3 Elements in Retail Strategy Target Market

Target Market

To define a target market for your business plan, you should research the potential buying audience for your product. This could range from millions of people if you are starting an online business, to a few thousand individuals if you are opening a retail store in a small town.

1. Study your product or service and determine the most likely consumer.
2. Define the age range, gender, marital status, and income level of the individual most likely to be your customer. 3. Explain the motivations for purchasing your product or service.
4. Is it a necessity or luxury?
5. What value does this product bring?

It's best not to assume or guess.

this is what we decided are the target markets of molten brown.

• Both gender aged 21 & above with a steady income
• We feel that they are targeting individuals who are self-conscious
  

We feel that the target market is expanding due to the growing interest in going green as well as being health conscious. Molton Brown also faces little competition in the industry (body shop, l'occitane, crabtree and evelyn) therefore being able to have more profits.

Retail Format

Basically in a retail format the retailers make their products available to customers in numerous ways at the ease of satisfying a need by the consumer.

In our perspectives, Molton Brown is trying to potray a premium body care product image, by enabling their customers to have ease to choose from a huge array of items at their comfort or even their own home.

• Molton Brown is a specialty store and is located at Raffles Hotel lobby and Takashimaya Shopping Center to uphold an premium brand image
• Molton has a online store for e-buying and home delivery of products.

Bases for Building Sustainable Competitive Advantages

• Exclusive merchandise - They endeavour to use as many naturally derived ingredients as possible, sourced from sustainable sources around the world.

• Their range of products is unique and therefore our ingredients are unique as well. Using the finest ingredients that they source from all over the world depending on the kind of product we want to create (eg: inspiring wild indigo from the Himalaya mountains, relaxing yuan zhi root from China or maracuja passion flower seed oil from the Amazon)

• They have very committed staff with experience and ready to help with any difficulties, are very friendly and warming when it comes to serving us - being consistent with every customer.

• They have a very well organised supply chain back in London, making their supply arrive on time and always available.

• Molton Brown's iconic bottle is fully recyclable, and will be launching ranges in 2008 taking advantage of the most recent environmental advances in packaging. As a business they are currently constructing

1. A five-year plan to become a market leader in environmental ethics

2. Focussed on the reduction of carbon emissions and waste.

• Molten Brown supported during 2008 Cancer Research UK and ChildLine, making it to have a long history of supporting many worthwhile causes.