Touchwood Shopping Centre Retail Marketing

Introduction

Touchwood is a retail Shopping Centre. This destination store offers the advantages of providing products specifically designed for shopping. Over 900 products are available on the floor at any time with more than 3,000 sample products for custom "cut" orders. Customers see, touch, feel, and take the products to their home as they work through their purchase decision(Wilson, 1999, pp 34-267).

Situation Analysis

Touchwood is a retail shopping store heading into its third year of operation. The store has been well received, and marketing is now critical to its continued success and future profitability (Tushman, M. and Anderson, P., 1996, pp 45-278). The store offers the most extensive selection of in-stock variety products as well as a resource for special ordered products. The basic market need is to offer a good selection of variety products at reasonable prices, for the "do-it-yourself" and the "buy-it-yourself" customers, through a personalized retail shopping store that offers excellent service, design assistance, and inspiration for people to redecorate their homes.

Market Needs

Touchwood is providing its customers the opportunity to create a home environment to express who they are. They have the choice to select their products and go whatever direction they choose -- to products it themselves or have it done for them. They have the opening to dynamically participate in the design, look, and seem of their home. They yearn their dwelling to be personal, exclusive, and tasteful as well as broadcast a note about what is important to them. We seek to fulfill the following benefits that we know are important to our customers (Senior, B., 1997, pp 34-167).

Selection - A wide choice of current and tasteful variety products.

Accessibility - The buyer can walk out of the store with the products they need to begin their project.

Customer conceive Services - workers have a design backdrop to make them a asset for the customer. This enables customers to benefit from suggestions regarding the selection of their products and related products in a manner to complement their design choice.

Competitive charge - All goods will be competitively charge in comparison to stores in the Portland, Oregon market (best price comparison) and other passages of circulation, such as catalog sales.

The Market

We possess good data about our market and know a large deal about the widespread attributes of our most prized and trusted customers. We will leverage this information to better understand who we serve, their specific needs, and how we can better communicate with them (Mabey and Mayon-White, 2003, pp 45-178).

Market Demographics

The profile of the Touchwood customer consists of the following geographic, demographic, psychographic, and behavior factors (King, N. and Anderson, N., 1995, pp 67-378):

Demographics

Female.

Married.

Have young kids, but not inevitably at home.

Have attended college.

Acombined annual earnings in surplus of $50,000.

Age variety of 35 to 55 years, with a median age of 42.

Owns their home, townhouse and/or condominium valued at over $125,000.

Market Trends

The home retail shopping market, considered to include sheets, towels, draperies, carpets, blankets, and upholstery, accounts for 37% of all retail shopping ...