Research

The Marketing Strategy Student’s Name Institutional Affiliation The Marketing Strategy Part 1 Step #1: The article explores some of the trends that could impact the retail industry in 2024. The author discusses prospects like economic constraints, evolution of the operational models, sustainability, and technology as some of the factors that will shape the industry in 2024. Step #2: The video explores market changes in terms of consumer needs and demographic changes. The video fosters Macys’ strategy in assessing the dynamism within the market. The roles of key stakeholders like consumers and strategic partners are explored. Step #3: Various trends/issues are contributing to activities in the world of retailing. The rise of conscious consumerism is among the factors as customers are becoming more knowledgeable about the products that they consume. The second factor is the evolution of social commerce with stakeholders in retail allowed the platform to engage extensively through social media. The third trend is hybrid retails with retailers focusing on addressing the needs of their customers both on the online and offline platforms. The fourth factor is increased automation and AI as companies are adapting to high productivity and low-cost trends. Finally, there is a changing workforce, especially with the dominant growth of generation Z. Step #4: 1 Consumerism is changing constantly due to technology and access to information. 2 Businesses rely on understanding and segmenting customers to personalize experiences. 3 Companies must re-strategize their marketing objectives to match the changes in consumer n...