1. Executive Summary
Purpose of the Study: To identify the most desired groups of customers and the need states that can best serve and then redesigns its marketing practices to target them. Particularly when reacting to competitive moves over time. Considering the increasingly competitive retail environment described in the competitor moves, these methods are adequate. Major findings: This study helped us to establish that merchandizing has potential to increase periodic sale more than 30%. The aspect of a consumer is buying behavior we found that merchandizing is fully capable change the impulsive buying decision of the customer and it influence to increase the awareness related to the product. Further, we set up that merchandizing is helpful tool to expand the customer portfolio. Conclusions: The study concluded that merchandizing is a device to enhance the accessibility, Small to the Left, and Large to the Right, At Eye and Hand Level. Merchandizing is perceived as marketing channel along the other very strong channels like television, and other Medias. Merchandising is helping merchants to finally understand and influence consumer behavior by blending science-based insights about price, promotion and assortment with the artful judgments of experienced merchants that will always be necessary. Recommendations: Generally, there are three ways to present product. You can: * Shelve it on a table, platform, riser, fixture or wall shelf. * Hang it on a wall bracket, peg hook, hangar, and panel or floor fixture. * Combine shelving and hanging in a multiple presentation. * To be effective, cross-presented merchandise must relate in a logical way, such as: Coordinating items that would be used together, such as pasta, sauces pasta cookware and pasta cookbooks * Items that are colour coordinated
* A range of products that offer customers choice within a particular category such as cappuccino or espresso coffee-makers and plain or patterned dinnerware that can be mixed and matched * Products that offer themed ideas such as baby gifts, stocking stuffers or a fondue story. Cross-merchandising pays off best when located in prime real estate areas such as: * Strike zones - along aisles and on end-caps
* Focal points -near service areas such as cash desks or fitting rooms 2 Problem Definition:
3.1 Background of the Problem:
The era of product-centric retail management is giving way to one in which market leaders apply a more strategic, more targeted, more localized approach to communicating a value proposition to their customers. Top-performing retailers, realizing they cannot be everything to everybody, are now taking a more consumer-centric approach to merchandising, creating competitive advantages and differentiating themselves in the highly competitive retail industry. Consumer-Centric Merchandising is a way of planning and executing pricing, promotion, assortment and other plans, driven by a deep understanding of customers, consumer demand, and the competitive marketplace vying for attention and wallet share.
Consumer-Centric Merchandising is enabled by advanced science that taps into rich data sources and extracts insights that were never before available to support merchandising decision-makers. It enables better decisions in such critical areas as everyday pricing; promotion planning; merchandising support, timing and depth of markdowns; and assortment. It supports tailoring of merchandising to match demand variations across geographies and customer segments and it enables better forecasting. For the leading retailers now putting it into practice, Consumer-Centric Merchandising is also breaking down the walls between marketing and merchandising, creating synergies that drive exceptional, positive impact on price image and customer loyalty, sales volume, and the bottom line.
Big-box retailers don’t gamble. They rely on systems that play to the strengths of efficient supplier...
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