Knowledge Flashcards
(8 cards)
6
With this being said, it’s really important that businesses adopt a clear strategy when it comes to sales and marketing. This must be aligned with wider business priorities and objectives.
The 7p’s framework can help to form a clear and cohesive strategy by ensuring different variables such as product, price, place and promotion alight with the needs of the target market.
3
I’ve been able to apply this framework when working in store. The photos on screen show different retail displays I’ve created within Thornbury and Skipton.
By setting these up, I’ve been able to showcase different product lines, highlight promotional offers and captivate customer attention - which ultimately has driven sales.
8
Moving onto market Segmentation. This is a process where firms divide large, diverse markets into smaller, more manageable segments to help match customers with the products they are likely to want or need.
I used this segm3ntatikn technique in relation to the Merrion Centre store. For a little bit of context, in summer 2023, I was asked by my regional manager to increase like for like sales across the hoke and leisure category.
To understand the needs and characteristics of the store’s customer base I produced a market Slsegmentation table which looked at geographic, demographic, behavioural and socio-economic characteristics.
This revealed some really useful insights and highlighted the high proportion of students within the stores locality.
9
Taking this into account, I decided to target the student population for my home and leisure project.
Not only was the store in close proximity to two universities but also multiple student accommodation sites.
To ensure I targeted students effectively and had enough stock I made regular contact with the supply chain team team, ordered high volumes of the ‘savers’ range to appeal to lower budgets and merchandised student essentials along the entire customer journey - which included using freedom in the framework to turn low performing aide racks into eye catching and impact full aisle ends.
10
A tool which really helped me create a cohesive sales and marketing strategy was a SWOT analysis of the existing home and leisure operation.
This allowed me to assess the department’s internal strengths and weaknesses as well as wider opportunities and threats.
A clear opportunity I identified during this process was the closure of a local willos store. With wilkos being a popular homewear retailer, I saw this as a clear opportunity to grow market share in the home and leisure category; particulary given the stores close proximity to Morrisons.
11
To present Morrisons as the go-to place for home and leisure products I filled discretional areas with student products and ordered additional signage to enhance appeal among my chosen target market.
These initatives allowed me to increase like for like sales by 94% - outperforming other stores in the region.
12
Moving onto innovation. It’s widely agreed that innovation is essential to a firms continued performance.
The product life cycle demonstrates this and shows how products progress over time and eventually decide in popularity and revenue.
13
I was able to communicate the importance of innovation to colleagues when I was sent to the Hunslet store to support the launch of project Optic.
Project Optic is an automated gap scanning solution which replaces older, manual stock management routes and is one of the ways Morrisons is aiming to become naturally digital.
I was responsible for introducing the technology to colleagues, highlighting its uses and managing feelings towards change. I did this through creating informative resources and holding proactively upskill sessions.
