Retail Marketing Strategies | Report

Added on - Oct 2019

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ContentsContents.......................................................................................................................................................1Executive Summary.....................................................................................................................................2Introduction of Retail marketing..................................................................................................................3Retail Communication Mix.........................................................................................................................4Marketing Principles...................................................................................................................................5Competitive advantage with special reference to physical facilities............................................................7Marketing Mix of the Retail Market............................................................................................................8Advertising strategies..................................................................................................................................9Analysis of the national and international Retail market.............................................................................9PEST analysis of Retail Marketing............................................................................................................10Pricing Strategies in Retail Market............................................................................................................12Recommendations.....................................................................................................................................13Conclusion.................................................................................................................................................14References.................................................................................................................................................151
Executive SummaryThis report talks about the strategies used by the retail sector and what kinds of retail marketingstrategies are used by the companies. In this report, along with the important strategies, there willbe mentioned all the advertising and marketing mix of the national as well as the internationalretail market, competitors which are considered threats for the company. An organization is anestablished mechanism and has an organizational structure for achieving its purposes. Effectiveorganizations have strategies to mark and maintain a viable and feasible market for their productsand services. For fulfilling its aims which generally include profit maximization, an integrationstrategy is a must and is of various types and forms. For most organizations, the dynamic processof adapting to market changes and uncertainty of the market environment, organizationalreorganization and integration is an important tool in effectively maintaining and efficientalignment with the ever changing environment. The main features of an organization in terms oftheir business and environment are that the organization work after evaluating the factors to anextent to which a certain market may be influenced by government. So, the government policiesfollowed in the export countries need to be assessed to introduce the product and to be comparedwith the government policies followed to enhance the compatibility. For instance, the impositionof new taxes or duties may change the entire structure of revenue generation. The other factorsare also taken into account like trade tariffs, taxation policies, fiscal policies etc. and, its impacton the business environment are to be evaluated. Moreover, Retail marketing is growing day byday and it improves the customer’s living standards. The customer satisfaction is the main focusof the retail market.2
Introduction of Retail marketingRetail marketing is defined as the process of transportation of the goods to its final consumers.The word Retail is made up two French prefixes where re is the word and tailor is a verb and themeaning of this is to cut again. Accordingly the retail market is the one that cut down the smallerportions from the larger lumps of goods. In simple words, the retail marketing stands for sellingof the goods directly to the consumers for their uses.A retailer performs many tasks like selling, buying, risk taking, analyzing the needs ofconsumers to sell the products in the market directly for non business purposes. When theproducts sell to the industry then it will be called as wholesaling not retailing. Many wholesalersalso do the retailing when they directly sell their products to the ultimate customers for personaluses. A retailer is a merchant, an agent or any business enterprise that engages in direct selling.Retailing took place in all marketing channels for consumer products[CITATION Pon12 \l 1033]. Aretailer is one who acts as a middle man between the wholesaler and the customer. A retailer canact as the marketer and customer. Sometimes many manufactures sell their products throughtheir own stores. For example- Bata is the company that manufacturing shoes for men andwomen and it involves in direct selling through its own store established in every location acrossthe world. Before selling any product, it is very important to analyze the need of the people asthese needs and tastes of people are changing on a regular basis.3
Retail Communication MixRetail marketing plays a vital role in today’s modern world. The retailer acts as an intermediaryin the marketing channel because he is the only one who has good connection between theconsumer and producer and it is an important connecting link in a complex mechanism ofmarketing. Most of the manufacturers depend on the retailers to avoid the problems. Because forconsumers, it is very inconvenient, expensive and time consuming tasks. So the manufacturers orproducer prefer to contact the retailers who can perform all the marketing activities and reducetheir burden. The retailer is always rewarded with incentives to do these types of marketingstrategies.4
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