True Value makes Adjustments to its Pricing Strategy

True Value unveiled its new pricing and merchandising approach at the co-op’s General Session in Denver. This move is part of its expansive strategic plan. Ken Goodgame, the senior VP and also chief merchandise officer of True Value stated that nobody can make money from opening-price-point product.

This was due to the few opening price points that customers were to expect following the adjustments. Ken added that by offering more assortment products of higher and mid-price-points, it will be possible to differentiate the company from the discount competitors. This will drive higher value for customers while increasing the gross margin for retailers.

Another important step is the addition of regional buyers to help improve the assortment relevance and boost the product productivity. This effort will be assisted by Geo-Demographic Analysis, which is a new tool contained in the True Value box for measuring trade-area dynamics.

Kenneth Goodgame said that in the past, the company only relied on Basic, Dominant and Expanded assortment choices (basically large, medium or small). This used to ignore the geographic requirements of retailers. The move would enable the company to add assortments that would meet the consumer’s geographical needs. These assortments are available for urban, rural and suburban local markets.

About Kenneth Goodgame

Kenneth Goodgame is an exceedingly influential Operations Management Leader who specializes in the creation of million and billion-dollar OEM excellence. He manages to do this using a combination of merchandising, innovative marketing, smart business strategy and streamlined financial oversight.

Kenneth holds a Bachelor of Science in Marketing from the University of Tennessee. He is the current SVP CMO at the True Value Company and a Sales, Marketing and retail merchandising expert.

Goodgame focuses on delivering a balance between employee engagement, corporate alignment, quality assurance systems and key performance indicators. This enables profitability and improved performance of the company. He capitalizes on his ability of promoting growth through cost analysis, leadership, quality improvements, productivity enhancements and composed negotiations.

His extensive experience offers him a veteran eye to make navigations in the market shifts that are rampant. He also uses this experience to avoid some costly mistakes and various stalls that other people tend to miss frequently.

Categories: Ken Goodgame,VP
Oct
10