1. MARKETING STRATEGIES IN RETAILING, MARKET RESEARCH, AND SEGMENTATION

2.  Retail Mix ◦ Combination of decisions made to create and operate a store  Products  Location  Prices  Advertising  Displays  employees

3.  Specific group of people on whom a retailer focus merchandising and service decisions ◦ Target market profile  Description of target market customers  Determining target market ◦ Should be measurable ◦ Large enough to be profitable ◦ Reachable

4.  Gathering and analyzing data  Primary data

5.  Analyzing the market to determine the target market ◦ Demographics  Measureable Statistics  Age, race, income, religion ◦ Pyschographics  Attitudes, interests, opinions ◦ Geographics  Area, Region, Climate ◦ Behavioral Segmentation  “Rate of Use” – buyer preferences & tendencies

6.  Product mix ◦ Types of merchandise that a retailer offers to sale ◦ How many different product a store offers  Services mix ◦ Number or kinds of services offered  Installation  Delivery  Warranty

7.  Factor that makes one retail store more desirable than other competitors ◦ Customer service ◦ Atmosphere ◦ Unique merchandise ◦ Branding, image, appeal…

8.  Operating expenses ◦ Rent, office supplies, salaries, utilities  Interest expenses ◦ Loans for building, equipment  Cost of goods sold ◦ Paying for the merchandise that you are selling

9.  Five C’s of credit ◦ Capacity ◦ Capacity -ability to pay ◦ Character ◦ Character -reliability ◦ Credit history ◦ Credit history -amount of past debt & repayment record ◦ Capital ◦ Capital -assets owned after debt ◦ Collateral ◦ Collateral -property or valuables owed for security

10.  Situation or occurrence that can lead to financial loss for a business  Risk management ◦ Handling risk in a way to minimize negative impact the business  Theft  Spoilage

11. Economic risk – Downturn or negative shift in economy Natural risk – Hurricanes, floods, tornadoes, earthquakes, fires Human risk – Internal theft Employee theft – External theft shoplifting