Retail Market Strategy: Recommendations and Justifications

This report analyzes retail market strategy, focusing on recommendations to enhance sales and customer attraction for a chain store. It emphasizes the importance of understanding customer needs and adapting to market changes. The report suggests implementing technology, such as a website and social media presence, to reach a wider audience and facilitate online purchases. It also recommends employee training to improve customer service and product knowledge, along with strategic stock selection based on market trends. Furthermore, the report highlights the importance of engaging customers through sales incentives, effective advertising, and a welcoming store atmosphere. The analysis references several academic sources to support the recommendations, emphasizing the need for proactive and aggressive strategies to maintain a competitive edge in the retail market. The report aims to provide a comprehensive guide for retail businesses seeking to improve their market performance and customer satisfaction.

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RETAIL MARKETING STRATEGY
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Introduction
Having a worthwhile retail market strategy bolsters not only the demand for the products but
also to promote long-term existence of the product in the market. The impetus of any
business-oriented market is to know who their customers are. The retailers should at all
instances understand the needs of their potential customers. In the ever-changing world of
business, the retailers should be proactive and aggressive to tap into the large pool of urban
settlement and ward off competition from other similar business enterprises. Good strategies
are the backbone of a successful business. The reject shop is based in Australia and is a chain
store founded in 1981. It has undergone managerial changes since then and has had its own
share of difficulties. The shiploads are discount stores found in Australia (Teece 2010, p.
180).
Recommendations and their justifications
The first recommendation deals with technology. To attractmore new customers in the
current world, proper technology needs to be put in place. Develop a great website and a huge
blog in the social media platform. This is important because with majority of the people
having access to the media there is a high probability that the target market will be reached.
The target group will also have the chance of exploring the various products and doing online
purchase at the comfort of their homes (Shankar 2010, p. 116).
Secondly, ensure that the employees are well trained according to the current trends in
marketing. The employees are the face of the organization. They are involved in
peformingthose duties that are aimed at profiting the organization. When the employees
receive the prerequisite training and capacity building, they will perform their activities with
a lot of precision. Train employees on ways of attracting and maintaining customers. This is

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necessary in ensuring that a skilled workforce is employed to carry out those activities that
are aimed at improving the profitability of the organization.
Thirdly, make a wise choice on the most appropriate stock for your organization. Ensure that
the employees you employ are in apposition to carry out feasibility studies in an area to
establish the common products being used in an area. Also, ensure that the trends of the
market are well interpreted to ensure that the correct goods are availed. A good trader is one
who understands the trends in the market. This is important in ensuring that the customers
always have access to the goods they require and that the time for stock turnoveris reduced.
Fourthly, the sales men should engage the customers. This is providing sufficient information
to the customers about the chain store and the products being sold. The information can be
through sales agents, social media, print media or electronic advertisement. Ensure that at
every instant the customers know the type and price of goods you are dealing with. The
justification is to ensure that goods get to the right customers at the right time and to ensure
that the chain store remains relevant in ensuring the sales they make (Jayasankara Prasad
2011, p. 79).
Fifth, give good sale incentives. Just like the shiploads, which give discount always, ensure
that customers who make huge purchase are given a discount. Chain stores, which give
discount, promote customers to buy in wholesale with which they will be sure of discount.
The chain stores will make huge profits within a short while because the time for stock
turnover will reduce Yousefi, 2011, 5725).
Lastly, the atmosphere surrounding the store is important. Both the exterior and interior
designs of a store are important in attracting customers. The atmosphere not only attracts but
also stimulates customers to make more purchase once in the store. The designwill include

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the space for moving around, lighting, and fittings.The colour and the sounds and smell affect
the willingness of customers to visit the store and make purchases (Chun, 2011, 820).
Conclusion
Strategizing for a retail store will go a long way in promoting their sales. This is when the
right and time bound strategies are adopted. The managers and directors should ensure that
they employ a qualifiedworkforce that understands the needs and aspirations of the
customers. Apart from the workforce, the right marketing strategies such as averting should
be put in place. The right goods in their right quality and quantityshould be sold under clear
curt ways such as discounts to promote the customer satisfaction. To conclude, ensure that
the store has the right design to attract clients of all ages and socioeconomic status. Customer
satisfaction is the aim of any chain or retail store, which should be the one thing the
management should endeavour to make it happen.

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References
Amit, R. and Zott, C., 2012. Creating value through business model innovation. MIT Sloan
Management Review, 53(3), p.41.
Chun, S.H., Rhee, B.D., Park, S.Y. and Kim, J.C., 2011. Emerging dual channel system and
manufacturer's direct retail channel strategy. International Review of Economics &
Finance, 20(4), pp.812-825.
Jayasankara Prasad, C. and Ramachandra Aryasri, A., 2011. Effect of shopper attributes on
retail format choice behaviour for food and grocery retailing in India. International Journal
of Retail & Distribution Management, 39(1), pp.68-86.
Shankar, V., Venkatesh, A., Hofacker, C. and Naik, P., 2010.Mobile marketing in the
retailing environment: current insights and future research avenues. Journal of interactive
marketing, 24(2), pp.111-120.
Teece, D.J., 2010. Business models, business strategy and innovation. Long range
planning, 43(2), pp.172-194.
Yousefi, S., Moghaddam, M.P. and Majd, V.J., 2011.Optimal real time pricing in an agent-
based retail market using a comprehensive demand response model. Energy, 36(9), pp.5716-
5727.