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Belk Marketing Plan

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by

Angie Kirubi

on 17 November 2016

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Transcript of Belk Marketing Plan

Market Summary
Middle to upper middle class department store
The Dallas store is located in one of the more affluent areas in Texas with an average annual gross income of $80,101 in the area compared to $47,881 for the rest of the state.
Belk recently launched a new re-branding effort in order to reach out the target demographic of the millennial age group.
It re-branded itself as “Modern. Southern. Style.” as well as investing more in expanding e-commerce services.
Project SMART, a revitalization of the retail technology used in stores.
The sales strategy has also changed as we try to implement a more customer service based sales strategy.


Belk Marketing plan
Belk Marketing Plan

Presented by, Agnes , Paul, Matt & John
SWOT Analysis
Who is Belk?
Currently the largest family owned and operated department store in the US
Founded in 1888 by William Henry Belk in Manroe, North Carolina
301 stores located throughout the south
The belk department store in the Galleria in Dallas serves as the first Texas flagship store
Today, managed by the 3rd generation

Weaknesses
• No clear brand identity
• Untested market, preordered inventory. Inventory coming in to inventory going out is 3:1
• Limited expansion-only based in southern states
• High employee turnover rate, low pay. Unless they have good sales to make commission the base pay is $9 per hour, employ anyone out there willing to work
• Highly leveraged financial position

Background
From 2010 to 2013 belk experienced 4 years of profit growth but also saw a decline in 2014.
2014, overall, was a challenging year financially as they saw declined sales while also increasing their investment in technology infrastructure.
The biggest issue facing the Dallas store is the lack of an established presence as of yet.
For the store to succeed it must appeal to the target Dallas market and separate itself from its competitors.

• No clear brand identity
• Untested market, pre-ordered excess inventory.
• Limited expansion-only based in southern states
• High employee turnover rate.
• Highly leveraged financial position

• Still new to Dallas and to the area , still have a chance to make a good second impression
• Expand target market
• Decreased number of sales due to lack of innovation; most of the older stores require remodeling.

• Economic slowdown in the country
• At the Galleria Price=image, markdowns are ruining their image
• Competition from all Macy's and Nordstrom ; online shopping market trend is also a big threat
• Malls in America are declining


k
Belk will be targeting the trade area of Galleria Dallas which is 370 square miles and home to 1.5 million people.
The current target market is women ages 35-54.
The goal is to expand this market to 15-34 year old women promoting the latest apparel, jewelry, cosmetics, and private brands.
With the rise in social media and online sales, Belk has the opportunity to reach out to young women through Facebook, Twitter, Instagram, Pinterest and the Belk Inc. app which can potentially bring in the entire family.
The average household income in the trade area is $91,335 and is 35% higher than the national average.

Target Market

• Belk stores are centrally located in growing areas, in Dallas, its located at the Galleria mall
• Has an established online presence on Facebook, pinterest, Twitter, You tube and belk blog
• Loyal customers



Competition

Product
Belk has built a strong portfolio of most-wanted premium brands across all merchandise categories.

Price
Belk offers high quality merchandise at fair competitive prices and always price match products for customers who can find it cheaper anywhere else.
Keeping the markdowns inconsistent will be top secret for the company to encourage customers to purchase merchandise at full price

Promotion
Belk will put out commercials on TV which will run a few times a day to create more awareness and promote the brand.
Sending out catalogs and coupons through direct mail, emails and belk.com will stir up curiosity to visit the store. Holding special in store events such as fashion shows, trunk shows, girls’ night out, kids fashion fest, will increase traffic and sales.
Keeping up with social media such as Facebook, Twitter, pinterest,belk blog, google Plus and YouTube videos on great customer satisfaction will increase awareness.
Place
Galleria Dallas attracts 19 million visitors per year including 6 million tourists. Three office towers adjoining Galleria Dallas brings in 3500 workers each weekday. At the intersection of I-635 and the Dallas North Tollway, two airports make it convenient for out-of-market guests to visit the shopping center.



Marketing Mix

Mission Statement
Increasing awareness of high end products to project an image of high class, designer clothing options at competitive pricing.


• Belk brands itself as an upscale department store that offers a wide variety of popular high end clothing brands, accessories and appliances.
• The store wants to establish themselves as the go to store for young female homemakers and build upon that relationship in order to have a solid customer base for life.
• By being located in the Galleria Mall, it has access to a large amount of foot traffic for its target audience.
• Biggest opportunities are a better conversion rate and reaching out to the target audience.

Positioning
Business strategy:
• Provide fashion that is aligned with customers’ needs, by continuously monitoring fashion trends.
• Charitable contributions to benefit the community
• Expand business both in store and online
• Carry out market studies and customer research
Marketing and Sales promotion strategy

• Attract customers by keeping them informed.
• Capture customer information.
• Sales promotions designed to promote products with compelling styles and prices.
•Attract and retain talented, well-qualified associates

Growth strategy
• The Company has focused its growth strategy on new stores
• Expanding and remodeling existing stores,
• Developing new merchandising concepts in targeted demand centers,
• Expanding its online capabilities
• Expanding the number of flagship stores

Strategy
Women's Shoes Department
Men 's Department
Cosmetics Department
Jewelry Department
Tim Belk
Johnny Belk
Strengths
Weaknesses
Opportunities
Threats
Full transcript