retail market segment

Retail Management Heartstrings

I. Introduction

1.1 Objective of the Study

To be able to understand different concepts regarding retail management.

To learn and gain additional knowledge about the nature if retail stores nowadays.

To have an idea of what does retail mix, buying decision and retail market strategy all about and how it will help us in our future ventures as marketing students.

To assist, provide new ideas and help the Heartstrings to maintain or even improve its current share in the market.

1.2 Vision/Mission of the Company Vision Our company, Heartstrings, envisions itself as a business with committed employees who have the dedication to improve human life by providing them the best quality of bags for the benefit our customers and of the community. Mission We seek to fulfill our business’ vision by providing well-functional products for every customer, as well as by maintaining high quality standards that will be the venture in whatever plans it would implement. II. Retail Format Category Specialist

2.1 Retail Mix Average Pricing High Merchandise Assortment High Location Average Advertising and Promotion Average Store Design and Display Low Customer Service Heartstrings Retail Mix

Customer Service Store Design and Display Advertising and Promotion

Merchandise Assortment Location

2.2 Additional Information color (pink) quality design quality Look for: P500 less than P1,000 P1,000 P500 Allotted Budget look for pink bags attracted at store design near the school old customer Why Heartstrings personal use for work abroad for school personal use Reason for Buying Married Married Single Married Civil Status bartender nurse student, ICCT sewer Occupation Pasig City Montalban Antipolo San Mateo Address 24 secret 23 38 Age Mark Constalez Eva Farrales Maricel Berochaw Marcelina Jeruaso Name

Direct Competitor Analysis Kaila’s Bags and Accessories Cosé (inside the Sta. Lucia East Department Store)

III. Market Segmentation

3.1 Bases for Market Segment

Demographic Segmentation

Psychographic Segmentation

Behavioral Segmentation

Needs Segment

3.2 Buying Decision Limited Problem Solving 3.3 Buying Decision Process 3.3.1. Need Recognition Straightforward Ambiguous Types of Needs Functional Needs Psychological Needs 3.3.2. Information Search a. Amount of Information Search Value of the Search Cost of the Search b. Sources of Information Internal Sources External Sources 3.3.3. Evaluation of Alternatives The Multiattribute Attitude Model

Yes No Yes Quality of Merchandise Yes Yes Yes Fashion-Oriented Average Low High Number of Products and Sizes 10 5 5 Typical Checkout Time (in minutes) 25 20 15 Total Travel Time (in minutes) High Low Average Prices Cosé (inside the Sta. Lucia Department Store) Kaila’s Bags and Accessories Heartstrings Store Characteristics A. Information about Stores Selling Bags

9 8 1 Availability of Product and Information 8 4 9 Assortment 7 8 10 Convenience 5 9 7 Economy Cosé (inside the Sta. Lucia Department Store) Kaila’s Bags and Accessories Heartstrings Performance Benefits B. Beliefs About Store Performance Benefits

159 183 208 Parent 201 167 204 Teen OVERALL EVALUATION 7 3 1 3 8 Availability of Product Information 8 4 9 5 10 Assortment 6 8 10 8 5 Convenience 5 9 8 10 7 Economy Cosé Kaila Heartstrings Parent Teen Characteristics Performance Beliefs Importance Weights

3.3.4 Choice of Alternatives 3.3.5. Purchasing the Merchandise 3.3.6. Postpurchase Evaluation 3.4 Buying Roles Initiator Influencer Buyer User Decider

IV. Retail Market 4.1 Retail Market High Merchandise Assortment average Pricing Retail Offering middle class Social Class P 200 – P4,000 Budget/Buying Power school, work, personal use, collection Usage Situation student, employee, housewife (mother) Employment single, married Status female, male Gender 10-40 years old Age Marikina, Cainta, Antipolo, Pasig, San Mateo, Montalban City/Municipality Heartstrings Factors

4.2 Sustainable Competitive Advantage Few employees, has own manufacturer Low-Cost Operation Has knowledgeable and skilled employees Effective, Committed Employees Exclusive manufacturer Vendor Relation Mall (convenient location) Location Exclusive merchandise

Unique Merchandising

NONE

Database Retailing

Low service

Service

Quality products at reasonable price

Positioning

Has loyal customers Customers Loyalty Heartstrings Factors

Sustainable Competitive Advantage Ratings (based on our interviews and observation) Location Vendor Relation Customer Loyalty Low-Cost Operation Effective, Committed Employees 4.3 Growth Strategies existing new Retail Market Target Market Segment new existing