what is retailing in marketing
Definition: Retailing is a distribution process, in which all the activities involved in selling the merchandise directly to the final consumer (i.e. Retailers: Retailers sell products in individual units or small quantities to consumers at a price including profits theoretically at manufacturer Suggested Retail price (MSRP). Retailers can adopt both in-side and out-store advertisement strategies. Very very useful information , useful for retailer and manufacture also. The future of retail marketing expects hyper-customized concierge and on-demand services along with an integration of ultra-convenience, entertainment, and consumption. The best retail strategy is to focus on your target market, level of competition, disposable income, traffic conditions and parking facilities when deciding to open a store in a city, specific area of the city or even an online store. In the retail positioning strategy, retail branding for example brand name, brand logo, technological advancement and retail customer experience play a vital role to outpace the competition. Following are the pricing strategies used by majority retailer keep in mind the overall business objectives. Merchandise is of two types, durable or hard goods like electronic appliances and sporting products and soft goods such as household items, clothing, and cosmetics. This generic term tends to describe retailing that takes place outside from stores and shops. Consumer: These are the end-users who buy goods from retailers’ outlets for their use. Keep in mind the following elements that need close consideration when drafting a retail marketing strategy. Differentiation allows customer to prefer a retail store than other stores. If the staff know how to deal customer at personal level if can positively affect the retail store in the long-run. In the supply chain, retailers are the final link between the manufacturers and ultimate consumer. The price should include not only the cost of the product but also overhead costs as well. Retail marketing refers to the range of activities undertaken in the retail store by the retailers as well as the brand to promote the products to the customers in order to generate awareness, interest, and sales. Retailers can use promotional strategies for different objectives for example introducing new products, increasing sales, increase brand equity and corporate image. Now consumers are getting more connected than ever before. Any business entity which sells goods to the end user and not for business use or for resale, whether it is a manufacturer, wholesaler or retailer, are said to be engaged in the process of retailing, irrespective of the manner in which goods are sold. In the first place it should select target market and then select combination of right marketing mix can lead a retail business to higher ROI. Your email address will not be published. Retailers are always in search of different marketing strategies to attract more customer, increase awareness and sales growth. Some retailers have a combination of both hard and soft products like departmental stores or a retail chain whereas, other small retailers may sell only one type of goods like a boutique of clothes. In simple words, a retailer is an intermediary which makes products available to consumers using different channels, for example, brick-and-mortar retail store, shopping malls, shopping website, automatic vending machines, kiosks etc. It starts with …, Business markets have been expanding and people are investing more …, Marketing mix is made up of four Ps. A retail marketing include set of activities where a retailer buys products from a wholesaler or manufacturer to sells them to ends users (consumers). It is one of the fast-growing and challenging industry. It encompasses sale of goods and services from a point of purchase to the end user, who is going to use that product. It ordinarily involves the selling of individual units or small lots to large numbers of customers by a business set up for that specific purpose.
12th November 2018