Describe the components of a retail strategy.

Learning Goal: I’m working on a marketing discussion question and need an explanation and answer to help me learn.

10.1 Learning Outcomes:

  • Describe the components of a retail strategy.
  • Identify the benefits and challenges of Omni-channel retailing.

10.2 Action Required:

  • Chapter Reading: Read Ch-17 “Retailing and Omni-channel Marketing” from the text book- Dhruv Grewal and Michael Levy (2020) “Marketing” (8th Edition). McGraw-Hill Education.
  • Video Link: Watch the following video.

Nordstrom Rack: Retail Strategy

  • Summary of the Video- Since 1973, Nordstrom Rack has been the off-price division of fashion retailer Nordstrom. Nordstrom Rack has been successful in applying the four Ps to its retail strategy. The stores stock high-quality merchandise from well-known designers at discounted prices, creating the “treasure hunt”: the search through ever-changing merchandise for “things they didn’t know they had to have when they walked in.” Nordstrom also sells its products on its website, and on a flash sale site called Hautelook.

10.3 Test your Knowledge (Answer the following Questions):

  • Discussion Question #1: Which benefits of in-store shopping are related to the appeal of the “treasure hunt” discussed in the video?

10.4 Instructions

  • Answer both questions in test your knowledge section.
  • Post your answers in the discussion board using the discussion link below.

(Week 10: Interactive learning Discussion)

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