3 recommendations for the new retail mix strategy that we could suggest to the museum in the midst of pandemic era (recommendations for creating a competitive sustainable advantage including how to address ethics, responsibility and sustainability issues based on consumer behavior theory) The museum is Museum of Contemporary Art (MOCA BANGKOK)
look at the objective section that I already wrote. And please feel free to make some changes or add something if you have an idea. (For this part, please type with red color if there are any changes or added words.
try to take a look at how the museum gift shop could enhance their digital communication media (ICT). Such as, what types of promotion tools that the shop hasn’t used yet right now, or how to promote the products in an effective way to generate sales and profits
so basically, it is about how to promote and communicate the product to society and omni-channel retailers (refer to the pdf files I’ve attached)
Also, note this, the products that i wanted to tell in the report is that the gift shop could start and try to sell the products that are more sustainable and environmentally friendly for them.
Use 3 or more recent references (2021-2022) that are not taken from any of the museum’s own information such as marketing collateral or their website. The references you should use are market research reports, articles from popular media or even academic sources.
Objectives
https://www.forbes.com/sites/gregpetro/2021/05/14/covid-19-sustainable-retail-and-the-new-values-shopper/?sh=96eff4c47fc2 – COVID-19, Sustainable Retail, and the New “Values Shopper”
https://newsroom.ibm.com/2021-04-22-IBM-Study-COVID-19-Pandemic-Impacted-9-in-10-Surveyed-Consumers-Views-on-Sustainability#:~:text=Announcements-,IBM%20Study:%20COVID-19%20Pandemic%20Impacted%209%20in%2010,Surveyed%20Consumers’%20Views%20on%20Sustainability&text=According%20to%20the%20survey%2C%20many,due%20to%20environmental%20sustainability%20factors – IBM Study: COVID-19 Pandemic Impacted 9 in 10 Surveyed Consumers’ Views on Sustainability
In this phase, our research attempts to establish a set of objectives and develop an appropriate retail format strategy based on the SWOT analysis. Such opportunities engage our research to counterbalance the threat elements from its competitors, and external environment, it consist of the involvement between ERS and retail mix strategy, which subsequently related to each other.
The objective and goals in this research is to reconsider and create an awareness of the Covid-19 impacts to the world, and most of the retail market sector. As in the midst of pandemic era, most consumers have been paying attention more and fully committed in changing their buying behavior towards more environmentally sustainable products; this comprise the changes of shopping behaviors, whether it is to fulfill daily needs or wants (IBM Study: COVID-19 Pandemic Impacted 9 in 10 Surveyed Consumers’ Views on Sustainability, 2021). Therefore, this evidence supported our plans to transition MOCA Bangkok retailing strategy to be more environmentally oriented and boost its long-term sustainability which aligned with the triple-bottom line approach in CSR (economy, social, and environmental value).
In short, the goals are:
• Create adjustment to MOCA’s retail format following the real life events and demands from society
• The merger of UN Sustainable Development Goals philosophy with the museum’s new retail format strategy
• Attempt to achieve a compliance between the gift shop and consumers in influencing, while simultaneously educating the visitor on buying more environmentally friendly product
• Provide diversification; a new retail format towards the target market that could impact their buying decision-making process
• Further explore in ICT elements; possibly enhance and provide more channels as media to communicate & develop first hand relationship, which resulted a sense of belonging
Useful links to support our research and reference for writing structure:
• https://www.researchgate.net/publication/309810493_Marketing_factors_in_museum_economy_A_case_study_of_Saisuddha_Nobhadol_museum_Bangkok_Thailand
• https://www.proquest.com/docview/2576663036/11648827DEF94FC9PQ/10?accountid=153081
• Innovative or Not? The Effects of Consumer Perceived Value on Purchase Intentions for the Palace Museum’s Cultural and Creative Products – ProQuest
• https://iite.unesco.org/files/policy_briefs/pdf/en/Museum%20Education.pdf (2011 resource)
• https://www.aam-us.org/2021/01/27/green-trends-in-museum-retail/ – ecological trends in merchandising
• https://www.fastretailing.com/eng/sustainability/news
• https://link.springer.com/chapter/10.1007/978-3-030-83647-4_19
• https://www.tandfonline.com/doi/abs/10.1080/13683500.2020.1729104
• https://www.mdpi.com/2571-9408/5/1/11 – Museums and Digital Culture: From Reality to Digitality in the Age of COVID-19
Strategy
https://reader.elsevier.com/reader/sd/pii/S0022435920300713?token=90F033E3B8BB3993CC72E8A1AB9B4EFBC6FC5202E467A4B91E047A096C0289890387E45708C01CCCA0545BFEE17A270B&originRegion=eu-west-1&originCreation=20221130063604 – (Sustainable Retailing – Vadakkepatt et al.)
https://theveganreview.com/the-6-rs-of-sustainability-what-does-sustainable-really-mean/ – The 6 Rs of sustainability: what does ‘sustainable’ really mean?
https://www.emerald.com/insight/content/doi/10.1108/JSMA-07-2021-0145/full/pdf?title=corporate-social-responsibility-csr-and-the-covid-19-pandemic-organizational-and-managerial-implications
https://www.un.org/sustainabledevelopment/sustainable-development-goals/
https://www.unep.org/explore-topics/resource-efficiency/what-we-do/sustainable-lifestyles/retail
The strategy plan mainly focuses on providing further detailed examination regarding the importance of the triple-bottom line approach which is the foundation of achieving sustainability for a corporation in the long-run. Moreover, in terms of sustainability, the current trend of consumer demand in sustainable products is increasing (Vadakkepatt et al., 2021). Thus, the integration of the UN’s Sustainable Development Goals with MOCA’s new retail mix and its effective communication method could generate and captivate the visitor’s attention in a higher scope.
so if you can see, that bullet point and content that I already typed it is essentially already related to the recommendation that we want to suggest to the museum. but I didn’t put the main heading as recommendation.
• Retail Mix Diversification
https://smallbusiness.chron.com/diversification-marketing-strategy-65445.html – Diversification as a marketing strategy
https://www.talkingretail.com/news/industry-news/covid-19-increases-interest-in-conscious-consumption-research-finds-21-04-2021/ – Covid-19 increases interest in ‘conscious consumption’, research finds
Marketing diversification is a business process which involves the expansion of the market by providing a new set of retail formats and new product lines to a new target consumers. (Thompson, 2019) stated that diversification is a process in maximizing the advantage of momentum in the new market to prolong the market sustainability. Moreover, as covid-19 emerges, the majority of consumers have interest and become more conscious about how their buying decision impacts the social-environment of the world (Wells, 2021).
This encouraged us to give suggestions to MOCA museum to acknowledge and make adjustments within the museum’s internal operation, specifically on the gift shop sector. For short-term, our input will be prioritizing in increasing the social traffic to the customers, which leads in the growth progress of its retail shop, while simultaneously attempting to establish partnership with local artists to collaborate in not only creating art products and selling them. But embed and align the museum’s vision & mission with green marketing elements and education. As this will result in a mutual relationship between the gift shop and its stakeholders; the artists and customers. In the long-term, the goal is to improve brand equity to society, showcasing the changes of product material into more sustainable materials that coordinate with consumer consciousness with the global issues of sustainability (Wells, 2021).