28 Jun MARKETIG BBUS 4481-Assignment 4-Retail Marketing Mix—Price and Distribution
Question
Assignment 4: Retail Marketing Mix—Price and DistributionIntroduction
The purpose of Assignment 4 is twofold: first, to enable you to demonstrate your understanding of the main pricing elements in a retail marketing strategy, and second, to allow you to apply your understanding of the supply chain and competitive advantage.
Assignment 4 is worth 15% of your final grade in the course. It is marked out of a total 100 possible marks.
4.1: Pricing Objectives and Tactics (25 Marks)
Retail financial institutions such as banks and credit unions offer financial products and services to consumers and therefore, they are considered retailers. The two types of retail financial institutions in Canada are chartered banks (such as the Royal Bank of Canada and the Bank of Nova Scotia) and credit unions (such as Vancity Savings Credit Union and Coast Capital Savings Credit Union).
Select one of Canada’s major chartered banks or credit unions offering products and services to consumers. Visit the company’s website and a branch and gather information related to the questions listed below.
Suggested time: 6 to 6.5 hours
Length: Please write your response in point and paragraph form and limit your response to 6 pages using 1.5 line-spacing.
Assessment: This part of the assignment will be assessed using the following criteria:
Depth (detail) of the analysis
Insight into the price objectives of financial institution
Explanation how to achieve price objectives through the most appropriate combination of price tactics and then link them to positioning and value proposition
Answer the following questions about price objectives, tactics, and positioning and value proposition:
What are the three financial objectives a retailer needs to maximize through its pricing tactics? Explain your answer. (6 points)
Describe one price tactic for each of the three pricing objectives the bank develops to achieve each pricing objective. (6 points)
Explain why you think the bank is using each of these three (3) particular pricing tactics. (6 points)
Do these three (3) pricing tactics support the three (3) financial objectives the bank is attempting to maximize? If yes, explain how they do support the financial objectives and if no, why they do not support the financial objectives. (6 points)
4.2 Online Retail Price Competition (30 marks)
With the increase of highly competitive pricing tools particularly through the Internet digital environments many retailers are struggling with the difficulties of competing on price. Online retail competition is quick and precise causing many retailers to react by offering even lower prices. This action may generate additional sales volume but it does so at a price that reduces profit. Showrooming and webrooming are two of the many outcomes of this highly competitive price situation.
Suggested time: 2 to 2.5 hours
Length: Please write your response in point and paragraph form and limit your response to 2 pages using 1.5 line-spacing.
Assessment: This part of the assignment will be assessed using the following criteria:
Depth (detail) of the analysis
Insight into the impact of price competition in today’s market place
Explanation how to successfully combat the negative effects of showrooming and webrooming
Answer the following questions about showrooming and webrooming:
Provide a definition of showrooming and webrooming and the adverse effects on retailers. (10 points)
Discuss five strategies retailers can use to combat online showrooming. (10 points)
Describe five strategies retailers can use to combat webrooming. (10 points)
5.2: Supply Chain as a Competitive Advantage (15 Marks)
The supply chain of a retailer is a strategic asset. As such retailers can create strategic advantage through supply chain planning and management.
Suggested time: 1 to 1.5 hours
Length: Please write your response in point form and limit your response to 2 pages using 1.5 line-spacing.
Assessment: This part of the assignment will be assessed using the following criteria:
Depth (detail) of the analysis
Insight into competitive advantage and supply chain planning and management
Explanation for your recommendations on how to leverage supply chain planning and management into a competitive advantage
Answer the following questions about how a retailer can use its supply chain planning and management in to a competitive advantage:
Discuss the five techniques a retailer may use to turn its supply chain into a competitive advantage. (5 points)
Provide two recommendation by which a retailer can leverage each of the five techniques into a competitive advantage. Support your views with examples. (10 points)
5.3: Retail Omni-channel Distribution (25 marks)
The majority of retail organizations are in a period of transition and innovation from multi-channel distribution to omni-channel distribution. The transition and innovation are a result of technological developments in information systems and digital environment.
Suggested time: 1 to 1.5 hours
Length: Please write your response in point form and limit your response to 2 pages using 1.5 line-spacing.
Assessment: This part of the assignment will be assessed using the following criteria:
Depth (detail) of the analysis
Insight into multi-channel and omni-channel distribution
Explanation for your recommendations on how to leverage supply chain planning and management into a competitive advantage
Answer the following questions about omni-channel distributions opportunities and challenges:
Describe the difference between multi-channel distribution and omni-channel distribution. (5 points)
Identify five (5) opportunities where retailers can use omni-channel distribution. (10 points)
Discuss five (5) ways retailers can create a consistent, seamless customer brand experience. (10 points)
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