This is a Quora question about how retail stores could prosper that I was asked. My answer is as follows. I think it comes down to four areas. Exclusivity You are the only retail location that sells a product that consumers want. I think the product category that best fits this would be art. In [...]
This is Quora question I was asked about how much does Target mark up its items.Not including produce, on average Target’s margins in my experience are 25–30%.I use margins and not markup because in the industry, margins is what is used and they are computed off of suggested retail price (SRP or MSRP). So, for [...]
What is the best way to retain customers in hospitality/ retail business without a need of giving away free stuff and perks?
This is a question I received and here is my answer. I would think about differentiating your core product/service offering from everyone else. Don't be like everyone else. Identify who your customer is (or who you want your customer to be) and figure out what their needs/desires are and create your product offering to meet [...]
If you are a startup or small company, it's common wisdom to not compete on price. If price is all that differentiates products in the same category, then customers will buy from the lowest-priced competitor. This means that competitors will constantly be pricing their products lower and lower to win business to where eventually, no [...]
Is it better to start with a low manufacture suggested retail price in CPG and increase them later on, or start high and lower them?
Is it better to start with a low manufacture suggested retail price in CPG and increase them later on, or start high and lower them? This was a question posted to Quora that I answered, which I have re-copied below: I know consumer products, so can only answer from that perspective: Do your research against [...]