Buisness Retail Industry Assignment Sample
Weekly assignment- Place
The retail industry is famous for its diversity, which contributes to its size and influence. The differences in retail strategies and results extend beyond the products they sell. Each store varies in terms of its size, the kinds of services it provides, the merchandise it carries, and its ownership and management structure.
We need to understand first what retailers are and what types of retailers are available in the market today before we can go in depth. The term “retailer” refers to a merchant who buys goods in bulk from wholesalers (rarely from manufacturers) and sells them to final consumers in small quantities. Among the types of retailers are independent retailers, chain retailers, limited liability companies, leased departments, retailers in specialized markets, etc.
Product Line- Anti-lice shampoo
Demographics
- Women (21-36 years old).
- Men (18-45 years old).
- Children (2-12 years old)
I will choose to sell the Product 2 which is a nice smelling and affordable shampoo that prevents children and adults catching lice. Since its packaging comes in low profile packaging, its affordable by everyone.
Where to sell the product and why? Our target market will be a specific set of population, in order to meet the expected sales of the product. The income, age, gender, and population profile of our target market will be discussed. For the sales of the product to remain steady and to accelerate at a steady rate, we have chosen the population whose income is less than $7,000 annually. There are approximately 41% of the population whose incomes are between $5,000 and $7,000 annually. As our target market, we have selected the lower upper and middle upper income brackets.
The nature of the data has led us to select young mothers aged 21-36 with children aged 2-12 as our target market, as these individuals tend to be more concerned about lice. According to the World Fact Book, Australia’s population in this age group is approximately 48.7%.
From a product perspective, another main consideration is to identify which geographical areas we are going to target, since we are targeting the urban area due to the lifestyle and trends that are conducive to the sale of our products. In Australia, 38% of the population lives in rural areas
Consumer Buying Capacity:
Those who cannot afford expensive lice treatment shampoos can purchase this product. Additionally, the product has also a beautiful smell and is packaged in such a way so that it isn’t embarrassing to buy. Additionally, it is packaged in a low-cost package so that every family can afford it. Thus, we want to sell the product to those families that can’t afford to purchase expensive lice shampoo. As a result of the Australian per capita income and the Australian average family income, it is clear that the target market is capable of purchasing the product due to its compatibility with its requirements and affordability.
When a product reaches maturity, it is competing on the basis of differentiation as the products are in the product life cycle stage. To meet the demand of the shampoo industry, many companies, both domestic and foreign, are present. Brand differentiation has allowed companies to maintain customer loyalty and brand loyalty. Due to its compatibility with existing brands, the product will make its mark in the target market. The product we offer is the perfect replacement for the products available on the market. The price of the shampoo, on the other hand, is very low so that every family can afford it. At first, we plan to enter the market with this price and then come up with different flavors and increase our prices, but our primary goal is to gain market share.
Despite the use of unhygienic materials in the manufacturing process, our product provides better quality. The best competitor of the substitute’s product in this regard is us, and we provide quality products at a reasonable price.
Reference
Your Article Library. 2021. Types of Retailers. [online] Available at: <https://www.yourarticlelibrary.com/marketing/distribution-channels/types-of-retailers/99723> [Accessed 6 December 2021].
Wikihow.com. 2021. 13 Ways to Sell Homemade Soaps – wikiHow. [online] Available at: <https://www.wikihow.com/Sell-Homemade-Soaps> [Accessed 6 December 2021].
Retailnext.net. 2021. 8 Retail Marketing Strategies to Drive Sales | RetailNext. [online] Available at: <https://retailnext.net/blog/8-retail-marketing-strategies-to-drive-sales> [Accessed 6 December 2021].
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