| In this article, we examine the elements of marketing for a retailer and the methods of communicating with the consumer. We first look at the components of the Retail Marketing Mix, and then the methods of segmentation, targeting and positioning for a retail store, The various methods of communication with the consumer like advertising , sales promotion publicity and personal selling are then considered. The concept of integrated marketing communications is explored with its reference to the retailer and finally the role, that branding plays in retail is explained. The role of marketing in Retail In order to evaluate the role of marketing in the area of retail, let us first start with some of the commonly quoted definitions of the term marketing. The American Marketing Association defines marketing as the process of panning and executing the conception, pricing promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational goals. From these definitions one can draw the conclusion that marketing has to do with providing the right product to the consumer at the right place and time which is largely what retailers believe that they are doing. The role of marketing in a retail organization is two fold. The first role that marketing can play for a retail organization is that of informing the consumer that he exists. The second role that marketing play for the retailer is enabling it to get closer to the end consumer. As the industry evolves and begins to focus on creating the experience for the end consumer, the elements of the marketing mix become increasingly important. Technology aids the understanding of consumer needs and preferences and at the same time, serves as the silent salesman. P-O-P signage and in store media educate and draw attention of consumers to a product’s availability and attributes. Coming at a time when most consumers want more information and when retailers have reduced staffing levels, retail marketing performs a vital service and augments cost reduction efforts. Retail marketing is one of the few mass advertising medium that can convey the same overall strategic message in differing languages to varying audiences in the same village, city or region. Today’s P-O-P displays are easily assembled maintained and at the same time, more powerful in entraining and informing n the retail environment. Retail Marketing is the process by which companies create customer interest in products or services. It generates the strategy that underlies sales techniques, business communication, and business development.[1] It is an integrated process through which companies build strong customer relationships and create value for their customers and for themselves.[1] Marketing is used to identify the customer, to keep the customer, and to satisfy the customer. With the customer as the focus of its activities, it can be concluded that marketing management is one of the major components of business management. Marketing evolved to meet the stasis in developing new markets caused by mature markets and overcapacities in the last 2-3 centuries.[citation needed] The adoption of marketing strategies requires businesses to shift their focus from production to the perceived needs and wants of their customers as the means of staying profitable. __________________________________________________ ___ Want to get-on Google's first page and loads of traffic to your website? Hire a SEO Specialist from Ocean Groups seo pecialist
|
|
