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Geospatial Applications and Research Lab (GRAC) Invited Speaker Address David A. Bradbard & Barbara K. Fuller Winthrop University Auburn Alabama April.

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Presentation on theme: "Geospatial Applications and Research Lab (GRAC) Invited Speaker Address David A. Bradbard & Barbara K. Fuller Winthrop University Auburn Alabama April."— Presentation transcript:

1 Geospatial Applications and Research Lab (GRAC) Invited Speaker Address David A. Bradbard & Barbara K. Fuller Winthrop University Auburn Alabama April 1,

2 Comparative Analysis of Merchandising Strategies for Best Buy Stores in Charlotte, NC Using Geodemographic Analysis 2

3 Best Buy Market Segments The Focused, Active Younger Male Customer – Buzz The Family Man – Ray The Affluent Professional – Barry The Suburban Soccer Mom – Jill The Small Business Customer – BB4B 3

4 Alabama Median HH Income



7 Auburn Best Buy Three Mile Radius

8 Birmingham Best Buy Three Mile Radius

9 Prattville Best Buy Three Mile Radius

10 Hoover Best Buy Three Mile Radius

11 Alabaster Best Buy Three Mile Radius

12 Tuscaloosa Best Buy Three Mile Radius

13 Best Buy Project Customer Segmentation – Demographic Characteristics – Psychographic/Community Tapestry Information – Segments outlined in your Community Tapestry Segmentation Report – Customer Behavior Information Retail Expenditure and Media Usage – Team decision on market segment Barry, Jill, Buzz, Ray or a combination and justification for decision. 13

14 Using Mediamark Research Inc (MRI) Data Using data from Community Tapestry and MRI you can produce specialized reports for each trade area. MRI conducts surveys to how individuals purchase/use various products and services. MRI provides index scores to show whether people are more or less likely to purchase/service than the average US household. A score of 110 indicates a household is 10 percent more likely to purchase/use a particular product or service. In this project, students will look at spending characteristics in six areas: Appliances, Camera & Film, Electronics, Internet, Telephones/Services, and Video/DVD. 14

15 Best Buy Store Strategy Based on Segmentation Data Re-engineer the customer experience addressing the specific needs within the segment. Preferred product assortment – based on the retail expenditure report you should create charts (excel charts, graphs, etc.)using your index number to justify your merchandise choices Preferred store layout – this could provide layouts of the store, depth and breadth of merchandise assortment, and justification on placement of merchandise Tailored Services – Using the information from the appendix of your case on customer-centric service, outline the type, extent, and quality of customer service required for you segment. Be sure to refer to your market segment needs and differentiate their needs from the other Best Buy segments. How does your strategy fit within Best Buys overall brand strategy? 15

16 16 Merchandising Options at Best Buy Stores

17 17 Using the Marketing Strategy Report which identifies what media your market segment listens to, watches and reads, develop a local promotion plan to reach your target audience (market segment). Discuss why you chose the specific media, why you think the ones you have chosen will be more effective than other types of media. Use the information that you obtain in your market strategies report and if feasible create charts/graphics that back up your recommendations. Marketing Strategy for Promotion of the Store Locally

18 BlakeneyMid Town CT Data for Two Best Buy Stores 18

19 19 BlakeneyMid Town Understanding Your Target Customer

20 Best Buy Stores in Charlotte Area 20

21 21 Competition in Mecklenburg County

22 22 Competition in Mecklenburg County

23 23 Competition in the Uptown Location

24 ESRI Community Tapestry pestry-segmentation.pdf

25 Community Tapestry: Trendsetters 25

26 Focus on Uptown Area: Trendsetters 26

27 27 Uptown Tapestry Report Segment 27: Metro Renters Segment 22: Metropolitans Segment 23: Trendsetters Segment 65: Security Set

28 Community Tapestry: Green Acres 28

29 Green Acres in Concord Mills and Kannapolis 29

30 30 Concord Mills Tapestry Report Segment 17: Green Acres

31 Blakeney Store Overlay on Income Barry - Affluent Professional Market Segment 31

32 32 Blakeney Store Tapestry Segment Segment 4: Boomburbs

33 The Artists Collection 33

34 The Artists Collection San Francisco, CA Charlotte, NC 34

35 35

36 The Artists Collection Madison Smith is a potential new business owner that has proposed opening, The Artists Collection, a retail store featuring a variety of handmade goods, ranging from womens jewelry to one-or-a-kind pieces of art and is looking for a location in Charlotte. 36

37 The Artists Collection Site Selection Leasable Retail Space 37

38 Leasable Property Reports 1)Business Proximity (Competition) 2)Recent Construction Proximity 3)Demographic Report 4)Public Transportation 38

39 Business Proximity (Competition) 18 Jewelry Stores 39

40 Demographic Report 40

41 Public Transportation Report 41

42 Rubrics for the Artists Collection Oral Presentation Organization Presentation Audience Visuals Written Paper Letter to Owner Comparison Chart Location Checklist Trade Area Analysis References Appendix 42

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