The use of ChatGPT or other AI is not permitted on this assignment.
Exploring Pricing and Retail Strategies through Retail Field Trip
Objective: The objective of this assignment is to provide students with hands-on experience in understanding pricing and retail strategies employed by brick-and-mortar retail businesses. By visiting physical stores, students will observe product pricing, take selfies with selected products, and analyze the pricing and retail methods used. This assignment aims to enhance students’ understanding of the interplay between pricing decisions, retail strategies, and consumers’ perceptions of value.
Overview of the Assignment
Store Selection: You will choose two physical
(brick-and-mortar) retail stores of your preference. These stores should vary in nature, for example, you could select a grocery store, a fashion boutique, or a convenience store.
Product Selection: For each of your store visits, you need to pick two different products from different product categories.
In-Store Visit and Selfies: You must physically visit the chosen stores and take selfies with the products you’ve selected. In these selfies, try to capture the product’s price tag or display for reference.
Pricing Strategy Analysis: Your analysis will cover several aspects, including:
Pricing Strategies: Examine the pricing strategies used for each of your selected products. Take into account factors like cost-based pricing, value-based pricing, psychological pricing (e.g., charm pricing, prestige pricing), promotional pricing (e.g., discounts, sales), competitor-based pricing, and dynamic pricing (if applicable).
Price-Quality Perception: Evaluate how the pricing strategy aligns with the perceived quality and value of the product to consumers. Consider whether the pricing strategy creates the impression of luxury, affordability, or uniqueness.)
Retail Strategy Analysis: Your analysis of the retail stores should encompass:
Store Layout and Visual Merchandising: Assess the layout, organization, and visual merchandising techniques used in the stores. Reflect on how these aspects influence the customer experience and purchase decisions.
Customer Service: Evaluate what customer service is offered (if any). Why do you think they’ve chosen this level of customer service? How does this impact the overall shopping experience?
Questions for Submission:
Introduction: Begin your report with a brief introduction to the assignment. Explain the significance of pricing and retail strategies in marketing and how they influence consumer behavior.
Store and Product Descriptions:
For each store: Describe the store you’ve selected. What type of retailer is it (i.e. supermarket, drugstore, etc.). Your book and the supplemental reading contain descriptions of each?
Your rationale for choosing each product
The product categories they fall within.
Pricing Strategy Analysis:
What did you observe about the pricing strategies for each product.
Price-Quality Perception: Discuss how the pricing strategies might influence consumers’ perceptions of product quality and value.
Retail Strategy Analysis: Discuss the store layout, visual merchandising, customer service and other elements of the retail store.
Don’t forget to include your selfies 🙂 The use of ChatGPT or other AI is not permitted on this assignment.
Submission Guidelines:
Your report should be well-structured and include your selfies with the selected products and their price displays.
The report should be approximately 1,200-1,400 words, double-spaced.
Significant points will be deducted for poor writing or grammatical errors. Use Grammarly!
RE: LATE WORK will be accepted through June 26 (-10% per day). Nothing after this date can be accepted due to the university deadline for grade submission.
