Statistics abound about how new businesses fail after a few years they had opened their doors and retailers are not the exception. William D. Perreault, Joseph P. Cannon and Jerome McCarthy, three renowned marketing writers suggest that we should set up a competitive value proposition base on the following aspects in order to assure success.
Convenience, this means available hours, finding needed products, fast checkout, location, and parking).
Product selection, involve width and depth of assortment, quality.
Special Services, includes ability to deliver special orders, home delivery, gift wrap, entertainment.
Fairness in dealing, this aspect involves honesty, correcting problems, return privileges, and purchase risks.
Helpful information, here we deal with courteous sales help, displays, demonstration, and product information.
Price, include value, credit, special discounts, taxes or extra charges.
Social image, this means that our business should fit in the status and prestige of the intended market segment.
Shopping atmosphere, deal with the environment, comfort, safety, excitement, relaxation, sounds, smells.
So when you develop your next strategy don’t forget to set policies on all the issues and make sure the combination of all, offer a superior value to the target market.