Marketing mix – Retail marketing – Retail Formats

Retail marketing mix is a marketing term used by retailers to combine practices to arrive at marketing strategy that will attract consumers to their retail stores.

Retail-Marketing

Retail-Marketing

These practices consist of

  • Merchandising
  • Assortment planning
  • Category management
  • Store layout planning
  • Store location planning
  • Store design
  • Visual merchandising
  • Pricing and Promotion

Retail market is very fast and simulating. Retail formats are also differ vastly, hence the retail marketing mix also changes according to store.

Store type Categories Assortment Price Service Locality Example
Department Store Large Variety Broad Average Medium Malls Marks and Spencer, Shoppers stop
Discount Stores Large Variety Broad Lowest Medium Main streets D-mart
Specialty Store Particular category Broad Average High Main streets Reebok
Convenience Store Limited Limited Above Average No Residential area More, Food Bazaar
Hyper market Huge variety Huge volume Lowest Yes Malls SPAR, Big Bazaar
Supermarket Mostly food and limited non-food Limited Average No Malls Food world
Category Specialist Single category Broadest Lowest Yes High Streets Croma
Mom-and-Pop Limited Limited Average No Residential Kirana Stores
E-Retailers Large Large Average Yes Online Ebay, Flipcart
Catalog retailers Limited Broad Average No On mail HyperCity Argos

 

In retail marketing what matters is what customer treat as value, what they buy and how you satisfy it.  Developing competitive advantage is very important like Big Bazaar has developed unique impression in mind of consumers.

Retail-marketing-mix

Following elements need to be organized well to succeed in Retail marketing. If all below is taken care of then Retail marketing mix is properly implemented  and will show results in better performance.

Product

1. Product development

2. Packaging

3. Features and benefits

4. Branding

5. After sale service

 

Price

1. Cost

2. Profitability

3. Quality

4. value

5. Competitiveness

 

Promotion

1. All IMC

 

 

 

 

 

Place

1. Target market

2. Channel management

3. Distribution management

4. Logistics management

 

Process

1. Order

2. Service

3. CRM

4. Procurement

5. Database

People

1. Staff

2. Effectiveness

3. Attrition

4. Availability

5. Integrity

Physical evidence

1. Store layout

2. location

3. Store design

4. Cash receipt

5. Staff

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