Team Member Peer Reviewrecommended Promotional Strategy For JGJ I ✓ Solved

The recommended promotional strategy for JGJ, Inc. is through its partnership with Walmart, Target, and Best Buy. JGJ, Inc. should create attractive displays to draw in customers. JGJ, Inc.'s ultimate line of products should be on display in each store. Being able to view all the products in-person will draw in potential buyers.

JGJ, Inc. should also discuss with its retail partners the possibility of advertising JGJ, Inc.'s products on their company websites. This way, JGJ, Inc. captures the audience at each respective store and the e-commerce audience as well.

The recommended distribution channel for JGJ, Inc. is to partner with top retailers such as Walmart, Target, and Best Buy. When partnered, JGJ, Inc. will ship products to their stores for consumers to purchase. Best Buy is known to sell various products such as Amazon's Alexa system, coffee makers, light bulbs, iRobot Roomba's, and many other home-use products. Target and Walmart are remarkably similar companies, with slightly different business models. These similarities have brought 95 percent of Americans to shop at Walmart and 84 percent to shop at Target. Each of these top retailers should provide a massive audience to view JGJ, Inc.'s products.

Along with the increase of business, consumers are also 17 percent more likely to spend over $50 when shopping in stores. Consumers want instant satisfaction, and shopping in stores provides that for them. Thus, with JGJ, Inc. being a new company with new products, it may be a cheaper avenue to partner with the top retailers rather than be the top Google search.

Paper For Above Instructions

In today’s competitive marketplace, businesses must develop effective promotional strategies that align with their distribution channels to enhance brand visibility and drive sales. For JGJ, Inc., leveraging partnerships with established retailers such as Walmart, Target, and Best Buy offers a strategic promotional pathway. This partnership not only provides a platform for showcasing JGJ, Inc.’s products but also aligns with the changing consumer preferences that favor both in-store and online shopping experiences.

One of the key recommendations for JGJ, Inc. is to invest in attractive display setups within these retail environments. Effective visual merchandising can significantly influence consumer behavior. Research indicates that well-designed displays can increase sales by up to 30% as they attract customer attention and enhance the shopping experience (Pine & Gilmore, 2019). By positioning its ultimate line of products prominently in stores, JGJ, Inc. can capitalize on the foot traffic that these major retailers generate.

In addition to physical displays, JGJ, Inc. should encourage its retail partners to feature its products on their e-commerce platforms. This approach captures an additional consumer segment that prefers shopping online— a crucial aspect given that e-commerce sales grew by 44% in 2020 alone due to the pandemic, highlighting a dramatic shift in consumer buying behavior (U.S. Census Bureau, 2021). By integrating its products into the online marketplaces of Walmart, Target, and Best Buy, JGJ, Inc. can enhance its visibility and attract a diverse consumer base.

The distribution strategy for JGJ, Inc. is also pivotal in its promotional efforts. Partnering with well-known retailers not only facilitates product access for consumers but also enhances credibility. Best Buy has a well-established reputation for quality technology products, making it an ideal partner for JGJ, Inc., which deals in robotics and advanced tech. In contrast, other retailers like Target and Walmart cater to a broader consumer base, significantly increasing the potential audience for JGJ, Inc. products (Catron, 2018; Mirzayev, 2019).

One significant advantage of this distribution strategy is the ability to benefit from promotional synergies. For instance, promotional events coordinated with the retailers—such as holiday sales or back-to-school promotions—can significantly boost visibility and sales. Furthermore, tapping into promotional strategies such as shared advertising costs with retail partners will alleviate some of the financial burdens of marketing while maximizing reach (McDonald, 2016).

Research by Gustafson (2017) shows that retail shoppers are likely to spend more when engaging with these established retailers. Notably, consumers are more inclined to purchase higher quantities under the assumption that they are receiving value for their money. JGJ, Inc. can thus strategically time its product launches to coincide with popular shopping seasons, promoting bundled product deals to enhance perceived value and drive sales. This approach not only fosters customer loyalty but also encourages repeat business.

Moreover, JGJ, Inc. can explore joint promotional strategies with retailers. Collaborating on advertisements or featuring products through retailer marketing platforms can create a win-win situation—where both JGJ, Inc. and its retail partners benefit from increased sales and heightened brand awareness (Wayne, 2017). Understanding the target audience of each retailer can guide JGJ, Inc. in formulating tailored promotional messages that resonate with distinct customer demographics.

In conclusion, JGJ, Inc. stands to greatly benefit from a well-structured promotional strategy that addresses both in-store and online consumer needs. By partnering with major retailers, creating visually appealing product displays, and pursuing collaborative promotions, JGJ, Inc. can effectively establish itself in a competitive marketplace. These strategies not only enhance customer engagement but also drive sales growth, ultimately contributing to the company's long-term success in the tech industry.

References

  • Catron, E. (2018). The 50 best buys at Best Buy. Best Life. bestlifeonline.com/best-products-best-buy/

  • Gustafson, K. (2017). Nearly every American spent money at Wal-Mart last year. CNBC.

  • McDonald, M. (2016). Malcolm McDonald on marketing planning: Understanding marketing plans and strategy (2nd ed.). Philadelphia, PA: Kogan Page.

  • Mirzayev, E. (2019). Walmart vs. Target business model: What's the difference? Investopedia.

  • Pine, B. J., & Gilmore, J. H. (2019). The Experience Economy: Competing for Customer Time, Attention, and Money. Harvard Business Review Press.

  • U.S. Census Bureau. (2021). Quarterly Retail E-Commerce Sales: 4th Quarter 2020.

  • Wayne, M. L. (2017). Netflix, Amazon, and branded television content in subscription video on-demand portals. Media, Culture & Society.