True Value Company revealed a new strategy of pricing and merchandising which entailed the reduction of goods which were lowly priced to compete with other competitors to get back their original prices. Kenneth Goodgame who is the chief merchandiser and senior vice president of True Value Company came up with this brilliant plan.
his strategy is supposed to offer a vast assortment of high-price point and mid-price point goods which will differentiate True Value Company from discount competitors and in turn increase the retailers’ gross margin in dollars and drive greater value for True Value’s customers.
Another initiative which True Value had established was adding different state buyers who would help in boosting product productivity with the support of Geo-Demographic Analysis. This tool measures the trade area dynamics. Previously, assortments of goods were distributed by size or popularity, but in the Geo-Demographic program, varieties of products will be sold to meet the geographic needs of our customers. Ken Goodgame divided them a fresh into categories that included suburban, rural, and urban assortments of fine-tuned products.
Goodgame also pointed out a plan which entailed a pricing strategy of Buy more and Save; Everyday low pricing for sensitive SKUs; Pro packs, and Compare and Save for private label brands vs. national brands. This plan was supposed to build on True Value’s performance in retail store sales up to almost 5%, while the co-op revenue to realize a 4.8% profit.
As the Chief Merchandiser and vice president of True Value Company, Ken Goodgame insists on ensuring they have a proper merchandising plan that will improve the quantity and quality of the company’s assortments of products in each year.
About Ken Goodgame
As an influential operations management leader, Mr. Goodgame specializes in creating innovative merchandising and marketing business strategies. His focus is to deliver a balance of quality assurance, employee engagement, and corporate alignment systems that help improve profitability and performance. Goodgame’s great experience gives him a head start to be able to see and predict a geographical market shift and also a veteran’s eye to avoid costly money blunders that bring down a company. Ken Goodgame is a Bachelor of Science in Marketing graduate from the University of Tennessee.