MKT 534

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MKT 534, Spring 2013, p.1

MKT 534

Retail Strategy

Spring 2013

Mondays and Wednesdays, 5:00- 6:20 pm

Section 16534R JKP 102

Professor: Judith Blumenthal

Office: BRI 307D Bridge Hall

Office Phone: 213-740-0734

MOR Phone: 213-740-0728

E-mail: [email protected]

Office Hours: Mondays 3:50-4:50 p.m., and by appointment

Introduction and Course Objective

The retail industry is undergoing a period of extraordinary turbulence. Many companies that only

recently were riding a wave of growth in revenue, profit, and share price have been stunned as theirmarkets have gyrated and consumer buying patterns have altered in unimagined ways. Far from

continuing their aggressive expansion plans, many retailers are pulling backsome merely slowing

expansion, others contracting, others declaring bankruptcy.

Yet as in past periods of upheaval, there are and will continue to be winners as well as losers.

Consumers will always need to buy things for themselves and their families, and there will be space for

different retail formats and different value propositions. The retailers challenge and opportunity will be

(as it always has been) to find a meaningful way to add value to products and services for a chosen

segment of customers.

This course will explore the following questions:

What is the role of retailers in the supply chain that brings goods and services to consumers? How do retailers add value? How is the landscape of retailing changing? What trends are emerging? Which retail models are winning today? Which are likely to win in the future? What are the keys to managing a successful retail operation? What does it take for retailers to be profitable?We will provide frameworks for analyzing retail firms, and the dynamics within the retailers

competitive, industry, and macro environments. We will apply our knowledge through case analysis,

discussion of current events, speakers, and student projects

Learning Objectives

By the end of the term, you will have learned how to:

Analyze the role of retailing in the supply chain that links manufacturers to consumers; Understand the basic functions involved in running a retail business, and the concepts and

principles necessary for decision-making in a retail firm;

Analyze historical and current trends affecting retailing, including environmental, industry, firm,and consumer dimensions;
mailto:[email protected]:[email protected]:[email protected]

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Analyze retail sectors and retail firms from a strategic perspective; Develop recommendations and compelling arguments for strategic decisions in retail situations; Understand careers in retail and retail-related fields and be able to evaluate your own suitability

for such careers.

Learning in this courseThe course combines concepts and application. There are two resources for the concepts componenta

text and course readings. (Many of the latter are available through USCs electronic library reserves

system (ARES); some are included in a course packet, available at the USC Bookstore; a few are on

Blackboard.) The text provides wide breadth concerning conceptual frameworks used in retail analysis

and the course readings offer depth and contemporary analyses of topics of particular interest.

In terms ofapplication, cases, current event readings, guest speakers and student projects will provide

an opportunity for us to applythe theory. Students will have hands-on opportunity for research,

analysis, and decision-making through projects requiring primary and secondary research on retail

sectors and organizations.

The amount of learning you accomplish will be a direct function of your personal involvement in theseactivities. ALL students are expected to come to class prepared for all discussions and activities.

I will endeavor to create a supportive environment for our discussions, and I expect students to

contribute to that goal too. My aim is make the class a learning community, where we can all learn

from each other. This requires active participation and respect for each others contributions.

Required Materials

Retail Management, by Michael Levy, Barton Weitz, and Lauren Beitelspacher , (8th edition),McGraw-Hill.

Course Reader, available at the Bookstore. SeeAppendix A for content USC Electronic Library, including ARES (SeeAppendix B) ; Marshall Electronic Library; Blackboard Access to the Wall Street Journal and current business press

Recommended Materials: Sample of sites to sign up for e-mails on retailing

National Retail Federation: http://www.smartbrief.com/nrf/index.jsp?campaign=082010Trial_signupbutton

WWD: www.wwd.com/newsletters

Kantar Retail Forward:www.kantarretailiq.com

The Robin Report: http://therobinreport.com/subscribe/

The Business of Fashion: http://www.businessoffashion.com/

Prerequisites

One from GSBA 509a or GSBA 528

Course Notes

Copies of course lecture notes/materials, further details on assignments, and general course

announcements will be posted on Blackboard throughout the semester. You should develop the habit

of checking the course folder on a daily basis. You can access Blackboard through the My Marshall

portalhttp://mymarshall.usc.edu , or directly: https://blackboard.usc.edu. You will need your UNIX

password.
http://www.smartbrief.com/nrf/index.jsp?campaign=082010Trial_signupbuttonhttp://www.smartbrief.com/nrf/index.jsp?campaign=082010Trial_signupbuttonhttp://www.wwd.com/newslettershttp://www.wwd.com/newslettershttp://www.kantarretailiq.com/http://www.kantarretailiq.com/http://www.businessoffashion.com/http://www.businessoffashion.com/http://mymarshall.usc.edu/http://mymarshall.usc.edu/http://mymarshall.usc.edu/https://blackboard.usc.edu/https://blackboard.usc.edu/https://blackboard.usc.edu/http://mymarshall.usc.edu/http://www.businessoffashion.com/http://www.kantarretailiq.com/http://www.wwd.com/newslettershttp://www.smartbrief.com/nrf/index.jsp?campaign=082010Trial_signupbutton

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Important: E-mails sent to the class originate from the Blackboard system, and will also be archived as

Announcements on Blackboard. It is your responsibility to insure that your e-mail address and account

settings in Blackboard are correct for you to receive messages. If you need to send me an e-mail, you

may do so through the Blackboard system.

Grading Summary

The components of the final course grade will be weighted as follows:

Participation 20%

Midterm Examination 20%

Sector Presentation (team) 20%

Company Report (team) 15%

Final exam 25%

Total 100%

Final grades represent how you perform in the class relative to other students. Your grade will not be

based on a mandated target, but on your performance. Historically, the average grade for this class is

about A-/B+ (3.5).

Assignments and Grading Detail

Class participation

Because this class is built on in-class discussion and analysis, class attendance and active participation

are essential to your learning. Pre-class preparation is crucial. You should complete allassignments in

advance, and be prepared to describe the central ideas and offer your critical analysis of readings and

cases (SeeAppendices C, D, and E). You are expected to prepare for speaker visits by doing research ontheir companies. This preparation will help you to ask meaningful questions and gain maximum benefit

from the opportunity these visits afford. In addition, you are expected to read the business press,

seeking articles pertaining to the topics covered in the course, and particularly the area you have chosen

for your team projects. As class experts on your sector, you are expected to contribute examples and

applications regularly.

To encourage you to participate actively in class, I will cold call, and I will grade class participation. Class

participation will provide a material portion of your grade. My logic for grading class participation is quite

simple: Grading of class participation motivates class participation, and having highly interactive class

sessions helps the learning process. Active class participation encourages students to be well prepared and

thus to become active, rather than passive, learners. Participation provides students with the opportunityto gain from the experiences and talents of everyone in the class. And class participation helps students

improve their oral communication skills. This is important because research shows that people in business

tend to spend very little time reading and even less time writing reports. A great deal of managers and

other professionals interactions with others are through oral communication.

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Class participation evaluations will be based primarily on the quality of the contributions to our classroom

discussions. To help you understand what I am looking for regarding class participation, I have listed below

some questions I will try to answer in evaluating class participation:

(1) Does the class member make points that are especially pertinent to the discussion? Do theyincrease the understanding of the class or are they simply a regurgitation of the problem or

case facts?

(2) Is there continuity in one's contribution from what has been said previously during class, or arethe comments disjointed, isolated, or tangential? The best class contributions are those that

reflect not only excellent preparation, but also good listening, interpretive and integrative skills.

(3) Do the comments reflect a willingness to put forth new, challenging ideas or are they alwaysagreeable and "safe"?

(4) Is the participant able and willing to interact with others by asking questions, providingsupportive comments or challenging constructively what has been said?

I will evaluate participation on a scale, the end points of which can be described as follows:

Outstanding Contributor: This person's contributions reflect exceptional preparation, and the

ideas offered are always substantive and provide major insights and direction for the class. If this

person were not a member of the class, the quality of the discussions would be diminished

significantly.

Unsatisfactory Contributor: This may be a person who is absent from class or rarely participates in

class discussion. Alternatively, this persons contribution in class reflects inadequate preparation

and/or understanding. Ideas offered are not substantive and provide few, if any, insights and rarely

or never a constructive direction for the class. Integrative comments and effective arguments areabsent. Class comments are either obvious, isolated from the main discussion, or confusing to the

class.

If you are not present, are late, or leave early, you will lose points for class contribution. Each student is

allowed three absences, no questions asked and no penalty. However, since you cannot participate if

you are not present, all further absences will reduce the student's course grade, at the rate of one-third

a letter grade for every additional absence. Students with an excessive number of absences are at risk of

failing the course.

If an emergency has prevented you from thorough preparation in a particular class, please let me know

in advance to spare us both the embarrassment of my calling on you.

Finally, a few words about classroom etiquette: An atmosphere ofmutual respectis in order. So

please...

arrive at class on time: late arrivals are disruptive to your fellow classmates and to the conduct ofthe class;

turn off your cell phones before you enter the classroom; do not engage in side conversations during class; do not pack up and leave towards the end of the class until it is clear the class is over.

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Midterm and Final Examinations

The midterm and final examinations will consist of multiple types of questions (i.e. may include short

answer, essay, analysis of a case or article etc.).

NOTE: Except under extraordinary circumstances, no makeup examinations will be given for the

midterm exam. A student who misses the midterm will be assigned 80% of the score he or she earns the

final exam as a grade for the missed exam. A student must take the final exam AND complete all other

course requirements to receive a passing grade for the course.

Team assignments: Retail Sector Analysis and Final Group Research Project on a Company:

Students will form teams of 5 members by the end of the second week of classes. These teams will be

responsible for a sector analysis and a final research project on a company within that sector. (See

Appendix F.)

These two team projects (5 students per team) will give students the opportunity to develop expertise

on a particular sector within the retail industry and then prepare a comprehensive analysis on a

company within that sector. Sector analyses will be presented by student groups on several days shortlyafter the midpoint of the semester, and the final comprehensive company analysis (including

recommendations) will due in writing in the last class.

Sector selection: We will have no more than one team representing a sector. Members of that

team will become sector experts, and are expected to read the press throughout the

semester, and bring up examples from that sector as we discuss various topics. Please see

Appendix: Sector Analysis and Final Group Research Projectfor sectors available for selection

and further information.)

You will provide me names of your team members and top three sector choices at the

beginning of class on January 23. You will also email me electronic backup copy within 24hours. Be sure to write the course number (MKT 534), and the words sector preferencesin the

subject line of the email. If there are multiple groups with the same preferences, I will randomly

assign sectors.

Notes:

1. Sector preferences must be submitted in typewritten form, following format guidelinesdiscussed in this syllabus under Marshall and Course Guidelines.

2. Your sector preference list must identify key companies in the sector, including somepublicly traded companies.

3. You must provide first, second, and third sector choices.4. You must provide names of all group members.5. For email copy, you must include the course number (MKT 534), and the words sector

preferences in the subject line of the email.

6. Pleaseprovide all information in the body of the email, NOT in an attachment.Sector presentations: The sector presentations will occur on several days just after the midpoint

of the semester. Presentations may range from 15-20 minutes. You will provide me with hard

copy of your talking document Slides, PowerPoint Notes, and Appendicesat the beginning

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of your presentation, and email me a backup copy within 24 hours. Be sure to write the course

number (MKT 534), your group number, and the name of the sector in the subject line of the

email. See requirement for deliverable in Appendix F: Guidelines for Sector and Company

Analyses).

Final research paper on company within your sector: You will propose, in writing, a company

for the final report no later than the date of the first sector presentations. I will approve all

company proposals. The final company research analysis will be in written form (10-12 pages)

and turned in on the last day of class. You will also attach the graded copy of your sector

analysis. You will also email me a backup copy of your final report within 24 hours. Be sure to

write the course number (MKT 534), your group number, the name of the sector, and the name

of the company in the subject line of the email. See Appendix: Sector Analysis and Final Group

Research Project.

Additional information will be provided in class.

Peer Feedback and Peer Evaluations (SeeAppendices G andH)

This course relies heavily on teamwork. In addition to the team assignments, I strongly encourage you tomeet in teams to prepare for class. Your learning from this course will be greatly augmented by team

preparation.

Following the sector presentation, students should complete the appended Peer Feedbackform. This

form is designed to help your team identify and addresses any team process issues after the first

major team assignment, so as to enhance team effectiveness for the final project. After the sector

analysis, this form should be completed, sent to each of your team members and discussed in a team

meeting. The Peer Feedbackform is for you to provide feedback for your team onlyit is not to be

turned in to me.

The Peer Evaluation form, also appended, is for me and will be turned in the last day of class, once thefinal company project has been completed. The peer evaluation covers BOTH the sector analysis and

the final company project. Completion of the Peer Evaluation form is a course requirement, and will be

considered part of class participation.

Marshall And Course Guidelines

Add/Drop process

You may be dropped from this class if you do not attend the first two sessions. Please note: If you decide

to drop, or if you choose not to attend the first two sessions and are dropped, you risk being not being

able to add to another section this semester, since they might reach capacity

No makeup midterm examinations

Except under extraordinary circumstances, no makeup examinations will be given for the midterm

exam. A student who misses the midterm will be assigned 80% of the score he or she earns the final

exam as a grade for the missed exam. A student must take the final exam AND complete all other course

requirements to receive a passing grade for the course.

Students with disabilities

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Any student requesting academic accommodations based on a disability is required to register with

Disability Services and Programs (DSP) each semester. A letter of verification for approved

accommodations can be obtained from DSP. Please be sure the letter is delivered to me as early in the

semester as possible. DSP is located in STU 301 and is open 8:30 a.m. 5:00 p.m., Monday through

Friday. The phone number for DSP is (213) 740-0776.

Technology policy

Laptop and Internet usage is not permitted during academic or professional sessions unless otherwise

stated by the respective professor and/or staff. Use of other personal communication devices, such as

cell phones, is considered unprofessional and is not permitted during academic or professional sessions.

ANY e-devices (cell phones, PDAs, I-Phones, Blackberries, other texting devices, laptops, I-pods) must be

completely turned off during class time. Upon request, you must comply and put your device on the

table in off mode and FACE DOWN. You might also be asked to deposit your devices in a designated area

in the classroom. Videotaping faculty lectures is not permitted, due to copyright infringement

regulations. Audiotaping may be permitted if approved by the professor. Use of any recorded material is

reserved exclusively for USC Marshall students.

Assignment submission deadlinesAssignments must be turned in on the due date/time specified and in the manner specified (hard

copy/online/etc.). Any assignment turned in late, even if by only a few minutes, will receive a grade

deduction. Deduction will depend upon period of lateness. For fairness, late penalties will be applied at

a rate of 1/3 letter grade per day or part thereofe.g. being 2 days late would drop an A paper to a

B+, a B to a C+, etc. Group presentations MUST be given on the date assigned in order for credit to

be received. You must complete all required assignments to pass this course.

Formatting of assignments

All assignments must be typed on plain white 8 x 11 paper in 11 or 12-point font with one-inch

margins around the page. All assignments must include acover page with assignment title, course title

and number, section number, date, and, for team projects, each team members name with e-mailaddress. All text material (not tables or references) must be double-spaced. All pages, including slides,

must be numbered. Papers should be fastened with a staple in the upper left cornerno folders please.

Creative formatting may result in penalty.

Power Point slides submitted as hard copy MUST be legible. Usually (but not always) 2 slides per page

will work. Also, there must be sufficient white space for comments. Number all slides.

Any appendices must support and be referenced in the body of your report.

Return and retention of graded coursework

Students who miss class sessions when assignments are returned are responsible for arranging an

appointment to retrieve their materials. To keep things fair for future students, I do not allow students

to take their quizzes or exams out of the classroom. You may look these over in my office at any time.

Final exams and all other graded work which affect the course grade will be retained for one year after

the end of the course ifthe graded work has not been returned to the student; i.e., if I returned a

graded paper to you, it is your responsibility to retain it.

Academic integrity

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The following information on academic integrity, dishonesty, and the grading standard are placed here

at the recommendation of the Marshall School of Business Faculty and are taken from the Faculty

Handbook. Additional statements about student conduct and academic integrity may be found in the

SCampus Handbook, online athttp://www.usc.edu/go/scampus and from the Office of Student Judicial

Affairs and Community Standards, found online athttp://www.usc.edu/student-affairs/SJACS/ .

The University, as an instrument of learning, is predicated on the existence of an environment of

integrity. As members of the academic community, faculty, students, and administrative officials share

the responsibility for maintaining this environment. Faculty has the primary responsibility for

establishing and maintaining an atmosphere and attitude of academic integrity such that the enterprise

may flourish in an open and honest way. Students share this responsibility for maintaining standards of

academic performance and classroom behavior conducive to the learning process. Administrative

officials are responsible for the establishment and maintenance of procedures to support and enforce

those academic standards. Thus, the entire University community bears the responsibility for

maintaining an environment of integrity and for taking appropriate action to sanction individuals

involved in any violation. When there is a clear indication that such individuals are unwilling or unable

to support these standards, they should not be allowed to remain in the University. (Faculty Handbook,

1994: 20)

Academic dishonesty includes: (Faculty Handbook, 1994: 21-22)

1. Examination behavior - any use of external assistance during an examination shall be considered

academically dishonest unless expressly permitted by the teacher.

2. Fabrication - any intentional falsification or invention of data or citation in an academic exercise will be

considered a violation of academic integrity.

3. Plagiarism - the appropriation and subsequent passing off anothers ideas or words as ones own. If the

words or ideas of another are used, acknowledgment of the original source must be made through

recognized referencing practices.

4. Other Types of Academic Dishonesty - submitting a paper written by or obtained from another, using apaper or essay in more than one class without the teachers express permission, obtaining a copy of an

examination in advance without the knowledge and consent of the teacher, changing academic records

outside of normal procedures and/or petitions, using another person to complete homework

assignments or take-home exams without the knowledge or consent of the teacher.

The use of unauthorized material, communication with fellow students during an examination,

attempting to benefit from the work of another student, and similar behavior that defeats the intent of

an examination or other class work is unacceptable to the University. It is often difficult to distinguish

between a culpable act and inadvertent behavior resulting from the nervous tensions accompanying

examinations. Where a clear violation has occurred, however, the instructor may disqualify the

students work as unacceptable and assign a failing mark on the paper.

Classroom etiquette

An atmosphere of mutual respect is in order. So please...

arrive at class on time: late arrivals are disruptive to your fellow classmates and to the conduct ofthe class;

turn off your cell phones before you enter the classroom; do not engage in side conversations during class;
http://www.usc.edu/go/scampushttp://www.usc.edu/go/scampushttp://www.usc.edu/go/scampushttp://www.usc.edu/student-affairs/SJACS/http://www.usc.edu/student-affairs/SJACS/http://www.usc.edu/student-affairs/SJACS/http://www.usc.edu/student-affairs/SJACS/http://www.usc.edu/go/scampus

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do not pack up and leave towards the end of the class until it is clear the class is over.

Emergency preparedness/Course continuity

In case of emergency, and travel to campus is difficult, USC executive leadership will announce an

electronic way for instructors to teach students in their residence halls or homes using a combination of

Blackboard, teleconferencing, and other technologies. Instructors should be prepared to assign students

a "Plan B" project that can be completed at a distance. For additional information about maintaining

your classes in an emergency please access:http://cst.usc.edu/services/emergencyprep.html

Please activate your course in Blackboard with access to the course syllabus. Whether or not you use

Blackboard regularly, these preparations will be crucial in an emergency. USC's Blackboard learning

management system and support information is available atblackboard.usc.edu.

About Your Professor

Judith Blumenthal has published, taught, and consulted in the areas of strategic management,

organizational development and leadership, retail and services management, strategic alliances, and

corporate governance. She has also served as a senior corporate executive. Dr. Blumenthal was

Associate Dean of the Marshall School of Business (January 1996 through March 2000) and USCs Chief

Alumni Officer (April 2000 through June 2006).

She currently serves on the Board of Directors of Guess? Inc. as well as not-for-profit boards-- the Board

of Directors of the California Council on Economic Education and the Advisory Board of USC Radio. She

has also served on the District Board of Directors of the Council for Advancement and Support of

Education (CASE), the Community Advisors for the Natural History Museum of Los Angeles County, and

the USC Alumni Association Board of Directors.

She received her bachelors degree in English from Hunter College of the University of New York, and

her M.B.A. and Ph.D., Business Administration, from USC.
http://cst.usc.edu/services/emergencyprep.htmlhttp://cst.usc.edu/services/emergencyprep.htmlhttp://cst.usc.edu/services/emergencyprep.htmlhttp://blackboard.usc.edu/http://blackboard.usc.edu/http://blackboard.usc.edu/http://blackboard.usc.edu/http://cst.usc.edu/services/emergencyprep.html

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MKT 534, Spring 2013, p.10

MKT 534 RETAIL STRATEGY

PROJECTED CLASS SCHEDULE SPRING 2013

****You are responsible for any changes announced in class or on Blackboard****

Cl D Date Topics

Assignments

Readings

Text, ARES, CP(Course Packet),BB

Cases

In Course Packet1 M 1/14 Introduction Text: Ch. 1

2 W 1/16 Success in Retailing BB: Drexler article; Read for next

week!

M 1/21 MLK Birthday--Univ. Holiday

3 W 1/23 Types of Retailers

Sector Preferences Due

Text: Ch. 2.3

ARES: Zhang et al. Crafting integrated

multichannel retailing strategies

ARES: Strugatz, The Year in E-Tail

4 M 1/28 Retail Market Strategy Text: Ch. 5

ARES: Crawford & Mathews, Myth of

Excellence (excerpts)

CP: Surviving Disruption

QVC (897-050)

5 W 1/30 Consumer Buying BehaviorStore Layout and Design

Text: Ch. 4, 17ARES: Underhill, P. Why we buy.

(excerpts)

ARES: Strauss, In store aisles, less is

more but customers can still be

particular

ARES: Iyengar,A better choosing

experience

6 M 2/4 Retail Financial Strategy Text: Ch. 6

7 W 2/6 Retail Financial Strategy, cont. Diamond Retailing: Blue Nile,

Zales, & Tiffany (KEL394)

8 M 2/11 Guest Speaker

Mike Relich, Guess, Inc.

EVP & Global Chief Information Officer

Information Systems and Supply Chain

Management, CRM Text: Ch.10,11

9 W 2/13 Info.Systems/Supply Chain/CRM (Review)

Merchandise Planning and Buying Text: Ch. 12,13

M 2/18 Presidents DayUniv. Holiday

10 W 2/20 Merchandise Planning and Buying, cont.

11 M 2/25 Merchandise Pricing Text: Ch. 14

ARES: AP-J.C. Penney gets rid of

hundreds of sales

ARES: Cespedes et al. Raise your prices

ARES: Fishman, The man who said no

to Wal-Mart

ARES: Kadet, Price-point politics

12 W 2/27 Guest Speaker

Neil Watanabe, Executive VP and CFO

Annas Linens

Retail Locations and Site Location Text: Ch. 7,8

13 M 3/4 Retail Locations/Site Location (Review)

Human Resource Management

Midterm Review

Text: Ch. 9

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MKT 534, Spring 2013, p.11

Cl D Date Topics

Assignments

Readings

Text, ARES, CP(Course Packet),BB

Cases

In Course Packet

14 W 3/6 Guest Speaker

Ken Stevens, Multiple CEO/President

Positions and BODs in retail

15 M 3/11 Midterm Examination

16 W 3/13 Guest Speakers, Trader JoesJon Basalone, EVP Marketing

Bryan Palbaum, EVP, Finance and Admin

ARES: Kowitt, Inside Trader Joes

3/18-

3/23

Spring Recess

17 M 3/25 Sector Presentations I

Final company proposals due

18 W 3/27 Sector Presentations II

19 M 4/1 Sector Presentations II

20 W 4/3 Guest Speakers

Mike Jannini, President

Cheesecake Factory with

Alex Cappello, Chairman & CEO

Cappello Capital Corp., and

Lead Director, Cheesecake Factory

21 M 4/8 Retail Communication Mix

Careers in Retail

Text: Ch. 15,

Text: Ch. 16

-Beverly Stern Retail Executive

(604-018)

22 W 4/10 Guest speaker

Mark Werts

Founder/Chief Executive, American Rag

23 M 4/15 Guest Speaker

Wendy Klarik

Senior VP and GMM, Guess? Inc.

24 W 4/17 Customer Service as Competitive

Advantage

Text: Ch. 18

CP: Spenner and Freeman, To keep

your customers, keep it simple(R1205G)

ARES: Berry, Serving unfair customers

Mitchells/Richards (604-010)

25 M 4/22 Historical Perspective on Retailing ARES: Evans, J. Retailing in perspective:

the past is a prologue to the future

Marshall Field and the Rise of

the Department Store (801-349)

26 W 4/24 Luxury Retailing BB: BCG, Luxe Redux Burberry (504-048)

27 M 4/29 Unique Positioning IKEA (504-094)

28 W 5/1 Final Papers Due

Course Wrap-up and Review

BB: BCG, Retail 2020

29 W 5/8 MKT 534 Final Exam 4:30-6:30 PM

Regular Classroom

1. All readings and cases are to be thoroughly prepared in advance of class.2. Additional readings may be added during the semester. They may be available electronically or require purchase at the

Bookstore.3. Guest speakers will be an important part of the course. Speakers may be added and/or rescheduled during the semester,

which may cause adjustments to this schedule.

You are expected to prepare for all speaker presentations by doing individual research on their companies.

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MKT 534, Spring 2013, p.12

Appendices

Table of Contents

Appendix A

Course PacketTable of Contents

Appendix B

ARESTable of Contents

Appendix CCase Assignment Questions

Appendix D

Guidelines for Case Analysis

Appendix E

Guide to Article Analysis

Appendix F

Sector Analysis and Final Group Company Project

Appendix G

Peer Feedback Form

Appendix H

Peer Evaluation Form

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MKT 534, Spring 2013, p.13

Appendix A

Course PacketTable of Contents

Articles

Surviving disruption (R1212C) To keep your customers, keep it simple (R1205G)

Cases

QVC (897-050) Diamond Retailing: Blue Nile, Zales, & Tiffany (KEL394) Marshall Field and the Rise of the Department Store (801-349) Beverly Stern Retail Executive (604-018) Burberry (504-048) IKEA (504-094)

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MKT 534, Spring 2013, p.14

Appendix B

ARESTable of Contents (as of 1/7/13)

(Additional readings may be added during the semester)

D'Innocenzio, A.Associated Press Online

J.C. Penney gets rid of hundreds of sales

Berry, L.L. and Seiders, K.Business Horizons

Serving unfair customers

Fishman, C.Fast Company

The Man Who Said No To Wal-Mart

Kowitt, BethFortune

Inside Trader Joe's

Strauss, M.Globe and Mail Update

In store aisles, less is more but customers can still be particular

Evans, J.International Review of Retail, Distribution and Consumer Research

Retailing in perspective: the past is a prologue to the future

Zhang, J, . Faris,P Irvin, J.,

Kushwaha,T. Steenburgh, T &

Weitz, B

Journal of Interactive Marketing

Crafting Integrated Multichannel Retailing Strategies

Iyengar, Sheena and Agrawal,

Kanikastrategy+business

A Better Choosing Experience

Crawford, F. and R. MathewsThe Myth of Excellence

Excerpts

Kadet, Anne

Wall Street Journal

Price-Point Politics

Cespedes, Frank, Ross, Elliot,

and Shapiro, BensonWall Street Journal

Raise Your Prices

Underhill, P.Why We Buy

Ch 3, 5, 8 (Exerpts)

Strugatz, R.WWD.com

The Year in E-Tail: Lessons Learned and Looking Ahead
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Appendix C

Case Assignment Questions

QVC

1. Is QVC conducting e-commerce?2. Define the Existing Value chain for traditional retailers. What is QVCs Value system? Is QVC

operating as a marketplace or marketspace company? What seed opportunities has QVC

exploited?

3. Define QVCs value proposition. Which of the 7cs is/are the focus of why QVC can deliver valueto the target market better than HSN? Diagram QVCs resource systems. How does the resource

system support the value proposition?

4. Consider this quote, QVC does not fit any existing marketing theory. Do you agree? Defendyour position.

5. Which capabilities of the resource system are readily leveraged for Internet based commerce?Diamond Retailing: Blue Nile, Zales &Tiffany

See questions included at the end of the case

Marshall Fields and the Rise of the Department Store

1. In the 1850s and 1860s, how did Field view the possibilities for mass distribution? Where did heget his information?

2. How did he act on this information and his larger vision? Which business practices madeMarshall Field so successful?

3. How were Fields strategic initiatives related to the broader environment?4. How would you evaluate Field as an entrepreneur? As an institution builder?5. What were the most important lessons of Fields experience for brand creators and stewards

today?

Beverly Stern Retail Executive

1. What aspects of Beverly Sterns career in retailing appeal to you? (Explain)2. What aspects do not appeal to you? (Explain)3. Do you think she should accept the position with Gymboree? Why or why not?

Mitchells/Richards

1. In 2003 Mitchells/Richards was bringing in over $65 million in annual revenues in its twoConnecticut stores, and industry observers had identified the company as one of the most

successful clothing retailers of its size, with higher sales per square foot than any other mens

clothing store in the US. Analyze the business model of this upscale retailer to identify the

elements that seem to you most critical to its success thus far.

2. What options should the Mitchell family consider for its business going forward? For example,should they be looking to expand the range of products they sell, within largely the same

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market, or to expand the markets in which the company operates, with the same kinds of

product lines? Or is expansion unrealistic, given your understanding of the business model? That

is, is it unrealistic for Mitchells/Richards to survive as a family business that will sustain a fourth

generation of owner/managers?

3. What do you recommend they do, and why?Burberry

1. Compare Burberrys market position relative to that of its competitors, including Polo, Coach,Armani, and Gucci. Is Burberrys competitive position sustainable over the long-term? Why or

why not?

2. Because demand tends to be unpredictable in the world of fashion, the fashion business isinherently risky. In this context, consider the various changes Bravo made upon her arrival at

Burberry. To what extent have these changes exacerbated or mitigated Burberrys risk profile?

3. Bravos team is currently juggling a lot of things, including multiple brands (Prorsum, London,Blue and Black, Thomas Burberry), multiple collections (womenswear, menswear, accessories),

multiple channels (wholesale, retailincluding flagship and company-owned stores), and

multiple licensees. What is the role of each of these elements in Burberrys overall businessmodel? For example, what is the role of each of the sub-brands? What is the role of the

company-owned stores? What is the role of licensing?

4. The case notes that Bravos team has managed to elevate the overall status of the Burberrybrand. How has it managed to accomplish this?

IKEA

1. What factors account for the success of IKEA?2. What do you think of the companys product strategy and product range? Do you agree with the

matrix approach described in Figure B of the case?

3. Despite their success, there are many downsides to shopping at IKEA. What are some of thesedownsides? IKEAs Visions Statement (in Figure C of the case) describes how the company seeksto build a partnership with its customers. What do you think of the vision statement?

4. The fact that IKEA hopes to have fifty stores in operation in the US by 2013 is an indication ofhow optimistic the company is about the viability of its value proposition in this country. Do you

think IKEAs growth plans are overly optimistic? How would you improve IKEAs value

proposition to make it even more attractive to American consumers?

5. To achieve its planned growth, should the company change its product strategy? If so, how?Product range? Number of styles and price points? Other?

6. How do think IKEAs value proposition and product lineup will look in ten years?7. Some industry observers have suggested that IKEA should open a number of smaller, satellite

stores across the US (e.g. in shopping malls, strip malls, etc.) What do you think of this idea?

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Appendix D

Guidelines for Case Analysis

Think of yourself as a consultant to the client in the case. For each case, imagine that you have been

given a chance to study an organization and come up with a diagnosis and a set of recommendations. As

with many real-world situations, the issues to be resolved may not be obvious. Study questions are

provided, but these are offered only to get your thinking going they are not an agenda for your

analysis or for our discussion. It is for you to identify the specific issues posed by the case, decide how

they can be best addressed, and come to each class prepared to present and defend your own analysis.

Most of these cases present a well-rounded picture of a business situation: they are not merely

illustrations designed to exercise or test your knowledge of a given article or chapter of the textbook. As

a result, the concepts needed to analyze the case and to formulate an appropriate action plan are not

narrowly bounded by the textbook or specific readings. In many cases, you will find it useful to invoke

concepts from earlier in the course, from other courses, or from your own experience.

Note: Please do notgo outside the materials I have provided, since that will undermine the quality of

the class discussion.

How to Approach a Case: Key Questions

For each case, clearly identify the client. For whom are you performing the analysis and making

recommendations? This is the person who will need to implement your recommendations (assuming

s/he accepts them!)

The basic questions for all cases are essentially the same:

1. What is the most critical challenge the client and the organization need to address? Why is itimportant to address this challenge?

2. What makes addressing this challenge difficult?3. What is your analysisof the underlying, or root issues responsible for the situation that make it

difficult to address? What evidence do you have that this is, in fact, the underlying, or root, cause?

(Digging for the source of the challenge is where the major part of your analysis will focus!)

4. What alternatives does the organization have in tackling these issues, and which alternative makesmost sense? Make sure that you propose just a few alternative solutions that actually address the

underlying issues you have identified! Were not interested in a laundry list of good ideas you have

for the company. We are interested in solving a particular issue.

5. What specific action plan would you recommend? Why?How to Approach a Case: The Process

The following approach to case analysis has proven helpful.

a. Rapidly read the case to get a sense of layout and a general understanding of backgroundand issues. During this initial reading, try to form preliminary hypotheses. Initial impressions

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can be revised, but this groundwork will provide structure and direction for more in-depth

reading.

b. Carefully re-read the case,--i. Take notes that organize information and separate the wheat from the chaff.ii. Test and refine your hypotheses as you read, modifying or rejecting them as new

information surfaces.

iii. Clarify what the key challenges really are. These are the challenges yourrecommendations will address. They may or may not have been obvious on first

reading.

iv. Develop analysis questions to help illuminate the situation on which action needs tobe taken. What do you need to understand that is not apparent in the case?

c. Perform qualitative and quantitative analyses, as appropriate. If important data are notavailable in the case, precise descriptions of what data are missing often trigger ideas for

making creative use of the information that is available, or for developing well-informed

assumptions about necessary but missing information. Be sure to distinguish between

factual data from the case, opinions of actors in the case, and assumptions you

make. REMEMBER: Your objective is to get beyond the level of problem symptoms to

analyze underlying issues and causes.d. Identify and evaluate reasonable alternative courses of action, based on appropriate

criteria. You will explicitly consider and reject various alternatives: Some may not be

effective in addressing the issues you identified, others may cause more problems than they

solve or cost more than they are worth, others may not be feasible or acceptable to

management (solutions should be compatible with the values and preferences of

management and those who will implement them). In formulating alternatives, avoid cop-

outs such as: "Hire a new president who can solve the problem," Conduct market

research," or "Hire a management consultant to solve the problem.

e. Decide on a course of action to recommend. Your solutions must address the challengesyou have identified and follow logically from your analysis. Remember: Goals are not

recommendations for action. Dont say, Improve the culture, unless you can offer a planto accomplish it.

f. Recommend a plan by which the desired action may be achieved or implemented within theconstraints encountered in the situation. This is a good final acid test. If you solution is

not do-able, it is not a good solution.

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Appendix E

Guide to Article Analysis

The following set of questions is provided to guide your analysis of the readings assigned this

semester. Please use this guide to structure your article analyses.

1. What is the purpose or objective of this article? (To challenge or debunk a well-acceptedview; to contribute to a body of theoretical work; to explain a puzzling exception; to update

theory in response to current phenomena; etc.)

2. What is the articles basic argument/thesis? Its major findings/ conclusions?3. What is the nature of evidence presented in support of the argument/

thesis? (Impressionistic, theoretical, empirical, etc.) Are the conclusions well supported?

4. Are there important assumptions, assertions, values, or biases that the author expects us toaccept without support? Are these explicit or implicit?

5. How does this article contribute to your overall understanding of the subject? How does itrelate to other articles you have read and to your own knowledge and experience?

6. How useful is the article for practicing managers?7. Does the article leave you with any remaining problems or concerns?

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Appendix F

Sector Analysis and Final Group Research Project

These two team (5 students per team) research projects are related. In the first part, you will present

research and analysis about a sector in the retail industry, and in the second project, you will prepare a

complete analysis of a real retail company in that sector, including recommendations for its future.

Details for sector selection submission are provided in body of syllabus, in section, Assignments and

Grading Detail. You will propose a company within the sector for your final analysis no later than the

date of the first sector presentations. I will approve all companies for final projects. Additional details

will be discussed in class.

Sector Analysis

The sector analysis is basically similar to an industry/strategic group analysis in a strategy class. You will

make a 15-20 minute presentation and turn in a Power Point report, including exhibits and a

bibliography of articles and other sources for information used in making your report. Sources will

include 10K reports atwww.sec.gov, articles in magazines and newspapers found through library

database, company web sites, etc., as well as data discovered through primary research (e.g. interviews

with store executives). You must provide sources for your data on individual slides and inbibliography.

Sectors available for selection are:

Womens apparel and accessories stores Department stores Food stores Mens Electronics and entertainment Books Mass, club, dollar Childrens Jewelry Shoes Furniture Office supply Hard goods Sporting goods Auto Drug Do-It-Yourself

Final Written Company Report:

You must select a publicly traded company for which financial data are readily available. While the company does not have to be locally-based, it should have stores that you will be able

to visit.

The company may not be one that the class is studying in a case analysis this semester.
http://www.sec.gov/http://www.sec.gov/http://www.sec.gov/http://www.sec.gov/

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I will approve all student projects, and will make assignments if preferences are not submittedon time.

Your assignment is to prepare an analysis of the retail firm within a sector. You will identify the

retailers strategy and compare your focal retailer to its direct competitors in terms of: the

retailers target market and positioning, its retail mix (merchandise variety and assortment,

pricing, locations, etc.), and its bases for developing a competitive advantage. Include a financial

analysis for the retailer comparing its present to past performance and the performance of

competitors. Based on your analysis, make recommendations for your retailers future strategy.

Your group will turn in a paper, approximately 10-15 pages, plus, exhibits and a bibliography of

articles and other sources for information used in making your report. Sources will include 10K

reports atwww.sec.gov, articles in magazines and newspapers found through library database,

company web sites, etc., as well as data discovered through primary research (e.g. interviews

with store executives). You must provide sources for your data on individual slides and in

bibliography.

The report should contain a comprehensive analysis, including important detail concerningrelevant competitors, an in-depth company analysis, and recommendations for top

management, with supporting logic. All reports are due at the beginning of the last class.
http://www.sec.gov/http://www.sec.gov/http://www.sec.gov/http://www.sec.gov/

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Appendix G

Peer Feedback Form

After your team presentation, you need to give each of your team members feedback and then discuss all

this feedback in your team.

The simplest way to proceed is to fill out the form below, give it to each of your team members and

discuss it in a team meeting:

You will share this form with your team members, not with me.

I like the way you I wish you

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Appendix H

Peer Evaluation Form

This form must be completed and submitted to me on the last day of class. Aggregate results may cause

me to adjust individual grades for team projects up or down. Please consider overall contribution of team

members to the two team projects, taking into account the following:

Preparation: Rate the extent to which the member completed the necessary assignments, had read the

related material, and was ready to contribute to the team.

Input: Rate the extent to which the member provided valuable input of ideas towards the teams work.

Diligence: Rate the extent to which the member took on the necessary roles to complete the teams

work, their timeliness in completing and distributing work, and the quality of the work performed.

Facilitation: Rate the extent to which the member helped the team maintain a positive climate and work

together effectively.

Please follow directions carefully!

Allocate 100 points across all the members of your team apart from yourselfto reflect your assessment

of their individual contributions to the team effort. I will treat your assessments as confidential.

Your name: ____________________________________________________

Course name: ___________________ Date form completed_____________

Course number:_________________ Section number:__________________

Group #: _____________________

Team-member name: Contribution %: Comments

1. _____________________ _____ _______________________________

2. _____________________ _____ _______________________________

3. _____________________ _____ _______________________________

4. _____________________ _____ _______________________________

5. _____________________ _____ _______________________________

Total: 100%

General Comments (Use additional page if necessary):

__________________________________________________________________________

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MKT 534