| Project Title: | Study on the Improvement of Marketing Strategy of BESTORE in New Retail |
| Author: | Mrs. Zhang Yu |
| Advisor: | Dr. Zhang Li |
| Degree: | Master of Business Administration |
| Major: | International Business Management |
| Faculty: | Graduate Schools |
| Academic year: | 2022 |
| Url: Published: |
Conference Proceedings The 6th STIU International Conference “Innovative Leadership for Sustainable Development” on 10-11 May 2022 |
Citation
Zhang, Yu. (2022). Study on the improvement of marketing strategy of BESTORE in new retail. (Master’s independent study). Bangkok: Siam University.
Abstract
China’s economy is constantly developing higher requirements and higher quality. Consumer demand and consumer behavior are also changing, which further promotes the leisure food industry consumption level, showing a high-end development trend. In parallel, the rapid development of Internet technology with e-commerce applications, big data, and drone delivery, has improved the service efficiency of the entire industry chain. In this context, the “new retail” business model emerged, and the traditional retail model will become a thing of the past, and “new retail” will eventually become the mainstream model of retail development.
With a focus on “new retail,” BESTORE’s marketing strategy face a series of problems such as weakening brand influence, high product homogenization, outdated enterprise channel management mechanism, and aging promotion methods. In response to the impact of “new retail,” how to improve BESTORE’s marketing strategy, improve the satisfaction of BESTORE’s consumers, and make BESTORE occupy a higher market position in the casual food market is the serious and urgent problem at this stage. This study presented an overview of “new retail” and the casual food industry, and analyzed the current situation and environment of BESTORE’s corporate marketing. Finally, combined a consumer satisfaction questionnaire survey to investigate consumer satisfaction, consumer demand, and consumer demand of BESTORE in the context of “new retail.” The study also conducted a descriptive statistical and in-depth analysis of consumer satisfaction, demand, and behavior of BESTORE in the context of “new retail.”
Based on the questionnaire survey, the analysis of this study, and the successful experience of other similar companies’ marketing strategies, the 4P marketing strategy model was combined to suggest improvements of BESTORE’s marketing strategy: 1) improve the product strategy; 2) optimize the price strategy; 3) expand new sales channels; 4) establish diversified sales promotion. By elaborating and analyzing the marketing strategy of BESTORE in the context of the “new retail” business model, and proposing certain suggestions and strategies to deal with the problems, this research hopes to provide some references for its future development or for similar enterprises.
Keywords: new retail, consumer satisfaction, marketing strategy, differentiation theory.
Study on the Improvement of Marketing Strategy of BESTORE in New Retail
Master of Business Administration (International Program), Siam University, Bangkok, Thailand