Retail Marketing Mix and Planning
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28-02-2011, 10:46 AM
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Retail Marketing Mix and Planning
The nature of retail marketing
The key aspects of retail marketing is an attitude of mind.
In making retail marketing decisions, retailers must consider the needs of the customers.
Retail marketing decisions are driven by what the shoppers need and want.
Retail marketing is therefore a philosophy and is all about satisfying the customers
What the customers regard as value and what they buy is decisive.
What the customers buy determines the nature of the retailer’s business.
The essence of retail marketing is developing merchandise and services that satisfy specific needs of customers, and supplying them at prices that will yield profits.
Retailers must take the customers’ needs into consideration in retail operation.
Retail marketing is stimulating, quick-paced, and influential.
It encompasses a wide range of activities including:
Product planning etc.
The concept of retail marketing
The retail marketing concept is the acceptance by the retailer that it is the “customer” and not “demand” that lie at the core of the retail organisation.
The retail marketing concept is a philosophy, not a system of retailing or retail structure.
It is founded on the belief that profitable retailing and satisfactory returns on investment can only be achieved by identifying, anticipating and satisfying customer needs and desires.
It is an attitude of mind that places the customer at the very centre of retailing activities.
Importance of marketing in retailing
Marketing is a vital tool for every retailer, as it identifies current, unfulfilled needs and wants, which it defines and quantifies.
Marketing determines which target groups the retailer should serve.
Marketing could be seen as delivering an acceptable standard of living.
Marketing can ensure complete satisfaction and sustained customer loyalty.
Marketing depends on the efficient co-ordination of consumer prediction, product development, packaging design and influencing demand through appropriate communication medium.
From these, a suitable mix is achieved.
Retail marketing objectives
The retail marketing objective is a performance parameter which has been explicitly stated.
It can be stated in quantifiable terms and time terms so that results can be measured against it.
Three types of retail objectives include:
1. Basic objective – those which defines retailer’s long-term purposes.
2. Goals – those which the retailer must achieve to be successful
3. Targets – short-term goals that require immediate achievement.
Retail marketing mix
Retail marketing mix is the term used to describe the various elements and methods required to formulate and execute retail marketing strategy.
Retail managers must determine the optimum mix of retailing activities and co-ordinate the elements of the mix.
The aim of such coordination is for each store to have a distinct retail image in consumers’ mind.
The mix may vary greatly according to the type of market the retailer is in, and the type of product/services.
While many elements may make up a firm’s retail marketing mix, the essential elements may include:
Communication with customers
Joined: Apr 2012
21-09-2012, 11:45 AM
Retail Marketing Mix
RETAIL DOC.docx (Size: 69.63 KB / Downloads: 14)
W offers fashion leadership in the segment through a signature ‘Fusion’ design language which reflects an Indian essence imbued with modernity. Based on the concept of Mix and Match, it mirrors the new age Indian woman. Rooted at home and taking on the world with panache, playing myriad of roles with élan and taking on the challenges in her stride. The brand grew out of the need of contemporary Indian woman for innovative ready to wear thatcombine fashion and functionality. With a unique design sensibility, the Indian Salwar-kameez was transformed into its chic & urbane - yet comfortable form. This was the first such attempt atreinventing Indian fashion. W has added a line-up of fusion wear comprising trousers, skirts,tunics, tops and tees along with an exciting winter outer wear line. Today W is the only nationalbrand providing total wardrobe solution under one roof to the modern Indian woman.
W offers related separates. This allows the woman to create her own wardrobe. This unique mix-n-match concept not only offers the woman the sheer pleasure of designing her own wardrobe but also promises different looks each time.
RETAIL MIX-THE CONCEPT
Retailing mix can help a lot in having a profitable business with good customer relationship with repeat business transactions. Retailing mix are the elements used by retailers to satisfy their customers' needs and wants. The more effort exerted to satisfy customers' expectation in your retail store, the more customers you will have because of word-of-mouth advertisement. Thus, making your business more profitable than your competitors.
There are four elements in retailing mix that you have to consider:
• Type of merchandise sold
• Variety and assortment of merchandise sold
• Level of customer service
• Price of merchandise
Type of merchandise sold. The type of merchandise sold should be in line with your target market. For example, your target market is students. The one of your retailing mix element should include merchandise that would serve your student market. Thus, you have to sell school supplies like papers, ballpens, bags, scissors and other materials that students might need in their studies. Having a complete merchandise would satisfy customers more because of the convenience that you are offering considering that they don't have to go to distant malls just to buy their school stuffs from bookstores located there.
When it comes to setting up a store, store location often becomes one of the most important elements, this is mainly because:
• Generally for customers store location is typically the prime consideration when it comesto shopping. For example, if you do not have a personal vehicle you will tend to choose alocation which is close to your home.
• Also store locations can be used to develop a sustainable competitive advantage.
•Other strategies can be changed in a short time but location decisions are harder to change. For example many national chain stores sign lease for 7 to 10years. Therefore, store location decision needs proper consideration before any decision is taken. However, these days because of slow down in both, population growth, and new shopping centre construction.
TRADE AREA ANALYSIS
Gurgaon is the sixth largest city in the Indian state of Haryana. Gurgaon is the industrial and financial centre of Haryana. An important town in ancient Hindu mythology, Gurgaon is one of Delhi's four major satellite cities and is part of the National Capital Region of India. Over the past 10 years the city has undergone rapid development and construction. A wave of Multinational companies chose to locate their call centres in Gurgaon after GE did so in 1997 which has made Gurgaon the call centre capital of the world. Multinational Companies also chose to put their regional headquarters in Gurgaon instead of Mumbai or Delhi. Today, Gurgaonis regarded as the best city in India to work and the best city in India to live, according to a survey by Business Today magazine Retail is another big industry in Gurgaon, where there are 43 malls, including the biggest Mall of India, Making Gurgaon the city with 3rd highest number of malls in IndiaGurgaon is considered the "Mall Capital of India" as it is home to over 40 malls including thebiggest, Mall of India. In March 2008, a law went into effect in the state requiring all malls andshopping centres to be closed one day per week in order to conserve electricity and help trafficflow so all malls and shopping centres are closed on Tuesday.
A Brief about the everyday work at “W” Day-to-day working at “W” started with the basic business operations that begin with the start of the day with the opening of the store by the store manager .The basic practice at “W” is to give a missed call to the Regional Area Sales Manager as soon as the store opens. The timings of store opening is 9 A.M. Thereafter it is the duty of the store manager to check the mails, if any and revert to them. The checking of the grooming of the staff as per the grooming standards of the organization is the next task to do on the list of the store manager. Once the grooming is done, it is store manager's duty to ensure that the store opens at sharp 11:00a.m and ensure that all the areas are cleaned as per the checklist, Check whether all Furniture fixtures applications are in working order/not damaged and complete/ fill the Opening checklist on a daily basis & file it. The refolding of merchandise takes place. During the day the current sales status which includes the sales in both units and volumes along with the average bill size is provided to the area sales manager at regular intervals of 2:00p.m, 5:p.m and 7p.m daily. At the end of the day, the day’s transaction are filled in the system as per the units, categories and the volumes, tally the Cash &credit card transactions, complete the Daily Sales Report (DSR) and email the same to the ASM.