Marketing Strategy of Shopping Center
Executive Summary:
This study examines the characteristics, needs and shopping behaviors of residents of Mount Vernon and presents an effective marketing strategy for leasing four store-fronts in the new strip-shopping center to the right occupants for their businesses. The shopping center is located in a community that reflects typical small town of high school-educated, downscale to lower-mid income groups with modest housing. Analysis of the characteristics of the shopping center's prospective customers indicates five distinct market segments with income, age, and shopping behavior varying by segment. Each market segment’s attractiveness and needs are carefully evaluated and performed “Differential advantage analysis” to facilitate target market selection and positioning. Based on the market segmentation and targeting, the three shops - JC Penney, Outfitter Appliances and Used Materials are recommended as the profitable options for the entire shopping center and inline with the needs of the community. Marketing strategy recommendations to open these three shops will serve more effectively to reach and satisfy the prospective customers and will serve as symbiosis in flourishing other businesses in the center.
Shopping Center marketing strategy:
Marketing strategy is designed by segmenting the population, selecting target segments and positioning by reflecting competitive differentiation for an each prospective shop.
As a first step in designing a market strategy, the population of Mount Vernon is segmented in five groups:
1) Crossroads Villagers - middle-aged with rural lifestyle and downscale incomes
2) Old Milltowns - Retired singles and couples living on downscale incomes
3) Red, White & Blues - Middle-aged and lower-middle class
4) Simple Pleasures - Retired singles and couples with lower-middle incomes
5) Young & Rustic - middle age, restless
This study examines the characteristics, needs and shopping behaviors of residents of Mount Vernon and presents an effective marketing strategy for leasing four store-fronts in the new strip-shopping center to the right occupants for their businesses. The shopping center is located in a community that reflects typical small town of high school-educated, downscale to lower-mid income groups with modest housing. Analysis of the characteristics of the shopping center's prospective customers indicates five distinct market segments with income, age, and shopping behavior varying by segment. Each market segment’s attractiveness and needs are carefully evaluated and performed “Differential advantage analysis” to facilitate target market selection and positioning. Based on the market segmentation and targeting, the three shops - JC Penney, Outfitter Appliances and Used Materials are recommended as the profitable options for the entire shopping center and inline with the needs of the community. Marketing strategy recommendations to open these three shops will serve more effectively to reach and satisfy the prospective customers and will serve as symbiosis in flourishing other businesses in the center.
Shopping Center marketing strategy:
Marketing strategy is designed by segmenting the population, selecting target segments and positioning by reflecting competitive differentiation for an each prospective shop.
As a first step in designing a market strategy, the population of Mount Vernon is segmented in five groups:
1) Crossroads Villagers - middle-aged with rural lifestyle and downscale incomes
2) Old Milltowns - Retired singles and couples living on downscale incomes
3) Red, White & Blues - Middle-aged and lower-middle class
4) Simple Pleasures - Retired singles and couples with lower-middle incomes
5) Young & Rustic - middle age, restless