Analyze The Competition
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MKTG222 – Assignment 1 (Individual)
Your Name: Shervin Razavi
To develop a great retail strategy, you must understand the competition. So far, you’ve learned about the value retailers bring to consumers, distribution channels, types of retailers, consumer buying behaviours and what the industry refers to as the ‘retail mix’.
Today, you’ll be putting your knowledge to the test by analyzing the competition.
In Week 1 your group chose a retail concept by focusing on a specific consumer lifestyle/event. Write your group’s chosen lifestyle/event here: Going/Graduating College
You also assigned one competitor to each group member. Write the name and URL of the competitor that was assigned to you below:
|
Competitor’s Name |
URL |
|
Shoppers drug mart |
https://www1.shoppersdrugmart.ca/en/home |
What is your competitor’s market strategy? PLACE
Does this competitor also have a physical store? An app? Do they participate in pop-up events? Which deliberate choices has the retailer made in the ways in which they go about accessing their customer? What are the reasons they may have made these choices? Do your research. General knowledge answers won’t help your group and won’t be accepted by your professor! Get specific.
Ans) Shoppers Drug Mart ’s diversification its streams of revenue and its greatest customer base as competition rises and government rules continue to stifle revenue development [ CITATION Sam21 l 1033 ]. By establishing a holistic approach to health, expansion into services such as flu vaccines is a wonderful complement to their present offering.
Shoppers Drug Mart also should set itself apart from big box stores by consistently providing health & wellness products that aren’t sold in big box stores or ordinary drug stores. This allows customers to experiment with new products and brands that they might not otherwise find in their local grocery shop.
Murray Koffler, a pharmacist, had a vision for a concept firm in which pharmacists would be self-employed while delivering individualized nursing care to respective customers. Then, in 1962, he established intial Shoppers Drug Mart in Toronto, Ontario, and launched the Life Brand private label. The corporation expanded across Canada during the next two decades, and by 2001, it must have been incorporated on the TSX. Loblaw, a Canadian grocery conglomerate, bought Shoppers for $12.4 billion in cash and equity in 2014.
Shoppers Drug Mart is now Canada’s largest pharmacy, with over 1300 outlets operated by pharmacists across the country. Shopper Drug Mart is the parent corporation of several brands, namely Shoppers Drug Mart, Includes all the information, Shoppers Simply Pharmacy, Shoppers Home Health Care shops, and Murale.
The Pharmacies and Drug Stores industry encompasses a wide range of retail kinds. There are specialised pharmacies, such as Shoppers Drug Mart and London Drugs, and also supermarket stores and mass merchandisers, such as Walmart, that compete in this market. With a market share of 29.4 percent by revenue, Shoppers is the market leader in Canada. Metro Inc. comes in second with 7.7%, followed by Pharmasave with 5.1 percent.
The industry’s consumers will tend to be mostly older people. The business will experience a surge with in 65 and older demographic as the expanding boomer population enters one of most universal health care years of their lives. Because they will be acquiring more drugs and refilling them on a frequent basis, these folks will contribute to a huge amount of revenue.
What’s the nature of their product assortment? PRODUCT
Which types of merchandise have they focused on carrying? Be clear, detailed and specific. Give reasons why they carry this particular assortment. What relationship do these choices have to their target customer? Who is their target customers? Comment on the breadth and depth of merchandise on offer.
Shoppers Drug Mart holds a strong level of product quality (LOBLAW,n.d).
Adding value at all levels of the value chain helps to maintain high product quality.
Shoppers Drug Mart only buys raw materials from reputable and dependable vendors.
All primary materials are processed in tightly controlled settings to ensure that the product quality remains high and consistent.
Shoppers Drug Mart has a particular competitive advantage due to its elevated give the best services and delivery.
Shoppers Drug Mart produces and sells products that are reasonably simple to use.
All goods come with an easy-to-understand user manual that includes step-by-step instructions on how to use the product.
Customers can however call the 24-hour helpdesk to learn more about how to use the device. At the time of the sale, store staff also provide extensive instructions and explanations about how to use the goods. Shoppers Drug Mart offers a diverse range of items. Shoppers Drug Mart is able to address a variety of market target groups thanks to its diverse inventory. Shoppers Drug Mart’s financial resilience is further aided by its diverse portfolio. Shoppers Drug Mart gains additional value from its expanded product portfolio. Consumers of Shoppers Drug Mart’s products can profit from the store’s functional benefits.
Such organizational values are promised and delivered; however, other similar products also deliver them.
Shoppers Drug Mart stands out because it provides emotional rewards to its customers.
Shoppers Drug Mart’s products promise users an emotional boost, confidence, and security, as well as the fulfilment of psychological demands as a result of product usage.
These psychological requirements include the desire for empathy, a sense of belonging, and the desire to be loved. Shoppers Drug Mart’s items come in a variety of sizes.
To boost market penetration, Shoppers Drug Mart have used a variety of SKUs.
Numerous SKUs can be brought in and employed depending on the consumer’s consumption demands and the target markets.
Shoppers Drug Mart have enhanced the trial rate by producing a variety of SKUs.
Shoppers Drug Mart have also improved product accessibility by using different SKUs.
What type of atmosphere is generated while browsing? PHYSICAL
Evaluate the visual aspect of their website. What is the first impression you get when you access their homepage? What is compelling or unique about the home page? You should be commenting on things like colour, images, fonts, layout and animations/videos (if any). How does shopping on this website make you feel? The more detail you use in your descriptions, the more helpful it will be to you and your team.
Shoppers Drug Mart turned to Community to build awareness of Life Brand as well as other goods in just About every At Shoppers portfolio and encourage trial[ CITATION Cop22 l 1033 ]. They wanted a comprehensive solution to complement a print magazine while also reinforcing company branding pillars of health, beauty, and convenience. As a result, we posed a crucial question to the participants. How do you make the most of your time on this planet?
Community created a robust digital center with over 70 pieces of content, ranging from articles, quizzes, and surveys to listicles, photo editorials, and videos, all aimed to demonstrate the value of Only at Shoppers products. To start creating blog posts featuring products, we enlisted the help of key influencers in the fields of health, beauty, and organization. All content could be shared and controlled by the user. Community also produced a national television commercial to compliment the social and digital campaign, which featured some of life’s most beautiful moments alongside pertinent Life Brand items.
How does your competitor promote themselves? PROMOTION
Where is your competitor promoting themselves outside of their website? Do you see them promoting in print ads, television, YouTube, social media? How are they promoting their products on their website? Do you see any sales, celebrity endorsements or marketing copy? What kind of brand personality are they trying to convey to their customers? Is it fun, serious, cool or conscientious? Be detailed in your descriptions.
SDM may create an infinite number of offer kinds and prizes using XCCommerce’s rules-based promotion engine, which also supports complicated layering and computerized conflict resolution procedures [ CITATION Cop221 l 1033 ]. With both the implementation of rebound vouchers and gift card rewards, SDM saw a rise in repeat purchasing visits for non-loyalty consumers using the full capability contained in XCCommerce’s Promotions Solution Suite. SDM has seen a considerable increase in throughput at payment thanks to XCCommerce’s fully automated promotion execution. SDM used XCCommerce’s solutions to quickly design complex and customized promotions to match its business goals and goods priorities during the holiday periods and other special occasions, maximising sales volumes. SDM was able to strengthen its already successful loyalty programme by rewarding customer satisfaction with reward points and focused appears to offer based on membership level after implementing the XCCommerce solution. SDM was able to incorporate a major update as component of its customer loyalty programme thanks to the flexibility of something like the XCCommerce promotion solution, in which the consumer receives a notification at the end of a transaction indicating, “You could’ve have earned xx points today.” SDM also used XCCommerce’s novel regulations promotions engine to construct the one-of-a-kind Consumer Choice campaign, wherein the promotion engines generate multiple alternative incentives, a quantity of credits or a discounted amount, as well as the customer is given the option to choose between the two. Furthermore, the XCCommerce advertising and marketing solution gives SDM customers a unique experience as well as a truly united, smooth, and coherent solution across all channels, leads to a positive experience for any and all SDM customers.
How have you been influenced? ANALYSIS
Think back on your feelings about your competitor’s website. Which part of their retail mix had the most positive influence over you?
PLACE (where they choose to sell)
PRODUCT (what they choose to sell)
PHYSICAL (they way they go about selling)
PROMOTION (how they present themselves)
Explain why this facet of their strategy influenced you positively. What about it made you warm up to the brand? Last, is there anything about this retail strategy you would improve if this were your business? Explain your response.
With the support of new media relationships and a governmental structure of record, Toronto-based John St., Shoppers Drug Mart is expanding its multi-channel marketing approach[ CITATION Med15 l 1033 ].
Rather of holding an evaluation, Shoppers chose the firm based on its multimedia expertise and its role as AOR for Loblaw since February 2014, when the pharmacy chain was purchased for $12.4 billion in 2013.
Shelagh Stoneham, Shoppers’ vice presidents of advertising, said her group has been engaged in consumer research and long-term planning since joining the company in September 2014, which has resulted in increased marketing spend, increased broadcast tv presence, more online video, and strategic partnerships with Ladies of Influence as well as the entertainment company ET Canada.
Cite your sources using APA formatting.
Bibliography
Copyright 2022 Community, a. p. (2022). Shoppers Drug Mart.
Media, M. (2015). Shoppers Drug Mart partners with new agency and expands sponsorship with Women of Influence.
Throness, S. (2021). SHOPPERS DRUG MART – CASE STUDY.
XCCommerce., C. ©. (2022). Transforming Marketing Strategies using our Promotion Solution Suite .
LOBLAW, M. M. O., & MART, S. D. Writing Services.
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