This article examines strategies to keep sales healthy in a changing marketplace.
Appropriate Subject Area(s):
Entrepreneurship, business management, retail management, marketing, strategy
Key Questions to Explore:
- How do goal-setting and planning help to achieve success?
Introduction to lesson and task:
This lesson looks at the changing retail landscape and how one company is attempting to respond.
Action (lesson plan and task):
- Ask students if they shop on-line. For what items?
- What are their thoughts on the idea of shopping for shoes online?
- Distribute the article for reading.
- Mr. Frisk’s philosophy is “grow or die.” What does this mean? How would it look?
- Aldo has competition from other bricks-and-mortar retailers and from online retailers, mentioned in the article. How would students describe their target market based on the competition mentioned?
- Ask students to distinguish between an A, B and C mall, with examples from their own community of each.
- In small groups, have students describe and discuss each of Mr. Frisk’s strategies to grow. These will include closing, shrinking or relocating stores; expanding online sales, overseas sales and private label production for other stores; acquiring or creating new brands
Consolidation of Learning:
- Cadillac Fairview commented that Aldo is the type of tenant they want in their malls. Why do students think this is so?
- Ask students to develop a timeline for Aldo from its beginning into the future.
- Students are able to describe the target market for various products and services.
- Aldo used a goal-planning strategy day (GPS) for employees to plan their goals for 2016. It is these goals that lead to organizational and personal success. Ask students to spend some time thinking about their academic, work and personal goals for 2016 and to develop a plan to achieve them.