Retail Theory and Practice: Consumption and Shopping Trends Understanding the Customer

Retail Theory and
practice:
Consumption and
shopping trends
understanding the
customer

Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................4

INTRODUCTION
This report revolves around retail theory and practices undertaken by Burberry.
Fundamental to the formulation of retail marketing strategy is a clear understanding of consumer
needs, motives and patronage decisions. Retail marketing strategy establishes an outline for
development of understanding associated with shopping trends and customer behavior. This
report revolves around Burberry, which is a British luxury fashion house with its headquarters
in London, England. It currently designs and distributes ready to wear including trench
coats, leather goods, footwear, fashion accessories, eyewear, fragrances, and cosmetics. This
report establishes a relationship between the chosen organization and application of retail theory
in understanding customer behavior and influencing the same.
MAIN BODY
Retail is considered to be a business that focuses on directing its marketing efforts towards the
satisfaction of the final customers based on organization of selling goods and services as a means
of distribution. Retail marketing is internal energy for the process using which retailer’s initiates
promotion and awareness as well as interest of their services and goods with a goal to generate
sales from their customers (Blut, et al 2018). Retail marketing is an accumulation of many
approaches and strategies which can be used by retailer in order to market their goods and
services. Bilberry uses a combination of various advertising as well as communication strategies
to grow awareness as well as considerations with their future customers. Finding the right
marketing mix can result in profitable growth as well as higher return on investments. The basic
approach that is used by bye by Burberry is the 4 P’s of retail marketing.
This approach is an accumulation of product price place and promotion strategies used by the
organization in order to acquire and retain customers. The use of 4Ps associated with the
organization is as follows:
Product: Burberry have two basic type of primary merchandise. The first one of which is durable
and hard goods including electronic appliances as well as sporting equipment, in addition to that
the organization also offers soft good like household items clothing cosmetics and paper
solutions. The organization carries a range of soft as well as hard items. The organization