Week 10: Interactive activity10.1 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?