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.
These practices consist of
- 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.
|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|
|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.
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.
1. Product development
3. Features and benefits
5. After sale service
1. All IMC
1. Target market
2. Channel management
3. Distribution management
4. Logistics management
1. Store layout
3. Store design
4. Cash receipt