Question

Can you elaborate on these 2 SMART objectives for Ross Dress for Less please? Atleast 2 pages worth.

1. To offer low prices for the products it sells to the consumers and make it affordable for all.

2. To ethically do business and create transparency, involve in CSR and inclusive approach and grow its store and business creating good trust among all stakeholders.

The company understands that the consumers look for good price of products and good quality as well. The business operates its off price transactions and thereby reducing cost and sharing savings with the customers. The company saves energy at its departmental stores and makes sustainable use of natural resources and thereby again reducing cost on production. IT also encourages recycle or reduce waste that further help the sustainable cause and build the brand around this social cause. The company has been thus growing fast by using these strategic goals so far.

Answer 1

Answer 1) A trader is free to use a variety of pricing strategies at time of selling a product or service. Generally, price can be set to maximize profitability of company. It can be used to protect an existing market share of the firm from new entrants or existing competitors , to enter a new market. Pricing is one of the most important part of 4Ps of marketing mix. But affordability of the product is a challenge for low-income consumers for many reasons, and not just because of their low-incomes. But irregular cash flow, income, frequent cash emergencies and lack access to credit or formal banking is constrained for the consumer. As Comparison to buyers from middle-income group market, have different needs, are more risk-averse and have less familiarity with new products. There has been considerable innovation in the last decade to address such issues in market. Like Innovative designs of product and technology have helped to reduce the absolute cost of some products. Latest ways of easy financing and cross-subsidizing products have also been developed. Marketing and product models that suit consumers’ income have extended from simple “single sachet” strategies to sophisticated solutions . Reducing the product manufacturing cost, the innovation inspired by C.K. Prahalad and Hall’s “Fortune at the bottom of the pyramid” led to a surge of entrepreneurial activity that has often addressed affordability as a challenge.

Answer 2) CSR is not only consider at activity but responsibility of company in current situation of market . As every company is not only rsponsible to earn profit but to return back something to society for creation of sustainable and long term economy . A simple exercises like saving energy at its departmental stores not only impact the cost of operation but the same energy can be used some other place for improvement of society.

CSR activity is also used for creation of brand and advertisement at low cost , like sponsoring a transport facility with company brand name to school .