Question

Evaluation of Present Corporate Strategies

Rcc’s is known for its various products that are unique when compared to different department stores nationwide. The department store has made a name for itself by catering to the luxurious lifestyle of the niche market It has evidently formed.

RCC’s is focused mainly of marketing to the socio-economic class A and B market. They done so by doing non-traditional advertisements in newspapers using post-event features. Moreover, the company has heavily relied on the word of mouth advertising from its Frequent Shoppers Plus (FSP) member.

A big percentage of its sales have come from the Frequent Shoppers Plus (FSP) database as the loyalty consumer program has prompted members to purchase from department store on a regular basis for various products.

Recently, RCC’s realizes the potential of market presence online. Thus, they have extended their marketing presence to the web by developing their website for their two departments such as the Weddings & Beyond and Cosmetics, Perfumeries, & Toiletries Department. In addition to this, the company has also used social networking sites i.e. Facebook to widen reach and target more potential consumers.

Despite this, the department store would still want to keep its exculsuvity and its upscale image to consumers.

What will be your proposed strategy for a luxury company.

Answer 1

Such a luxury company can further it's growth using following strategies:

• Promotional events can be organised and potential customers should be invited to such events.
• Tie-up with several other organisations or banks - providing lucrative offers to customers
• Expanding business - opening outlets at niche market places.
• Brand promotion
• Using various other platforms such as hoardings, magazines, e-mails which develop curiosity in buyers for the luxury items.
• Festival oriented marketing
• Digital marketing
• Hands-on promotion - people able to touch and feel the products before purchase
• Provide customized solutions or products. Eg. made-to-order products
• Print reviews by well-known personalities in newspapers or online websites.
• Developing website for the entire range of products
• Using Visual simulators in on-line and off-line stores
• Educate customers regarding your productline