What’s your concept of how retail stores could prosper moving forward?

2019-07-10T07:28:09-07:00By |Categories: Resellers|Tags: , , |

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 [...]

On average, how much does Target mark up its items?

2019-09-12T16:23:10-07:00By |Categories: Resellers|Tags: , , , , , , |

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?

2016-10-28T20:33:26-07:00By |Categories: Strategy|Tags: , , |

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 [...]

When will competing on price as a small CPG work?

2017-02-08T12:37:36-07:00By |Categories: Finance|Tags: , , , , , |

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?

2016-10-28T20:24:24-07:00By |Categories: Product Development|Tags: |

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 [...]