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Maintaining Competitiveness in a Global Environment

 

Maintaining Competitiveness in a Global Environment

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Maintaining Competitiveness in a Global Environment

A quick look at the Mall of America website versus that of Hillsdale Mall shows a glaring difference in terms of variety of products and services offered. The latter has fewer products and services. Mall of America has a bigger structure hence more facilities are available including but not limited to banking, restaurants, arcades and fashion stores. This makes it easier for it to serve people from all lifestyles as it gives them many options to choose from according to their taste and preferences as opposed to shoppers who visit Hillsdale Mall and get limited options.

Rowles, D. (2013) noted a fact, which is true that worldwide the youth are the fastest growing segment of the population everywhere in the world. It is evident therefore that their needs are well taken care of at the Mall of America. The local metropolitan area around Hillsdale Mall is possibly lived by people with fewer differences in terms of race. This factor contributes to its lack of a wide range of products and this could lead to a few customers being disgruntled if they visit it and get disappointed to find their favorite salad or fashion store lacking.

There is never a magic formula to succeed in any business but with making proper plans and having the right kind of strategy, Hillsdale Mall could grow even bigger and thus generate much more revenue because of an increase in their customer base. Most entrepreneurs recognize the fact that it is never enough to attract a customer but to make him or her come back again. The managers at Hillsdale Mall could begin with a more user friendly and fun website since it is common knowledge that millions of people use the internet everyday. This would make anyone who visits that site interested. Possibly, they will end up going to shop there as shown by T. N. (2006). Alternatively, many transactions worth billions of dollars are conducted over the internet annually so it is possible that they could attract a customer from locally or internationally, for instance, through hotel bookings.

In addition, they need to sponsor or secure popular events at their mall and aggressively market them prior. Some of the avenues they could use are newspapers, local radio and television stations. Handing out flyers to not only the passersby but also all shoppers who visit Hillsdale Mall informing them of future events is another great way for them to achieve fantastic results. Furthermore, they too should consider giving away Hillsdale branded merchandise especially to promote loyalty and as a way of using their customers to create brand visibility for them wherever they go. This shall enable them enjoy the benefits of free advertising. Finally, if their budget allows, they can conduct themed road shows around the neighborhood sensitizing people on the amazing offers or discounts available at Hillsdale Mall and the results are bound to be positive.

Conclusion

It is the wish of any businessperson to have a competitive advantage over others but it is also incumbent upon him or her to have the right business model in order to realize an influx of customers and increase in profit margins. This would be a win-win situation because the repeat customers would be happy and the businessperson would be reaping from his investments.

 

 

 

 

 

 

References

Rowles, D. (2013). Mobile marketing: How mobile technology is revolutionizing marketing, communications, and advertising. London: Kogan Page.

T, N, N. (2006).Senior citizens driving internet usage, The Economic Times, 8.

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