Strategic Plan
As stated in the 2016 Annual Integrated Report Mr Price Group must focus more on their 5 pillars of strategy which are; growth, building loved brands, operations, people and sustainability.
Mr Price Group can still make many changes and implement many different strategies to meet their goals and achieve their vision of becoming the top international retailer.
Growth:
Mr Price Group can implement the growth strategy to expand in the current market and gain a larger market share. This can be done by reallocating resources such as spreading out stores more to reach more customers instead of having many stores close together. This will ensure that more customers are able to reach a Mr Price store and purchase from them. They
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The 3 Mr Price brands are fully omni-channel retailers. Mr Price increased its contribution of high LSM (8-10) shoppers over the last year. Mr Price ranks in the top 10 in South Africa for number of Facebook fans and has the highest number of Instagram followers amongst its local competitors. This shows how in touch with its customers Mr Price is and how social media helps strengthen the brand.
Mr Price is also very up to date with technology and continues to implement mobile POS, Tap ‘n Go, paperless receipting and online store fulfilment to strengthen the brand and increase the customer experience satisfaction as well as reduce checkout and delivery times.
Mr Price Group must help build up local suppliers and factories so that they can receive the latest trends and fashion before their competitors at the best price without having to deal with import tax. Mr Price will also therefore be able to get clothes in the correct sizing which will increase customer
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Mr Price Group must enhance sustainable business practices and partnerships in the local market. A good start would be to buy 2 800 tonnes of South African cotton and source over 80.5 million units totalling to R3.5 million from local suppliers.
Mr Price Group must also engage with the community and implement more programmes such as the MRP Foundation school programmes that impacted 65 000 learners and the JumpStart Retail Programme that trained 10 000 youth in the last 3 years which resulted in 4 300 being employed.
Mr Price Group must also protect the planet by decreasing their carbon footprint even more and start more projects such as the rooftop gardens to lessen their impact on the environment to better publicity. Mr Price Group reduced their carbon footprint by 17% or 29 500 tonnes of CO2 emissions through improved energy usage and lower energy intensive lighting. They can also increase the amount of waste recycled at the head office which is currently only at 50%.
As it is a boot making company, there have a lot of greenhouse gases, and they do really care about their grants to the problem.
M&S are one of the UK's leading retailers of clothes, food, home products and financial services. Some 10 million people shop with us each week in over 375 stores. In addition M&S have 155 stores managed under franchise in 28 territories mostly in Europe, the Middle East, Asia and the Far East, stores in the Republic of Ireland, nine wholly owned stores in Hong Kong and M&S own the US supermarket group, Kings Super Markets. The main objectives of marks and Spencer's are as follows:
It will be advantageous for the company if they can project themselves as responsible corporate citizen and an environment friendly company. Social enrichment schemes, recycling schemes and educational funds can be initiated to cater to this cause and long term goal.
BHP Billiton commits to customer awareness and outreach through many of its existing programs in hopes to promote sustainable and long-term by decreasing their environmental footprint while building collective stakeholder relationships. The company has committed to its target of being more environmental responsibility and working towards reducing their greenhouse gas emissions by 5% by way of sustainable development. This means pushing forward with extensive innovation through their partnerships with companies like Hatch and any other future
As we learned from Chapter 12, price must be carefully determined and match with firm’s product, distribution, and communication strategies. (Hutt & Speh, 2012, p. 300) Therefore, there should be a strong market perspective in pricing. In order to build an effective pricing policy, marketers should focus on the value a customer places on a product or service. One of the most effective ways to do so is differentiating through value creation.
Price: They have pricing strategy for different group of consumer. The price of their shoes varies depending on the type of the shoes, the feature of the shoes, and even design and edition matter. The shoes can be price at a standard price where most customers can afford. Yet some special feature shoes are specially design and created for premium customer who can afford to pay a higher price. For this reason they can capture different group and level of customer.
And we will purchase capacities when plant utilisation above 90%. This will expand the business size and have a positive impact on economies of scale. Composed with High End and Size products transfer into Traditional and Low End, we have multiproduct in targeted segments. “Higher firm-level ability raises a firm 's productivity across all products, which induces a positive correlation to a firm’s intensive and extensive margin” (Bernard, Redding and Schott 2006). This means with an effective business strategy and management, businesses can boost sales of all products within the segment. With a larger product profile for Traditional and Low End, it works to generate larger market shares. Refer to Graph 4 and 5, Digby sold twice units of products than its core competitor-Baldwin by having Daze and Dixie in its Traditional segment, which drives its segment market share to double Baldwin’s. The boost in sales and market share prove the correct implication of the
⑤ Local farmers suppliers. Local farmers’ benefit are obviously from the ongoing recovery of the purchase price and the sales contract.
This strategy is very much about the business which is carried out as usual. In this strategy the marketer is focusing on both the product and the market opportunity.
Important companies like Shell, DuPont, BP has been reorganised to generate profits from this green market of goods and services. In this sense, it may sound altruistic, "the sustainability", the logic of profitability and competition is what will determine the ability of companies of the future to meet the changing needs of consumers.
likely to focus on goods that are necessary. Like other competitors, Best Buy’s current underperformance is
It is important for LVMH to continue to distinguish themselves from other luxury brands, and by continuing to acknowledge that their products are desires and not necessities. They sell luxury, and image. It would be advisable to have better relations with their customers, to increase customer loyalty, but to also get into the minds of the consumer to give the consumer what they desire, all the while staying ahead of the competition. Researchers should be assigned to each specific business unit; it would be a good idea to treat each unit as a separate entity, all-contributing to the same end. By individually enhancing each unit, and eventually collaborating in the end, LVMH will be most profitable. Internet ventures are very important, we live in a time that thrives on technology, and making efforts easier for consumers will be key. Continuing to portray an image or a message with each product will contribute to the brand differentiation. The continual acquisition of profitable names and organizations will continue to increase the profitability of LVMH.
The strategy book by Max McKeown is an excellent book for managers or leaders in general to read and follow in order to create a unique strategy for their business. The strategy book includes examples of strategies that were previously constructed and followed by small, medium and large companies. The book gives readers the chance to know the strategies that were employed by different types and sizes of business and how successful they were. These real life cases are what make the book so interesting and informative. The book is divided into different parts that inform the readers about formulating and then following the appropriate strategy.
Digital marketing such as the internet has allowed consumers to easily compare prices online through apps from app stores or price comparison websites such as pricerunner.co.uk. This can reduce search costs for t...
...e enough because the company has chosen the best possible way to increase the company performance. The pricing strategy is the company’s best strategy from all because it affected the sales revenue a lot. Although fluctuating the price is quite risky for a business since the customers might order from other companies if the company doesn’t do it properly, but XXX Company manage to done it well so far. The effectiveness might also be seen by the average of sales revenue between January to August from 2011 to 2013.