Retail management Research Paper Example | Topics and Well Written Essays - 4500 words

Retail management - Research Paper Example This enterprise would deal in alcoholic and non alcoholic wines, and also offers wine testing. It is to be located in the Souk Al Bahaar, an Arabesque shopping mall and entertainment destination located at the epicenter of Downtown Dubai, on The Old Town Island. Reasons for having chosen Souk Al Bahaar (which opened its doors in December 2007), as our most preferred business site is because of it is rapidly coming up and would soon become Dubai’s most vibrant and a must-see destination for tourists, shopping and entertainment center, and waterside dining. All these characteristics of the site would be positive towards our business expansion and ensured reach to quite a large number of customers whom we wish to serve diligently and to their levels of satisfaction. Souk Al Bahaar, meaning market of the sailor, is a name derived from the traditional souk architecture of natural stone corridors, unique sea-side location on the Burj Lake, and the subdue lighting. This cultural them e flows throughout the mall and into our business point, showcasing the Arabian heritage through mixed authentic handcrafts, accessories, traditional drinks (alcoholic and non alcoholic), and fashion. Thus, a place that everyone would ever wish to be. 1.2. Customer analysis Our customer analysis/profile techniques play very critical roles in aiding the development of our business and marketing plans. Through our target market analysis, we are effectively in a position to identify target clients, ascertain their needs, and set benchmarks on how our products and services will best satisfy their needs. Through our customer analysis tools, we will have advanced understanding of the marketing terminologies in Dubai, our current and potential customers, an aid in developing working target marketing plans and ensuring that our products and services do meet the needs of our intended audience. Hence, we will have a full demographic profile (a breakdown of our clients into age, income, cultur e, and geographical categories) and behavior analysis (identification of the main reasons why our clients make choices in buying one product instead of the other). The behavior analysis of the purchase processes and patterns of our customers entails the actual and in-depth understanding of the whole concept of decision-making during our customers’ purchase. In this regard, we will check in to the steps involved in their decision making process, types of information (alcoholic or non alcoholic) they seek before purchase, timelines for their purchases, occasions and reasons for purchases, and how frequently they are able to buy the products. Age, gender, geography, income and ethnicity are considered are the market-segmenting criteria upon which to base the customer demographics. 1.3. Strategic Retail Planning Process Cool-Bar is a retail business that is built on the strategy aimed at successful strategic planning, monitoring, implementation and evaluation of the ultimately av ailable data for consistency in the current and future planning and implementation efforts. This step is essential in the development of a result-based accountability system for this retail enterprise. Our strategic retail planning process will assist our enterprise in addressing the questions of where we are presently, the write types of tools we have to use to achieve the pre-set