Please read the case and complete the report. Remember to review the case for small details that will help you with the decision process. Use the retail strategy planning process to guide and support...

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Hi there. I need your help with the MKT2020 Retail Marketing class. I will attach the assignment instructions and persona template to use in this assignment. Please, remember to cite and give me a reference in APA.


Please read the case and complete the report. Remember to review the case for small details that will help you with the decision process. Use the retail strategy planning process to guide and support your work. The grade value for each section is in the evaluations section of the case and a rubric has been added to the assignment dropbox in eConestoga with further breakdown and details. Pease reach out in the question portion of class this week or via email with any questions. Over the Rainbow – The Case Welcome to ‘Over the Rainbow’, Toronto’s #1 premium denim store. The iconic denim retail store was a vision that came to light in 1972 when Joel Carman, then a cab driver, met Peter Jackman who was the fare. At that time, Jackman made custom alterations to clothing. In 1974 Carman and Jackman decided to open a retail store focusing on alterations to customer’s clothing – taking in and letting out the seams and shortening hems to meet customer needs. The combination of excellent customer service and great product built a loyal customer base. In 1976 Joel Carmen and his wife Jinni assumed sole ownership of ‘Over the Rainbow’. Jeans and denims became the sought-after clothing for the Blue Jean Generation, also referred to as the Baby Boom generation, born between 1946 and 1964. Over the Rainbow was the only place to buy trendy jeans and the only jeans retailer that could do alterations to get the perfect fit. For nearly half a century - 46 years, Over the Rainbow has consistently served its customers offering premium denims to a stylish consumer in the trendy Bloor-Yorkville neighbourhood of Toronto. The trendy Bloor-Yorkville area is home to posh condos, high rise office towers, designer boutiques, Harry Rosen, Holt Renfrew, The Bay, Nordstrom, and the Eaton Centre three subway stops south. Today jeans and denims are a major part of everyone’s wardrobe. Over the Rainbow’s “denim wall” carries the best selection of brands and styles for any fit, for any age, offering many denim shades. Jeans are now only 50% of total sales while tops, outerwear and accessories provide a lifestyle image to product lines. With an eye on the trendy consumer, marketing the Over the Rainbow brand to the upscale shopper became a strategic challenge. In 1982, Wayne Gretzky became the brand’s first celebrity endorsement. In 1999 the introduction of UGG footwear to Over the Rainbow exceeded expectations and had customers on a waiting list for new arrivals. In 2001, Over the Rainbow embraced technology and launched rainbowjeans.com. In 2014 ‘High Snobiety’ lists Over the Rainbow in their “Top 15 Best Denim Stores on Earth”. There is no doubt that the past two years have been a very difficult time for independent retailers. Covid restrictions locked down retail store locations causing logistical problems affecting staffing and supply management. Supplier relationships became vital to maintaining trust and to perpetuate an ongoing business. Threats to retail operations came with the new dynamics of how customers learned to shop. Online sales became a battleground as manufacturers began to promote online and sell direct to consumer. Caught in the middle was the independent retailer with store location costs, inventory costs, the cost of maintaining staff, and costs to train staff in new management areas. The Covid environment encouraged customers to shop online, and huge financial gains were made by big box retailers, departments stores, Amazon and discount retailers. Major retailers gained with low price offers, and cash back rebates from manufacturers if the stated sales targets were not met. Many independent retailers could not survive in this cutthroat environment. An active presence online using social media, Facebook, and Instagram to drive online sales to the trendy website for Over the Rainbow was a lifeline to surviving the Covid lockdowns. Embracing technology, observing market trends, and retaining its core value of a great customer experience has led to Over the Rainbow emerging intact from a difficult time. Now looking forward, the business environment for independent retailers has changed and new challenges have emerged post-Covid. Over the Rainbow is a family-owned independent retailer and online retailer specializing in premium denim. You have expertise in the retail industry and have been asked to consult on steps forward post-Covid for Over the Rainbow in their new upscale 6,500 sq ft location at the Manulife Centre, Bloor Street West. Consumers are predicted to embrace life with renewed interest in fashion post-Covid. The Assignment: Over the Rainbow is looking to attract the trendy jeans shopper in Spring 2022 through an omnichannel strategy. They are looking to provide unprecedented freedom to choose where, when and how consumers can engage with their brand. Deliverable Report Items: · Cover page: including team member names and student numbers, date , course section and report title. · SWOT: · Brief 3-5 items per category · GROWTH STRATEGY: · Identify one of the four growth opportunities identified in week 2 that will provide or support Over the Rainbow with the growth strategy they are looking for. · Support the growth strategy selection with data from your SWOT · ALTERNATIVE: · An Omnichannel Alternative that attracts the trendy jeans shopper to Over the Rainbow in Spring 2022 · Validate the alternative as to why it is the best idea for Over the Rainbow to pursue · PROPOSED MARKETING PLAN · Write a clear, focused SMART goal for the marketing plan · Complete and include a Persona target customer profile. A PDF guide is attached · RETAIL MIX: · Address each of the 6 P’s of the retail marketing mix as discussed in week 1 and 2 (product, price, place, process, people, promotion) · Include specific actions to implement the alternative growth plan. Actions should be specific, actionable and related to a specific P · Include a timeline or operational plan with details Reports should be in a MS Word.docx file, submitted to the assignment folder by the due date and time. Reports submitted late will receive a grade of 0 (zero). Evaluation The case evaluation will use the associated rubric attached to the submission dropbox. The assignment is worth a total of 70 points. · SWOT – 12 points · Growth Strategy Selection – 6 points · Alternative Selection and Support – 6 points · Target Persona Profile – 8 points · Marketing Plan – 28 points · SMART Goal – 4 points · Target Customer Statement – 2 points · 6P Marketing Mix – 3 points per P. · Timeline – 4 marks · Conventions- 10 marks (Spelling, grammar, sentence structure, formatting, sourcing) Marketing Plans & Presentations MKT2145 Persona Name Demographics Gender: outline gender Age: enter number Location: geographical location Education: high-level outline Occupation: Outline job title and annual salary Marital Status: State status Photo here “Create a quote of what your target market would have on their mind here” Motivations: Here - outline what motivates this person to act. This information should take in to account your targets Attitudes, Interests and Beliefs when it comes to your specific industry. Why do they act the way that they act. What behaviors are predictable. Goals/ Needs/ Wants • What is the person’s goals when looking for product or service – as it relates to your brand Short Bio/ Profile Here tell the reader a bit about your persona as background information. A day in the life… Media Habits/ Platforms Used - Use icons Favourite Brands - Uses logos/ visuals Problem/ Challenge/ Frustrations • What problem are they trying to solve – as it relates to your product/ brand List a few personality traits that are relevant
Answered 3 days AfterSep 29, 2022

Answer To: Please read the case and complete the report. Remember to review the case for small details that...

Prince answered on Oct 03 2022
48 Votes
Marketing Plan for Over the Rainbow
Course Section
2nd Oct
Team Member names
SWOT Analysis
SWOT analysis is an approach of strategic planning that offers evaluation tools. Fact-based analysis, new viewpoints, and innovative ideas result from the identification of fundamental strengths, weaknesses, opportunities, & threats. A SWOT analysis gathers data from internal sources (the company's strengths and weak
nesses) as well as from outside factors that could have an uncontrollable impact on decisions (opportunities & threats). When different groups or voices inside an organisation are free to offer true data points instead of predetermined messaging, SWOT analysis performs at its best. The results of SWOT analysis is frequently used to back up a single goal or choice that a business is making.
Strengths
· The Company is able to supply each consumer with perfectly fitting, personalised jeans.
· Excellent customer service
· Has a solid consumer base.
· Its "denim wall" offers a large variety of high-end brands, hues, and designs for every size and age.
Weaknesses
· Lack of attention to other clothing since denim is the major focus
· Because custom denim jeans take longer to make than ready-to-wear ones, turnover may be slower. As a result, waiting times may be lengthy and turn away other potential buyers.
· Jeans alterations require extensive training that may also be expensive.
Opportunities
· A rise in e-commerce activity as a result of the epidemic
· A rise in social media usage as a result of the epidemic
· Since the epidemic, customers have developed a fresh interest in fashion since they are able to spend more time outdoors.
Threats
· The lockdowns brought on by the pandemic have put many brick-and-mortar businesses out of business (couldn't handle rising costs when target revenues weren't reached.)
· More and more customers are doing their shopping online while at home.
· Given the simplicity and comfort of shopping online, customers may favour ready-to-wear denim instead because it is quicker and more convenient than going to the store in person to have it tailored to your build.
Growth Strategy
A growth strategy is a company's plan for overcoming present and foreseeable obstacles in order to achieve its expansion objectives. Increasing market share & profitability, acquiring assets, and enhancing the company's goods and services are a few instances of growth strategy objectives.
Strategy for Rainbow: When Over The Rainbow opens its new store after the pandemic, I think that product innovation (from Ansoff Matrix) seems to be the best growth strategy to follow. Launching new services or products with the intention of selling them to existing markets is the goal of product development. Given that personalised denim pants are expensive and do not just go out of style, upper-class professionals with upscale fashion tastes will continue to be their target market. One suggestion for expansion is to create additional, high-quality non-denim items of clothing that complement denim offers extremely well, such as hats, tops, coats, and accessories. Yes, the company has been making these, but I think there hasn't been enough focus on them. The company will profit from having a selection of items for clients to pick from & the risks could be equally distributed across the products if sales are poor if more R&D and concentration are put to these other clothing. For instance, the company may create premium socks that complement its denim selection and offer both as a package. However, it is strongly advised that non-denim clothing be ready-to-wear because it is considerably more difficult to alter due to the nature of its clothes and because having everyone of their clothing adjusted may result in a large backlog that could slow down business growth and leave consumers dissatisfied.
Alternative Omnichannel
· A pop-up shop in a mall will display popular denim items and demonstrate how they have been altered. This pop-up shop will travel to different malls every weekend. If a consumer purchases a particular amount of denim (let's say three pairs of jeans), it will also...
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