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retail marketing

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1 : Retail consists of the sale of goods or merchandise from a fixed location, such as a department store, boutique or kiosk, or by mail, in small or individual lots for direct consumption by the purchaser. Retailing may include subordinated services, such as delivery. Purchasers may be individuals or businesses. In commerce, a "retailer" buys goods or products in large quantities from manufacturers or importers, either directly or through a wholesaler and then sells smaller quantities to the end-user
2 : Types of retail outlets A marketplace is a location where goods and services are exchanged. The traditional market square is a city square where traders set up stalls and buyers browse the merchandise. This kind of market is very old, and countless such markets are still in operation around the whole world. In some parts of the world, the retail business is still dominated by small family-run stores, but this market is increasingly being taken over by large retail chains. Retail is usually classified by type of products as follows: Food products Hard goods ("hardline retailers") - appliances, electronics, furniture. sporting goods. Soft goods - clothing, apparel, and other fabrics
3 : There are the following types of retailers Department stores Discount stores Supermarkets Specialty stores General store Hypermarkets: Supermarkets Malls Category killers or Category Specialist:
4 : A retail marketing strategy refers to how a store and its products sell goods to its target customers. Each type of retail business has to make decisions about all the details of its marketing mix A marketing mix consists of the product, price, place, promotion and packaging. Internet marketing strategies and those for stores that people shop at in person must be developed to meet the needs of potential customers. A retail marketing strategy is first outlined in a business plan. A business plan contains information about the intention and goals of the company. It's created before a business opens. Business plans include research about who the company's potential customers are as well as what their needs and wants are. A retail marketing strategy should be a part of the business plan. It should include decisions about the marketing mix approach, such as how customers will get the products. What Is a Retail Marketing Strategy?
5 : Premium Pricing. Use a high price where there is a uniqueness about the product or service. Penetration Pricing. The price charged for products and services is set artificially low in order to gain market share. Economy Pricing. This is a no frills low price. The cost of marketing and manufacture are kept at a minimum. Supermarkets often have economy brands for soups, spaghetti, etc. Price Skimming. Charge a high price because you have a substantial competitive advantage. Geographical Pricing. Geographical pricing is evident where there are variations in price in different parts of the world. For example rarity value, or where shipping costs increase price. Pricing Strategy
6 : Promotional Pricing. Pricing to promote a product is a very common application. There are many examples of promotional pricing including approaches such as BOGOF (Buy One Get One Free). Value Pricing. This approach is used where external factors such as recession or increased competition force companies to provide 'value' products and services to retain sales e.g. value meals at McDonalds odd prices price discrimination. where the sale price is dependent upon who the customer is. For example, a customer may have to pay more if the seller determines that he or she is willing and/or able to. Another example would be the practice of discounting for youths, students, or senior citizens.
7 : The Retail marketing Mix Price Pricing is an integral part of the retail marketing mix. The price policy that the organization decides to follow depends on the customer profile that is the target audience for its range of products. It also depends on whether the product offering is unique or has other substitutes available. For example designer clothing is always expensive as compared to the prêt lines offered. Place For a very long time the location of the retail store was considered to be the most important element of the retail marketing mix. However, with the advances in technology and the advent of television shopping and the Internet many retailers are now going in for a click and mortar approach.
8 : Promotion The advertising budget the sales promotions publicity and public relations play a very important role in competitive world of retailing. Retailers need to develop a communication strategy in line with target market and the products that they stock in store. Presentation The manner in which the merchandise is presented at the store level is very important. This aspect not only deals with the store layout and ambience created, but also with visual merchandising Visual Merchandising is the orderly systematic and intelligent way of putting stock on display in the retail store. Many large retail organizations employ visual merchandisers to aid the store in this function. Customer service The support services that a retailer has have become very important today. The credit policies, product returns policies etc need to clear not only to the sales staff but also to the end customer Relationship marketing , data warehousing and customer relations management are the new buzzwords in the industry today, and all these are aimed at enhancing customer service,
9 : People Retailers operate in a unique environment. The retail industry is characterized by a large number of inexperienced workers, who need to put in ling hours of work. Most of the time, these employees are in direct contact wit the customer and may face irate or unreasonable customers. The people who work at the front end of a retail organization are very important, as they are the face the organization for the customers. Their attitude behavior manners and product knowledge play a very important role in building long term relations wt the customers.

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