Describe your pricing philosophy for the store in general and for your major brands in some detail based on the principles and options in the pricing chapter of your text.

The assignment is to answer the questions based on the attachment.

Stage 3: Retail Business Project
Merchandise Management, Pricing, and Promotion

1. Remind me about the store name and where you plan to open it.
2. Describe your target customer.
3. What major and minor categories of products do you plan to carry to satisfy the wants and needs of your target customer.
4. From the text and any other sources, explain the merchandising strategy you plan to adopt.
o Choose an assortment strategy from those in the text.
o How wide and how deep will your product line be in terms of satisfying your target customer bases needs for your category of products?
5. What specific brands do you plan to carry in each of your product categories?
o Why will those brands appeal to your target customer?
6. How basic versus how innovative do you plan to be in merchandising?
7. Share your stores name and the majorsignagein the actual colors and fonts that you would use (you can blow them up in size and actually design thesignagein MS Word or inPowerPoint).
8. Describe your pricing philosophy for the store in general and for your major brands in some detail based on the principles and options in the pricing chapter of your text.
9. Design a really appealing promotional campaign to launch your business using your book as well as your good sense.
10. Explain to me where you would advertise, how you would advertise, what PR and event sponsorship activities you would engage in.
11. Go ahead and mock up any newspaper or billboard advertising, including copy for the ads.
12. What kind of radio stations would you use for advertising (if any)?
o What would you emphasize in the ads?
o What would you say in the copy?
13. What local television shows would you use for advertising (if any)?
o What would you emphasize in the ads?
o What would you say in the copy?
o Who would be on the ads?
14. Go ahead and design a social media campaign to get the word out about your business.
15. How would you use Facebook, Twitter, and maybe even Foursquare to promote your business?

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