Analysis of Exact! Stores Essays

Analysis of Exact! Stores Essays Analysis of Exact! Stores Essay Analysis of Exact! Stores Essay Introduction This case analyses the market strategy behind the introduction of Exact! Universal Apparel. In the past, the Foschini Group owned a chain store called Pages. Pages had been a successful chain in the past, but it targeted a different market to the target market identified by Exact!. Pages target market was focused on the LSM 2 – 4 market. , whereas Exact! Target market focused on LSM 4 – 8. In this assignment, I have identified the problems and challenges facing Exact! the various marketing strategies that can be identified in analyzing the case as well as proposed solutions in order to grow the company from strength to strength. 2Identification of the problems I have identified several problems / challenges facing Exact! : Customers are spending disposable income elsewhere. It is mentioned in the case that consumers are spending more money in casinos, lottery tickets and cell phones. The granting of credit is also going to become increasingly difficult with all Retail outlets and in this particular case, with Exact! In addition, the petrol price is at an all time high in South Africa. Inflation is reaching double digits and customers can no longer afford to service their debts. Food and other essentials are far more important in terms of priorities consequently, consumers will not be able to afford to pay back their debts. Another issue that I believe could lead to bigger issues is the fact that the Foschini Group outsource a large proportion of the expertise required by Exact!. Often these expertise is outsourced to a company that is based abroad which leads to additional problems. The biggest risk that I believe Exact! is facing is the fact that they are copying the Gap Model used in the United States of America. Whilst it may work for a period of time, it is important to note that what is successful in what country / place is not necessarily successful in another. The Gap Chain store has been around for many years whereas Exact! is not as well established and has targeted a totally different market to the Gap Chain store in the United States of America. 3Analysis of the marketing strategy 3. 1STP 3. 1. 1Segmentation Exact! targeted several market segments with a different offering for each, this is commonly recognized as a differentiated segmentation strategy. The reason firms choose this segmentation is because it helps them obtain a bigger share of the market and increases the market for their products overall (Grewal and Levy, 2008). Exact! identified the â€Å"Gap† model because this particular clothing store based in America has a focused product range that appeals to almost the whole population. Exact! did not want to take away the market that Foschini and Markhams appealed to. Therefore, from a financial perspective it made sense to target a broad range of consumers with a small product range. 3. 1. 2Targeting Exact! targeted its segmentation on LSM’s 4 – 8. They are men, women and children from all ethnic groups. The people in this target group are price conscious and looking for value for money. They include young, modern, aspiring individuals who are fashion conscious who want to be recognised for their taste in clothing. 3. 1. 3Positioning Markhams and Foschini focus on a tight consumer group, but offer a complete wardrobe for that lifestyle. The Foschini Group positioned Exact! as a brand that provides more than just â€Å"functional relevance†. The Group wanted the brand to be more aspirational, more accessible and cheaper than expected. This led to the positioning of Exact! as â€Å"Accessible, affordable and aspirational†. Exact! also wanted to create a smart / casual product offering by the worldwide trend of casulalisation in the work place. The challenge is to ensure that casual or basic wear was given an identity and not seen as boring. 3. 23 C’s 3. 2. 1Customer In the past, Pages had targeted LSM’s 2 – 4. Exact! targeted a much broader target market, that is LSM’s 4 – 8. Accordingly, this broader target market, resulted in items that may be perceived as inexpensive but great quality to LSM 8. It also enabled the LSM 4 Exact! arget market to be exposed to excellent value items, which are more expensive . In order to curb the pricing issue, Exact! offered credit to their customers. This resulted in the building of an effective database that was targeted by various marketing activities and special offers. 3. 2. 2Competition Competition in the retail sector in South Africa is rife. Exact! therefore targeted a very broad target profile. The company adopted The Best Total Cost competitive strategy for the company. This proposition would differentiate it from other retailers. The strategy encompassed a variety of aspects:- Tight control; Process driven mindsets; and Simplicity, cost cutting The offering of credit also added to their competitive advantage. Customers were able to obtain credit without any extra cost to them. At the time of Exact! ’s entry to the market, retailers and competition such as Mr Price were not offering credit which meant they had a competitive advantage compared to other retailers. 3. 2. 3Company The Foschini Group includes the following retailers:- Exact! , Foschini, Markham, American Swiss, Sterns, Totalsports, Sport Scene, Fashion Express, Donna-Claire, RJL, @Home and Due South.

Catching Up at a Reunion With English Idioms in Context

Catching Up at a Reunion With English Idioms in Context Here is a dialogue with two friends who meet at their 20th high school reunion. Try reading the dialogue one time to understand the gist without using the idiom definitions. On your second reading, use the definitions to help you understand the text while learning new idioms. Catching Up at a Reunion Doug and Alan are old friends. In fact, they went to high school together twenty years ago. Its been a long time since theyve seen each other. Todays their high school reunion - their twentieth! They meet each other and catch up on what theyve been doing these past twenty years. Doug: ALAN!!!! Its so good to see you again! How long has it been? Twenty years!Alan: Long time no see, buddy. Im so glad I came to the reunion. I had the feeling you would be here. Doug: I wouldnt miss it for the world. Wow, youre dressed to kill.  Alan: Its not every day that we have our twentieth reunion.   Doug: Youve got a point there. Why dont we have a seat and catch up? Im sure youve got plenty of stories.Alan: Im sure you do, too. Lets booze it up a little and exchange stories. Doug: Still drinking, huh?  Alan: Whats thats supposed to mean? Doug: Im just yanking your chain. Of course, were going to drink to celebrate. In fact, I play on having both sheets in the wind by the end of the evening.Alan: Thats my buddy. What are you drinking? Doug: Whisky sour, you?Alan: Im just working on a beer. Doug: So what do you do to bring home the bacon?Alan:   Oh, thats a long story. Its not been so easy, but were getting by. Doug: Really? Im sorry to hear that.Alan: Yeah, well, I, unfortunately, flunked out of college, so I had to take what I could get. Doug: Im sorry to hear that. What happened?  Alan: I just didnt think it was worth the time, so I let my studies slide. Now, I really regret it. Doug: But you look pretty good! Im sure youre doing OK.Alan: Well, I had to find a new goal. I got into sales, and have done quite well. Doug: Im glad to hear everything has worked out for the best.Alan: It hasnt been the best case scenario, but not the worst case scenario either. Doug: Its funny how things go.Alan: Yes, sometimes its best to face the music and make the best of it.   Doug: Yes.Alan: So, enough about me. What about you? Are you among the movers and shakers? Doug: Well, I have to admit, Ive done well.  Alan: Im not surprised. You always had a good head for figures. You went into business, right? Doug: Yes, it was that obvious, wasnt it?Alan: You were kind of a nerd. Doug: Hey, I was not. I was also good in tennis.Alan: I know. Im just pushing your buttons. You were always worried about being called a nerd. Doug: Its been great seeing you again.Alan: You, too Doug. I wish you all the best.   Idioms Used in the Dialogue have a whale of a time to enjoy yourself, have a good timecatch up to see an old friend and discuss lifeboth sheets in the wind very drunkjust what the doctor ordered exactly what someone needs to dodressed to kill wearing very nice clothingbooze it up to drink a lot of alcohol  yank someones chain to joke around with someone, kid someonepush someones buttons to talk about something that you know upsets someonemovers and shakers successful people, the elitebring home the bacon to make money for the familyflunk out to fail classes and have to leave school or collegelong time no see we havent seen each other in a long time!best case scenario the best possible outcome for a situationworst case scenario the worst possible outcome for a situationface the music to accept responsibility for somethinghave a good head for figures to be good at business Its important to learn and use idioms in context. Of course, idioms are not always easy to understand. There are idiom and expression resources that can help with definitions, but reading them in short stories can also provide context that make them come more alive.