You are the Chief Marketing Officer for a U.S.-based department store chain handling lower and higher-range-priced product categories with the primary focus on the lower-end. The department store chain has stores on the east coast, northern area, and the south with the locations in metropolitan cities. You have been tasked with shifting the marketing strategy from a focus on the lower-end products to the higher-end ones. Two key competitors will be Macy's and Nordstrom.
Write a six to eight (6-8) page paper in which you:
1. Determine the marketing driven strategy that the company will take. Provide a rationale for your strategy.
2. Distinguish the product-market boundaries. Provide a rationale for your strategy.
3. Construct a marketing segmentation strategy. Provide a rationale for your strategy.
4. Develop a customer relationship management strategy. Provide a rationale for your strategy.
5. Generate a strategy for collecting information about potential customers. Provide a rationale for your strategy.
6. Use at least three (3) quality references. Note: Wikipedia and other Websites do not quality as academic resources.
The specific course learning outcomes associated with this assignment are:
1. Explain the concept of strategic marketing.
2. Analyze markets, segments, and customer value to determine the best marketing strategy.
3. Analyze market-driven strategies as they relate to specific situations.
4. Analyze the parts of a market-driven program development.
5. Use technology and information resources to research issues in strategic marketing.
6. Write clearly and concisely about strategic marketing using proper writing mechanics.