True Value has unveiled a new approach to its pricing and merchandising strategies as part of its extensive strategic plan. This was revealed in the General Session of the Chicago co-op held in Denver. Ken Goodgame, the senior VP and Chief Merchandise Officer at True Value, stated that customers should expect lower opening price points in the company’s assortments. He added that by offering great assortments of higher-price-point and mid-price-point, the company will be able to differentiate itself from the discount competitors. This will offer customers greater value and also increase the gross margin dollars of the retailers.
These efforts will be assisted by the Geo-Demographic analysis. This is a new tool that True Value has in their box to help them in measuring the trade-area dynamics. In the past, the assortment choices used to be Dominant, Expanded and Basic or small, medium and large which greatly ignored the geographic requirements held by the company’s retailers. Goodgame said the company will from now on focus on meeting their customer’s geographic needs. He also added that the company would in 2015 go out to ensure it has a relevant and differentiated merchandising strategy that will improve quantity and quality of its assortments.
About Kenneth Goodgame
Kenneth Goodgame is an Operations Management leader that is highly influential. He specializes in creating OEM excellence in millions and billions of dollars through the combination of merchandising, innovative marketing, smart business strategy and financial oversight that is streamlined. Ken focuses on delivering a balance of employee engagement, corporate alignment, quality assurance systems and key performance indicators to enhance profitability and improved performance.
Currently, he is the Senior VP and Chief Merchandising Officer at True Value since he was appointed to the post in 2013. He graduated from the University of Tennessee with a Bachelor of Science in Marketing. He has previously worked for a number of companies like Proprietary Brands, The Home Depot, Atlanta GA and Ace Hardware Corporation, Oak Brook, IL before moving to True Value.