing an alternative cheap(er) product that will not be as durable and effective as the high quality one, Store D shall impose upon itself to decrease the profit, and increase customer patronage.
“cater to need of individual from infancy to old age” To be able to cater to the needs of every individual, from infancy to old age, it requires of a wide, and almost complete array of products and merchandise needed for every day use.
“backed by highly trained technical support team” A strong technical team is needed to support the needs of the customers. The relationship of Store D with its customers does not end at the cash counter. After the products has been brought home, the technical team is ready to support, help and provide services to maintain the high functioning of the products. The technical team will also serve as a bridge of the store to their clients to maintain a healthy and continuous business relationship.
“attentive 24/7 customer service team” Customers of different age and culture has a variety of needs, with the presence of attentive customer service personnel, their needs are heard, analyzed and served.
“to ensure that the client gets the best services and products” The end goal of Store D is to make sure that the best is given to the customer. With the reality of all the factors mentioned earlier, this end point is realized.
HOW CAN STORE D REACH THE TARGET MARKET?
The target market are the middle income people, from all age and culture.
Store D’s plan to reach the target market is to strategically locate the stores in all key cities all over America. The store is a non-imposing structure that has a welcoming, warm feel to it.
Aside from the retail store itself, it branches out as a direct-sales business as well. Direct sales, most likely to be associated with Catalog sales, only that there are sales people to get the orders, and deliver them to the client as well. It is not only a good business opportunity for small town folks, but can also provide extra income for mothers who cannot leave the home for an 8-5 job.
The internet website for Store D shall be able to accommodate shoppers from all over the world. Products are listed, with the details and corresponding photograph, and from their very homes, they can order the products and have it delivered right at their doorsteps. It does not have to be an international purchase, individuals caught up in their work, who cannot go out to shop and do the grocery can purchase online and have the goods delivered to them. For out of town locations, a minimal shipment/delivery charge is applied.
Store D also has a specialty shop that carries one of a kind item. This is the “gifts-galore” department that offers rare finds from exotic countries in Asia, Europe and Africa. The items are perfect for special occasion presents, such as a unique trinket from Thailand or a hand woven Sarong from the Philippines. This is the only department that has an ‘exclusive feel’ as the items comes unduplicated, unique, but still affordable. It is also the bestseller in online purchases.
Based from the researches done with regard to the retail discount stores that are making money today, Store D has what it takes to join the cutthroat industry of retail and has the promise of long-standing success.