YETI & its competitors - Answer-Even though there are competitors in the market, Yeti is confident in its
overall brand
What do these companies have in common?
Michael Kors, Justice, Zulily, Coach, Burberry, Macy's & JC Penny - Answer-All of these companies are
getting sued because of a pricing...
MAR3231 FSU Hopkins Exam 4 YETI & its competitors - Answer -Even though there are competitors in the market, Yeti is confident in its overall brand What do these companies have in common? Michael Kors, Justice, Zulily, Coach, Burberry, Macy's & JC Penny - Answer -All of these companies are getting sued because of a pricing issue - Regards outlet pricing Outlet Model of Retail - Answer -Used to send excess inventory and flawed inventory to outlet stores to be sold at discounted prices Current Outlet Model of Retail - Answer -- Retailers start making a separate line for outlet stores to make more money - Use Anchoring pricing strategy Anchoring Pricing Strategy - Answer -Show the full price crossed out above the discounted price → makes consumers more likely to make a purchase Problem with the Current Outlet Model of Retail - Answer -- Products are never meant to be sold at the "full price" - Has led to class -action lawsuits with these retailers - Pricing is misleading 3 Pricing Options for Retailers - Answer -1. Discount Orientation 2. At -the-market Orientation 3. Upscale Orientation Discount Orientation - Answer -- Low prices as a competitive advantage - Consumers looking for the best deal → driven by PRICE Discount Orientation: Amazon Example - Answer -- Is a THREAT to many retailers, particularly discounters - Consumers trust that Amazon has the best deal, is the most convenient, and is the cheapest option Why is Amazon a threat to discount retailers? - Answer -- Selection, brand power, supply clain, and distribution - Consumer behavior is already established - Consumers enjoy shopping online vs. in -store - Shipping capabilities (Amazon Prime) - Far more advanced than competitors Other Discount Orientation Examples - Answer -Dollar General and TJ Maxx ________ is the competitive advantage between Amazon and Walmart. - Answer -PRICE Discount Orientation: Walmart Example - Answer -- Walmart is trying to buy a lot of companies to get into new markets and further develop market share - Currently having a hard time moving online At-the-market Orientation - Answer -- Average prices - Not the cheapest, not the premium How to win with At -the-market Orientation - Answer -- Do not compete on price (can be damaging) - Compete on one of the other 4 P's - Experience, exclusive products and brands, customer service/expertise - One-stop -shop Example of At -the-market Orientation - Answer -Home Depot & Lowe's Upscale Orientation - Answer -Higher or highest prices What are you paying for with Upscale Orientation? - Answer -- Brand name - Recognition - Status - Exclusivity (ex: limited time offers, collaborations)
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