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ERRC GRID and Characteristics of a Good Strategy from part of the Blue Ocean strategy. Essay Example

  • Category:
    Marketing
  • Document type:
    Essay
  • Level:
    Undergraduate
  • Page:
    1
  • Words:
    253
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Eliminate

  • Focus on traditional brick and mortar stores

  • Universal appeal and mass market approach instead of targeting the relevant audience sectors

  • Customer experience should be more emphasized and it is the key towards repeat purchases and customer loyalty.

  • Productivity and Efficiency of operations

  • Dependence on traditional brick and mortar shops for the retail operations.

  • Processes that are inefficient and identify new ways to improve the cost efficiency of the business.

  • Omni-channel shopping and the use of the appropriate technological infrastructure to support it.

haracteristics of a Good Strategy C

Myer will be able to have a more focused business strategy as it has eliminated its universal appeal and has identified four primary segments of customers, namely, Fashion forward, Millennial, High Value and Affordable Fashion. The company has decided to eliminate the majority 40 percent of the market which are not fashion conscious and are therefore, not a relevant category for the company.

Divergence

Myers has decided to differentiate itself from the competitors by simplifying the company processes in order to unlock value. This will ensure that the customer experience is significantly enhanced while also improving the productivity.

Compelling Tagline

“High fashion guaranteed” is an apt compelling tagline for the strategy adopted by Myers. This ensures that only those customers are attracted which are relevant for the segment of high fashion and all the other irrelevant customers are eliminated. The guarantee element in this tagline is indicative of the customer satisfaction, which shows the firm’s intent on repeat purchases and increasing customer loyalty.

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