Creating a store overview, a planogram, a merchandise plan, a promotion plan, and the in-store experience for your retail store

Creating a store overview, a planogram, a merchandise plan, a promotion plan, and the in-store experience for your retail store

 

Overview

The final project for this course is the creation of your own retail store. The final project consists of creating a store overview, a planogram, a merchandise plan, a promotion plan, and the in-store experience for your retail store. This project encompasses many of the elements of a planned retail store in order to demonstrate retail competency. The final project will be divided into three milestones: an overview of your store due in Module Three, a first draft due in Module Six, and a final draft of your project due in Module Seven. Main Elements Store Overview In 2 to 3 pages, provide an overview of your store. Please include the following information:  The type of retailer, product line(s) carried, price points, target market, and location (based ondemographics)  The overall goal of your retailer, including a mission statement  Your competitive advantage over other retailers  Prediction of the volume of sales that you intend to have For each part, include an explanation for your decisions. Be sure to consider industry standards when developing your product. Planogram Create a planogram for part of your store. For organizational aspects, keep in mind planned purchases, impulse purchases, substitution, and complimentary products. Be sure to include where the products will be placed on all levels. Be creative and include any images necessary for your planogram. Merchandise Plan Generate a six-month merchandise plan specific to your store. Include tables and graphs for forecasting to display your sales predictions. Be sure to consider industry standards when developing your product, and avoid too much or too little inventory. Include a 1-page written explanation for your decisions along with the merchandise plan. Promotion Plan In 1 to 2 pages, provide promotional ideas for your store. Include the following:  How you will create buzz about the store/product  How you will you promote a grand opening, schedule sales, and attract your target market  The specific types of promotion and advertising you will employ For each part, include why your decisions will be effective in promoting your product and, ultimately, improving sales. The In-Store Experience In 1 to 2 pages, outline how you will create an in-store experience that nurtures consumer loyalty. Be specific and detail how your ideas will help reach your overall goals for your store. Describe the significance of your propositions. Summary Summarize your results. In 1 to 2 paragraphs, include a brief summary of your store and add recommendations for enhancing your store’s overall success in the long run.

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