Discuss and explain your recommendations for Hi-Value. Justify and support your

Question

Discuss and explain your recommendations for Hi-Value. Justify and support your recommendations with logic, insight, and analyses.

Recommendation and Implementation My recommendation for Hi-Value is to remodel and expand all of their stores and implement an Everyday low pricing trategy. This strategy will be very costly upfront, but Hi-Value has been an existing store for a long time and in orde o continue their existence they must evolve with current trends in the market. The two main problems that keep coming up are their lack in variety and high pricing. This recommendation would cover both problems and give them the ability to begin gaining market share from their competitors once again. This is definitely a strategy built for the ong term and the benefits may not be as noticeable at the very beginning, but it should be the most beneficial option or the future of the company Multiple steps will be made in order for this strategy to become a reality. Each store must go through a construction rocess to expand and gain space which will take time and a possible loss in sales for the time being. This public construction will definitely be noticed by the consumers, and may help gain awareness of the companies changes Updates in all store accessories should be implemented if necessary. This will increase efficiency for all aspects of the store and with a predicted increase in customer traffic it will be a necessary expense. Everyday low pricing should be set at a competitive level near Grand American and Missouri Mart prices but not to the point at which perceived quality is compromised. Due to each of its competitors having different strengths, it would be best to provide this pricing strategy for all products in the Supermarket. As stated in the text everyday low pricing also has the possibility f lowering operating costs with reduced inventory and handling costs due to more steady and predictable demand. I may also reduce labor costs related to less frequent temporary price reductions. It is also an option to conduct a local elevision commercial promoting Hi-Values positive new changes, but the possibility of this happening is determinant f how much expansion will end up costin

Explanation / Answer

Hi Value as a retail chain is struggling since last few years due to strong competition from the other players such as Walmart and also the changing retail model concept from brick and mortar to e-commerce. In this condition they have to make a clear cut strategy which should be evolve through series of analysis and discussions. One major opinion is to start all day offer schemes which helps to drive more sales and customers will be attracted. One of the major concenr is regarding the managing stock and reducing margin per sales of the product.  

Recommendation

Related Questions

Navigate

• Browse (All)
• Browse D
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.