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